Oil prices close slightly lower after Fed cuts interest rates
Oil prices closed slightly lower Wednesday, snapping a two-day winning...
Oil prices closed slightly lower Wednesday, snapping a two-day winning streak even after the Federal Reserve cut interest rates for the first time in years.
“A 50 basis point cut is slightly supportive of the oil market since it translates into a weaker dollar and stronger prices for dollar denominated commodities,” said Andy Lipow, president of Lipow Oil Associates.
Here are Wednesday’s closing energy prices:
West Texas Intermediate October contract: $70.91 per barrel, down 28 cents, or 0.39%. Year to date, U.S. crude oil has fallen about 1%.
Brent November contract: $73.65 per barrel, down 5 cents, or 0.07%. Year to date, the global benchmark has declined about 4%.
RBOB Gasoline October contract: $2.01 per gallon, up 0.44%.Year to date, gasoline has shed more than 4%.
Natural Gas October contract: $2.284 per thousand cubic feet, down nearly 1.72%. Year to date, gas has pulled back about 9%.
The oil market has been rattled this month by worries about a growing imbalance between supply and demand. U.S. crude and global benchmark Brent have fallen about 13% in the third quarter.
U.S. stocks end volatile session lower after Fed cuts rates by a half-point
U.S. stocks finished lower after choppy trading, following...
U.S. stocks finished lower after choppy trading, following the Federal Reserve's decision to lower its benchmark interest rate by half a percentage point, an aggressive start to a monetary-easing cycle in the world’s largest economy.
According to FactSet data, the Dow Jones Industrial Average was off 103.08 points, or 0.3%, to end at 41,503.10. The blue-chip index logged its worst daily point and percentage declines since Sept. 6 after reversing its nearly 400-point advance in the immediate aftermath of the Fed decision.
The S&P 500 fell 16.32 points, or 0.3%, to finish at 5,618.26, snapping a seven-day winning streak.
The Nasdaq Composite lost 54.76 points, or 0.3%, ending at 17,573.30.
In addition to the rate-cut decision, policymakers said they expect to lower interest rates multiple times by the end of 2024. According to the Fed's Summary of Economic Projections, also released Wednesday, the policy rate could fall to a range of 3.25% to 3.5% by the end of 2025.
Aramco’s New Deals With China Signal A Further Deepening Of Sino-Saudi Relations
Saudi Aramco has recently reinforced its commitment to China's long-term energy security through new...
Saudi Aramco has recently reinforced its commitment to China's long-term energy security through new agreements, highlighting the deepening relationship between Saudi Arabia and China. This partnership, which has roots in China's offer to purchase a significant stake in Aramco during its IPO planning phase, has grown beyond mere energy deals. It now encompasses broader strategic alignment, including potential currency shifts for oil transactions and nuclear technology cooperation. This growing Sino-Saudi alliance suggests that any U.S. hopes of Saudi Arabia using its relationship with China merely as leverage may be misplaced, indicating a significant shift in global geopolitical and energy dynamics.
The macroeconomics version of a gender reveal is kicking off at 2pm ET...
The macroeconomics version of a gender reveal is kicking off at 2pm ET today, when the Fed will announce the first interest rate cut in over four years. Financial watchers are split between two predictions: a standard 0.25% cut or a more aggressive one of 0.5% (investors are betting on the latter, while many analysts think the former). Regardless of its size, today’s rate cut and subsequent ones are expected to make borrowing cheaper for consumers and businesses, with ripple effects throughout the economy.
FanDuel’s parent company made a $2.6b play for Italy. Flutter,...
FanDuel’s parent company made a $2.6b play for Italy. Flutter, the company behind FanDuel, bought Italian gambling service Snaitech for $2.6 billion, CNBC reported, as the US gambling giant pushes further into international markets. The move comes a few days after Flutter purchased a majority stake in NSX Group, one of Brazil’s biggest gambling operators. The global expansion differs from the strategy of Flutter’s main rival, DraftKings, which is focused on the US market, per CNBC. Also yesterday: FanDuel and DraftKings were sued by the Major League Baseball Players Association for allegedly using players’ names and likenesses without permission.
Sam’s Club, the Walmart-owned membership store chain, is raising wages for workers to stay competitive with rival Costco.
Uber will verify passengers’ account info with a third-party identification service as part of a growing effort to keep drivers safer.
JPMorgan is in talks with Apple to replace Goldman Sachs as the issuer of the tech company’s credit card, the Wall Street Journal reported.
Snap revealed a new version of its AR glasses, Spectacles, which cost ~$1,200 and are only intended for software developers.
The Trump family launched their enigmatic crypto platform, “World Liberty Financial,” which is co-run by a former YouTube pickup artist.
