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The resurgence in crude oil is part of a saga that began with the onset of the Great Recession, but it took on an intriguing twist when Saudi Arabia launched a war on America’s fracking miracle. There were 1,609 oil rigs in the United States, Saudi Arabia was flushed with billions and American fracking stocks were unstoppable. While the supply-demand dynamic of oil has a lot of mitigating factors, ultimately there has to be strong demand and evidence of weaker supply.
The divestment is in line with Shell's (RDS.A) strategy to steer clear of debt stemming from its $50-billion acquisition of BG Group.
BP is expected to pay an additional charge of about $1.7 billion for the remaining BEL and other claims related with the CSSP.
Yahoo Finance's Jared Blikre joins Seana Smith from the floor of the New York Stock Exchange to discuss the latest in the markets.