09/15/2019

U.S. Oil Settles Above $30 a Barrel, After Dipping Below for First Time Since 2003

Big oil companies deepened their cutbacks to staff and investment Tuesday, as the price of oil briefly slipped below $30 a barrel for the first time since December 2003.

Oil giant BP PLC said it would lay off about 4,000 workers from its exploration and production business. Petróleo Brasileiro SA, Brazil’s state-run oil producer, trimmed its production targets and slashed its investment budget by about a quarter, an acknowledgment that the company’s previous oil-price assumptions were overly optimistic.

The Federal Reserve Bank of Dallas, which is forecasting a 1.4% increase in jobs this year in Texas, said employment could shrink if oil prices stay weak.

View Article
Site has paywall