Nov. 10 (Bloomberg) -- Crude oil and copper rose more than 5 percent after China announced a 4 trillion-yuan ($586 billion) stimulus package that may spur economic growth and demand for raw materials.
Petroleo Brasileiro SA, the investor darling among the world's largest oil producers in the first half of the year, has become the worst performer of the top 10 publicly traded oil companies since May.
Anadarko Petroleum Corp. and Dana Petroleum Plc, drillers that have lost more than 30 percent in market value this year, may become acquisition targets as they show it's cheaper to buy oil and gas reserves than to go and find them.
BLOOMBERG WINS
Anadarko, Dana May Be Targets for Exxon, BP on `Cheaper' Assets
Anadarko Petroleum Corp. and Dana Petroleum Plc, oil drillers that lost more than 30 percent in market value this year, may become acquisition targets as they show it's cheaper to buy oil and gas reserves than to go and find them.
Eskom to Sign $500 Million Development Bank Loan, Kganyago Says
Eskom Holdings Ltd., South Africa's state-owned power utility, will sign a $500 million dollar loan with the African Development Bank to help fund its expansion, according to the country's treasury.
Egypt Will Raise Electricity Prices by 7.5 Percent Next Month
Egypt will increase its electricity rates by 7.5 percent to pay off debt from fuel purchases and improve revenues for the country's state-run power companies, the Power and Electricity Ministry said.
TOP MARKETS STORIES
Crude Oil, Metals Rise as China Unveils Growth Support Package
Crude oil and copper rose more than 5 percent after China announced a 4 trillion yuan ($586 billion) stimulus package that may spur economic growth and demand for raw materials.
Ruble Devaluation Looms on Falling Crude; Troika Sees 30% Drop
Russia's currency reserves, the third-biggest in the world, are no match for tumbling oil prices and an exodus of capital that may force the central bank to accept a devalued ruble.
Petrochemical Prices Lose 50% on Weaker Demand, Credit Crisis
Petrochemical prices have tumbled 50 percent since October on weaker demand because of the global credit crisis, according to the chief executive officer of Saudi Basic Industries Corp., the world's biggest chemicals maker by market value.
Saudi Aramco Will Cut Oil Supplies to Asia as Fuel Demand Wanes
Saudi Aramco, the world's biggest state oil company, will cut crude supplies to Asia in December for the first time in at least a year as demand slumps for naphtha and diesel fuel.
TOP ENERGY COMPANY STORIES
Petrobras Goes From First to Worst Among 10 Biggest Oil Stocks
Petroleo Brasileiro SA, the investor darling among the world's largest oil companies in the first half of the year, has become the biggest loser.
NRG Energy Rejects $6.1 Billion Exelon Offer, Cites Rating Cut
NRG Energy Inc., the second-largest power producer in Texas, rejected an unsolicited $6.1 billion takeover offer from Exelon Corp., citing a recent downgrade of the largest U.S. utility owner's credit rating.
CGGVeritas Agrees to Buy Norway's Wavefield for $310 Million
CGGVeritas, the world's largest seismic surveyor, agreed to buy Norway's Wavefield Inseis ASA for about $310 million to expand its fleet as explorers boost spending on field data to increase reserves.
Russia Approves Second Condition of ONGC's Imperial Energy Bid
Russia's antitrust body signed off on the second of two ``pre-conditions'' for India's Oil & Natural Gas Corp. to buy explorer Imperial Energy Plc as the Asian country's largest oil company seeks to expand reserves.
U.S. WEATHER OUTLOOK
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NEWSPAPER HIGHLIGHTS
Brazil May Seek U.S. Energy, Finance Partnerships, Estado Says
Brazil may offer to work with U.S. President-elect Barack Obama on energy, finance and education projects, O Estado de S. Paulo reported, citing Brazilian Strategic Affairs Minister Mangabeira Unger.
Endesa to Compete in Portugal's Natural Gas Market, Diario Says
Endesa SA, a Spanish power company, plans to compete in Portugal's natural-gas market, Diario Economico reported, citing Nuno Ribeiro da Silva, head of Endesa's Portuguese unit.
Russian Oil Producers Form Venezuelan Venture, Prime-Tass Says
Russia's five biggest crude producers -- OAO Rosneft, OAO Lukoil, OAO Gazprom, TNK-BP and OAO Surgutneftegaz -- will take equal stakes in a venture to develop oil projects in Venezuela, Prime-Tass reported.
South Korea to Raise Electricity Prices by 4.5%, Yonhap Says
South Korea's government will raise electricity prices by an average 4.5 percent and gas prices by 7.3 percent, Yonhap News reported, citing government officials it didn't identify.
Zimbabwe Power Utility Demands Cash-Only Payments, Herald Says
The Zimbabwe Electricity Supply Authority banned payment of bills by check and will only accept cash from now on, the Herald reported, citing an unidentified official at the utility.
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