Shares of energy producers rose alongside oil futures amid talk of the Iran nuclear deal foundering and tensions between the Kurds and the government of Iraq.
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Day rates on Very Large Crude Carrier tankers rose sharply last week. Analysts at brokerage Credit Suisse said that a Baker Hughes GE acquisition of drilling-services company Subsea 7 would be a surprising, but logical development for the company, recently formed by the merger of General Electric's oil-and-gas business with Baker Hughes.
"Adding Subsea 7 to the mix would afford Baker Hughes GE access to (1) a roughly $14 billion bidding pipeline and (2) the assets used to install Baker Hughes GE's subsea equipment," said the Credit Suisse analysts, in a research note.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
October 16, 2017 16:27 ET (20:27 GMT)