On Wednesday, Shares of ConocoPhillips (NYSE:COP), lost -1.20% to $47.88, after oil prices declined as oversupply continues.
WTI crude is falling 2.7% to $44.70 per barrel, while Brent crude is decreasing 2.81% to $48.13 per barrel this afternoon, according to the CNBC.com index.
An excess of supply is pressuring prices despite the possibility of economic stimulus from China, Reuters reports.
“The failure of oil markets to move higher on the back of this macroeconomic optimism calls fresh attention to the oil market’s weak direct physical fundamentals,” Citi Futures energy futures specialist Tim Evans said in an analyst note.
The Energy Information Administration is predictable report a slight improvement in U.S. crude stockpiles tomorrow morning in its weekly report, according to analysts surveyed by Reuters.
Saudi Arabia’s crude oil production fell by 100,000 barrels a day in August, but the Organizations of the Petroleum Exporting Countries is still pumping oil near record amounts.
Russia and Mexico also said they will not reduce oil production, while Britain’s output is predictable to rise for the first time in 15 years.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. Its portfolio comprises shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia, and Australia; various international developments; and exploration prospects. ConocoPhillips was founded in 1917 and is headquartered in Houston, Texas.
Shares of Teck Resources Ltd (USA) (NYSE:TCK), inclined 5.82% to $6.91, during its last trading session, after supply cuts and an indication by the Chinese government of an economic stimulus.
Copper prices reached seven-week highs recently, following the market’s biggest single-day rally in upwards of two years yesterday, The Wall Street Journal reports.
Copper for September delivery up 0.39% to $2.45 per pound on the COMEX this morning.
The upswing in prices follows a series of supply cuts by producers. Most recently, Glencore (GLCNF) declared on Monday that it will close two large copper mines in Africa, reducing output by 400,000 metric tons throughout the next 18 months, according to The Journal.
Also bolstering copper prices recently is China’s indication that its government will intervene to stimulate its laggard economy. China imports about 45% of the world’s copper, according to The Journal.
Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.
Finally, Tegna Inc (NYSE:TGNA), ended its last trade with -1.44% loss, and closed at $23.22.
HomeAdvisor, Colorado’s largest digital employer, has partnered with 9NEWS for its latest show, Fix This. The program, debuting recently, offers homeowners solutions to their home project needs. Hosts Becky Ditchfield, Vida Urbonas, and Raquel Villanueva assist viewers learn how to complete upscale DIY projects and home projects on a manageable budget. The program is set to run every Friday at noon MST on KUSA, Channel 9 in Denver.
“Just as Colorado turns to 9NEWS for immediate, trustworthy news, homeowners, in Colorado and across the nation, turn to HomeAdvisor to find pre-screened professionals and home project resources,” said HomeAdvisor’s CEO, Chris Terrill. “This partnership provides us with an opportunity to further connect with the local community and showcase our on-demand tools for homeowners tackling difficult home projects.”
“9NEWS has always been an advocate for assisting people and solving problems,” said Patti Dennis, VP news, talent development and recruiting, TEGNA Media, owner of 9NEWS. “Fix This is just another way to assist people with home remodel, home design and lifestyle projects.”
TEGNA Inc. (TGNA), formerly Gannett Co., Inc., is comprised of a dynamic portfolio of media and digital businesses that provide content that matters and brands that deliver. TEGNA reaches more than 90 million Americans and delivers highly relevant, useful and smart content, when and how people need it, to make the best decisions possible.
TEGNA Inc. engages in media and digital businesses in the United States. The company operates 46 television stations that produce local programming, such as news, sports, and entertainment; and associated online sites. It also operates Cars.com that provides information about car shopping, selling, and servicing; CareerBuilder, which provides human capital solutions, such as labor market intelligence, talent administration software, and other recruitment solutions; and G/O Digital that acts as a one-stop shop for local businesses looking to connect with consumers through digital marketing.
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