Oil settles up on signs of strong demand; investors await OPEC+ decision
(Reuters)- Oil prices...
(Reuters)- Oil prices edged higher on Tuesday as investors took stock of positive demand indicators, while also treading cautiously ahead of an OPEC+ meeting to decide the group's August output policy.
Brent crude settled up 37 cents, or 0.6%, at $67.11 a barrel, while U.S. West Texas Intermediate crude settled 34 cents higher, or up around 0.5%, at $65.45 a barrel.
The gains were likely due to supportive data from a private-sector survey in China, which showed factory activity returned to expansion in June, said Randall Rothenberg, a risk intelligence expert at U.S. oil brokerage Liquidity Energy.
Expectations that Saudi Arabia will raise its August crude oil prices for buyers in Asia to a four-month high as well as firm premiums for Russian ESPO Blend crude oil were also supporting the notion of robust demand, Rothenberg said.
Oil's gains were kept in check by expectations that the OPEC+ group will boost its August crude oil output by an amount similar to the outsized hikes agreed in May, June, and July. Four OPEC+ sources told Reuters last week the group plans to raise output by 411,000 barrels per day next month when it meets on July 6.
Dow closes up 400 points, while S&P 500 and Nasdaq slip from record highs
U.S. stocks finished mixed on Tuesday to kick off the...
U.S. stocks finished mixed on Tuesday to kick off the second half of the year, as investors began rotating out of megacap technology names and into cyclical sectors amid a broader market rally.
The Dow Jones Industrial Average rose 0.9%, to finish near 44,495, according to preliminary data from FactSet. The blue-chip index has risen for four straight trading days.
The S&P 500 was off 0.1%, to end at around 6,198.
The Nasdaq Composite fell 0.8%, ending near 20,202.
The S&P 500's information-technology and communication-services sectors were the only two of the index's 11 sectors to end in the red on Tuesday, while the materials sector advanced 2.3% and the healthcare sector was up 1.4%, according to FactSet data.
Earlier in the day, Senate Republicans narrowly approved President Donald Trump's signature tax-and-spending package. The vote was 51-50, with Vice President J.D. Vance casting the tie-breaking vote.
The sweeping bill must now pass the House of Representatives before heading to the president’s desk.
Federal Reserve Chair Jerome Powell also said on Tuesday morning that the U.S. central bank is still going "meeting by meeting" in its approach to interest-rate decisions. But he didn’t directly acknowledge whether or not a potential rate reduction at the end of this month would be too soon.
Wildfires are scorching parts of southern Europe as a lingering...
Wildfires are scorching parts of southern Europe as a lingering heat wave bakes swaths of the continent, prompting health alerts and evacuations.
Nearly 200 French schools were fully or partially closed yesterday, and 17 Italian cities are under the country’s highest heat alert as of this writing. Portugal and Spain experienced record-high temperatures of nearly 115 degrees Fahrenheit over the weekend. The extreme heat, expected to persist into midweek, is driven by a heat dome stretching from southwestern Europe to Turkey. Scientists say climate change contributes to the frequency and intensity of these high-pressure systems, which trap hot air like a lid on a pot.
The hot, dry air and strong winds in western Turkey have sparked wildfires that displaced over 50,000 people and temporarily shut down an international airport. Smaller fires also ignited in France’s Corbières region, while Greece remains on high alert after battling blazes near Athens last week.
Central and northern Europe are also sweltering, with Britain recording its hottest opening dayin Wimbledon history yesterday.
Louisiana has joined Ohio, Indiana and Tennessee in passing legislation...
Louisiana has joined Ohio, Indiana and Tennessee in passing legislation to reclassify natural gas as green energy, a move that Gov. Jeff Landry said will support the state's pursuit of energy independence and dominance. The law also directs state agencies and utilities to prioritize natural gas and nuclear power.
Energy companies pitch long-distance N.D. gas pipelines
North Dakota regulators are considering plans for two underground pipelines...
North Dakota regulators are considering plans for two underground pipelines that would transport natural gas from western oilfields to the east of the state. The pipelines, proposed by Intensity Infrastructure Partners and Rainbow Energy Center, as well as WBI Energy, would each span about 350 miles, with phased launches expected in 2029 and 2030.
