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Oil production from members of the Organization of the Petroleum Exporting Countries rose by 40,000 barrels a day in March from a month earlier, to 32.38 million barrels a day, according to a Platts survey released late Monday. Platts attributed the increase to higher output from Iran, which climbed by 110,000 barrels a day to 3.23 million barrels a day. Iraqi output also rose by 30,000 barrels a day to 4.16 million barrels a day, according to the survey of OPEC and oil industry officials and analysts conducted by Platts.

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From:: Stock Market News

U.S. stocks finished lower, slipping into negative territory in the final hour of trading as concerns about lackluster quarterly earnings outweighed a rally in crude prices. Stock investors are looking ahead to Alcoa Inc.’s quarterly results, which are set to be released at the end of regular trading. The S&P 500 closed off 5.61 points, or 0.3%, at 2,041.99, the Dow Jones Industrial Average ended down 20.55 points, or 0.1%, at 17,556.41, while the tech-heavy Nasdaq Composite index ended 17.29 points, or 0.4%, lower at 4,833.40.

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From:: Stock Market News

Oil futures settled at their highest level in almost three weeks on Monday, buoyed by expectations for output declines and signs of stronger demand for crude. Prices also got a boost after a U.S. government report showed that domestic shale-oil production was forecast to fall by 114,000 barrels a day next month. May WTI crude rose 64 cents, or 1.6%, to settle at $40.36 a barrel on the New York Mercantile Exchange. That was the highest settlement since March 22.

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From:: Stock Market News

Oil production from seven major U.S. shale plays is expected to fall by 114,000 barrels a day in May from April, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in south Texas is forecast to see the biggest decline, down 62,000 barrels a day in May. The Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 31,000 barrels a day, the report said. May oil continued to trade higher, up 56 cents, or 1.4%, to $40.28 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News

Gold futures logged sharp gains Monday, registering their third straight session advance, as investors’ expectation for lower interest rates helped prop up the commodity amid higher prices in stocks and oil. A weaker dollar helped play its part to keep the dollar-denominated commodity buoyant. A weaker dollar makes the asset less expensive to buyers using other currencies. June gold finished $14.20, or 1.1%, to close at $1,258 an ounce. Gold’s sister metal, May silver also enjoyed a healthy jump, advancing 60 cents or, 3.9%, to end at $15.98 an ounce. Both contracts for gold and silver logged their highest settlement levels since March 17, according to FactSet.

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From:: Stock Market News

Tesla Motors Inc. voluntarily has recalled 2,700 Model X SUVs, saying back-row seats could collapse forward in some accidents, the company said. The company knows of no specific incidents, but following a crash test determined that a hing could fail in some cases. The back-row seats will be replaced and the third-party supplier will bear the costs. Tesla launched the The Model X, its latest vehicle, in late September. Shares of Tesla rose 1.3% Monday, nearly two weeks after it unveiled its next vehicle, Model 3, a cheaper sedan expected to roll off the factory floor in late 2017.

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From:: Stock Market News

WASHINGTON (MarketWatch) — The Securities and Exchange Commission is suing the attorney general of Texas, Ken Paxton, for not disclosing the compensation he’s received for promoting a stock. Paxton allegedly raised $840,000 in funds for Servergy Inc. and received 100,000 shares in return while in the Texas House of Representatives without disclosing his commissions. A former Servergy director, Caleb White, settled with the SEC on similar charges. The SEC also announced fraud charges against Servergy Inc. and its founder, William E. Mapp III, for saying in private offerings that its servers could compete with IBM, Dell and Hewlett-Packard without disclosing that the products could not in reality compete. Servery agreed to pay a $200,000 fine while the case against Mapp, who the company cut ties with, continues. Servergy and White neither admitted nor denied the SEC’s charges in their settlements.

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From:: Stock Market News