Oil falls over 2% on signs of progress in US-Iran talks, demand fears
(Reuters) - Oil prices fell more than 2% on Monday on...
(Reuters) - Oil prices fell more than 2% on Monday on signs of progress in talks between the U.S. and Iran, while investors remained concerned about economic headwinds from tariffs that could curb demand for fuel.
Brent crude futures were down $1.70, or 2.5%, at $66.26 a barrel, after closing up 3.2% on Thursday. Thursday was the last settlement day last week because of the Good Friday holiday.
U.S. West Texas Intermediate crude fell $1.60, or 2.5%, to $63.08 a barrel, after settling up 3.54% in the previous session.
"The U.S.-Iran talks seem relatively positive, which allows for people to start thinking about the possibility of a solution," said Harry Tchilinguirian, group head of research at Onyx Capital Group.
"The immediate implication would be that Iranian crude would not be off the market."
Markets also have lower liquidity due to the Easter holiday, which can exacerbate price moves, he added.
In the talks, the U.S. and Iran agreed to begin drafting a framework for a potential nuclear deal, Iran's foreign minister said, following discussions that a U.S. official described as yielding "very good progress."
Dow ends over 900 points lower as markets tumble after Trump slams Powell again
U.S. stocks ended sharply lower on Monday as investors...
U.S. stocks ended sharply lower on Monday as investors debated what an early departure of Federal Reserve Chair Jerome Powell might look like for financial markets, after President Donald Trump again slammed Powell.
The Dow Jones Industrial Average went down 971.82 points or 2.5% to end at 38,170.41 for its fourth consecutive daily loss, according to Dow Jones Market Data.
The S&P 500 declined 124.50 points or 2.4% to finish at 5,158.20
The Nasdaq Composite fell 415.55 points or 2.6% to close at 15,870.90 for its fourth consecutive daily loss.
US E&Ps Could Drop Up to 100 Rigs at New Low Oil Price
At least 50 and up to 100 of the roughly 600 rigs drilling in the Lower...
At least 50 and up to 100 of the roughly 600 rigs drilling in the Lower 48 may be idled in response to the newly discounted $62/bbl WTI strip, according to a new J.P. Morgan Securities analysis.
J.P. Morgan Securities analyst Arun Jayaram reported that private E&Ps, which have roughly half of all U.S. rigs at work currently, are likely to drop iron first.
Oklahoma first
By basin, both private and public E&Ps could first idle D&C in the SCOOP/STACK play in Oklahoma’s Anadarko Basin where the average breakeven is about $84 for a 25% internal rate of return (IRR).
Pope Francis, the Catholic church’s first Latin American pope, has...
Pope Francis, the Catholic church’s first Latin American pope, has died at 88. He rose from a humble childhood in Argentina to become the leader of the world’s largest and most powerful church.
Francis died at about 7:30 a.m. Rome time, the Vatican announced. He had recently spent five weeks in a hospital for pneumonia. Still, he appeared yesterday in a wheelchair to bless tens of thousands of people in St. Peter’s Square for Easter Sunday.
If you’re in the US and expecting a high-end package from overseas,...
If you’re in the US and expecting a high-end package from overseas, there’s a chance it’s not getting to you. That’s because, starting today, DHL is temporarily halting shipments to the US valued at more than $800 due to a “significant increase” in red tape at customs caused by tariffs. Shipments below $800 can still pass through, although that will change beginning on May 2, when the White House is set to close that loophole. Low-cost operators such as Temu and Shein are expected to be impacted.
