Around the World: Oil opens higher as OPEC warns of tight supply and Russian sanctions loom
(Reuters) - Oil futures rose early on Tuesday, reversing sharp losses from the prior...
(Reuters) - Oil futures rose early on Tuesday, reversing sharp losses from the prior day, as the market weighed the potential for more sanctions on Russia's energy sector and OPEC warned it would be impossible to increase output enough to offset lost supply.
Brent crude futures were up 85 cents, 0.9%, to $99.33 a barrel, and U.S. West Texas Intermediate contracts were up $1.04, or 1.1%, to $95.33 a barrel at 0019 GMT.
Both contracts had settled down around 4% on Monday amid concerns that coronavirus lockdowns in China would dampen demand for fuel and ahead of a massive oil reserve release by International Energy Agency (IEA) members.
California Refinery Work Delayed by Strike May Boost Fuel Prices
(Bloomberg) -- Chevron Corp.’s plan to move major maintenance at its San Francisco Bay-area refinery...
(Bloomberg) -- Chevron Corp.’s plan to move major maintenance at its San Francisco Bay-area refinery to June from April because of an ongoing labor strike may further exacerbate already-high California fuel prices.
The summer driving season kicks off with the Memorial Day holiday at the end of May. The turnaround at Chevron’s Richmond refinery will start in mid-June and last about 45 days, eating up a chunk of the prime time to sell gasoline.
The timing of the turnaround, which includes the sole crude unit at the 245,300 barrel-a-day refinery, highlights California’s vulnerability to any hiccups in gasoline production.
MarketWatch: Stocks close near their lows of the day, with the Dow off more than 400 points
Dow industrials and the S&P 500 index had their biggest one-day declines since March on Monday, with...
Dow industrials and the S&P 500 index had their biggest one-day declines since March on Monday, with energy, tech and other growth names bearing the brunt, as Treasury yields soared and investors braced for the next inflation reading and the kickoff of earnings season.
The Dow Jones Industrial AverageDJIA, -1.19% finished 413.04 points, or 1.2%, lower at 34,308.08. It was the Dow industrials’ largest one-day point and percentage drop since March 31, according to Dow Jones Market Data.
The S&P 500SPX, -1.69% closed down by 75.75 points, or 1.7%, at 4,412.53. It was the index’s largest one-day point and percentage decline since March 7.
The Nasdaq CompositeCOMP, -2.18% finished 299.04 points, or 2.2%, lower at 13,411.96.
What’s Affecting Oil Prices This Week? (April 11, 2022)
Increasing downside risks? Stratas Advisors expects further pressure on oil prices for the upcoming week...
Increasing downside risks? Stratas Advisors expects further pressure on oil prices for the upcoming week with prices moving toward the lower level of the firm’s forecast.
The country’s average gasoline price has dropped about eight cents over the past week, and about 13...
The country’s average gasoline price has dropped about eight cents over the past week, and about 13 cents over the last two weeks, according to figures from the American Automobile Association (AAA).
The recent drop comes after several countries, including the U.S., announced recently that they would release additional oil from their reserves.
Prices for crude oil, from which gasoline is made, have also dropped in recent days. U.S. crude stood at around $95 per barrel on Monday morning, down from as high as $103 per barrel a week ago and even higher in late March.
