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Oil futures finished higher for a third straight session on Tuesday, with U.S. and global prices marking their highest settlement in two weeks, as traders weighed the supply and demand impacts of President Donald’s Trump’s tariff strategy and sanctions on Iran and Russia.
West Texas Intermediate crude for March delivery rose $1, or 1.4%, to settle at $73.32 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, climbed $1.13, or 1.5%, to $77 a barrel on ICE Futures Europe. Front-month prices settled at their highest since Jan. 28
March gasoline tacked on 2.1% to $2.15 a gallon, while March heating oil added 2.6% to $2.51 a gallon.
Natural gas for March delivery settled at $3.52 per million British thermal units, up 2.2%.
U.S. stocks finished mostly higher on Tuesday, as investors digested remarks from Federal Reserve Chair Jerome Powell suggesting little urgency for further interest-rate cuts and awaited the January CPI report due out Wednesday morning.
The Dow Jones Industrial Average rose 123.24 points, or 0.3% to finish at 44,593.65, according to FactSet data.
The S&P 500 ended nearly flat, at 6,068.50.
The Nasdaq Composite fell 70.41 points, or 0.4%, ending at 19,643.86.
Longer-term Treasury yields surged on Tuesday as investors reacted to Powell's first day of testimony before the Senate Committee on Banking, Housing and Urban Affairs.
The yield on the 10-year Treasury advanced 4.4 basis points to end at 4.536%, while the 30-year rate rose 4 basis points to 4.749%. Both were at their highest levels since Feb. 3, according to Dow Jones Market Data.
Investors also looked ahead to the release of January's consumer-price index report on Wednesday, which is expected to show inflation remained slightly elevated last month. Yet MarketWatch reported that one part of the financial market continued to flash worrisome signs about future price gains.
A new jobs report by the Energy Workforce & Technology Council suggests Oklahoma lost nearly 1,600 jobs in the energy services sector in the past few months.
The decline of the jobs also reflected an overall downward adjustment of more than 7,300 positions compared to December 2024 across the nation.
Based on preliminary data from the Bureau of Labor Statistics (BLS) and analysis conducted by EWTC, total jobs in the sector were reported at 630,087.
Oklahoma fell from 49,546 in December 2024 to 47,950 in January, according to the Energy Workforce and Technology Council. The loss of energy jobs in Texas was far greater, falling from 317,266 in December to 307,042 last month.
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