Oil up as Investors Balance Sanctions Risks, Oversupply Worries
Oil prices rose about $1 on Tuesday amid the impact of...
Oil prices rose about $1 on Tuesday amid the impact of the latest U.S. sanctions on Russian oil and optimism over a potential end to the U.S. government shutdown, though oversupply concerns limited gains.
Brent crude futures settled $1.10, or 1.72%, higher to $65.16 a barrel. U.S. West Texas Intermediate crude climbed 91 cents, or 1.51%, to settle at $61.04 a barrel.
Investors continued to assess the fallout from the U.S. sanctions on Russia and their impact on both crude oil and refined fuel markets.
Russia's Lukoil declared force majeure at an Iraqi oilfield it operates, sources told Reuters on Monday, marking the biggest fallout yet from the sanctions imposed last month.
Restricted fuel exports due to sanctions are propping up oil prices amid a crude oil glut, PVM analyst Tamas Varga said.
"Fresh U.S. sanctions on major Russian oil producers and exporters are weighing on product exports," Varga said. As a result, heating oil and gasoline are moving in a different direction from crude.
Middle Eastern producers Saudi Arabia, Iraq and Kuwait will raise crude oil supplies to India in December as Indian refiners seek alternatives to Russian barrels, sources at four Indian refiners said on Tuesday.
Dow closes at new record high, while Nasdaq falls as investors sell tech stocks
U.S. stocks closed mostly higher on Tuesday, with the...
U.S. stocks closed mostly higher on Tuesday, with the Dow Jones Industrial Average having its best day in more than three weeks, as investors shifted away from tech names and into shares that reflect a broader swath of the economy.
Drugmakers Merck & Co. and Amgen Inc. led the Dow's gains. Meanwhile, the S&P 500 sectors that outperformed included health care, energy, and consumer staples.
"The Nasdaq is underperforming the Dow in a way that it seems like the 'pro-growth versus value' narrative is in reverse today," said Keith Buchanan, a senior portfolio manager at Globalt Investments in Atlanta.
The Dow rose 559.33 points, or 1.2%, to end at 47,927.96, based on preliminary data. Tuesday's session brought the Dow its 16th record close of the year.
The S&P 500 advanced 14.18 points, or 0.2%, to finish at 6,846.61.
The Nasdaq Composite fell 58.87 points, or 0.3%, to close at 23,468.30
The Senate passed legislation on Monday night to end the nation’s longest government shutdown, after a critical splinter group of Democrats joined with Republicans and backed a spending package that omitted the chief concession their party had spent weeks demanding.
US moves ahead with US Gulf, Cook Inlet offshore lease sales
The Interior Department's Bureau of Ocean Energy Management will hold...
The Interior Department's Bureau of Ocean Energy Management will hold an oil and natural gas lease sale covering roughly 80 million acres in the US Gulf of America on Dec. 10, marking the first in a series of 30 offshore auctions planned in the region through 2040 under the Trump administration's energy expansion agenda. The agency also proposed offering around 1 million acres in Alaska's Cook Inlet at a March 4 lease sale, kicking off a schedule that outlines at least six Cook Inlet auctions between 2026 and 2032.
On this Veterans Day, we pause to honor the brave men and women who have...
On this Veterans Day, we pause to honor the brave men and women who have served in our nation's Armed Forces. Their commitment to protecting our freedoms, often at great personal cost, deserves our deepest gratitude and respect. To all veterans—whether you served in times of war or peace, at home or abroad—thank you for your sacrifice, your courage, and your unwavering dedication to something greater than yourselves. Your service has shaped the country we call home, and we are forever grateful. Today and every day, we remember and honor you.
What’s open: The stock market and most retail stores.
What’s closed: Most banks, the US Post Office, public schools, and libraries.
