Oil

U.S. stocks were flat on Friday on worries that a potential deal by major oil producers to freeze output would do little to tackle a stubborn global oversupply.

The banks continue to struggle under pressure from the energy industry as oil prices have plunged since the summer of 2014 and the glut of global supply has helped push companies to default on their loans.

Oil steaded on Thursday after the International Energy Agency (IEA) trimmed its forecast for demand growth but said a fall in oil output in the United States was speeding up.

U.S. equity markets were propelled solidly higher on Wednesday thanks to momentum from the financial and technology sectors.

The bankruptcy of Peabody Energy, the world’s largest private coal producer, puts an exclamation point on the industry’s struggles and their ripple effect.

Oil prices jumped on Tuesday, but some in the market say there could be a downside risk to a possible production freeze on the horizon.

Oilfield services provider Schlumberger Ltd said it would reduce its operations in Venezuela as it received insufficient payments from customers in the recent quarters.

U.S. crude moved back above $40 a barrel on Tuesday, supported by hopes that an upcoming meeting of oil producers will agree steps to tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China.

Marathon Oil Corp. will sell its Wyoming upstream and midstream assets for $870 million, as big energy producers continue to reshape their portfolios during a severe and extended pricing downturn.

Brent crude prices touched a four-month high on Monday as a rally in wider commodities markets encouraged buying ahead of a meeting of oil producers in Doha next Sunday, aimed at freezing current output levels.

Wall Street gains were driven by materials stocks on Monday as a weaker dollar boosted commodities, and investors turned their focus to the earnings season.

National Oilwell Varco said on Monday it would cut its quarterly dividend by 89 percent as the company struggles to cope with a prolonged slump in oil prices.

The average price of a gallon of gasoline in the United States gained 8 cents in the past three weeks, according to a survey released on Sunday.

Wall Street was lower on Thursday as oil prices slid and investors worried that measures taken by central banks may not be enough to put the global economy back on track.