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Traders said that recent weakness in equities has fanned concerns about global growth, which is also contributing to declines in oil. U.S. crude futures CLc1 settled down $4.24 a barrel, or 7.1 percent, to $55.69 a barrel links of london uk sale. It was the largest one-day percentage decline for the contract since September 2015. U.S. crude has lost 28 percent since its early October peak. Brent LCOc1 ended down $4.65, or 6.6 percent, to $65.47 a barrel, the largest one-day loss since July. Brent has lost 25 percent since peaking at a four-year high in early October. It now sits at levels not seen since March..
In its monthly report, OPEC said world oil demand next year would rise by 1.29 million barrels per day (bpd), 70,000 bpd less than predicted last month and the fourth consecutive forecast cut. Output, however, rose by 127,000 bpd to 32.9 million bpd, OPEC said. Saudi Energy Minister Khalid al-Falih said on Monday that OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day from October levels to prevent oversupply. Even as the Saudis have promised to reduce output, U.S. production reached 11.6 million bpd in the most recent week, a new record links of london uk sale. Russia has given mixed signals about a cut, with Lukoil Chief Executive Vagit Alekperov saying on Monday that he did not see cuts being necessary..
(Reuters) – Nike Inc (NKE.N) on Tuesday named former Coca-Cola Co (KO.N) executive Craig Williams as president of its sports shoes unit Jordan Brand. Williams, who will take charge on Jan. 14, most recently headed the world’s biggest beverage maker’s partnership with fast-food chain McDonald’s. He will replace Larry Miller who will become the chairman of the newly created Jordan Brand advisory board, Nike said. Jordan Brand is a premium brand of footwear, apparel and accessories inspired by the legacy of former basketball player Michael Jordan links of london uk sale.
(Reuters) – Starbucks Corp (SBUX.O) is laying off about 350 global corporate employees, Chief Executive Officer Kevin Johnson said on Tuesday in a memo to employees, seen by Reuters. The elimination of the non-store employees is part of a restructuring plan that Johnson unveiled in September in an attempt to make the company nimble enough to tackle rivals in a fiercely competitive U.S. coffee market. “Every single decision was made after very careful consideration links of london uk sale. And while incredibly difficult, they came as a result of work that has been eliminated, deprioritized or shifting ways of working within the company,” Johnson wrote in the memo..
NEW YORK (Reuters) – The Dow and S&P 500 ended slightly lower on Tuesday following losses in energy shares and Boeing, offsetting a small gain in technology stocks and renewed hopes for progress in trade talks. The Nasdaq ended the session essentially flat as a rebound in tech kept the index out of negative territory. Energy stocks .SPNY weighed heaviest on the S&P 500, driven lower by a 7.1 percent plunge in crude prices, their biggest percentage drop in 2-1/2 years. The energy sector closed down 2.4 percent links of london uk sale.