Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening...
Oil dropped 2% to its lowest this month on Tuesday after two sessions of gains, as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand.
Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel, its lowest close since March 31, before OPEC announced plans to cut production.
U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to close at $77.07, also its lowest this month.
Stocks close near their lows of the day, with the S&P 500 losing 1.5%
U.S. stocks ended sharply lower Tuesday, ending a long stretch...
U.S. stocks ended sharply lower Tuesday, ending a long stretch of quiet trade, after earnings from First Republic Bank renewed worries over regional banks.
Poorly received results from United Parcel Service weighed on transportation stocks, fanning recession worries.
Meanwhile, a busy week of earnings from Big Tech companies kicked off after the opening bell, with results due from Microsoft and Google parent Alphabet Inc.
The Dow Jones Industrial Average ended the day down around 344 points, or 1%, near 33,532, according to preliminary figures, while the S&P 500shed 1.6% and the Nasdaq Compositedropped 2%.
Yellen says impacts of a U.S. debt default would be felt ‘into perpetuity’
U.S. Treasury Secretary Janet Yellen on Tuesday warned of severe...
U.S. Treasury Secretary Janet Yellen on Tuesday warned of severe economic consequences if Congress does not address the debt ceiling, as Republicans were readying a House vote on the matter.
“It is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security,” she said in remarks prepared for delivery to the Sacramento Metropolitan Chamber of Commerce.
“In the longer term, a default would raise the cost of borrowing into perpetuity,” she said.
Supreme Court rules against major oil firms in public nuisance lawsuits
The Supreme Court delivered a setback for Suncor, ExxonMobil, and other major oil companies...
The Supreme Court delivered a setback for Suncor, ExxonMobil, and other major oil companies in their fight against climate-change lawsuits, ruling that the suits will remain in state courts, and not be moved to federal courts as the companies wanted.
The court’s ruling came this week as local governments in Boulder, Colorado and Boulder County filed suit against Suncor and ExxonMobil. The oil companies felt they stood a better chance in federal courts rather than state courts. They were sued in what is described as public-nuisance suits accusing them of environmental harms from the emissions of greenhouse gases reported National Review.
The energy sector is off to a mixed to lower start, driven by weakness...
The energy sector is off to a mixed to lower start, driven by weakness in the underlying commodities and in the major equity futures which fell this morning as the markets continue to digest earnings.
After two-straight days of strong gains, WTI and Brent crude oil futures slid lower this morning, pressured by global economic outlook concerns and strength in the dollar which outweighed optimism about growing demand in China and expectations of a drop in U.S. crude inventories. Traders remain wary about central banks potentially raising interest rates further to curb inflation, a move that would further dampen economic growth and dent energy demand. Futures found a floor thanks to investor optimism that holiday travel in China would boost fuel demand and by expectations that the latest EIA report will show U.S. crude dropped 1.7 million barrels last week.
Natural gas futures dropped ~2.6% this morning, erasing yesterday’s gains amid moderating weather forecast that should stunt demand.
