Prices fell on Friday but closed up for the week. What prompted the fall...
Prices fell on Friday but closed up for the week. What prompted the fall in oil prices for Friday? The U.S. sanctions against Russia left supplies tight in Europe, India and China and left investors and traders worried about supply disruptions.
West Texas Intermediate crudedropped 80 cents or 1% to close at $77.88 a barrel on the New York Mercantile Exchange. Despite the Friday fall, WTI still finished up 1.7% for the week.
Brent crude, the global benchmark,slipped 50 cents or 0.6% and finished at $80.79 per barrel. It too closed the week up 1.3%.
Natural gas dropped 31 cents for a 7.28% loss to $3.95.
Stocks end higher as S&P 500 posts big weekly rally ahead of Trump inauguration
U.S. stocks ended up Friday, the last day of trading...
U.S. stocks ended up Friday, the last day of trading under U.S. President Joe Biden, as investors headed into a three-day weekend that will see Donald Trump inaugurated Monday.
The Dow Jones Industrial Average rose 334.70 points, or 0.8%, to close at 43,487.83.
The S&P 500 rose 59.32 points, or a sharp 1%, to finish at 5,996.66.
The Nasdaq Composite rallied 291.91 points, or 1.5%, to end at 19,630.20.
For the week, all three indexes booked gains as investors appeared relieved by a retreat in Treasury yields. The Dow booked a 3.7% weekly gain, while S&P 500 climbed 2.9% and the technology-heavy Nasdaq advanced 2.4%, according to Dow Jones Market Data. The Dow and S&P 500 each had their best week since early November, when Trump’s victory in the U.S. election sparked a strong rally.
In the bond market, the yield on the 10-year Treasury note fell 16.1 basis points this week to 4.610%, according to Dow Jones Market Data. The U.S. stock and bond markets will be closed Mondayin honor of Martin Luther King Jr. Day.
Talos Energy has discovered "commercial quantities" of oil and natural...
Talos Energy has discovered "commercial quantities" of oil and natural gas reserves at its Katmai West No. 2 well in the Gulf of Mexico. The well, drilled with the Seadrill West Vela drillship, is expected to yield 15,000 to 20,000 barrels of oil equivalent per day. Talos plans to complete the well in the second quarter, following casing and suspension by late January.
A New York Supreme Court judge has dismissed a lawsuit brought by New...
A New York Supreme Court judge has dismissed a lawsuit brought by New York City against ExxonMobil, BP, Shell and the American Petroleum Institute, alleging the companies misled the public about their environmental impact and commitment to renewable energy. The judge found no evidence of greenwashing and ruled that the city's claims were contradictory. "At some point, our hope is that political figures around the country come to understand that ideological hatred for us doesn't mean we did anything wrong," oil major Exxon said.
Trump’s Treasury secretary pick backs tariffs, tax cuts, and Russia sanctions
Scott Bessent, the hedge fund billionaire President-elect Donald Trump...
Scott Bessent, the hedge fund billionaire President-elect Donald Trump tapped to lead the Treasury Department, was the latest nominee to be grilled at a Senate confirmation hearing. Telling lawmakers that Trump could usher in a “new economic golden age,” Bessent said tariffs could be a “revenue raiser” for the government while pushing for an extension of the 2017 tax cuts. He also called for more sanctions on Russian oil producers to bring Vladimir Putin to the negotiating table with Ukraine.
