Oil ends higher as traders weigh tariff uncertainty, await next move from OPEC+
Oil futures finished higher Thursday, a day after the...
Oil futures finished higher Thursday, a day after the U.S. benchmark saw its lowest settlement of the new year, as traders continued to weigh the possibility that President Donald Trump will implement tariffs on Canada and Mexico, which are among the biggest sources for U.S. oil imports.
Traders also looked ahead to an upcoming meeting of ministers from OPEC+ - made up of the Organization of the Petroleum Exporting Countries and its allies - and their possible response to President Trump's recent call for increased production.
🟢 West Texas Intermediate crude CL00 for March delivery CL.1 CLH25 edged up by 11 cents, or nearly 0.2%, at $72.73 a barrel on the New York Mercantile Exchange. The front-month WTI contract ended Wednesday at its lowest since Dec. 31.
🟢 March Brent crude BRNH25, the global benchmark, rose 29 cents, or 0.4%, at $76.87 a barrel on ICE Futures Europe. The more actively traded April contract BRN00 BRNJ25 settled at $75.89 a barrel, up 28 cents, or 0.4%.
🟢 February gasoline RBG25 tacked on nearly 0.1% to $2.04 a gallon, while February heating oil HOG25 added 0.9% to $2.48 a gallon.
🔴 Natural gas for March delivery NGH25 settled at $3.05 per million British thermal units, down 3.9%, after gaining 1.5% Wednesday.
U.S. stocks pare gains but end higher as investors await Trump tariff decision
U.S. stocks closed higher Thursday despite a brief late-session...
U.S. stocks closed higher Thursday despite a brief late-session pullback, as investors waited for President Trump to potentially deliver an announcement on the tariff front.
The Dow Jones Industrial Average added 168.61 points, or 0.4%, to end at 44,882.13, or 0.3% away from its record close on Dec. 4, according to Dow Jones Market Data.
The S&P 500 index gained 31.68 points, or 0.5%, closing at 6,071.17, and the Nasdaq Composite added 49.43 points, or 0.3%, finishing at 19,681.75.
Shares of megacap tech companies were still mixed for the week after a sharp rout on Monday that hammered Nvidia Corp.
Focus also was on more tech earnings on deck after the bell, with investors taking in stride the Federal Reserve's latest message of being in no rush to cut interest rates further.
The Nasdaq briefly turned negative heading into the closing bell, as investors reacted to comments from Trump about him potentially making a decision soon to apply harsh tariffs on Canada and Mexico on Feb. 1.
Brazil’s Petrobras saw its proven oil and gas reserves increase by 500 million barrels last year, from 10.9 billion barrels to 11.4 billion barrels, the company said this week as quoted by Reuters.
As much as 85% of this total was in the form of crude oil and condensates with the remainder natural gas, Petrobras also said. The company also added 1.3 billion barrels of oil equivalent to its total reserves, while production came in at 900 million barrels of oil equivalent.
Going forward, the Brazil state energy major will focus on boosting production from existing fields, the company said in 2024, and seek to diversify its portfolio without losing focus of its profitable assets. Stemming natural depletion at mature fields will be another focus for the company between 2025 and 2029.
The Environmental Protection Agency is reconsidering...
The Environmental Protection Agency is reconsidering California's authority to enforce strict vehicle emission standards, according to a Supreme Court filing. The motion, which seeks to pause related litigation, reflects the EPA's review of a 2022 Biden-era decision supporting California's zero-emission vehicle mandates to ban gas-powered car sales by 2035.
Trump prioritizes protectionism over inflation control
Donald Trump's economic agenda prioritizes protectionism and isolationism,...
Donald Trump's economic agenda prioritizes protectionism and isolationism, with a focus on promoting manufacturing and imposing tariffs. These policies are expected to raise costs and challenge the Federal Reserve's ability to manage interest rates, potentially leading to higher inflation.
