A general view of the Amuay refinery complex, which belongs to the Venezuelan state oil company PDVSA, in Punto Fijo, Venezuela November 17, 2016. “But if you see an abrupt move down, the bigger concern is what is that signaling about the global economy.”Oil's decline has coincided with increased turbulence in the stock market. The benchmark S&P 500 .SPX late last month confirmed a correction, a decline of more than 10 percent from its all-time high. The S&P 500 is expected to earn $162.81 per share this year, according to IBES data from Refinitiv.That earnings impact includes not just energy companies, but also industrial manufacturers that service the energy sector. “Higher commodity prices bring higher profits and lower commodity prices bring lower profits...This is one of the most reliable relationships when it comes to corporate profitability of them all.”

Source: Egypt Today December 06, 2018 09:11 UTC