Business Report: Oil rebounds, new Gulf field begins production

November 21, 2018 - 4:21 pm

Jim Chesko reporting

Thanks in part to expectations that major oil producers will agree to cut output at a meeting early next month, U-S oil prices notched an impressive rebound today. 

After plunging Tuesday, January West Texas intermediate crude jumped $1.20, or 2.3%, to settle at $54.63 a barrel. 

Chevron announced today that its Big Foot Deepwater Project in the Gulf of Mexico has begun oil and gas production.

The Big Foot field, 225 miles south of New Orleans, was discovered in 2006 and is estimated to contain recoverable resources of more than 200 million oil-equivalent barrels.

After a two-day selloff, U-S stocks finished mostly higher, although the Dow Industrials eased about one  point. 

The Nasdaq Composite rebounded 63 points, and the S& rose 8. 

Sales of previously owned homes rose 1.4% last month … though the gains were concentrated in condiminiums.   

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