Oil

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.

Oil steadied at around $40 per barrel on Thursday as a surprise fall in U.S. inventories the previous day was offset by an increase in exports from Iraq, underlining global oversupply.

Terry Duffy, CME Group executive chairman and president said the future for oil isn’t necessarily bleak, and if prices rally, producers could come back into the market.

Oil prices surged more than 5 percent on Wednesday, heading for their largest gain in three weeks, after the U.S. government reported a surprise draw in domestic crude stockpiles versus market expectations for a new record high.