Iron ore prices in China reached a record high on Tuesday as market participants wrestled two dilemmas, namely the weather-related disruptions from Australia and the safety outages in Brazil.
Commodities had their best quarter in almost three years, but demand outlook is running into troubling signs in the U.S. and China, the two biggest consumers.
The Bluewater business, which is also attracting interest from closely held Fieldwood Energy LLC, is focused on deep-water exploration in the Gulf of Mexico and could fetch about $1.5 billion to $2 billion in a sale.