Teamsters at less-than-truckload carrier Yellow Corp. will not be on strike Monday as previously planned. Central States Funds agreed Sunday to extend health care benefits for employees at YRC Freight and Holland.
Yellow (NASDAQ: YELL) now has 30 days to pay $50 million to catch up on its benefits payments. A statement from the Teamsters said it expects the company to make the payments within the next two weeks.
“The intense discussions between Teamsters leadership and Central States successfully convinced fund trustees to reverse their previous decision that health care benefits would end on July 23 if Yellow remained delinquent,” the statement read.
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Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising Opec exports and strong output from the US.
Brent crude futures, the international benchmark, were trading at $51.61 a barrel at 9.58am GMT, 40c below the last close and heading for a fall of more than 1.5% on the week.
US West Texas Intermediate (WTI) crude futures were 40c lower at $48.63 a barrel and were set to drop by just more than 2% for the week.
Crude in New York fell 0.4 percent as traders cashed in after yesterday’s 3.1 percent surge. The oil market is nearing the end of the “lower for longer” era with a shortage likely in 2019, trading house Trafigura said Tuesday. Turkey can “close the valves” on oil shipments from Kurdistan, Turkish President Recep Tayyip Erdogan said after the Iraqi region held a vote on independence.
Oil has gained more than 10 percent this month on forecasts for rising crude demand and as members of the Organization of Petroleum Exporting Countries maintain production cuts to drain a global glut. The market rebalancing has helped flip the futures curve into backwardation, a structure where immediate deliveries of oil are more expensive than longer-dated ones, signaling strong demand. Brent prices jumped to a two-year high on Monday before retreating Tuesday.
“It’s pure profit taking,” Torbjorn Kjus, oil market analyst at DNB Bank ASA said by phone. “It’s very natural. The most natural thing would be if we lose some more during the day, but so far it’s holding up almost unexpectedly well after that very large rally yesterday.” Click Read More below for more of the story.