Oil markets bounces back as it hits a $50 per barrel mark

Oil plunges to $50

The earnings reports for the oil markets are expected to reveal a sharp upturn in the oil industry, which finally bounced back after more than three years down in the gutters of low prices. Analysts say that oil outlooks could get even better as oil prices seemingly safe from sub-$50 territory.

Ahead of the quarterly earnings reports from the oil majors, the five largest companies will be expected to generate a total of $34 billion in cash in the third quarter, according to the data that was cited by Bloomberg.

A string of reports was out on Friday that supported the notion that the oil majors are starting to gain the benefits of cost cutting, showing its strongest earnings in more than two years.

The reports showed a $2.7 billion profit, a 29 percent increase from more than a year earlier. It was a solid year for the French oil company, which has emerged as one of the better managed oil majors in recent years.

Oil and Gas production was up by 6 percent, while its total tool over a 300,000 barrels per day fields in Qatar, acquiring Danish oil company Maersk Oil, which added assets in the North Sea.

In other news, Chevron reported to have a profit of $2 billion in the third quarter, which is an increase of more than 50 percent from the $1.3 billion earnings from the third quarter in 2016.

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