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.
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)