Oil Futures Settle Lower As Inventories Rise

Crude oil prices drifted lower on Wednesday, snapping a three-day winning streak, after data from Energy Information Administration showed a much larger than expected increase in crude inventories in the week ended November 1.

West Texas Intermediate Crude oil futures for December ended down $0.88, or about 1.5%, at $56.35 a barrel.

On Tuesday, WTI crude oil stockpiles ended up $0.69, or 1.2%, at $57.23 a barrel.

According to the data released by the Energy Information Administration Wednesday morning, crude oil stockpiles in the U.S. increased by 7.9 million barrels in the week ended November 1, more than five times the expected increase.

Gasoline inventories fell for the sixth straight week, declining by 2.8 million barrels last week, substantially more than an expected drop of about 1.8 million barrels.

Distillate stockpiles dropped 622,000 barrels, the EIA data showed.

According to a report released by the American Petroleum Institute on Tuesday, U.S. crude inventories rose by 4.3 million barrels in the week ended November 1, almost three times the expected increase of 1.5 million barrels.

Fed's Harker does not comment on U.S. economic, policy outlook

(Reuters) – Philadelphia Federal Reserve Bank President Patrick Harker on Wednesday did not address the U.S. economic or monetary policy outlook in remarks prepared for delivery to a workforce development conference at Drexel University. His remarks are available at http://www.philadelphiafed.org.

France tightens immigration controls

Move unveiled by prime minister seen as attempt to win voters from far-right.

French Prime Minister Edouard Philippe unveiled the new measures on Wednesday.

The move is seen as an attempt to win voters from the far right.

Al Jazeera’s Natacha Butler has more from Paris.

EOG Resources Bottom Line Drops In Q3

EOG Resources (EOG) announced a profit for third quarter that dropped from the same period last year.

The company’s earnings totaled $615.1 million, or $1.06 per share. This compares with $1191 million, or $2.05 per share, in last year’s third quarter.

The company’s revenue for the quarter fell 10.0% to $4.30 billion from $4.78 billion last year.

EOG Resources earnings at a glance:

-Earnings (Q3): $615.1 Mln. vs. $1191 Mln. last year.
-EPS (Q3): $1.06 vs. $2.05 last year.
-Revenue (Q3): $4.30 Bln vs. $4.78 Bln last year.

Lyft Launches New Membership Plan Lyft Pink For $19.99 A Month

Ride-hailing service Lyft has launched a new membership plan dubbed “Lyft Pink,” a plan that costs $19.99 a month and comes with a 15 percent discount on all car rides.

Lyft Pink is for riders who take 2-3 rides per week or more, and who are looking to make the most of their time and money, the company says.

With Lyft Pink, all car trips taken over the course of a month are discounted at 15 percent. In addition, members will get three complimentary bike and scooter trips per month.

Subscribers will also get priority pickups at the airport, surprise discounts and upgrades, and the occasional waived fee for cancellations or lost-and-found returns.

The membership will auto-renew every month, but subscribers can cancel at anytime.

Meanwhile, not everyone can sign up for the subscription plan. There is waitlist that opens on October 29th. After that point, membership will begin rolling out until it’s fully available nationwide later this year.

Fossil stock plunges 28% after surprise quarterly loss

Shares of Fossil Group Inc. FOSL, -2.86% tanked 28% in the extended session Wednesday after the watchmaker swung to a surprise quarterly loss and said its sales fell 11%. Fossil said it lost $26 million, or 51 cents a share, in the third quarter, versus earnings of $5 million, or 10 cents a share, in the third quarter of 2018. Sales declined to $539.5 million from $609 million, mostly on "headwinds" for its wholesale sales in the Americas and Europe, offset by a sales increase in Asia, Fossil said. Analysts polled by FactSet had expected GAAP earnings of 21 cents a share on sales of $558 million. The company guided for a decline in sales between 13% and 11% for 2019, and income before income taxes in a range between $18 million and $34 million for the year. It did not provide EPS guidance. The stock had ended the regular trading day down 2.9%.

Fox Corp's first-quarter revenue rises 5%

Nov 6 (Reuters) – Fox Corp reported a 5% rise in first-quarter revenue on Wednesday, as the media company collected higher fees from cable and satellite operators and online distributors.

Net income attributable to stockholders for the three months ended Sept. 30 fell to $499 million, or 80 cents per share, from $604 million, or 97 cents per share, a year earlier.

Total revenue rose to $2.67 billion from $2.54 billion. (Reporting by Ambhini Aishwarya in Bengaluru; Editing by Sriraj Kalluvila)

Canada's Sun Life reports 10.8% rise in underlying net profit

(Reuters) – Canadian insurer Sun Life Financial Inc (SLF.TO) posted a 10.8% rise in underlying quarterly profit, helped by growth in insurance sales in its Asia unit and asset management business.

The company’s underlying net income rose to C$809 million ($613.7 million), or C$1.37 per share, in the third quarter ended Sept. 30, from C$730 million, or C$1.20 per share, a year earlier.

Thirty-seven killed in attack on Canadian miner Semafo convoy in Burkina Faso

OUAGADOUGOU (Reuters) – Thirty-seven civilians were killed and more than 60 wounded in an attack by an unidentified gunman on a convoy transporting workers of Canadian gold miner Semafo in eastern Burkina Faso, regional authorities said on Wednesday.

The attack took place between Semafo’s Fada and Boungou mine sites, about 40 kilometers from Boungou, the company said earlier.