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Added on the 30/07/2015 14:06:50 - Copyright : Reuters EN
On Monday, US stocks rallied as investors bet on the distribution of Pfizer's COVID-19 vaccine and stimulus progress to lift the economy. According to Business Insider, a bipartisan $908 billion stimulus proposal is set to be formally unveiled on Monday. One package will include $748 billion in funds for highly supported measures. A smaller package including more controversial state and local government aid and liability protections for businesses. On Monday, Pfizer and BioNTech will deliver their coronavirus vaccine. Oil prices ticked higher after a tanker exploded in a Saudi Arabian port. West Texas Intermediate crude gained as much as 1.9%, to $47.44 per barrel.
Dutch Shell, Europe's largest oil company, reports its lowest annual income in at least 13 years, vowing to take further steps to weather the worst downturn in over a decade. Hayley Platt reports
Oil major BP plans to cut at least 4,000 jobs globally in its oil production division this year to reduce costs amid a steep decline in oil prices. Hayley Platt reports.
Total has posted higher than expected second-quarter profit. As Hayley Platt reports The French oil major was helped by increased refining margins in Europe and accelerated cost-cutting efforts to adjust to a low oil price environment.
Royal Dutch Shell shares have taken a hit after the oil company missed profit expectations and announced a three-year, $15 billion cut in spending. As Katie Gregory reports it reflects the steep fall in oil prices which are now near a six year low.
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