Gas prices remaining 'higher for longer' and so could energy stocks

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Gas prices historically begin to dip after a demand drop-off tied to summer-time prices — this doesn't seem to be this year's case, unfortunately. Oil refining is 'constrained' across the globe and isn't forecasted to pick back up until next year. CIBC Private Wealth Senior Equity Trader Rebecca Babin joins Yahoo Finance to discuss what this means for consumers and how energy stocks, like Exxon Mobil (XOM) have remained robust. 'Higher for longer, unfortunately — the way we talk about interest rates — is around in gasoline,' Babin explains the long-term effects of low refining outputs. 'I don't think we go skyrocketing to $5, but I also don't think we see a huge pullback — maybe we get a modest moderation.' For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

HONG KONG — Trading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange.

China Evergrande said in a notice on Thursday night that authorities had informed the firm that its chairman, Hui Ka Yan, had been subjected to “mandatory measures in accordance with the law due to suspicion of illegal crimes" and said that trading in the firm's shares was suspended until further no -- China Evergrande Group and its units suspended trading in Hong Kong, a day after people familiar with the matter said the property giant’s founder had been taken away by police.

 

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