Biden Doubts Will Make Saudi Visit to See Crown Prince
Crude prices nudged session highs toward $120 a barrel on Friday after President Joe Biden played down...
Crude prices nudged session highs toward $120 a barrel on Friday after President Joe Biden played down the likelihood that he will travel to Saudi Arabia to meet the kingdom’s Crown Prince Mohammed bin Salman, who would be key to deciding whether OPEC puts out more barrels to provide relief to a market choked by sanctions on Russian oil.
“I have no direct plans at the moment to go to Saudi Arabia, but there is a possibility I will go to the Middle East,” Biden told reporters at the White House. Administration officials are saying he is now expected to visit next month.
Norway Oil Workers Threaten Strike, Some Crude Output at Risk
At least 647 Norwegian oil workers plan to strike from June 12 if state-brokered wage mediation fails,...
At least 647 Norwegian oil workers plan to strike from June 12 if state-brokered wage mediation fails, labor unions said on June 3, putting some crude output at risk of shutdown although gas may not be affected.
Workers are seeking above-inflation pay increases and other changes to their contracts but have not released details of their demands.
U.S. rig count remains flat this week as oil nears $120 per barrel
The oil and gas rig count, an early indicator of future output, was flat at 727 in the week to...
The oil and gas rig count, an early indicator of future output, was flat at 727 in the week to June 3, The energy services firm Baker Hughes said that puts the total rig count up 271, or 59%, over this time last year.
U.S. oil rigs were steady at 574 this week, while gas rigs held at their highest since September 2019 at 151.
Even though the total rig count has climbed for a record 22 months in a row through May, weekly increases have mostly been in single digits and oil production is still below pre-pandemic levels.
Benchmark U.S. crude oil for July delivery rose $2 to $118.87 a barrel Friday. Brent crude for...
Benchmark U.S. crude oil for July delivery rose $2 to $118.87 a barrel Friday. Brent crude for August delivery rose $2.11 to $119.72 a barrel.
Wholesale gasoline for July delivery rose 6 cents to $4.25 a gallon. July heating oil rose 7 cents to $4.28 a gallon. July natural gas rose 3 cents to $8.52 per 1,000 cubic feet.
MarketWatch: Dow ends down 350 points as major stock indexes skid to weekly losses
Stocks closed lower on Friday to end the week in the red after ...
Stocks closed lower on Friday to end the week in the red after a strong May jobs report rattled investors already nervous about the Federal Reserve's planned pace of aggressive interest rate hikes. The Dow Jones Industrial Average DJIA, -1.05% shed about 349 points, or 1.1%, ending near 32,898 while booking a near 1% weekly drop. The S&P 500 SPX, -1.63% fell 1.6% Friday and 1.2% for the week. The Nasdaq Composite Index COMP, -2.47% shed 2.5% to book a 1% weekly drop, after earlier gains in the holiday-shortened week fizzled. Investors have been closely monitoring economics for hints as to how it could alter the Fed's planned rate hikes this summer, as well as its balance sheet reduction effort.
