Oil futures settled higher Wednesday, finding support from overall weakness in U.S. dollar, as well as data from the Energy Information Administration showing a notable weekly rise in gasoline demand and a nearly 6-million-barrel drop in supplies of the motor fuel.
The rise in gasoline demand helped offset global economic growth worries as investors navigated intensifying trade tensions.
West Texas Intermediate crude for April delivery rose $1.43, or 2.2%, to settle at $67.68 a barrel on the New York Mercantile Exchange.
May Brent crude, the global benchmark, added $1.39, or 2%, at $70.95 a barrel on ICE Futures Europe.
April gasoline climbed 2.1% to $2.15 a gallon, while April heating oil tacked on 0.4% to $2.21 a gallon.
Natural gas for April delivery settled at $4.08 per million British thermal units, down 8.3%.
Dow ends lower, Nasdaq jumps 1.2% as Big Tech rebounds from tariff-induced slide
U.S. stocks finished mostly higher on Wednesday afternoon...
U.S. stocks finished mostly higher on Wednesday afternoon after February's consumer-price index report showed inflation cooled more than expected last month.
The Nasdaq Composite surged 212.35 points, or 1.2%, to end at 17,648.45 after two days of heavy losses, according to FactSet data. Gains for tech heavyweights, including Nvidia Corp., Tesla Inc. and others helped lift the index, which remains down 3% so far this week.
The S&P 500 gained 27.23 points, or 0.5%, to finish at 5,599.30, after back-to-back losses.
The Dow Jones Industrial Average notched a third straight loss, falling 82.55 points, or 0.2%, to 41,350.93.
Despite the rebound in technology stocks, uncertainty around President Donald Trump’s trade policies continued to weigh on market sentiment on Wednesday. The president officially imposed sweeping 25% tariffs on all steel and aluminum imported into the U.S. on Wednesday, while Canada said it will impose 25% tariffs on more than $20 billion worth of U.S. products.
House Republicans pass bill to avert government shutdown
The House passed a bill yesterday to keep the government funded through...
The House passed a bill yesterday to keep the government funded through September, mostly at last year’s funding level, as a Friday deadline to secure new funding or shut down the government looms. It passed essentially along party lines, with one Republican voting against it and one Democrat voting for it. The measure now heads to the Senate, where Republicans will need at least seven votes from Democrats to prevent a filibuster that could block it. The Democrats have their own proposal that aims to give Congress more power over spending as Elon Musk’s DOGE makes cuts.
US to resume aid to Ukraine after progress on potential ceasefire deal
The Trump administration lifted its pause on military...
The Trump administration lifted its pause on military aid and intelligence sharing with Ukraine after Ukraine agreed to an immediate 30-day ceasefire negotiated by the United States—if Russia also agrees. The announcements came following talks between US officials and a Ukrainian delegation in Saudi Arabia. The US said it would present the plan to Russia, where President Donald Trump’s special envoy, Steve Witkoff is expected to travel later this week.
President Trump got a Tesla. The president said he’d buy one of the electric vehicles to support Elon Musk after the car company suffered a major stock sell-off and its showrooms have become targets for protests over his work with DOGE. Musk said in an interview the day before that his government cost-cutting efforts were making it harder to run his businesses. In a Truth Social post, President Trump said “radical left lunatics” were “illegally and collusively” boycotting Tesla, although consumer boycotts are not against the law. Some analysts questioned whether the attempt to help could actually hurt Tesla by even more closely aligning its cars with politics.
The Department of Education will cut about half its staff, CNN reports. President Trump wants to scrap the department entirely.
US job openings increased in January, giving some hope of stability in the labor market, although other recent data showed hiring slowing down.
Former Philippine President Rodrigo Duterte was arrested and will face crimes against humanity charges at the International Criminal Court over deadly anti-drug crackdowns during his rule.
Portugal’s government collapsed after losing a confidence vote in Parliament. A new election will likely be held in May.
