Breakfast briefing: Thursday, June 1 (Update)

ExxonMobil's move pits it against French giant Total SA, which is backing Oil Search's offer with an agreement to buy part of InterOil's stake in the potentially lucrative Elk-Antelope gas field. (The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York - Reuters filepic)

MarketWrap: US stocks were little changed on Wednesday as financials dropped after JPMorgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays. The DJIA fell 20.82 points, or 0.1%, to 21,008.65, the S&P 500 lost 1.1 points, or 0.05%, to 2,411.81 and the Nasdaq dropped 4.67 points, or 0.08%, to 6,198.52. - Reuters

Energy

Oil prices sank 3% to a three-week low on Wednesday as an increase in Libyan output helped boost monthly Opec crude production for the first time this year. Brent crude futures for July LCOc1 fell US$1.53, or 3.0%, to settle at US$50.31 a barrel on their last day as the front-month. It was Brent's lowest close since May 10.- Reuters

Forex summary

*The ringgit lost 0.20% to 4.289 versus the US$

*It lost 0.81% to 4.8226 versus euro

*Down 0.96% to 5.5235 per pound sterling

*Down 0.20% to 3.0988 per Singapore dollar

*Up 0.53% to 3.1709 per Aussie

*Down 0.04% to 3.8663 per 100 yen