Oil falls as OPEC+ output hike adds to oversupply concerns
(Reuters) - Oil prices fell to their lowest levels...
(Reuters) - Oil prices fell to their lowest levels in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation.
Brent crude futures fell 91 cents, or 1.3%, to settle at $68.76 a barrel, while U.S. West Texas Intermediate crude declined by $1.04, or 1.5%, to close at $66.29 a barrel.
Both contracts settled at their lowest in a week, after declining close to 3% on Friday.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day (bpd) for September.
U.S. stocks end sharply higher, rebound from Friday selloff on rate-cut optimism
U.S. stocks ended sharply higher on Monday, as investors...
U.S. stocks ended sharply higher on Monday, as investors responded to growing expectations of a Federal Reserve interest-rate cut in September. Stocks rebounded from a selloff Friday that was driven by tariff uncertainty and a weaker-than-expected U.S. jobs report.
The Dow Jones Industrial Average went up 585.06 points or 1.3% on Monday to end at 44173.64, marking its largest one-day point and percentage gain since May 27, according to FactSet data. The index also snapped a five-day losing streak.
The S&P 500 rose 91.93 points or 1.5% to close at 6,329.94, also posting its biggest daily advance since May 27 and breaking a four-day losing streak.
The Nasdaq Composite increased 403.45 points or 1.95% to finish at 21,053.58, its strongest one-day performance since May 27, ending a two-day slide.
A record-setting July for stocks gave way to rough start to August — investors may not be ready for what comes next
Throughout July, the stock market experienced low volatility, with the...
Throughout July, the stock market experienced low volatility, with the S&P 500 achieving 10 record finishes and no daily moves greater than 1%. This calm, which some analysts called "boring but bullish," abruptly ended on the first day of August. The S&P 500 fell 1.6%, its biggest drop since April, following President Donald Trump's new tariffs and a weaker-than-expected jobs report. Additionally, Trump's controversial social-media posts and a plan to fire the head of the Bureau of Labor Statistics added to investor uncertainty. While some analysts believe the market may give back some recent gains, others remain optimistic about the long-term outlook.
Exxon Mobil has fully integrated Pioneer Natural...
Exxon Mobil has fully integrated Pioneer Natural Resources and is now actively seeking new acquisitions. The company's CEO, Darren Woods, explained that the strategy is not to simply buy volume, but to create unique value where "one plus one equals three." Exxon Mobil aims to leverage its technological, scaling, and talent advantages to enhance the value of acquired assets. Woods highlighted that they are interested in companies with talented employees from whom they can learn. The firm has a high standard for potential deals, which are not exclusive to the upstream business, but can span across all of Exxon's units. The ultimate goal is to find the right resource base to benefit from Exxon's advancing technology.
For the first time in months, markets seem rattled. President Trump’s...
For the first time in months, markets seem rattled. President Trump’s tariff announcements and a potentially disturbing jobs report sent the S&P 500 to its worst week since May, while the Dow logged its worst week since April. One of the few bright spots in the economy is Big Tech: Alphabet, Apple, Meta, and Microsoft delighted investors with their earnings reports, and Microsoft has now gained for 10 straight weeks, its longest winning streak since 2023.
