On Monday, the price of crude oil saw an increase yet again as an extension to the gains achieved last week. The main reason for the price increase is attributed to the fall in the number of U. S. oil drilling rigs. That signals at a lower supply in the later months of this year. The recent monetary stimulus measures in China also underpinned the market.
On Friday, Mylan, the Dutch generic drug making company said that speculation which says that that company may be acquired by Teva Pharmaceutical is just a rumour and it doubts whether the regulators would even approve this kind of a deal. The drug makes said that it decides to remain a stand-alone company.
Pricing pressure and lowered activity are the main reasons that are responsible for the job cuts in Schlumberger.
On Thursday, the oil field services company Schlumberger announced that there will be another round of lay off in which 11,000 employees will lose their jobs. In January, the company had announced 9,000 layoffs and the recent announcement is an addition to that.
The first quarter of this year has seen the companies from Washington raised a greater amount of venture capital funding which has never been noted ever in the initial three months of a year in the last ten years or more. The industry gathered the impetus late last year and is now continuing to maintain the momentum.
Last month saw a huge increase in foreclosure activities all over the U. S. A report from RealtyTrac revealed numbers for the bank recoveries.
On Thursday, the group sad that the foreclosures, which include scheduled auctions, foreclosure notices as well as bank repossession, increased twenty percent and reached a figure of 122,060 in the previous month.
Price of crude oil is expected to rise in the near future even with the oversupply.
Signaling at a rise, the Brent crude prices touched a high seen so far in 2015 moving over $63 a barrel. In the previous session the prices rallied five percent or more and according to the analysts further price rises are on the card.
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