Yahoo Finance's Jared Blikre gives an update on the oil market for today.
Surging commodity prices and higher refined product sales are likely to have boosted Chevron's (CVX) profit levels in the fourth quarter.
Talks for a new national contract for U.S. refinery and chemical plant workers intensified on Monday between the United Steelworkers Union (USW) and oil companies, the union told members in a message seen by Reuters. Talks for the new pact began on Jan. 13 between the USW and lead company negotiator Marathon Petroleum, the union has said, ahead of the Feb. 1 expiry of an existing three-year agreement covering 30,000 workers across the United States. In addition to the contract talks, which will set pay and benefits, USW locals are meeting refinery and plant managers to agree on local issues.