S&P 500 falls into bear-market territory at Monday's opening bell
U.S. stocks are sinking Monday morning as investors worry that soaring inflation will prompt the Federal...
U.S. stocks are sinking Monday morning as investors worry that soaring inflation will prompt the Federal Reserve to become more hawkish at its policy meeting this week. The Dow Jones Industrial Average DJIA, -1.95% was down around 2% soon after the opening bell Monday, while the S&P 500 SPX, -2.58% slumped 2.4% and the Nasdaq Composite COMP, -3.14% sank almost 3%, according to FactSet data, at last check. All three major indexes last week had their worst performance since January, after an inflation reading for May came in hotter than expected, heightening fears that the Fed could tip the slowing U.S. economy into recession as it tightens its monetary policy. The S&P 500 would enter a bear market with a close below 3,837.25, marking a 20% drop from its record high in early January.
China's Oil Demand Growth Threatened By Latest Covid Outbreak
Just as China was returning to business as usual after the latest string of lockdowns, an "explosive"...
Just as China was returning to business as usual after the latest string of lockdowns, an "explosive" outbreak in a Beijing district could derail this.
"The recent outbreak ... is strongly explosive in nature and widespread in scope," said a spokesperson for the Beijing municipal government over the weekend, as quoted by Reuters. Mass testing has been planned for this week in the district where the outbreak happened.
Last week, a return to lockdowns in Shanghai weighed on oil prices, suggesting it may be a while yet before the Chinese economy returns to normal. On the flip side, news that China's oil imports in May were 12 percent higher than a year earlier could potentially lend support to prices, although they may not be indicative of an actual demand increase.
BP sells stake in Canadian oil sands to push into offshore projects
BP has quit the Canadian oil sands after selling its sole producing stake in the region...
BP has quit the Canadian oil sands after selling its sole producing stake in the region to Calgary-based Cenovus Energy in a deal valued at roughly $1bn.
The deal to withdraw from an area long targeted by environmental campaigners illustrates the fine line BP is trying to tread as chief executive Bernard Looney attempts to balance the company’s fossil fuel investments with a push to reduce emissions.
For its 50 percent non-operated stake in the Sunrise oil sands project, BP will receive C$600mn ($466mn US) with up to a further C$600mn in payments over the next two years.
Under US Sanctions, Iran and Venezuela Sign 20-year Cooperation Plan
Iran and Venezuela, oil producers grappling with crippling U.S. sanctions, signed a...
Iran and Venezuela, oil producers grappling with crippling U.S. sanctions, signed a 20-year cooperation plan in Tehran on June 11, with the Islamic Republic’s supreme leader saying the allies would continue to resist pressure from Washington.
The signing ceremony, carried by Iranian state TV, was overseen by Iranian President Ebrahim Raisi and his Venezuelan counterpart Nicolas Maduro and took place at the Saadabad Palace in north Tehran.
The plan includes cooperation in the fields of oil, petrochemicals, defense, agriculture, tourism, and culture.
It also includes the repair of Venezuelan refineries and the export of technical and engineering services.
Bitcoin's fall was part of a wider crypto market selloff. In the last 24 hours, Ethereum has also cratered almost 18% to $1,205, according to CoinDesk data.
