Business Report; Oil slump continues, stocks mixed

November 08, 2018 - 4:12 pm

Jim Chesko Reporting

U.S. oil prices are officially in a ‘bear market.’ 

Prices today fell for a 9th-straight session and are down 21% from their early-October peak, amid rising domestic oil inventories and concerns of a global supply surplus that could overwhelm demand. 

Today, December crude dipped one dollar to settle at $60.67 a barrel – the lowest close since last March.

Stocks finished mixed: The Dow Jones Industrials gained 10 points, but the Nasdaq Composite fell 39. 

Oil-and-gas producer Anadarko Petroleum says it’ll sell nearly all of its midstream assets, including pipelines. The buyer is Anadarko’s master limited partnership, Western Gas Partners, which will pay just over $4 billion for the assets.

Out after the closing bell, Disney’s quarterly earnings and revenue handily beat analysts' expectations. The entertainment giant’s revenue rose nearly 12% to $14.31 billion.

 

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