Oil prices edged lower on Monday, as market players looked ahead to a highly-anticipated meeting of some oil ministers from OPEC and non-OPEC producers to assess how the group can increase compliance with production cuts that began at the start of the year.
The two-day gathering that begins later in the day in Abu Dhabi will discuss members’ compliance levels to the agreed-upon global production limits that run through March 2018.
The U.S. West Texas Intermediate crude September contract was at $49.34 a barrel by 3:10AM ET (0710GMT), down 22 cents, or around 0.4%.
Samsung Electronics (KS:005930) Vice Chairman Jay Y. Lee fought back tears and denied wrongdoing on Monday as prosecutors sought a 12-year jail term on charges that include bribing the former president to help cement control of the South Korean tech giant.
Lee, the de facto leader of one of Asia’s largest conglomerates, has been in detention since February on trial for charges ranging from embezzlement to perjury, in a scandal that gripped the country for months and led to the ouster of former president Park Geun-hye.
He will face the longest prison term on record for a South Korean conglomerate executive if the court finds him guilty when it makes a ruling Aug. 25, two days before Lee’s current period of detention ends.
Other charges he faces include wrongfully transferring assets overseas and hiding the proceeds of a crime.
By Joyce Lee and Christine Kim
The dollar slipped lower against the other major currencies on Monday, pulling back from Friday’s one-week highs reached after the release of far better-than-expected U.S. nonfarm payrolls data.
The dollar strengthed broadly after the U.S. Labor Department on Friday said the economy added 209,000 jobs last month, blowing past expectations for an increase of 183,000.
The unemployment rate ticked down to 4.3% in July from 4.4% the previous month, in line with expectations.
Tesla Inc (O:TSLA) said on Monday it intends to raise about $1.5 billion (1.14 billion pounds) in a bond offering as the U.S. automaker seeks to ramp up production of its newest electric sedan, the Model 3.
The debt offering comes as Tesla receives thousands of advance reservations for the Model 3, which were averaging at about 1,800 per day since the car’s launch in late July.
Elon Musk-led Tesla is counting on the Model 3, its least pricey car, to become a profitable, mass market electric car maker.