Don’t use Venmo to park your cash, regulator warns
Venmo may be the best way to remind your friend that she still hasn’t settled up for her share of last...
Venmo may be the best way to remind your friend that she still hasn’t settled up for her share of last month’s group dinner, but it’s not much better than stuffing bills under your mattress when it comes to keeping your money safe long-term, the Consumer Financial Protection Bureau cautioned. The app and others, like CashApp, Apple Pay, and PayPal, aren’t banks, so the Federal Deposit Insurance Corporation doesn’t provide insurance for funds stored there, the CFPB pointed out. The agency said there are billions of dollars at risk if these apps suffer an SVB-like failure.
Benchmark U.S. crude oil for July delivery rose $1.64 to $71.74 a barrel Friday. Brent crudefor August delivery rose $1.85 to $76.13 a barrel.
Wholesale gasoline for July delivery rose 6 cents $2.50 a gallon. July heating oilrose 5 cents to $2.36 a gallon. July natural gas rose 1 cent to $2.17 per 1,000 cubic feet.
US Oil Rig Count Falls by Most Since September 2021
U.S. energy firms this week cut the number of oil rigs operating by the most since September 2021, reducing...
U.S. energy firms this week cut the number of oil rigs operating by the most since September 2021, reducing the overall count for a fifth week in a row, via the report on June 2.
The total oil and gas rig count, an early indicator of future output, fell by 15 to 696 in the week to June 2, the lowest since April 2022. U.S. oil rigs slumped by 15 to 555 this week, their lowest since April 2022, while gas rigs held unchanged at 137. Baker Hughes said that puts the total rig count down 31, or 4%, below this time last year.
In May, the oil rig count fell for a sixth straight month as it posted the biggest monthly drop in almost three years, while gas rigs posted the biggest decline in a month since 2016, according to Baker Hughes data last week.
Dow finishes up 700 points as stocks rally following jobs report
Stocks rose Friday, with the Dow Jones Industrial Average ...
Stocks rose Friday, with the Dow Jones Industrial AverageDJIA logging its biggest point gain of 2023 after a strong May jobs report. The Dowrose around 701 points or 2.1%, according to preliminary figures. The S&P 500 SPX jumped 1.5% to close near 4,282, just shy of the 4,292.84 level that would mark an exit from the bear-market territory for the large-cap benchmark. The Nasdaq CompositeCOMP rose 1.1%.
ExxonMobil has announced a carbon capture and storage contract with US steel giant Nucor, involving the...
ExxonMobil has announced a carbon capture and storage contract with US steel giant Nucor, involving the capture, transport and storage of up to 881,000 short tons of carbon dioxide annually from Nucor's manufacturing plant in Convent, La., beginning in 2026. The deal is Exxon's first with a hard-to-abate industry and expands its CCS customer base to a total of 5.51 million short tons per year.
