Oil prices slid Friday to their lowest levels in nearly...
Oil prices slid Friday to their lowest levels in nearly four years. A plan to increase supply by the Organization of the Petroleum Exporting Countries and its allies added to fears that tariffs will plunge the global economy into recession.
Brent crude, the global benchmark,closed down at $65.58, off $4.56.
West Texas Intermediate, down $4.96, or 7.4%, at $61.99, the lowest front-month finish since April 26, 2021
Even before President Trump’s latest sweeping tariffs, the escalating trade war was stoking fears of a global slowdown in economic activity that would erode demand. The possibility of a settlement of the war between Russia and Ukraine has raised the prospect of more Russian oil being exported.
"The two factors that previously limited downside risk to prices, that is low recession risk and OPEC's preference for low production" are no longer in place, Goldman Sachs analysts said.
They reduced their price forecast for Brent to an average of $69 a barrel in 2025, from $73. They cut WTI to $66, from $69.
U.S. stocks see biggest 2-day wipeout in history as market loses $11 trillion since Inauguration Day
Roughly $11.1 trillion has been wiped away from the U.S....
Roughly $11.1 trillion has been wiped away from the U.S. stock market since Jan. 17, the Friday before President Donald Trump took the oath of office and began his second term.
Dow Jones data showed that some $6.6 trillion of that figure was lost on Thursday and Friday alone—the largest two-day wipeout of shareholder value on record.
The Dow Jones tumbled 2,231.07 points on Friday, or 5.5%, to end at 38,314.86.
The S&P 500 plunged 322.44 points, or 6%, to finish at 5,074.08.
The Nasdaq tanked 962.82 points, or 5.8%, to close at 15,587.79.
The Dow Jones ended Friday in correction territory, defined as a drop of at least 10% from a recent peak. The Nasdaq entered a bear market on Friday, which is marked by a steeper fall of at least 20% from a recent high.
Oil Prices Tumble on Trump Tariffs and OPEC+ Production Hike
After a string of weekly gains, oil prices are back on the slide following...
After a string of weekly gains, oil prices are back on the slide following the announcement of so-reciprocal tariffs that the United States will impose on its trade partners, many of which are running substantial trade surpluses with the U.S.
At the time of writing Friday morning,Brent crude was trading at $65.05 per barrel, with West Texas Intermediate at $61.58 per barrel, both sharply down from the start of the week when Brent crude was trading above $70 per barrel and WTI was close to that mark.
The tariffs announced by President Trump immediately hit the benchmarks because the overwhelming consensus among observers is that the duty action will hurt economic growth, consequently depressing oil demand. The IMF issued a statement to that effect and virtually all analysts agree on that negative impact of tariffs. What they seem to disagree on is the duration of the tariffs and their ultimate purpose—a means of forcing trade partners to make trade concessions to the U.S. or a means of reshoring businesses benefiting from the previous global trade context.
Sources told Hart Energy that privately held Oklahoma E&P Canvas...
Sources told Hart Energy that privately held Oklahoma E&P Canvas Energy is exploring a sale of its Anadarko Basin assets.
The move comes as several recent deals have emerged in the once dormant Midcontinent market.
Canvas Energy has retained investment bank Evercore to market the Midcontinent assets to potential buyers, according to sources familiar with the matter. The sources note that the process is in the early stages and that a deal is not guaranteed.
Canvas, which rebranded from Chaparral Energy in 2022, held 223,000 net acres in the Anadarko Basin as of second-quarter 2024, according to investor materials on the company’s website.
Canvas’ presentation said its proved developed producing PV-10 was worth $659 million, based on Securities and Exchange Commission pricing rules. Proven undeveloped PV-10 reserves were valued at $106 million, according to the presentation, which was removed from the company’s website but recovered by Hart Energy.
The rest of the world did not waste time responding to the Trump administration’s historically expansive tariffs. Canada placed 25% retaliatory tariffs on US vehicles. China promised countermeasures, saying Trump’s plan amounted to “unilateral bullying.” France and Germany pushed for an aggressive response, with French Prime Minister François Bayrou calling the tariffs “a catastrophe for the economic world.” French President Emmanuel Macron, meanwhile, urged companies to pause investments in the US. Japan called the tariffs “extremely regrettable.” European Commission President Ursula von der Leyen did not specify the bloc’s response, but said it will be united: “If you take on one of us, you take on all of us.”
