Oil prices surge over 7% as global crude reserve release disappoints
Oil prices surged over 7% on Tuesday to their highest since 2014, as a global...
Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine, and instead underscored energy shortage concerns.
Members of the International Energy Agency (IEA), which includes the United States and Japan, agreed to release 60 million barrels of crude from their reserves to try to quell the sharp increase in prices that pushed major benchmarks past $100 a barrel. read more
Brent futures rose $7.00, or 7.1%, to settle at $104.97 a barrel, their highest close since August 2014.
U.S. West Texas Intermediate (WTI) crude rose $7.69, or 8.0%, to settle at $103.41. That was its highest close since July 2014 and its biggest daily percentage gain since November 2020.
U.S. stocks end sharply lower as Russia attacks Ukraine cities
U.S. stock benchmarks skidded lower and the Dow Jones Industrial Average recorded one of its...
U.S. stock benchmarks skidded lower and the Dow Jones Industrial Average recorded one of its worst losses of the young year while oil prices surged to highs not seen since 2014 as Russia’s invasion of Ukraine was in its sixth day.
President Joe Biden is slated to address the nation at 9 p.m. Eastern Time, which is expected to include comments about surging inflation and the conflict in Eastern Europe.
The Dow Jones Industrial Average DJIA, -1.76% finished off nearly 600 points, or 1.8%, to 33,294. Its finish was close to the level, 33,119.69, which would put the blue-chip benchmark in correction territory, or down 10% from its recent peak, joining the S&P 500 and the Nasdaq Composite.
The S&P 500 indexSPX, -1.55% closed off 1.6% lower at 4,306.20, led by declines in financials SP500.40, -3.71%, down 3.7%.
The Nasdaq Composite Index COMP, -1.59% fell 1.6% to around 13,532.
The 10-year Treasury note yields around 1.72%, down over 11 basis points from its 3 p.m. ET Monday rates.
The energy sector is set to kick off March with a mixed to higher start, supported by outsized gains...
The energy sector is set to kick off March with a mixed to higher start, supported by outsized gains across the underlying commodities but pressured by further weakness in the major equity futures which fell as the Russia-Ukraine crisis deepened.
WTI and Brent crude oil futures extended their rally higher, surging this morning as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release. Reports of a Russian armored column bearing down on Ukraine's capital Kyiv this morning after deadly shelling of civilian areas in its second-largest city followed comments from Russia who said its forces had cut off the Ukrainian military from the Sea of Azov north of the Black Sea. Russia's economic isolation meanwhile deepened as the world's biggest shipping firm Maersk today said it would halt container movement to and from Russia while Britain said it will ban all ships with any Russian connection from entering its ports. Gains were capped by reports that the United States and allies were discussing a coordinated release of crude stocks to mitigate supply disruption. That release could reach 60 million to 70 million barrels, media outlets reported. Meanwhile, OPEC+, including Russia, are scheduled to meet tomorrow but analysts expect the group to stick to its original plan of a monthly 400,000 bpd increase.
Dow industrials and broader stock market struggles for altitude as Russia’s invasion of Ukraine enters sixth day
U.S. stock indexes on Tuesday were fighting to advance as Russia stepped up its shelling of Kharkiv,...
U.S. stock indexes on Tuesday were fighting to advance as Russia stepped up its shelling of Kharkiv, Ukraine’s second-largest city, on the sixth day of the invasion of the Eastern European country, which has drawn heavy sanctions from Western nations.
There hasn’t been any tangible progress made in direct talks between the Kremlin and Kyiv held in Belarus, though the two sides agreed to keep talking.
The Dow Jones Industrial AverageDJIA, -0.30% was down 68 points, or 0.2%, to 33,828.
The S&P 500 indexSPX, -0.10% rose less than a point, or 0.1%, at 4,374.
The Nasdaq Composite IndexCOMP, -0.15% retreated 0.1% to around 13,767.
Devon Energy CEO 'mystified' that Biden has not asked for more oil output
Devon Energy (NYSE:...
Devon Energy(NYSE:DVN) CEO Rick Muncrief tells Bloomberg he is "mystified" that President Biden has not reached out to discuss raising oil production to help contain surging gasoline prices and inflation.
A request from the Biden administration could make it easier for companies such as Devon to increase output without angering shareholders who been have demanding investment discipline, Muncrief maintains, saying "if they were to reach out and maybe be a little more collaborative, it might provide some cover," according to the Bloomberg interview.
