The Traderszone Network

The United Steelworkers union (USW) said a new contract offer was made by lead oil company negotiator Royal Dutch Shell Plc (RDSa.L) on Wednesday night as a strike by U.S. refinery workers ended its fourth day. About 4,000 workers at nine plants, including seven refineries accounting for 10 percent of U.S. refining capacity, continue to walk picket lines in California, Kentucky and Texas. A drop of more than 50 percent in oil prices since June has eroded profits at major oil companies, prompting executives to say they cannot afford to lift wages for workers.

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Oil markets edged lower on Thursday after big losses in the previous session as record high oil inventories in the United States had cut short a four-day rally. Brent crude for March delivery was 14 cents lower at $54.02 a barrel by 0546 GMT, after touching $55 a barrel earlier in the day. U.S. crude stocks increased by 6.3 million barrels last week, rising for the fourth consecutive week to hit a record high of 413.06 million barrels, data from the Energy Information Administration showed.

The decision by CME Group Inc (CME.O), announced on Wednesday, ousts traders of products ranging from grain and livestock in Chicago to gold and oil in New York. Once the only way to buy or sell a futures contract to hedge against price moves, open-outcry trading is now only 1 percent of total futures trading volume, according to the exchange operator. Options pits, which have stayed active in the face of electronic trading, will mostly remain open in both cities.

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Weatherford, which currently employs about 56,000 people across the world, expects the job cuts to result in annualized savings of over $350 million. Weatherford said it expects its cost actions, a reduction in capital expenditure by $550 million to $900 million in 2015 and a positive contribution from working capital balances, to offset any reduction in earnings. Last month, the company said it would eliminate the position of chief operating officer as it copes with a 60 percent slide in global crude oil prices.

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Hyundai Motor will in March unveil the first major makeover of its top-selling Tucson sports utility vehicle in six years in a bid to revive growth in key markets like Europe and the United States where SUV sales are now strong. The debut follows what analysts say was a sluggish start last year for the South Korean automaker’s flagship Sonata sedan in the U.S. and Korean markets. Hyundai, which with affiliate Kia Motors is the world’s fifth largest automaker, is also facing stiff competition from Japanese firms as the yen weakens.

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Staples announced on Wednesday that it would buy Office Depot for $6.3 billion, combining the top two U.S. retailers of office supplies. Kean, the owner of a property broker that employs 10 people in the Chicago suburb of Park Ridge, said he stopped shopping regularly at the nearby Office Depot years ago and only buys from Staples when they advertise a really good deal.

A U.S. law firm files a class-action complaint in New York district court against e-commerce giant Alibaba Group for allegedly violating the U.S.

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