#AFNews Report: #Oil hits close to one month low on Monday as agreement with all countries cutting output fades with OPEC desperate to save the petro-dollar: Tuesday Royal Dutch/Shell and BP reported higher than expected earnings, but this was as a result of cutbacks in spending – @AceFinanceNews

#AceFinanceNews – Nov.01: Oil hovers above one-month low, prospects dim for OPEC deal Oil dips on OPEC output-cut concerns, stocks shaky Oil prices fell sharply on Monday to touch a one-month low on doubts about OPEC’s ability to implement its planned production cut, while global equity prices were shaky as Wall Street struggled to build on a sentiment boost from a string of M&A deals.

This follows its largest one-day slide in more than five weeks although analysts said the prospect of a more substantial price recovery was limited as European shares turn lower as BP, Shell head different ways after result (Reuters) – European shares edged lower in choppy trade on Tuesday, set for a seventh straight session of falls …

Tuesday Shell’s earnings beat Exxon as oil majors adapt to low prices

Shell's company logo is pictured at a gas station in ZurichRoyal Dutch/Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an #oil price downturn now in its third year.

Shell’s stocks rose by over 3 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil , the world’s largest listed company by output. Anglo-Dutch Shell is hoping to outgrow Exxon over the next few years after acquiring rival BG for $54 billion earlier this year.

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