U.S. Crude Oil Jumps More Than 3% on Libya Production Halt for Best Day in Two Weeks
U.S. crude oil futures gained 3% on Monday for the best day in two weeks,...
U.S. crude oil futures gained 3% on Monday for the best day in two weeks, amid reports of a production halt in Libya and after Israel and Hezbollah traded a barrage of strikes across the Lebanon border.
Libya’s eastern government in Benghazi said Monday that oil production and exports in the North African country would shut down, amid a dispute with the internationally recognized western government in Tripoli over who should lead the central bank.
The U.S. benchmark hit a session high of $77.60 per barrel, the highest level since Aug. 16.
Here are Monday’s closing energy prices:
West Texas Intermediate October contract: $77.42 per barrel, up $2.59, or 3.46%. Year to date, U.S. crude oil has gained 8.05%.
Brent October contract: $81.43 per barrel, up $2.41, or 3.05%. Year to date, the global benchmark has advanced 5.7%.
RBOB Gasoline September contract: $2.28 per gallon, little changed. Year to date, gasoline is ahead 8.4%.
Natural Gas September contract: $1.95 per thousand cubic feet, down more than 6 cents, or 3.26%. Year to date, gas is down 22.2%
Dow closes at record high, Nasdaq falls as tech stocks slump
U.S. stocks ended mixed on Monday, as investors continued to digest Federal Reserve Chair...
U.S. stocks ended mixed on Monday, as investors continued to digest Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium last Friday. They also awaited Nvidia Corp.'s earnings due Wednesday and new inflation data due Friday.
The Dow Jones Industrial Average went up 65.44 points or 0.2% on Monday to end at 41,240.52, a new record close, according to Dow Jones Market Data. It is the index’s 23rd record close this year.
The S&P 500 fell 17.77 points or 0.3% to finish at 5,616.84.
The Nasdaq Composite traded down 152.03 points or 0.9% to close at 17,725.76.
Oil Prices Moving Up on Monday - Taking Energy Stocks Higher
Crude futures are surging after a ...
Crude futures are surging after a weekend flare-up of tensions between Israel and Hezbollah along the Lebanon border, exacerbated today by the Libyan National Army's call for a production shutdown in the country's eastern oilfields amid growing unrest.
Meanwhile, Exxon Mobil took the opportunity to release its annual energy report, where it says that carbon emissions won't drop until 2030, and warns that increased adoption of electric vehicles won't be enough to offset the impact of surging energy demand caused by a rising population. Not unlike the average global temperature, XOM is lingering within range of all-time highs at midday.
U.S. stocks today are mixed, with the Dow Jones Industrials posting a new record high. Weakness in chip stocks today is weighing on the broader market. Stocks have carryover support from last Friday, when Fed Chair Powell said "the time has come for policy to adjust." Also, energy stocks are climbing today, with WTI crude oil up more than +3% at a 1-week high
The numbers: The Commerce Department said Monday that orders at U.S. factories for long-lasting goods, such as new cars or machinery, jumped 9.9% in July.
Economists had forecast a 4% rise in orders for durable goods — products made to last at least three years.
Orders have risen in five of the last six months. However, they dropped 6.9% in June due to weak aircraft orders.
Excluding the volatile transportation sector, orders were up 0.2% in July after a 0.1% gain in the prior month.
Another measure in the report seen as a bellwether for business investment — core capital-goods orders, which exclude volatile sectors like transportation and defense — slipped 0.1% last month after a 0.5% rise in June.
