Crude oil prices rose last week, with Brent crude ending at $69.67...
Crude oil prices rose last week, with Brent crude ending at $69.67 and WTI at $67.33. This increase was attributed to positive developments in U.S. trade negotiations with Japan and the EU, although a disappointing U.S. jobs report limited the gains.
Looking ahead, crude prices are expected to be under pressure as OPEC+ plans to continue increasing production. However, this could be countered by the possibility of new U.S. sanctions on Russian oil. Such sanctions would destabilize the market, potentially prompting OPEC+ to reconsider its production increases and creating an opportunity for U.S. shale oil producers. Despite this, it's unlikely that OPEC+'s output hikes would be enough to fully offset a significant loss of Russian oil supply.
It probably wasn’t as big a shock to BP as it was to Jed Clampett,...
It probably wasn’t as big a shock to BP as it was to Jed Clampett, but the company said yesterday it had made its biggest oil and gas discovery in 25 years while drilling off the coast of Brazil. The find comes as BP turns away from trying to pivot to renewable energy, once again going all in on fossil fuels.
The area, known as the Bumerangue block, is in deep water in the Santos Basin, 404km (218 nautical miles) from Rio de Janeiro. It’s believed to contain gas, condensate, and oil, though BP wasn’t willing to estimate precisely how much yet.
BP said it could be the company’s largest find since the discovery of the giant gas and condensate field Shah Deniz in the Caspian Sea in 1999.
The discovery is BP’s 10th this year as the company searches for more oil and gas to try to convince investors that it can deliver returns from traditional black gold. The company reports its quarterly results today.
Tesla awards Elon Musk $29 billion worth of stock to keep the...
Tesla awards Elon Musk $29 billion worth of stock to keep the CEO focused. The electric car maker granted Musk 96 million restricted shares, saying it was a “first step, good faith” gesture toward retaining its CEO and keeping his focus on the company amidst his other projects. Musk had previously threatened to turn his attention to developing AI elsewhere if he didn’t get more control of Tesla. The company said Musk, who is currently the world’s richest person, hadn’t been paid in years because of legal disputes over his $56 billion 2018 pay package (which a Delaware court tossed out as improperly granted twice, prompting Tesla to appeal), noting that the company’s value on the stock market has gone up by $735 billion since 2018. The shares will be forfeited if Tesla prevails in getting the earlier compensation package restored. The big payday comes despite Tesla’s recent falling sales amid Musk’s public turn to politics.
Texas issued civil arrest warrants for Democratic lawmakers who left the state to block a vote on a redistricting map requested by President Trump that could add five Republican seats in Congress.
The State Department has proposed requiring applicants for US business and tourist visas to post a bond of up to $15,000, potentially making US travel unaffordable for many visitors.
Plastic pollution is a danger to health that costs the world at least $1.5 trillion per year, according to a report published in a prestigious medical journal yesterday ahead of talks aimed at negotiating a worldwide treaty to address the issue.
Air taxi company Joby will acquire helicopter operator Blade’s passenger business for $125 million, while Blade will hang on to its medical transport division.
Israel’s government voted to fire the attorney general, who has investigated Prime Minister Benjamin Netanyahu, but the country’s Supreme Court halted the firing while it considers whether it’s legal.
Oil falls as OPEC+ output hike adds to oversupply concerns
(Reuters) - Oil prices fell to their lowest levels...
(Reuters) - Oil prices fell to their lowest levels in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation.
Brent crude futures fell 91 cents, or 1.3%, to settle at $68.76 a barrel, while U.S. West Texas Intermediate crude declined by $1.04, or 1.5%, to close at $66.29 a barrel.
Both contracts settled at their lowest in a week, after declining close to 3% on Friday.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day (bpd) for September.
U.S. stocks end sharply higher, rebound from Friday selloff on rate-cut optimism
U.S. stocks ended sharply higher on Monday, as investors...
U.S. stocks ended sharply higher on Monday, as investors responded to growing expectations of a Federal Reserve interest-rate cut in September. Stocks rebounded from a selloff Friday that was driven by tariff uncertainty and a weaker-than-expected U.S. jobs report.
The Dow Jones Industrial Average went up 585.06 points or 1.3% on Monday to end at 44173.64, marking its largest one-day point and percentage gain since May 27, according to FactSet data. The index also snapped a five-day losing streak.
The S&P 500 rose 91.93 points or 1.5% to close at 6,329.94, also posting its biggest daily advance since May 27 and breaking a four-day losing streak.
The Nasdaq Composite increased 403.45 points or 1.95% to finish at 21,053.58, its strongest one-day performance since May 27, ending a two-day slide.
