Whenever a sector or industry takes a beating — such as the energy sector — it’s good to sift through the rubble looking for a diamond in the rough.
BP (quote) is selling to mother Russia. Now there is a bigger global major oil company in state-owned Rosneft (RNFTF, quote) with major ties to Exxon Mobil (XOM, quote) via arctic circle joint ventures, and BP - two of the standard bearers in global oil/gas. This is ultimately a $55 billion deal, making it the third biggest deal in all history.
WTI crude oil prices continue to trade flat as investors wait to see if Spain will formally request a bailout and initiate a European Central Bank bond-buying program.
Fears of continuing slowdown of economic growth was renewed this week on comments from the International Monetary Fund (IMF) in which the IMF cut global growth outlook and warned it needs to take control of the debt crisis, referring to Spain and Greece.
WTI crude oil price continues to trade slightly higher in the $2.07 range on the first session of the fourth quarter. Price has been holding on positive comments from European Union Commissioner Olli Rehn about the Spanish banking system’s stress tests, suggesting the euro zone debt crisis could be contained.