Oil prices dropped about 6% on Tuesday after Saudi Arabia’s energy minister said the kingdom has fully restored its oil production hit by an attack this weekend that shut 5% of global oil output.
At an event hosted by Citigroup Inc this month, its dealmakers sat executives from major consumer-product companies alongside rivals trying to disrupt their businesses.
Wall Street was mixed on Tuesday as investors awaited a widely expected Fed interest rate cut on Wednesday, while the impact of weekend attacks on Saudi Arabia’s biggest oil refinery faded.
U.S. President Donald Trump said on Tuesday his administration could seal a deal on trade with China before the U.S. presidential election, or an agreement could be reached the day after U.S. voters go to the polls.
Saudi Arabia’s oil supply is fully back online after weekend attacks halved output and the kingdom will achieve 11 million barrels per day (bpd) capacity by the end of September and 12 million bpd by the end of November, the energy minister said on Tuesday.
The United States believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran, a U.S. official told Reuters on Tuesday.
U.S. President Donald Trump said on Tuesday he did not think it would be necessary to release oil from the Strategic Petroleum Reserve after attacks on Saudi oil facilities, saying oil prices have not spiked very much.
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The United States believes Saturday’s attack on Saudi Arabia’s oil facilities originated in southwestern Iran, a U.S. official told Reuters on Tuesday.
The United States is losing the race to extract and refine minerals used to make electric vehicles and should do more to spur domestic production, a bipartisan group of senators said on Tuesday.
A U.S. banking regulator Tuesday proposed easing a post-credit crisis rule on how much cash big banks should set aside to safeguard derivatives trades between affiliates, marking one of the biggest wins for Wall Street lenders under the Trump administration.
The White House is not involved in contract talks with General Motors Co and the United Auto Workers union, aimed at ending a nationwide strike that began late on Sunday, a White House spokesman and GM said.
Buyout firm Clayton, Dubilier & Rice LLC is in talks to partner with U.S. paint maker PPG Industries Inc to make an acquisition offer for Axalta Coating Systems Inc, the U.S. coatings company whose largest shareholder is Warren Buffett’s Berkshire Hathaway Inc, people familiar with the matter said on Monday.
Walmart Inc likely discriminated against 178 female workers by paying them less, denying them promotions or both, because of their gender, the U.S. Equal Employment Opportunity Commission said in memos seen by Reuters.
Saudi Arabia sought to calm markets on Tuesday after an unprecedented attack on its oil facilities, with sources saying output was recovering much more quickly than initially forecast and could be fully back in two or three weeks.
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