US pre-open: American oil production to surpass Saudi Arabia and Russia

RELATED QUOTES

SymbolPriceChange
HX6.F3.1670.000
SHW201.95-0.78
LUK26.25-0.08

LONDON (ShareCast) - The main US equity benchmarks are now being called to open higher by 0.3 per cent on average.

That on a holiday -Veteran´s day- which is expected to see lower than normal trading volumes in equity markets, while fixed income markets will be closed for trading.

Of interest, and as regards the US fiscal cliff, on this point some market commentary out over the weekend seems a tad more downbeat than what could be seen and heard in previous days. Thus, for example, economists at Barclays Research wrote on Friday that: "The retention of the status quo within the US Congress provides the most treacherous path to navigating the fiscal cliff."

Meantime, and on the company front, mergers and acquisitions (M&A) seem to the main theme.

Sherwin Williams (NYSE: SHW - news) will buy Comex for $2.34bn, while Precision Castparts (Dusseldorf: 963746.DU - news) is to purchase Titanium Metals (NYSE: TIE - news) .

Furthermore, Leucadia National (NYSE: LUK - news) , which already holds about 28.6% of New York (Frankfurt: A0DKRK - news) -based Jefferies, will acquire the rest of the broker for $2.76bn.

Front month West Texas crude futures are now gaining by 0.40% to the 86.41 dollar level on the NYMEX.

Lastly, according to the International Energy Agency (IEA) the United States will surpass Saudi Arabia´s -and everyone else´s- level of oil production by 2020, something which was thought unthinkable even just a year ago.

AB