AXIOS – Pain in the U.S. oil patch from the coronavirus outbreak is no longer on the horizon. It’s here, and several...
Williston Herald – A University of North Dakota economist anticipates that it won’t take as long for the Bakken to recover from...
CNBC – Some of the world’s largest oil producers will meet to discuss a historic production cut later this week, with energy...
Wal van Lierop – Forbes – The COVID-19 pandemic has shuttered the world’s economies, overwhelmed healthcare systems and taken loved ones from...
NEW YORK (AP) — In Montana, a father and son running a small oil business are cutting their salaries in half. In...
By: Dylan Goforth – Enid News & Eagle – Gov. Kevin Stitt this week sent a letter to President Donald Trump, urging...
USA TODAY – Former Energy Secretary Rick Perry believes that the oil industry could collapse because of the dramatic decrease in demand...
By Greg Avery – Reporter, Denver Business Journal – Denver-based oil company Whiting Petroleum is seeking Chapter 11 bankruptcy protection, the first of what experts...
Houston Chronicle – Bankruptcy attorneys and restructuring experts are quickly becoming the most popular people in the oil patch. Energy companies are...
Texas Tribune – Two Texas oil companies with large footprints in the West Texas oil patch sent a letter Monday to state...
U.S. stocks finished higher on Tuesday as investors managed to build on a relief rally from the previous session on hopes that President Donald Trump's reciprocal tariffs — scheduled to take effect on April 2 — could be less aggressive than previously expected.
Investors also shrugged off concerns that U.S. consumers have grown more anxious about the state of the economy amid the escalating trade tensions. On Tuesday, the Conference Board's consumer-confidence index fell further to a more than four-year low of 92.9, from 100.1 in February. Economists polled by the Wall Street Journal had forecast a drop in the index to 93.5.
According to FactSet data, the Dow Jones Industrial Average gained just 0.01%, remaining nearly flat at around 42,587.50.
The S&P 500 rose 9.08 points, or 0.2%, to end at 5,776.65. According to Dow Jones Market Data, the large-cap index rose for three consecutive trading days, logging its best three-day advance since Jan. 23.
The Nasdaq Composite advanced 83.26 points, or 0.5%, to finish at 18,271.86.
Oil futures settled higher on Monday after President Donald Trump said in a Truth Social post that countries that purchase oil from Venezuela will face a 25% tariff on all of their imports to the U.S. starting April 2. He also imposed new tariffs on Venezuela, according to the Associated Press.
The decision to impose tariffs on buyers of crude from Venezuela is "based on the alleged arrival of tens of thousands of Venezuelan migrants with violent backgrounds, which has been presented as a threat to U.S. national security," said Antonio Di Giacomo, a financial markets analyst at XS.
He said the impact on the energy market was immediate. Prices climbed Monday, with the May contract for West Texas Intermediate crude up 83 cents, or 1.2%, to settle at $69.11 a barrel on the New York Mercantile Exchange. May Brent crude settled at $73 on ICE Futures Europe, up 84 cents, or 1.2%.
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