NEW YORK (Jan 18): Oil prices steadied on Thursday, boosted by a rebound in U.S. equities and news that OPEC sharply curtailed production in December, after earlier losses on fears about surging U.S. crude output and weakening global demand.
Brent crude oil futures slipped 14 cents to settle at $61.18 a barrel after trading as low as $60.04 intraday. U.S. crude futures fell 24 cents to settle at $52.07 a barrel, up from a low of $50.98.
Alibaba Group Holding Ltd is cutting its spending on travel and postponing some new hiring as China’s largest e-commerce company braces for a slowing economy, people familiar with the matter said.
Some new hires were told they can’t start until the new fiscal year begins in April, the people said, asking not to be named because the matter is private. The travel cuts include restricting business class airfares on a unit-by-unit basis, with staff only able to select a premium cabin on every fifth round trip that takes more than 20 hours, one of the people said.