Oil prices slide 2% despite U.S. President Trump reinstating...
Oil prices slide 2% despite U.S. President Trump reinstating maximum pressure on Iran, as rising U.S. crude inventories and fears of a trade war raise demand concerns.
Brent crude is down 1.9% to $74.75 a barrel, while WTI falls 2.1% to $71.21 a barrel.
The latest data from the Energy Information Administration show crude stockpiles rose by 8.7 million barrels last week, against expectations of a 1.3-million-barrel rise.
Prices are also pressured by concerns that a trade spat between the U.S. and China could hurt global growth and raise inflationary pressures.
"The oil market is now caught between increasing fears that an escalating trade war will damage global oil demand growth...and possible sudden disruption of Iranian oil exports," says SEB's chief commodities analyst Bjarne Schieldrop in a note.
U.S. stocks end higher, find footing as Treasury yields see big drop
After trade-war fears ballooned early this week, an old reliable—earnings...
After trade-war fears ballooned early this week, an old reliable—earnings season—retook center stage in markets Wednesday.
Major stock indexes notched modest gains. The Dow Industrial Average led the pack, climbing 0.7%, or 317 points, while the S&P 500 rose by 0.4%. Investors pored over quarterly reports from Google parent Alphabet and chip maker Advanced Micro Devices, both of which disappointed Wall Street. That dragged on the tech-heavy Nasdaq Composite, which eked out a 0.2% increase.
The relatively muted trading suggests investors have calmed their nerves since President Trump threatened wide-ranging tariffs against America’s three largest trading partners.
Trump’s tit-for-tat threats with officials in Canada and Mexico have receded for now. At the same time, China’s response to tariffs was considered by Wall Street to be fairly tame, with new levies imposed on a slim slice of American goods. Some analysts cautioned, however, that investors might be underestimating the risk of a lengthier trade spat.
Marathon weighs strategy to shield against tariffs
Marathon Petroleum is prepared...
Marathon Petroleum is prepared to adjust crude slates at its Midwest refineries to process lighter domestic crude grades if tariffs restrict access to Canadian oil. As the company evaluates how tariffs might impact it, CEO Maryann Mannen warned that producers and, to a lesser extent, consumers will shoulder most of the financial burden of trade disruptions.
API: US oil, gasoline inventories expanded last week
US crude oil inventories...
US crude oil inventories surged by 5.03 million barrels last week, exceeding analyst expectations, while gasoline stocks also climbed by 5.43 million barrels, according to the American Petroleum Institute. In contrast, distillate inventories dropped sharply for a second consecutive week, falling by 6.98 million barrels.
ONEOK and Marathon Petroleum's MPLX are joining forces to develop a...
ONEOK and Marathon Petroleum's MPLX are joining forces to develop a $1.4 billion, 400-barrel-per-day liquefied petroleum gas export terminal in Texas City, Texas, along with a $350 million pipeline linking the terminal to ONEOK's Mont Belvieu storage facility. The projects are expected to become operational by 2028.
