Ovintiv Explores Sale of Oil Operations in Uinta Basin

(Bloomberg) -- Ovintiv Inc. is considering a possible sale of its operations in the Uinta Basin, which could fetch as much as $2 billion, people with knowledge of the matter said.Most Read from BloombergThe Serious Work That Free Play Can DoDenver-based Ovintiv is working with an adviser to gauge buyer interest in the asset, the people said, asking not to be identified discussing confidential information. Ovintiv’s operations in the Central Basin of Utah involves drilling in about 2,600 feet of

US employment falls by 818,000 in latest government revision

Wednesday's release shows the US labor market added fewer jobs than initially reported in the 12-month period ending in March 2024 but economists are wary about reading too much into the release.

Government: US economy added 818,000 fewer jobs than first reported in year that ended in March

The revised total adds to evidence that the job market has been steadily slowing and likely reinforces the Federal Reserve's plan to start cutting interest rates soon. The Labor Department estimated that job growth averaged 174,000 a month in the year that ended in March — a drop of 68,000 a month from the 242,000 that were initially reported. The revisions released Wednesday were preliminary, with final numbers to be issued in February next year.

Chicago Fed president warns falling inflation and high interest rates could make things worse

In a Fortune exclusive, Chicago Fed president Austan Goolsbee discusses working with Jerome Powell, base rate cuts, and Fed independence.

Will Buffett's 'put' on oil firm Occidental halt share drop?

Shares in U.S. oil producer Occidental Petroleum fell to $56.17 on Tuesday, below a level that has routinely triggered purchases by its biggest holder, billionaire investor Warren Buffett's Berkshire Hathaway. Past multimillion-share purchases were so routinely timed to drops below $60 that Wall Street analysts called it "the Berkshire put," for setting a price floor on the oil firm's shares. But Occidental has traded below that price all month, the longest period since a swoon in January that ended after Berkshire acquired 4.3 million shares in early February.

EUR/USD and GBP/USD Rallies Fuelled by Ongoing US Dollar Weakness

Macy's misses on Q2 sales as it opts for doubling down on new strategy over buyout deal

Wall St eyes higher open with payrolls revisions, Fed minutes on tap

(Reuters) -Wall Street's main indexes were set for a higher open on Wednesday, as investors awaited the release of the updated U.S. payrolls data and the minutes from the Federal Reserve's July policy meeting. The report from the Bureau of Labor Statistics, with preliminary revisions to the jobs data, is due at 10:00 a.m. ET. Most economists expect a downward revision, with Goldman Sachs estimating that 600,000 to 1 million fewer jobs were created between April 2023 and March 2024.

Oil prices steady after days of losses

LONDON (Reuters) -Oil prices steadied on Wednesday, with benchmark Brent holding above $77 a barrel, after steady sell-offs driven by expectations of reduced Chinese demand and diminishing concerns the conflict in the Middle East could spread and disrupt supply. Brent crude futures were up 14 at $77.34 a barrel by 1142 GMT. As expectations swirl economic weakness in China, the world's biggest crude importer, will subdue demand, stocks in the United States, the world's biggest producer and consumer of oil, are set to rise.

Target cut prices on 5,000 products. Now it's back with a big earnings beat.