Oil Slides to 7-month Low on Renewed Demand Fears, Rate Hike Expectations
Oil prices fell more than $1 on Sept. 7 to their lowest since before Russia invaded Ukraine as COVID-19...
Oil prices fell more than $1 on Sept. 7 to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand.
Brent crude futures fell $1.08, or 1.2%, to $91.75 a barrel by 6:44 GMT after slipping 3% in the previous session. The contract hit a session low of $91.20, the lowest since Feb. 18.
U.S. WTI crude futures shed $1.20, or 1.4%, to $85.68. The benchmark fell to a session low of $85.08, the lowest since Jan. 26.
Oil pared strong gains made on Sept. 5 after OPEC and their allies, a group known as OPEC+, decided to cut output by 100,000 bbl/d in October.
Nasdaq blazes stock-market trail early Wednesday in bid to snap losing streak
Stocks are edging higher Wednesday as the bond market calms down. ...
Stocks are edging higher Wednesday as the bond market calms down. Shortly after the open, the Dow Jones Industrial Average rose 60 points, or 0.2%. The S&P 500 has added 0.3%, and the Nasdaq Composite was up 0.6%.
The 2-year Treasury yield is trading at 3.49%, below its multi-year high and below its highest level of Tuesday at about 3.52%. The yield attempts to forecast the level of the federal funds rate a couple years from the present. When it rises, it signifies that the bond market is assigning a higher probability of Federal Reserve interest rate hikes, which are designed to reduce inflation by cooling economic demand.
A persistent shortage of hydraulic fracturing equipment and crews in US shale fields is denting the growth...
A persistent shortage of hydraulic fracturing equipment and crews in US shale fields is denting the growth prospects for oil and natural gas production this year, adding to the strain on global energy supplies. Meanwhile, oilfield services companies such as Halliburton, wary of another downturn, are spending more on equipment refurbishments rather than manufacturing new units.
U.S. oil futures edge higher a day after the OPEC+ decision to cut output
U.S. benchmark oil prices ended little changed ...
U.S. benchmark oil prices ended little changed on Tuesday, as traders in the U.S., following a holiday on Monday, got a chance to react to a decision by OPEC+ to cut production by 100,000 barrels per day in October. The decision essentially reversed September's 100,000 barrel-per-day increase. In terms of signaling, "the move is important as it indicates that OPEC+ is watching demand very closely and is trying to manage supply to keep a floor on oil prices," said Noah Barrett, research analyst for energy & utilities at Janus Henderson Investors. Several countries have called on OPEC+ to increase supply but OPEC+ is "clearly sending a message that they are not bowing to external demands." October WTI crude CLV22, -0.03% added a penny to settle at $86.88 a barrel on the New York Mercantile Exchange.
Europe’s Stocks Could Fall Another 15% as Energy Crisis Intensifies, Morgan Stanley Says
European stocks might look like a bargain today, but they likely have another 15% to fall as the region’s...
European stocks might look like a bargain today, but they likely have another 15% to fall as the region’s energy crisis intensifies, a top strategist is warning. Stocks are still trading as if earnings will grow next year, even as a recession grows ever more likely, said Graham Secker, Morgan Stanley’s chief European equity strategist.
War and an energy crisis have spooked European markets and sent stocks there down more than 25% this year. With the way things are going now, Goldman Sachs analysts expect electricity bills in Europe to triple by early next year over 2021 levels, boosting energy bills by a collective $2 trillion, or 15% of GDP.
