CNBC: U.S. crude oil rises above $74 per barrel but posts weekly loss on slowing China demand
U.S. crude oil futures rose more than 2% on Friday as the Federal...
U.S. crude oil futures rose more than 2% on Friday as the Federal Reserve indicated interest rate cuts are coming, but prices fell for the week as slowing demand in China weighs on the market.
Fed Chairman Jerome Powell said the “time has come for policy to adjust” as inflation has declined significantly. Lower interest rates typically stimulate economic growth, which boosts oil demand.
However, oil prices are still down for the week, with the U.S. benchmark falling 2.4% and global benchmark Brent edging lower by 0.83%.
Here are Friday’s closing energy prices:
West Texas Intermediate October contract: $74.83 per barrel, up $1.82, or 2.49%. Year to date, U.S. crude oil has gained 4.4%.
Brent October contract: $79.02 per barrel, up $1.80, or 2.33%. Year to date, the global benchmark is ahead 2.6%.
RBOB Gasoline September contract: $2.28 per gallon, up 4 cents, or 1.81%. Year to date, gasoline is up 8.6%.
Natural Gas September contract: $2.02 per thousand cubic feet, down more than 2 cents, or 1.27%. Year to date, gas is down 19.5%.
Traders have largely ignored volatile geopolitical tensions in the Middle East and adopted an increasingly bearish sentiment as oil demand slows in China due to electric vehicle sales and a softening economy.
Dow closes sharply higher as U.S. stocks book back-to-back weekly gains
The U.S. stock market finished sharply higher Friday,...
The U.S. stock market finished sharply higher Friday, as investors appeared encouraged by Federal Reserve Chair Jerome Powell’s Jackson Hole speech signaling the Fed was on the path toward cutting interest rates.
The Dow Jones Industrial Average climbed 462.30 points, or 1.1%, to close at 41,175.08.
The S&P 500 rose 63.97 points, or 1.1%, to finish at 5,634.61.
The Nasdaq Composite gained 258.44 points, or 1.5%, to end at 17,877.79.
According to Dow Jones Market Data, the Dow ended just 0.1% below its record closing high on July 17, while the S&P 500 finished 0.6% below its all-time closing high on July 16.
For the week, the Dow advanced 1.3% while the S&P 500 and technology-heavy Nasdaq each increased 1.4%, according to Dow Jones Market Data. All three major U.S. stock indexes booked back-to-back weekly gains.
Small oil firms feel the pinch of industry consolidation
In the heart of West Texas, small oil businesses like Benro Pump and...
In the heart of West Texas, small oil businesses like Benro Pump and Supply battle to stay relevant as industry consolidation and technological advancements push them to the margins. Thomas Jacob of Rystad Energy notes that mergers create big companies that often favor equally large vendors, leaving smaller firms struggling to compete on price and scale.
Midwest gasoline prices spike on refinery disruptions
US Midwest gasoline prices hovered above the national average over the...
US Midwest gasoline prices hovered above the national average over the past three weeks as a series of refinery outages in Chicago and Ohio reduced refinery utilization and drained regional inventories, the Energy Information Administration reports. Regional capacity utilization has recovered to 97% since Aug. 16 after dropping to 86% in the previous two weeks.
American Petroleum Institute executives present at the Democratic National Convention struck a note of...
American Petroleum Institute executives present at the Democratic National Convention struck a note of guarded optimism regarding a potential Kamala Harris presidency, pointing to her softened stance on fracking as a promising development. "We all know they are going to continue the old songs of price collusion and polluting for profits and all those things, but we're reducing emissions more than anywhere else in the world …we are going to continue to send that message while we're here," said API President and CEO Mike Sommers.
