(Reuters) - U.S. crude futures fell on Friday as traders expected OPEC+...
(Reuters) - U.S. crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts.
Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. U.S. West Texas Intermediate crude finished down 15 cents, or 0.25%, at $60.79 a barrel, having dropped more than $1 a barrel earlier.
The Brent July futures contract is due to expire on Friday. The more liquid August contract was down 71 cents, or 1.12%, at $62.64 a barrel.
The front-month benchmark contracts were headed for weekly losses of over 1% at these levels.
Prices dipped into negative territory after Reuters reported that OPEC+ may discuss an increase in July output larger than the 411,000 barrels per day (bpd) rise that the group decided on for May and June.
U.S. stocks end mixed, claw back earlier losses as S&P seals best May since 1990
U.S. stocks ended a holiday-shortened week on a mixed...
U.S. stocks ended a holiday-shortened week on a mixed note Friday, but saw the S&P 500 book its strongest May advance since 1990.
The Dow Jones Industrial Average shook off pressure tied to renewed U.S.-China trade tensions, ending with a gain of 54.34 points, or 0.1%, at 42,270.07. The S&P 500 saw a fractional loss of just 0.48 point to end at 5,911.69, while the Nasdaq Composite shed 62.11 points, or 0.3%, to close at 19,113.77.
Stocks saw modest pressure in early trade after President Donald Trump, in a social-media post, blasted China — accusing it of failing to live up to a preliminary agreement, reached earlier this month, that saw both countries mutually cut tariffs that had topped 100% amid April's trade tensions. Equities briefly extended losses after a news report that said the U.S. was planning to widen sanctions on China's tech industry.
But stocks clawed back those losses by the bell, putting a cap on a winning week that had seen equities buoyed by strong earnings from chip giant and artificial-intelligence bellwether Nvidia Corp. Investors were also dealing with increased trade uncertainty after a U.S. trade court late Wednesday ruled to void the bulk of Trump's tariff measures, but saw that ruling stayed Thursday by an appeals court, pending appeal.
After three straight monthly declines, stocks saw big May gains, with the S&P 500 up 6.15%, while the Dow advanced 3.94% and the Nasdaq gained 9.56%. That marked not only the best May since 1990 for the S&P 500, but the best performance of any month for both the S&P 500 and Nasdaq since November 2023, according to Dow Jones Market Data.
Chevron plans to cut nearly 800 jobs in Midland County, Texas, by July...
Chevron plans to cut nearly 800 jobs in Midland County, Texas, by July 15 as part of a broader push by the oil major to reduce its global workforce by up to 20% by the end of next year. This move comes amid other cost-cutting measures and challenges, including an arbitration dispute over its planned acquisition of Hess and a revoked Venezuelan operating license.
Shell Buys TotalEnergies' Interest Offshore Nigeria for $510MM
TotalEnergies has agreed to sell its 12.5% interest in two fields offshore...
TotalEnergies has agreed to sell its 12.5% interest in two fields offshore Nigeria to Shell for $510 million, the companies announced.
Shell Nigeria Exploration and Production Co., the operator of the OML 118 Production Sharing Contract, will increase its interest to 67.5% from 55% when the sale is complete.
The other partners are Esso Exploration and Production Nigeria (20%) and Nigerian Agip Exploration (12.5%).
The development 120 km south of the Niger Delta contains the Bonga and Bonga North fields. Production from Bonga began in 2005, with a capacity of 225,000 bbl/d of oil. The Bonga field produced its one-billionth barrel of crude oil in 2023.
According to Press Secretary Karoline Leavitt, the president ...
According to Press Secretary Karoline Leavitt, the president pushed Powell to lower interest rates at the in-person meeting, their first since the inauguration. A Federal Reserve spokesperson said Powell “did not discuss his expectations for monetary policy” apart from the fact that decisions will be based on “careful, objective, and non-political analysis.” Trump has pressured Powell to lower rates for months, going as far as threatening to fire him, though the Supreme Court recently signaled the president can’t do that. Powell and the Fed have so far held rates steady this year amid the ongoing tariff turmoil.
