Shares of Brazilian petrochemical firm Braskem soared on Monday after it confirmed a bid from Unipar Carbocloro for a controlling stake in the company at a premium of more than 40% over its previous closing price.
Oil prices edged lower on Monday ahead of a Federal Reserve meeting as investors try to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market.
Pandemic-related disruptions to global supply chains and the effects of Russia's war in Ukraine have driven up prices of energy, commodities and necessities.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
With AI rapidly becoming a buzzword across industries, oil and gas companies are exploring ways to use this technology to fuel innovation in the energy sector.