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Oil futures pared much of their gains in the minutes ahead of Tuesday’s settlement after a report from the Energy Information Administration forecast a rise of 41,000 barrels a day in February oil production from seven major U.S. shale plays. Oil prices had found support earlier after Saudi Arabia’s oil minister on Monday said the oil market would reach a balance between supply and demand in the first half of this year, according to media reports. February West Texas Intermediate crude rose 11 cents, or 0.2%, to settle at $52.48 a barrel–down from the day’s high of $53.52.

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From:: Stock Market News

Oil production from seven major U.S. shale plays is forecast to climb by 41,000 barrels a day to 4.748 million barrels a day in February from January, according to a monthly report from the Energy Information Administration released Tuesday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays. It’s expected to rise by 53,000 barrels a day. Just minutes ahead of the day’s settlement, February West Texas Intermediate oil traded at $52.98 a barrel, up 61 cents, or 1.2%, on the New York Mercantile Exchange.

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From:: Stock Market News

Pershing Square Capital Management reached a $75,000 settlement with the U.S. Securities and Exchange Commission Tuesday regarding a campaign contribution made by a former employee that violated the government’s donation rules. The former employee contributed $500 to a personal friend of a sibling, who tried, unsuccessfully, to enter one of the gubernatorial primaries in Massachusetts. The contribution, made over two years, was $350 over the maximum permitted by the SEC and has since been refunded. Pershing Square, an investment firm run by billionaire Bill Ackman, denied liability, but said it was settling because it was in the best interest of the firm and its stakeholders. The SEC, meanwhile, alleged the firm violated an investment adviser pay-to-play rule, in which a firm receives business and compensation from a public pension fund within two years after campaign contributions are made by a firm’s associate.

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From:: Stock Market News

Gold futures settled at their highest level in about two months on Tuesday. Concerns over Britain’s push to exit from the European Union and overall uncertainty surrounding incoming U.S. President Donald Trump fed haven demand for the precious metal. February gold rose $16.70, or 1.4%, to settle at $1,212.90 an ounce-the highest finish since Nov. 17, according to FactSet data.

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From:: Stock Market News

Claire’s Inc., a teen retailer of accessories and cosmetics, withdrew its initial public offering Tuesday. The company, owned by equity firm Apollo Global Management, did not give a reason other than it “decided not to proceed with the offering at this time.” The company had filed to go public in May 2013. Neiman Marcus, another retailer, withdrew its IPO in early January.

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From:: Stock Market News

Fox News Channel said Tuesday that anchor Bill O’Reilly will interview incoming President Donald Trump on Super Bowl Sunday, Feb. 5, and will air the exchange during the Fox pregame show. The interview is slated to take place at the White House earlier that day, and to be broadcast at about 4 p.m. Eastern time, Fox said in a statement. It is expected to cover a range of topics, and further excerpts are set ti be broadcast on the Feb. 6 edition of “The O’Reilly Factor.” Fox shares were last trading down 0.3% but are up about 15% in the past 12 months, while the S&P 500 has gained about 20%.

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From:: Stock Market News

The Securities and Exchange Commission said on Tuesday that BlackRock Inc. , the world’s largest asset manager, will pay a $340,000 penalty to settle charges the firm improperly forced exiting employees, via separation agreements, to waive their right to obtain whistleblower awards. Those waivers violate the Dodd-Frank law, said the SEC. More than 1,000 BlackRock employees signed agreements to “waive any right to recovery of incentives for reporting of misconduct”, according to the SEC’s order, in order to receive separation payments from the firm. BlackRock added the waiver in October 2011 after the SEC adopted Dodd-Frank whistleblower program rules, and the firm continued to include it in separation agreements until March 2016. BlackRock consented to the SEC’s order without admitting or denying the findings. The firm voluntarily revised its separation agreement and has taken a number of remedial actions, including the implementation of mandatory yearly training to summarize employee rights under the SEC’s whistleblower program, according to the SEC’s press release.

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From:: Stock Market News