Day: February 4, 2020

WTI crude dipped below $50 per barrel on Monday, the first time oil dipped below that level in more than a year. Oil prices are now in bear market territory compared to their previous 52-week highs, and WTI crude has dropped 20% over the past month. Even with an early bump in oil on Tuesday crude settled lower for the day, and don’t expect the bearish trend in the commodity to reverse itself soon, according to trading history over the past decade. According to hedge fund analytics tool Kensho, a…

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UK supermajor BP (NYSE: BP) snapped on Tuesday a streak of gloomy earnings for Big Oil, reporting profit-beating expectations, raising its dividend, and more than doubling its U.S. shale production after buying BHP assets in America. PauseUnmuteLoaded: 48.02%Remaining Time -2:54Picture-in-PictureFullscreen BP’s underlying replacement cost profit—the group’s proxy for net profit—in the fourth quarter fell to $2.6 billion from $3.5 billion, mostly reflecting lower oil prices in the period, which also dragged down the earnings of the other supermajors that reported Q4 and 2019 financials last week. BP’s full-year profit fell to $10.0 billion from $12.7 billion,…

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ConocoPhillips (NYSE: COP) reported on Tuesday lower-than-forecast Q4 earnings on the back of lower oil and gas prices, but the Houston-based energy producer also announced a $10-billion increase in its share buyback program.  close [x]Video Player is loading.PauseUnmuteLoaded: 3.18%Remaining Time -4:07Picture-in-PictureFullscreen ConocoPhillips’ Q4 adjusted earnings came in at $831 million, or $0.76 per share, down from adjusted earnings of $1.3 billion, or $1.13 per share, for the fourth quarter of 2018.   The Q4 2019 earnings per share fell short of the analyst consensus of $0.80 per share of the Wall Street Journal.   ConocoPhillips…

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A former prime minister languishes in a special security ward of Adiala Jail, used to hold inmates who have been given the death penalty. His “toilet” is a corner of the cell itself, marked off by walls that are only 24 inches high. And insiders say he is the only prisoner held there, so he’s alone all day and night. A former finance minister has been released on bail after almost five months in captivity, including solitary confinement in the custody of National Accountability Bureau (NAB). Both of these men,…

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