Oil prices slide 2% to near 4-year low as US trade conflict fuels recession fears
(Reuters) -Oil prices slid 2% to a near four-year low...
(Reuters) -Oil prices slid 2% to a near four-year low on Monday on worries U.S. President Donald Trump's latest trade tariffs could push economies worldwide into recession and reduce global energy demand.
Brent futures fell $1.37, or 2.1%, to settle at $64.21 per barrel, while U.S. West Texas Intermediate crude futures fell $1.29, or 2.1%, to settle at $60.70.
That pushed both crude benchmarks, which fell about 11% last week, to their lowest closes since April 2021.
The session was marked by extreme volatility with intraday prices down more than $3 a barrel overnight and up over $1 Monday morning after a news report said Trump was considering a 90-day pause on tariffs. White House officials quickly denied the report, sending crude prices back into the red.
Dow slides more than 300 points as Trump tariffs rattle stocks for a third day
The Dow Jones Industrial Average fell for a third day following President...
The Dow Jones Industrial Average fell for a third day following President Donald Trump’s tariff rollout, with the president threatening even higher rates against China on Monday.
The session was a wild one as traders tried to speculate when the market would bottom from Trump’s tariff turmoil, with the Dow posting its largest intraday point swing ever recorded.
Trading volume also reached its highest level in at least 18 years, with markets trading about 29 billion shares. That surpassed Friday’s volume of 26.77 billion shares, as well as the 10-day average volume of 16.94 billion shares.
The Dow Jones Industrial Average dropped 349.26 points, or 0.91%, to close at 37,965.60. The 30-stock average had fallen more than 1,700 points during its Monday session low. It then swung 2,595 points from low to high, in a record reversal.
The S&P 500 shed 0.23% to end at 5,062.25. The broad market average was down 4.7% at the lows of the session. It briefly entered bear market territory during the session, but was last off nearly 18% from its recent high.
The Nasdaq Composite inched higher by 0.10% to settle at 15,603.26. Investors stepped in to buy some megacap tech stocks such as Nvidia and Palantir. At its low in the session, the tech-heavy index was off more than 5%.
Oil prices have plunged to their lowest levels in almost four years due to 1) tariffs threatening to lower global demand for fuel and 2) OPEC+ deciding to boost output. Middle East benchmark indexes fell the most since 2020 on Sunday.
Since Wednesday, over 50 countries have contacted the White House to...
Since Wednesday, over 50 countries have contacted the White House to talk trade, its top economic advisor, Kevin Hassett, told ABC News. Today, Israeli Prime Minister Benjamin Netanyahu will become the first world leader to meet IRL with Trump since the tariff announcement. Israel preemptively scrapped all its remaining tariffs on US imports before the plan was unveiled, but was still hit with a 17% tariff.
After pulling an all-nighter, the Senate passed a budget blueprint
Early on Saturday, Republican senators ...
Early on Saturday, Republican senators advanced a budget resolution that gets the president’s 2017 tax cuts one step closer to becoming permanent. It also includes funds for “a transformational investment in our border, national, and energy security,” Senate Majority Leader John Thune said. The plan would also raise the US’ debt ceiling to $5 trillion to avoid defaulting later this year. The House of Representatives will have to pass an identical resolution in order to access reconciliation and avoid a filibuster by Democrats on the path to enacting the plan. But that may not work, as some House Republicans are calling for $1.5 trillion in federal spending cuts, while the Senate’s resolution plans for just $4 billion. Key provisions of the Tax Cuts and Jobs Act of 2017 will expire on Dec. 31, 2025, if additional legislation isn’t passed.
