Oil and gas producer WPX Energy Inc (WPX.N) said it would acquire privately held RKI Exploration & Production LLC [REPI.UL] for $2.35 billion, the latest in a series of deals brought on by a steep drop in crude prices.
Energy
Falling world oil prices result in job cuts
Collapsing oil prices are prompting energy firms to lay off workers. Royal Dutch Shell and Centrica -- two of Britain's leading energy firms -- are cutting more than 12,000 jobs this year.
Major oil companies layoff more employees due to U.S. crude oil price drop
As the price of crude oil continues to slip down, the oil companies are cutting jobs to survive the business. In the first quarter of this year, blue collar jobs were deterred, this point, engineers and scientists will be affected.
Running out of steam: Energy sector is underperformer among all 10 sectors in S&P 500
Energy sector was the prime culprit among other stocks including materials and biotech, that pulled S&P 500 and Dow Jones lower recently. S&P 500 fell 2.2% and Dow eased 2.9% during the week ended 24 July. S&P 500 suffered biggest weekly decline since March.
Oil drops on concerns of glut in refined products
Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.
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Oil dropped on Tuesday after Iran and six global powers reached a landmark nuclear deal that would see an easing of sanctions against Tehran and a gradual increase in its oil exports.
U.S. crude futures fell more than 1 percent on Wednesday after a surprise build in stockpiles while gasoline rallied on bets for strong fuel demand through the peak summer driving season.
U.S. crude oil futures steadied on Tuesday after falling sharply a day earlier on worries about Greece's indebtedness and China's stock market losses, although charts indicated renewed selling could push prices into bear market territory.
Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.
Oil prices dropped on Friday as a rising U.S. rig count stoked more concerns about global oversupply while an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market.
U.S. exports of ultra-light crude, also known as condensate, have doubled since the start of the year, with most shipments headed to Europe, according to traders familiar with the deals and data from an energy consultant.
Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market.
Two big trades in oil options worth nearly $60 million last week boosted volatility in that market and revived speculation among traders that U.S. producers are placing hedges to guard against another price rout this fall.
Oil prices were steady on Thursday as an unexpected build in U.S. gasoline inventories offset a higher than forecast draw in crude stocks.
