Oil rises over 2% as investors weigh market outlook, tariffs, sanctions
(Reuters) - Oil prices rose over 2% on Friday as the...
(Reuters) - Oil prices rose over 2% on Friday as the International Energy Agency said the market was tighter than it appears, while U.S. tariffs and possible further sanctions on Russia were also in focus.
Brent crude futures settled up $1.72, or 2.5%, at $70.36 a barrel. U.S. West Texas Intermediate crude gained $1.88, or 2.8%, to $68.45 a barrel.
For the week, Brent rose 3%, while WTI had a weekly gain of around 2.2%.
The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.
Front-month September Brent contracts were trading at about a $1.20 premium to October futures.
"The market is starting to realize that supplies are tight," said Phil Flynn, senior analyst with Price Futures Group.
U.S. stocks end the week lower after Trump threatens 35% tariffs on Canada
U.S. stocks ended lower on Friday after President Donald...
U.S. stocks ended lower on Friday after President Donald Trump threatened to impose a 35% tariff on imports from Canada, with investors concerned about more potential tariff announcements over the weekend.
The Dow Jones Industrial Average went down 279.13 pointsor 0.6% to end at 44,371.51 on Friday, snapping back-to-back gains, according to Dow Jones Market Data. The index ended 457.02 points, or 1% lower for the week, snapping a three-week winning streak.
The S&P 500 fell 20.71 points or 0.3% to close at 6259.75, also snapping back-to-back gains. The index lost 19.60 points or 0.3% this week, snapping a two-week winning streak.
The Nasdaq Composite declined 45.14 points or 0.2% to finish at 20,585.53. It was down 15.57 points or 0.08% for the week.
Permian water challenge opens door to new solutions
Seismic activity linked to saltwater disposal from oil production is...
Seismic activity linked to saltwater disposal from oil production is pressuring Permian Basin operators to rethink how they manage the region's 22 million barrels per day of produced water. As injection restrictions expand, midstream developers and water treatment firms like Tetra Technologies see emerging opportunities in tailored desalination solutions and beneficial reuse, though widespread adoption still faces economic, technological and regulatory hurdles.
“Things aren’t that bad” was the main takeaway from Delta’s quarterly...
“Things aren’t that bad” was the main takeaway from Delta’s quarterly earnings report yesterday. The airline reinstated its annual forecast, which it had pulled in April as a result of economic uncertainty. The new outlook isn’t as rosy as it once was, but it was enough to push Delta’s stock up and give airlines some much-needed optimism (United, American, and Southwest all jumped yesterday, too). Delta CEO Ed Bastian said consumers have become “a little numb” to tariff talk and are booking travel for later in the year, rather than holding off entirely. United and American report their earnings next week with hopes of adding to the sector’s momentum.
Musk says Grok is coming to Teslas by next week. Grok,...
Musk says Grok is coming to Teslas by next week. Grok, Elon Musk’s AI chatbot that had to be briefly shut down this week because it called itself “MechaHitler” as part of an antisemitic posting spree, will be available in Tesla vehicles by “next week at the latest,” the billionaire said yesterday. The news came shortly after xAI released Grok 4, the latest iteration of the chatbot that seemingly recommended a second Holocaust. Musk hopes integrating Grok into Teslas will help the company compete with automakers that already feature ChatGPT voice assistants, like Volkswagen.
Bitcoin notched another all-time record yesterday, beating the previous record that was set...two days ago.
Goldman Sachs plans to ask junior bankers to certify their loyalty every three months in order to prevent poaching by private equity firms, Bloomberg reported.
The video game strike officially ended after 11 months this week when SAG-AFTRA members voted to ratify a new contract for performance capture and voice actors.
Car trips to the US by Canadians plummeted 33% last month as some Canucks avoid the country in light of the White House’s threats to their sovereignty.
Oasis concert venues are beefing up security after videos giving advice on how to sneak into the reunion tour went viral on TikTok.
