Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal with Japan.
Brent crude futures settled down 8 cents, or 0.12%, lower at $68.51 a barrel, while U.S. West Texas Intermediate crude futures were down 6 cents, or 0.09%, at $65.25 per barrel.
On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1.
Just hours earlier, Trump said the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.
IEA: Global LNG supply, gas demand set for growth in 2026
The International Energy Agency expects new capacity additions in North...
The International Energy Agency expects new capacity additions in North America and Qatar to drive a 7% increase in global liquefied natural gas supply in 2026, which would mark the largest annual increase since 2019. The boost will help ease market tightness and fuel demand growth, particularly in Asia, Africa and the Middle East. Global gas demand is projected to rise by around 2% next year after a slower 2025, potentially hitting a new record high.
Dow regains 45,000, ends just shy of record ahead of Tesla, Alphabet earnings
The Dow Jones Industrial Average closed at its highest...
The Dow Jones Industrial Average closed at its highest level of the year, while the S&P 500 carved out another record, amid hopes that the U.S. can reach more trade deals and Alphabet Inc.'s earnings will come in strong.
According to Scott Helfstein, head of investment strategy for the provider of exchange-traded funds known as Global X, "there is still room to move higher if earnings beat expectations.''
The Dow Jones Industrial Average rose 507.85 points, or 1.1%, to end at 45,010.29, based on preliminary data. It finished just 3.75 points away from its record closing high of 45,014.04, reached on Dec. 4.
The S&P 500 advanced 49.33 points, or almost 0.8%, to close at 6,358.95 for its 12th record high of the year.
The Nasdaq Composite rose 127.33 points, or 0.6%, to finish at 21,020.02.
Halliburton CEO: OFS Market is Tougher Than Expected
After a tough second quarter for Halliburton, cutbacks in frac fleets...
After a tough second quarter for Halliburton, cutbacks in frac fleets and tighter spending is expected as the company anticipates a tough market for oilfield services.
Forecasts in late 2024 that a soft economy would bedevil the oilfield services sector this year have given way to an even harsher outlook for the second half of the year.
The landscape for oilfield services giant Halliburton is no exception.
“In North America, multiple operators, even large and established customers, are now planning meaningful schedule gaps in the second half of 2025,” said Jeff Miller, Halliburton’s chairman, president and CEO, during the company’s second-quarter earnings call with analysts on July 22.
“What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term,” he said.
Johnson shut down the House early to avoid an Epstein vote. The...
Johnson shut down the House early to avoid an Epstein vote. The US House of Representatives will start its summer break early today after Speaker Mike Johnson cut this week’s business short to prevent a vote to release files related to Jeffrey Epstein. Johnson, a Republican, accused Democrats of playing “political games” by trying to vote to force the DOJ to release information related to Epstein. Some GOP lawmakers have joined Democrats in seeking to make the information public, which President Trump campaigned on doing but has since disregarded. Trump is now suing the Wall Street Journal after the paper published a story about the president’s links to Epstein, who died by suicide in 2019 while awaiting trial on sex trafficking charges. The House will now be in recess until September.
Kellanova, the maker of Pop-Tarts, Pringles, and Eggo waffles, will remove artificial dyes from its foods by 2028, the company said.
Target is scaling back its popular “price match” perk to include only other Target stores or its website, as opposed to Amazon and Walmart.
The Trump administration again pulled the US out of the UN cultural agency UNESCO, two years after President Biden rejoined the group following a five-year absence that started during Trump’s first term.
The LA Times will go public, its billionaire owner, Patrick Soon-Shiong, said in an appearance on The Daily Show this week.
Coca-Cola plans to launch a version of its flagship soda that is made with cane sugar rather than corn syrup following President Trump’s push.
