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By: Kevin Crowley – Bloomberg – President Joe Biden, who had asked OPEC+ to raise oil production faster to tame runaway energy...
By: Hart Energy’s – Oil & Gas Investor – via Yahoo – While 2020 and first-half 2021 were overwhelmingly challenging for oil...
By: Emma Newburger – CNBC – The Biden administration on Monday announced it will send $1.15 billion to states to plug thousands...
By: Jude Clemente – Forbes – No one ever went broke underestimating the intelligence of the American public,” H. L. Mencken –...
By: Christopher Helman – Forbes – Dallas billionaire Trevor Rees-Jones says he’s been running around “with my pants on fire” the last...
OIL prices rose on Friday (Jan 3), closing the week higher on the back of cold weather in Europe and the US as well as additional economic stimulus flagged by China.
Brent crude futures settled higher by 58 cents at $76.51 a barrel, the highest level since Oct 14. US West Texas Intermediate crude settled up 83 cents to US$73.96, the highest level since Oct 11.
Brent notched a 2.4 per cent weekly gain, while WTI climbed nearly 5 per cent.
Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer.
“China just is unceasing at this point in terms of their announcements about trying to stoke economic activity, and the market’s taking note of that,” said John Kilduff, partner at Again Capital in New York.
The U.S. stock market rebounded Friday, but the rally failed to land the major indexes in positive territory for the week after a rough transition into 2025.
The Dow Jones Industrial Average gained 0.8% on Friday, while the S&P 500 rose a sharp 1.3% and the technology-heavy Nasdaq Composite jumped 1.8%, according to preliminary data from FactSet. The S&P 500 finished the holiday-shortened week without a so-called Santa Claus rally.
For the week, the S&P 500 fell 0.5%, the Dow retreated 0.6% and the Nasdaq fell 0.5%, according to the preliminary FactSet data. Next week, investors will be paying close attention to the U.S. jobs report due out on Jan. 10.
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