Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
Iran sanctions
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Imperial Oil has entered into an agreement to sell its 497 Esso retail fuel stations for about C$2.8 billion. This transaction reflects the company's aim to widen its refining and oil sands businesses.
Marathon Oil announced its intention to sell 135 million of common shares through a public offering. The ongoing slump in the global oil industry has led many oil firms to undertake the cost-cutting strategy to keep hold of their cash level.
Iran has started to export its crude oil to Europe after a landmark nuclear deal was achieved. The sanctions lifting becomes a new chapter for Iran to rebuild its oil industry, and increase the production per day.
Billions of dollars worth of foreign investments is seen to go into Iran after international sanctions against the Middle Eastern country were lifted. Iran now plans to purchase 114 civil aircraft from Airbus.
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