Oil Prices Mixed as Russia-Ukraine Truce Offsets Venezuela Supply Worries
March 25 (Reuters) - Oil prices diverged on Tuesday as a maritime and...
March 25 (Reuters) - Oil prices diverged on Tuesday as a maritime and energy truce between Russia and Ukraine offset concerns about tighter global supply due to threatened U.S. tariffs on countries buying Venezuelan production.
Brent crude futures settled 2 cents higher, or 0.03%, at $73.02 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.16%, to $69.
The United States reached deals with Ukraine and Russia to pause attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.
Kyiv and Moscow both said they would rely on Washington to enforce the deals, while expressing scepticism that the other side would abide by them.
Jet Fuel Took Record Share of ’24 US Refinery Output, EIA Says
A recovering airline industry pushed jet fuel to a record-high share...
A recovering airline industry pushed jet fuel to a record-high share of production in U.S. refineries last year, according to a report released by the U.S. Energy Information Administration (EIA) on March 24.
In 2024, U.S. refineries produced a record 659.837 MMbbl of jet fuel, which accounted for about 11% of total refinery yields. According to EIA records dating back to 2005, refineries last set a record for jet fuel production of 659.046 MMbbl in 2018.
“Increased air travel, measured by both TSA passenger volume and flight departures, has increased U.S. jet fuel consumption every year following the steep decline in 2020,” the EIA reported.
Motor gasoline, distillate fuel oil and jet fuel make up more than 85% of U.S. refinery output. Gasoline takes the largest share of the 85%, with distillate fuel oil in second.
Trump announces 25% tariff on countries that buy Venezuelan oil...
Trump announces 25% tariff on countries that buy Venezuelan oil and gas. As of April 2, a day President Trump has dubbed “Liberation Day” for the economy, countries that buy oil from Venezuela will have to pay an additional 25% tariff on trade with the United States, the president said on Truth Social. Precisely what other tariffs might go into effect that day remains unclear. News outlets reported that the president would not impose blanket tariffs but would focus on more industry-specific ones, and even though reciprocal tariffs are still on the menu, there might be exemptions for some countries. But officials cautioned that the situation could still change. The president also said additional tariffs on cars and pharmaceuticals would be coming soon.
A federal judge refused to lift his order barring the government from deporting anyone under the rarely used Alien Enemies Act, which the Trump administration invoked to deport alleged Venezuelan gang members. An appeals court also held a hearing on the issue during which one judge said “Nazis got better treatment” under the act than the people who were recently deported, since the former got hearings.
Chinese EV-maker BYD made more than $100 billion in sales last year for the first time.
Turkish authorities arrested more than 1,100 people, including journalists, amid protests over the decision to jail a political rival of President Recep Tayyip Erdoğan.
South Korea’s Hyundai plans to invest ~$21 billion in the US, including $5.8 billion towards a steel plant in Louisiana.
Mia Love, the first Black Republican woman elected to Congress, has died of cancer at age 49.
Warren Buffett will pay $1 million to an employee who won his company’s March Madness bracket challenge—which Buffett made easier this year in hopes of having a winner—by correctly calling 31 of the 32 games in the first round of the men’s tournament.
Oil prices finish higher after Trump's threat to buyers of crude from Venezuela
Oil futures settled higher on Monday after President...
Oil futures settled higher on Monday after President Donald Trump said in a Truth Social post that countries that purchase oil from Venezuela will face a 25% tariff on all of their imports to the U.S. starting April 2. He also imposed new tariffs on Venezuela, according to the Associated Press.
The decision to impose tariffs on buyers of crude from Venezuela is "based on the alleged arrival of tens of thousands of Venezuelan migrants with violent backgrounds, which has been presented as a threat to U.S. national security," said Antonio Di Giacomo, a financial markets analyst at XS.
He said the impact on the energy market was immediate. Prices climbed Monday, with the May contract for West Texas Intermediate crude up 83 cents, or 1.2%, to settle at $69.11 a barrel on the New York Mercantile Exchange. May Brent crude settled at $73 on ICE Futures Europe, up 84 cents, or 1.2%.
Stocks jumped Monday on optimism that President Donald...
Stocks jumped Monday on optimism that President Donald Trump may hold back from implementing some of his wide-ranging tariff plans and so the U.S. could skirt an economic slowdown from a protracted trade war.
The Dow Jones Industrial Averagejumped 597.97 points, or 1.42%, to end at 42,583.32. The S&P 500added 1.76% and closed at 5,767.57, while the tech-heavy Nasdaq Compositegained 2.27% to settle at 18,188.59.
Shares of Teslawhich have fallen nine straight weeks, were up nearly 12%, adding to their Friday gains. Meta Platformsand Nvidia each climbed more than 3%.
