Big Oil might be a weird stock market haven

BP said on April 1 it would cut planned 2020 capital spending by a quarter to $12 billion, roughly in line with already announced moves by rivals Royal Dutch Shell and Total.

The UK oil giant said part of the capex cut would come from reining in investment in U.S. shale, which the company recently augmented by buying assets from BHP.Brent crude futures were trading at $27.5 a barrel on April 2, up 11%, after China said it would add to oil stockpiles and U.S. President Donald Trump predicted an agreement on supply with Russia and Saudi Arabia “within days”.

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U.S., Russia energy officials had 'productive' talks about oil market plungeU.S. Energy Secretary Dan Brouillette spoke with his Russian counterpart Alexander Novak about the slump in global oil markets on Tuesday, and they agreed to hold future discussions involving other major world oil producers and consumers, the U.S. Energy Department said in a release. Where were the Saudis... in the ambit of the American officials? It good American are also implicitly trying to help the Iranians of course .... with oil prices.
Source: Reuters - 🏆 2. / 97 Read more »