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Tag Archives: JP Morgan

Oil prices rise on expected U.S. shale production dip

SINGAPORE – Crude prices rose on Tuesday after the U.S. Energy Information Administration said it expected U.S. shale oil output to record its first monthly decline in over four years. Front-month Brent crude futures were trading up 34 cents a $58.27 a barrel by 0106 GMT, while U.S. crude had risen 31 cents to $52.22. The EIA expects U.S. shale ...

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Stacked rigs and their impact on oil prices

Although the dramatic drop in U.S. rig count alleviated the oil price decline, global investment firm Goldman Sachs said it probably won’t lead to a slowdown in production or help with oversupply. According to a report by CNBC, earlier this week the firm stated in a note that “the decline in the U.S. rig count likely remains well short of ...

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U.S. jobless claims off seven-month high; oil layoffs watched

WASHINGTON – The number of Americans filing new claims for unemployment benefits fell last week from a seven-month high, pointing to continued improvement in labor market conditions. Initial claims for state unemployment benefits slipped 10,000 to a seasonally adjusted 307,000 for the week ended Jan. 17, the Labor Department said on Thursday. That reversed the bulk of the prior week’s ...

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Siemens to buy Dresser-Rand to tap U.S. shale gas boom

Ludwig Burger Georgina Prodhan FRANKFURT (Reuters) – Germany’s Siemens <SIEGn.DE> has agreed to buy U.S. oilfield equipment maker Dresser-Rand <DRC.N> for $7.6 billion in cash, aiming to catch up with arch-rival General Electric <GE.N> in a booming U.S. shale gas market. The acquisition, which ranks among the biggest in the history of the German industrial group, will strengthen Siemens’ position in ...

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