Chevron is upping its push to challenge Exxon for the title of America’s largest oil company. This morning, Chevron says it’s buying smaller rival Hess for 53-billion-dollars. The oil major is looking to increase its footprint in the South American country of Guyana, which has become a major oil producer in recent years.
A bit of a breather for oil futures after back-to-back weekly increases. The U.S. oil benchmark – West Texas Intermediate – is down about half-a-percent this morning, tumbling below 88-dollars-a-barrel. Prices have eased amid diplomatics efforts to contain the conflict between Israel and the Hamas militant group.
On Wall Street, futures are lower amid the latest flare-up in bond prices. The stock market is already reeling from last week’s losses that dropped the Nasdaq more than 3-percent.
