Oil Gets Rare, Late Week Boost From IEA Demand Outlook By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – The global energy agency that rarely helps the positive case in oil has given a friendly boost to those long crude, just as the week comes to an end.

Crude prices jumped more than 2% on Friday after the International Energy Agency bumped up its 2020 forecast for global oil demand, lifting a market that took its worst hammering in six weeks in the previous session.

The IEA’s outlook on oil has typically been dour over the past few years, putting it at odds with the Saudi-dominated OPEC — or Organization of the Petroleum Exporting Countries — whose members are determined to keep crude prices supported under any condition.

The Paris-based IEA raised its demand forecast to 92.1 million barrels per day, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline.

New York-traded , the benchmark for U.S. crude futures, settled up 93 cents, or 2.3%, at $40.55 per barrel.

London-traded , the global benchmark for oil, settled up 89 cents, or 2.1%, at $43.24.

For the week, WTI rose 0.7% while Brent rose 1%.

Aiding the IEA’s outlook on crude was a slight weekly drop in the U.S. and positive news on Covid-19 vaccine development.

The weekly survey of rigs actively-drilling for oil in the United States fell by four to 181, indicating that crude production was still somewhat under control despite recent trends indicating higher output.

On the vaccine front, Gilead Sciences (NASDAQ:) released data on Friday showing its antiviral drug, remdesivir, cut the risk of death for severely sick coronavirus patients by 62% compared with standard care alone, sending its shares up more than 2%.

Biontech also delivered positive news in the race of a vaccine, with CEO Ugur Sahin reportedly claiming the company could have a treatment ready for approval by December, according to The Wall Street Journal

Yet, a surge in new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Record high U.S. infection numbers in a day cast also doubts over the pace of economic reopenings from lockdowns, as well as the resumption of school in the fall season.

“After the IEA improved their oil demand forecast for the rest of the year,  WTI crude remains anchored below the $41 level and will likely struggle for any major moves until after Tuesday’s OPEC+ meeting,” said Ed Moya, analyst at New York’s OANDA.

OPEC+ is the wider alliance of oil exporting group led by Saudi Arabia and assisted by key ally Russia.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Iran will develop oil industry despite U.S. sanctions



© Reuters. Iran’s Oil Minister Zanganeh arrives at the OPEC headquarters in Vienna

DUBAI (Reuters) – Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday.

“We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share,” said Zanganeh.

The minister was speaking before the signing of a $294-million contract between the National Iranian Oil Company and Persia Oil & Gas, an Iranian firm, to develop the Yaran oilfield that is shared with neighbouring Iraq’s Majnoon field.

The agreement aims to produce 39.5 million barrels of oil from the Yaran oilfield in Khuzestan province in southwestern Iran, the Iranian Oil Ministry’s news agency SHANA said.

Hit by reimposed U.S. sanctions since Washington exited Iran’s 2015 nuclear deal in 2018, Iran’s oil exports are estimated at 100,000 to 200,000 barrels per day, down from more than 2.5 million bpd that Iran shipped in April 2018.

The Islamic Republic’s crude production has halved to around 2 million bpd.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Supreme Court ruling on Oklahoma tribal land raises questions for oil industry By Reuters



© Reuters. FILE PHOTO: General view of U.S. Supreme Court in Washington

By Jennifer Hiller

HOUSTON (Reuters) – A U.S. Supreme Court decision recognizing about half of Oklahoma as Native American reservation land has implications for oil and gas development in the state, raising complex regulatory and tax questions that could take years to settle, according to Oklahoma attorneys.

The court on Thursday overturned an Oklahoma tribe member’s rape conviction because the location where the crime was committed should have been considered reservation land and therefore outside the reach of state criminal law.

The decision does not affect property ownership, but attorneys said it has regulatory and tax implications within reservation lands of the state’s “Five Tribes” – Cherokee, Chickasaw, Choctaw, Creek and Seminole. Oklahoma was the fourth-largest oil producer last year, accounting for about 5% of production, according to government data.

“You’ll see the Five Tribes make arguments perhaps that they have taxation authority,” said Taiawagi Helton, who teaches environmental, property and Indian law at the University of Oklahoma. “It’s possible you could see some slight increases in taxation,” with companies paying production taxes to both the state and tribes.

“For pipeline approvals, tribes will expect to have a broader consultative role,” Helton said.

Tribes may not want to immediately act, but this case suggests they would have regulatory authority over oil and gas, said Oklahoma energy attorney A.J. Ferate.

“Do I suspect anybody is going to get their existing production taken away? I think that would be a very extreme issue,” Ferate said.

“We’re talking about decades of litigation and questions. We’re in a whole new world here in Oklahoma as to how do all of these pieces fit together and how do we move forward,” he said.

Mike McBride III, chair of Indian law at Tulsa law firm Crowe and Dunlevy, said there may be implications for wind energy and electric transmission as well as sales of water.

Industry group the Petroleum Alliance of Oklahoma said it hoped there would be no change from current regulation.

“It is critical for continued investment in Oklahoma that the state maintain primacy with regard to the regulation of oil and gas operations, and that issues of title with regard to real property remain unaffected,” it said in a statement.

The Petroleum Alliance and other business groups had opposed the recognition of reservation status in a brief to the Supreme Court arguing that it would “recast the business and legal environment” across lands of all Five Tribes.

The Five Tribes and the state issued a joint statement on Thursday that they were working together on a framework of shared jurisdiction to “support public safety, our economy and private property rights.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Loonie Loses Ground as Oil Slump, Dollar Strength Offset Improved Housing Data By Investing.com



© Reuters.

By Yasin Ebrahim

Investing.com – The loonie fell against the dollar on Thursday as falling oil prices and increased appetite for safe-haven demand offset data showing better-than-expected Canadian housing activity.

rose C$1.5358.

Canadian housing starts inched up to 212,000 in June, adding to strong gains following a bottom in April, and beating forecasts for a rise to 198,000.

The move was largely expected given the favorable backdrop of low-interest rates and government stimulus that has helped cushion the fall out from job losses.

“Against that backdrop it is not so surprising that housing activity has been more resilient than many had been expecting,” RBC said. “Government support programs like CERB payments mean that household incomes have probably held up significantly better than job markets to-date.”

The better-than-expected housing data was offset by renewed a fall in oil prices and an uptick in safe-haven demand for the greenback.

Oil prices fell nearly 3%, the most in over two weeks, as growing Covid-19 cases have forced some states roll back reopening measures and raised investor concerns that strong gasoline demand will be short-lived.

A day earlier, the Energy Information Administration released data showing U.S. gasoline demand rose to its highest in four months. But the peak could prove shortlived amid signs demand is tailing off.

“[T]he week building up to the July Fourth weekend may prove to be a temporary peak … both activity trackers and retail sales indicators recording week-on-week falls in the last few days,” JBC Energy said. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Oil Slumps 3% on Fears of There Will Be U.S. “Lockdown 2” By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Oil prices slumped as much as 3% on Thursday, the most in over two weeks, as the continued surge in new U.S. coronavirus cases sparked fears that the world’s largest economy might be forced into round of wide-scale lockdowns.

“In the U.S., economic activity will require a successful reopening of schools in autumn and that may hinge on a major reversal on mandating masks,” Ed Moya, senior market strategist at New York-based OANDA said in a note on oil.  “The virus spread is not plateauing as many populous states (Texas and Florida) are still seeing significant increases in hospitalizations.”

New York-traded , the benchmark for U.S. crude futures, settled down $1.28, or 3.2%, at $39.62 per barrel.

London-traded , the global benchmark for oil, slid 94 cents, or 2.1%, to settle at $42.35.

Top U.S. pandemics expert Anthony Fauci, speaking on a podcast hosted by the Wall Street Journal, said new COVID-19 cases in the country were seeing “exponential growth.” 

“It went from an average of about 20,000 to 40,000 and 50,000. That’s doubling. If you continue doubling, two times 50 is 100,” Fauci said. “Any state that is having a serious problem, that state should seriously look at shutting down. It’s not for me to say because each state is different.”

Data shows that more than 3 million Americans have already been infected by the COVID-19, with a death toll exceeding 133,000. On Wednesday, the United States reported a daily record of more than 60,000 cases. 

Fauci warned recently that the daily case growth could reach 100,000 without proper social-distancing and other safety measures. A new model by the University of Washington also predicts 200,000 U.S. coronavirus deaths by Oct. 1, casting further doubts about economic recovery. 

U.S. gasoline demand was falling in areas where lockdowns were being reinstated, Lachlan Shaw, head of commodity research at National Australia Bank (OTC:), was quoted saying by Reuters, although demand for fuels continued to recover in the economically-crucial East Coast.

Thursday’s slump in oil prices came after government data from a day ago showing U.S. rose by a staggering 5.65 million barrels last month.

Conversely, analysts followed by Investing.com had forecast a crude draw of 3.1 million barrels for last week to follow through with the previous week’s 7.1 million-barrel slide. 

The crude build wasn’t the only bearish picture for oil. U.S. came in 3.1 million barrels higher versus the previous week’s draw of 593,000. Analysts had expected another modest decline of 75,000 barrels last week.

U.S. oil production, meanwhile, stayed put at an estimated 11 million barrels per day, indicating that the huge slides in output seen between March and April during the height of the coronavirus pandemic was practically over. The United States produced a record high 13.1 million barrels daily in mid-March before demand destruction triggered by the Covid-19 forced drillers in U.S. shale oil patches to slash operating rigs and shut in some wells. 



Oil Down With COVID-19 Continuing to Dampen Demand By Investing.com



© Reuters.

By Bryan Wong

Investing.com- Oil was down on Thursday morning in Asia, with ever-increasing numbers of COVID-19 cases continuing to hinder investor confidence in the global economic recovery.

dropped 0.12% to $43.23 by 11:51 PM ET (4:51 AM GMT) while slid 0.20% to $40.82.

“The market is struggling to get strong conviction to the upside at the current point in time,” Lachlan Shaw, head of commodity research at National Australia Bank (OTC:) told Reuters.

“There’s mixed evidence on demand.”

The U.S. Energy Information Administration (EIA) recorded a 5.654-million-barrel , considerably more than the 3.114-million-barrel draw forecasted. The surprise build prompted OPEC+ to press on over-producers such as Iraq and Nigeria, to improve their compliance with supply curbs.

Globally, the pandemic continues to hinder oil demand from some of the biggest oil consumers. The number of cases in the U.S. surpassed 3 million as of July 9. India also saw its biggest single-day spike on Wednesday, with over 25,000 new cases, according to Johns Hopkins University data.

There is also new evidence suggesting the possibility of the COVID-19 pandemic taking a turn for the worse. The World Health Organization (WHO) has acknowledged the possibility of airborne transmission of the COVID-19 virus. This could mean that the virus could create a new wave of infections that is far more difficult to control.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Oil Down Over Oversupply Fears By Investing.com



© Reuters.

By Bryan Wong

Investing.com – Oil prices were down on Wednesday morning in Asia as a build in crude inventory in the U.S. compounded fears that the continuously increasing number of COVID-19 cases will curb the economic recovery and demand.

 dropped 0.14% to $43.02 by 10:44 PM ET (3:44 AM GMT) and slid 0.12% to $40.58.

The American Petroleum Institute (API) announced a 2 million-barrel in crude oil supplies for the week ended July 3, much higher than the draw of 3.7m barrels in forecasts prepared by Investing.com.

API announced an 8.156 million-barrel draw the previous week.

Investor fears of oversupply were raised with increasing COVID-19 numbers dampening global demand. Almost 11.8 million cases have been reported globally as of July 8, according to Johns Hopkins University data.

OPEC+ production cuts are due to expire at the end of July at the current level although there are plans for smaller cuts to remain in place through to the end of the year. Key ministers are due to discuss the matter next week, but Abu Dhabi National Oil’s plans to boost oil exports in August could be an indication that the cuts will be eased.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



In the Physical Oil Market, Sour Barrels Trade at Sweet Prices By Bloomberg



© Reuters. In the Physical Oil Market, Sour Barrels Trade at Sweet Prices

(Bloomberg) — Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market.

Steaming at 11.5 knots, she’s heading toward China, where oil demand is fast recovering, hauling a cargo of two million barrels of . But her voyage didn’t start a few days ago. She loaded in early May, and with no buyers during the worst of the coronavirus outbreak, the supertanker stood floating in the U.S. Gulf of Mexico for almost two months, waiting for better times.

Only a few days ago, she weighed anchor and left for the Chinese port of Rizhao — a sign that refiners are starting to pull in crude that went unwanted for months.

It’s not any kind oil on board, though. Refiners are competing for barrels in one corner of the market known as medium-heavy sour crude — barrels with a higher content in sulfur and relatively dense. It’s the kind of oil that Saudi Arabia and its allies pump. And also the type of crude that’s pumped offshore in the U.S. Gulf of Mexico — and that’s what’s in the Maran Apollo’s tanks.

Like the wine industry, the oil market has its own vintages: global refiners seek their barrels much like connoisseurs covet bottles of Bordeaux and Burgundy. Urals of Russia and Arab Light from Saudi Arabia are normally two of the most widely consumed — think Cabernet Sauvignon, maybe a Merlot. But in today’s oil market, such crude is in increasingly short supply due to record output cuts by the two nations and their allies.

“Deep OPEC+ cuts and demand recovery have tightened balances and this has been reflected in improvements in physical differentials,” said Bassam Fattouh, director of the Oxford Institute for Energy Studies. “But the recovery has not been even, with medium-sour crudes faring better than light-sweet crudes.”

In normal times, medium-sour crude is usually cheaper than other streams, particularly those known as light sweet crude that have a lower sulfur content and are less dense.

But OPEC, which pumps mostly medium-sour crude, has cut output to the lowest since 1991, and Russia has also implemented brutal reductions. On top of that, medium and heavy sour crude accounts for the bulk of the supplies from Iran and Venezuela, where production has collapsed under the weight of U.S. sanctions and lack of investment.

The market is reflecting the under supply. The price of Urals, Russia’s flagship grade, has surged to a record premium to the benchmark. Last week, it briefly changed hands at $2.40 a barrel above Dated Brent, a regional benchmark, compared with a discount of more than $4.50 a barrel in April, according to traders. S&P Global Platts, a price-reporting agency, assessed the grade at a premium of $1.90 for delivery to Rotterdam on June 29, matching a prior record high.

The surge means that Urals is selling in Rotterdam, the main oil refinery hub in northwest Europe, at roughly $45 a barrel, compared with a low point of about $15 a barrel in early April.

The price pattern is similar for other sour crude streams, from Oman in the Middle East to Oriente in Latin America. All are commanding hefty prices at a time when oil demand globally remains down roughly 10% below normal levels. Because sour crude makes a significant chunk of a typical refinery’s diet, the price increase is strangling the plants’ profitability.

“OPEC+ continues to tighten the screws,” Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. said, referring to the group’s output cuts.

With the physical oil market tightening, OPEC is now able to increase the prices it charges to refiners. On Monday, Saudi Aramco (SE:), the state-owned oil company, lifted its official selling prices to Asia for the third consecutive month, largely reversing all the discounts it offered during a brief price war with Russia in March and April.

Aramco and other national oil companies sell their crude at differentials to oil benchmarks, announcing every month the discount or premium they’re charging to global refiners. These so-called official selling prices help set the tone in the physical oil market, where actual barrels change hands.

The Saudi oil giant is now selling its most dense crude, called Arab Heavy, for the first time ever, at roughly the same price at its flagship Arab Light, an indication of the strength of the market for the medium-heavy sour grades. Typically, Arab Heavy has sold at a discount of about $2-to-$6 a barrel to Arab Light.

Not only is medium-heavy sour crude trading at a premium to benchmarks, but barrels for immediate delivery are commanding premiums to forward contracts, a price pattern known as backwardation that also reflects a tight physical-market. Dubai crude, a Middle Eastern medium sour barrel, is one example: backwardation between barrels for delivery now and in three months has surged to 60 cents per barrel. In mid-April it stood at minus $9.24 per barrel because the physical market was so glutted back then.

©2020 Bloomberg L.P.



Oil prices fall on demand concerns from U.S. coronavirus case surge By Reuters



© Reuters. The moon rises behind oil storage tanks in Omsk

By Sonali Paul and Seng Li Peng

MELBOURNE/SINGAPORE (Reuters) – Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world’s biggest oil user, will limit a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude () futures fell 17 cents, or 0.4%, to $40.46 a barrel at 0340 GMT, after earlier rising to as high as $40.79.

Brent crude () futures declined by 19 cents, or 0.4%, to $42.91, after hitting an intraday high of $43.19.

With 16 U.S. states reporting record increases in new COVID-19 case in the first five days of July, according to a Reuters tally, there is mounting concern that public health measures to limit the virus spread will curb fuel demand.

Florida is re-introducing some limits on economic reopenings to grapple with rising cases. California and Texas, two of the most populous and economically crucial U.S. states, are also reporting high infection rates as a percentage of diagnostic tests conducted over the past week.

“The potential for demand destruction as lockdown re-instatement looks more likely are combining with concerns about OPEC+ discipline to weigh on oil prices,” said CMC Markets’s Chief Market Strategist Michael McCarthy in Sydney in an email.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, collectively known as OPEC+, are lowering output by 9.7 million barrels per day (bpd) for a third month in July.

However, those cuts are set to taper to 7.7 million bpd starting next month, adding supply at the same time U.S. fuel demand, especially for gasoline, remains impacted by the COVID-19 outbreak.

“Summer driving demand in the U.S. is low, keeping gasoline demand subdued, and a reintroduction of lockdowns is a major headwind,” ANZ said in a note.

Data from the American Petroleum Institute industry group later on Tuesday and the U.S. Energy Information Administration on Wednesday are expected to show a 100,000 barrel rise in gasoline stockpiles, six analysts polled by Reuters estimated.

The U.S. crude market faces some uncertainties from a court decision on Monday ordering the shutdown of the Dakota Access pipeline, the biggest artery transporting crude oil from North Dakota’s Bakken shale basin to Midwest and Gulf Coast regions, over environmental concerns.

Market sources in the Bakken said the closure of the 570,000-bpd pipeline, while a thorough environmental impact statement is completed, will likely divert some oil flows to transportation by rail.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



COVID-19 Spike Prompts Mixed Oil Prices as U.S. Demand Stays Frail By Investing.com



© Reuters.

By Bryan Wong

Investing.com – Oil prices were mixed on Monday morning in Asia as the U.S. reached a record high for new coronavirus cases for the 27th day in a row with twelve states reporting new highs in seven-day case averages.

Montana, Delaware and Alaska are experiencing the biggest percentage increase from past records, while South Carolina, Texas, Arizona, Nevada and California reported record numbers of current covid-19 hospitalizations as of July 6.

In Europe, supply tightened due to a pledge by OPEC and Russia to extend oil production cuts by a record 9.7 million barrels per day for a third month in July. After July, producers expect to keep in place smaller production cuts of 7.7 million bpd until December.

rose 0.19% to $42.88 by 10:36 PM ET (3:36 AM GMT) while slid 0.71% to $40.36.

There are some encouraging signs that the U.S. is heading towards economic recovery.

Warren Buffett’s Berkshire Hathaway (NYSE:) recently made its first deal since the economic downturn caused by the coronavirus, purchasing assets from the U.S.’s second largest energy company Dominion Energy (NYSE:) in a deal worth almost $10 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.