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U.S. Federal Trade Commission notice dated Thursday shows a unit of Elliott Management, the $27 billion hedge fund run by billionaire Paul Singer, was granted approval for an acquisition involving the company.
Crude’s slump has lasted for more than 18 months, making it one of the longest downturns in decades and forcing companies to slash spending, reduce their workforce and delay projects.
Oil prices have slumped to levels last seen during the global financial crisis as a result of OPEC’s strategy to defend market share against higher-cost producers.
As it became clear last week in Vienna that a push for oil production cuts was failing, ministers from Venezuela, Algeria, Iran and Ecuador huddled around OPEC’s conference table and tried a different tack in their quest to boost crude prices.
Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality.
Norway’s krone jumped from its lowest in more than 13 years, while South Africa’s rand and the Colombian peso climbed from record lows. The Brazilian real led gains versus the U.S. currency, rising to its highest since Nov. 27.
An accord may be announced as soon as this week, said the people, who asked not to be identified because the information is private.
Freeport becomes the second big miner in two days to halt dividends and downsize operations after Anglo American Plc said Tuesday it planned to shed assets to stay afloat with prices showing no signs of a recovery from the lowest levels in six years.
The decline has been a modest tailwind for consumer spending this year and provided a bigger boost to household savings.
Brent crude fell 2.1 percent to $39.88 a barrel at 1:45 p.m. London time Tuesday, the lowest since Feb. 20, 2009.