Oil edges down on easing Middle East risks but gains for a second month
(Reuters) - Oil prices edged down on Monday as investors...
(Reuters) - Oil prices edged down on Monday as investors weighed easing Middle East risks and a possible OPEC+ output increase in August.
Both Brent and U.S. crude oil benchmarks posted their biggest weekly declines since March 2023 last week but rose for the second consecutive month, gaining around 6% and 7% respectively.
Brent futures settled down 16 cents, or 0.2%, to $67.61 a barrel and expired on Monday. The more active September contract ended at $66.74.
U.S. West Texas Intermediate crude settled down 41 cents, or 0.6%, at $65.11 a barrel.
A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 sent prices above $80 a barrel before sliding back to $67.
"This ceasefire that was quickly engineered appears to be holding up, so the supply risk premium that was in place is continuing to be withdrawn in a rapid fashion," said John Kilduff, a partner at Again Capital.
Meanwhile, U.S. crude oil production hit a record 13.47 million barrels per day in April, up from 13.45 million bpd in March, according to data released by the Energy Information Administration as part of its Petroleum Supply Monthly series.
The record U.S. oil production was adding to the bearish sentiment on Monday, Kilduff added.
S&P 500 and Nasdaq build on record highs as U.S. stocks gain on trade optimism
U.S. stocks ended higher on Monday on optimism around...
U.S. stocks ended higher on Monday on optimism around trade talks ahead of July 9 — the expiration date of the Trump administration’s 90-day tariff pause that started on April 2.
The Canadian government announced on Sunday night that it would scrap its digital services tax on U.S. tech companies, which had prompted President Trump to halt trade negotiations between the two countries.
The Dow Jones Industrial Average went up 275.50 points or 0.6% on Monday to end at 44,094.77 for its third straight daily gain, according to Dow Jones Market Data. The index advanced 1,824.70 points or 4.3% for the month and it rose 2,093.01 points or 5% for the quarter.
The S&P 500 rose 31.88 points or 0.5% to close at 6,204.95 on Monday, a record high and its third straight daily gain. The index increased 593.10 points or 10.6% for the quarter, its largest one-quarter percentage gain since the fourth quarter of 2023. It went up 293.26 points or 5%.
The Nasdaq Composite rose 96.27 points or 0.5% to finish at 20,369.73 on Monday, also setting a fresh record and posting its sixth straight daily gain. The index advanced 3,070.45 points or 17.8% for the quarter, its largest one-quarter percentage gain since the second quarter of 2020. It rose 1,255.97 points or 6.6% for the month.
Maintenance delays US SPR deliveries until late 2025
Crude oil deliveries to the Strategic Petroleum Reserve will be delayed...
Crude oil deliveries to the Strategic Petroleum Reserve will be delayed by seven months because of site maintenance, the Energy Department says. The SPR is now at its lowest level since the 1980s after it was tapped by the Biden administration for 300 million barrels of oil when gasoline prices spiked in 2021.
On Friday, Americans will declare their independence from work by celebrating...
On Friday, Americans will declare their independence from work by celebrating July Fourth with fireworks displays, parades, road trips, hot dogs, and watching Joey Chestnut eat hot dogs. AAA expects a record 72.2 million people will travel within the country for the holiday, the vast majority of them (61.6 million) by car. If you’re concerned about getting stuck in traffic, that’s certainly justified, but try to avoid hitting the road on July 2 and July 6, which will be the busiest driving days, according to transportation data provider Inrix. At least gas prices are at their lowest levels in four years.
Typically, jobs reports arrive on the first Friday of each month, but...
Typically, jobs reports arrive on the first Friday of each month, but because this Friday is July Fourth and the markets are closed, the release is being pushed up to Thursday morning. No matter the unusual timing, the report is going to be crucial for shaping the Fed’s thinking around the timing of interest rate cuts. US companies are expected to have added 116,000 jobs last month, which would add fresh evidence to a gradual slowdown in the labor market (in May, 139,000 jobs were added). The unemployment rate is also projected to tick up to 4.3% from 4.2%.
