Oil fell more than 1% on Tuesday as the market hung on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that cut the kingdom’s output in half and sent prices soaring by the most in decades.
U.S. President Donald Trump said on Monday Washington had struck trade agreements with Tokyo that could be implemented without congressional approval, but stopped short of assuring Japan that new tariffs would not be slapped on vital auto exports.
South Korea’s LG Display Co Ltd on Tuesday announced a voluntary redundancy program for its domestic production line employees amid mounting financial losses.
WeWork owner The We Company said on Monday it expected to complete its initial public offering (IPO) by the end of the year, after walking away from preparations earlier in the day to proceed with its stock market debut this month.
Japan plans to reconfirm in the final stage of trade talks with the United States that Washington will not impose additional tariffs on Japanese vehicles and auto parts, Foreign Minister Toshimitsu Motegi said on Tuesday.
LG Display said on Tuesday that it would launch a voluntary redundancy program for its production line employees after mounting financial losses.
Japanese finance minister Taro Aso said on Tuesday that a currency provision won’t be included in a Japan-U.S. bilateral trade deal that the two countries are aiming to conclude by the end of this month.
OxyContin maker Purdue Pharma LP filed for bankruptcy protection after reaching a partial deal to resolve more than 2,600 lawsuits alleging it helped fuel the U.S. opioid crisis.
A panel of international air-safety regulators is finishing a report which is expected to criticize the initial U.S. approval process for Boeing Co’s 737 MAX jets, the Wall Street Journal reported on Monday, citing people briefed on the conclusions.
Oil futures shed some of their massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.
WeWork owner The We Company took a last-minute decision on Monday to suspend preparations for an initial public offering (IPO), concerned that its stock market debut would be snubbed by many investors, people familiar with the matter said.
Attacks on Saudi oil plants will not have much impact on U.S. oil production in the short term, Chevron Chief Executive Michael Wirth told CNBC in an interview on Monday.
U.S. President Donald Trump said on Monday said it looked like Iran was behind attacks on oil plants in Saudi Arabia but stressed he did not want to go to war, as the attacks sent oil prices soaring and raised fears of a new Middle East conflict.
The style of attack used against oil plants in Saudi Arabia that knocked out half of the country’s production on Saturday is unlikely to be a risk in the United States, energy and security experts say.
WeWork owner The We Company is considering delaying its initial public offering until October at the earliest, concerned that its stock market debut would be snubbed by many investors, people familiar with the matter said on Monday.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
