Oil settles up as US, China teams to meet following Trump, Xi trade call
(Reuters) - Oil prices settled higher on Thursday, recovering from the...
(Reuters) - Oil prices settled higher on Thursday, recovering from the previous day's drop, on news that the U.S. and China agreed to more trade talks following a phone call between U.S. President Donald Trump and Chinese leader Xi Jinping.
Brent crude futures settled up 48 cents, or 0.7%, at $65.34 a barrel. U.S. West Texas Intermediate crude settled up 52 cents, or 0.8%, at $63.37 a barrel.
"If we step back from the brink of a major trade war, it will increase demand expectations for oil both in the U.S. and in China," said Phil Flynn, senior analyst with Price Futures Group.
Trump said on social media his call with Xi focused primarily on trade and led to "a very positive conclusion." He announced further lower-level U.S.-China discussions.
"We're in very good shape with China and the trade deal," he told reporters later.
S&P 500, Nasdaq snap 3-session winning streak as Tesla tumbles
U.S. stocks closed lower Thursday after a turbulent day...
U.S. stocks closed lower Thursday after a turbulent day of trading. The S&P 500 index briefly came within a whisker of reclaiming the 6,000 mark, only to retreat.
Tesla Inc. shares were in focus as the feud between Chief Executive Elon Musk and President Donald Trump spilled out into the open.
The S&P 500 fell 31.51 points, or 0.5%, ending at 5,939.30.
The Dow Jones Industrial Average shed 108 points, or 0.3%, closing at 42,319.74.
The Nasdaq Composite finished 162.04 points lower, or 0.8%, at 19,298.45.
The S&P 500 and Nasdaq each snapped a three-session winning streak.
Thursday afternoon, Trump hinted on social media that he might turn the Department of Government Efficiency against Musk's companies, less than a week after Musk's controversial stint at the helm of the entity ended. According to Dow Jones Market Data, Tesla shares shed 14.3%, the biggest daily drop since March 10.
The big item on deck is Friday's jobs report for May, with investors looking for any further signs of weakening in the U.S. economy as a result of tariff uncertainty.
The Oklahoma City Thunder will host the Indiana Pacers...
The Oklahoma City Thunder will host the Indiana Pacers in Game 1 of the NBA Finals tonight (8:30 pm ET, ABC).
The Thunder, which last won the finals in 1979 as the now-defunct Seattle SuperSonics (see history), is the overwhelming favorite following a league-best 68-14 regular season record. Point guard and regular-season MVP Shai Gilgeous-Alexander is also favored to be named the finals MVP.
The Pacers arrive at Paycom Center as the biggest underdog since the Cleveland Cavaliers in the 2017 finals against the Golden State Warriors. Fans are looking to point guard Tyrese Haliburton and forward Pascal Siakam to lead the team to its first NBA Finals win. The Indianapolis-based team won three ABA championships in the early 1970s before the ABA and NBA merged.
The rare matchup of two small-market teams has sparked concern about TV ratings and ticket sales.
Wave of Foreign Investment in US Gas Could Top $10B
Asian, Middle Eastern and European buyers want a piece of U.S. shale...
Asian, Middle Eastern and European buyers want a piece of U.S. shale gas, and they want it now.
Jeet Benipal, managing partner at Greenhill, a Mizuho affiliate, said there are at least five or six different shale gas deals on the market right now, totaling $10-plus billion.
Greenhill previously advised TG Natural Resources on its $2.7 billion acquisition of East Texas gas producer Rockcliff Energy II in 2023.
“There’s a lot of interest from several different Asian strategics and trading houses in U.S. natural gas upstream assets,” Benipal said.
TG Natural Resources recently acquired a 70% interest in Chevron’s Haynesville assets for $575 million.
Trump bans 12 countries’ citizens from entering the US. President...
Trump bans 12 countries’ citizens from entering the US. President Trump signed a proclamation yesterday barring people from Afghanistan, Myanmar, Chad, the Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen from entering the US as of Monday. The order will also impose new restrictions on the entry of citizens from another seven countries, including Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela. The move echoes the controversial so-called Muslim Ban restricting entry to people from several countries that Trump issued during his first term in office.
Columbia University failed to meet the standards for accreditation by allegedly tolerating the harassment of Jewish students, the Department of Education said yesterday. In a separate move against what the Trump administration claims are universities’ inadequate responses to campus antisemitism, President Trump issued an executive order banning international students from enrolling at Harvard.
The president ordered an investigation into his predecessor Joe Biden, claiming his aides covered up his “cognitive decline.”
President Trump again exhorted Fed Chair Jerome Powell to cut interest rates after ADP reported yesterday that May had the slowest growth in private sector jobs in over two years.
Reddit sued Anthropic, claiming the AI company used its content to train models without permission.
Warner Bros. Discovery shareholders voted down CEO David Zaslav’s $52 million pay package, but he’ll likely still get the compensation as the vote was nonbinding.
