Oil prices end lower as U.S. crude supplies climb for a third week in a row
Oil futures posted their first loss in four sessions...
Oil futures posted their first loss in four sessions on Wednesday after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.
Worries about the U.S. economy, driven by a sharp rise in consumer prices in January, as well as news that helped ease concerns surrounding Russian crude supplies, also contributed to oil’s price decline.
West Texas Intermediate crude for March delivery fell $1.95, or 2.7%, to settle at $71.37 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, dropped $1.82, or 2.4%, to $75.18 a barrel on ICE Futures Europe.
March gasoline shed 2.7% to $2.09 a gallon, while March heating oil lost 2.5% to $2.45 a gallon.
Natural gas for March delivery settled at $3.57 per million British thermal units, up 1.3%.
Stocks close lower after hot inflation sends 10-year yield to almost 3-week high
All three major U.S. stock indexes finished lower on...
All three major U.S. stock indexes finished lower on Wednesday after January's hot consumer-price index triggered an aggressive selloff of Treasurys and undermined the Federal Reserve's ability to keep cutting interest rates.
The Dow Jones and S&P 500 posted their first declines in three sessions, while the Nasdaq Composite gave up earlier gains, as the 10-year yield climbed to an almost three-week high of 4.64%. Helping to lift equities from their lowest levels of the day was President Donald Trump's claim that negotiations will start to end the war between Russia and Ukraine.
ChampionX exec: US metals tariffs to hurt oilfield firms
New US tariffs on steel...
New US tariffs on steel and aluminum imports could add cost pressures on oilfield service firms, as many components used in oilfield equipment come from China, ChampionX Regional Business Development Director Steve Davoren. The company hopes to finalize its $8 billion merger with SLB in the current quarter, pending regulatory approvals in the UK and Australia.
US oil, gas production defies falling rig activity
The Energy Information Administration has lifted its US oil production...
The Energy Information Administration has lifted its US oil production forecast for 2025 to 13.59 million barrels per day while keeping its domestic demand outlook unchanged at 20.5 million bpd. Dry gas output is also expected to climb from an average 103.7 Bcf/d in the first quarter to nearly 106 Bcf/d in the fourth quarter. These growth projections contrast with expectations for continued rig activity declines.
Crude oil stockpiles in the U.S., the world's biggest...
Crude oil stockpiles in the U.S., the world's biggest oil producer and consumer, rose by 9.4 million barrels in the week ending February 7, according to sources citing American Petroleum Institute data on Tuesday.
Gasoline inventories fell by 2.51 million barrels, and distillate stocks dropped by 590,000 barrels, the sources said the API data showed.
Data from the Energy Information Administration will be released later on Wednesday.
