(Reuters) - Oil prices fell more than 2% on Thursday,...
(Reuters) - Oil prices fell more than 2% on Thursday, as investors weighed the potential impact of U.S. President Donald Trump'stariffs on global economic growth.
Brent crude futures settled at $68.64 a barrel, down $1.55,or 2.21%. U.S. West Texas Intermediate crude finished at $66.57 a barrel, down by $1.81,or 2.65%.
On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., pressuring his Brazilian counterpart Luiz Inacio Lula da Silva over Brazil's trial of former President Jair Bolsonaro over charges of plotting a coup to stop Lula from taking office in 2023.
Higher interest rates make borrowing more expensive and can slow demand for oil.
OPEC+ oil producers are set to approve another big output boost for September, as they complete unwinding voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota.
However, OPEC+ indicated it may pause output hikes in October because of a possible peak in oil demand, said Phil Flynn, senior analyst with Price Futures Group.
Two of three major U.S. stock market indexes closed at...
Two of three major U.S. stock market indexes closed at record levels of Thursday, as investors counted on corporate earnings to prevail over inflation risks and President Trump's tariffs.
The S&P 500 ended roughly 0.3% higher at about 6,280, a fresh record close, according to preliminary data.
The Nasdaq Composite gained about 0.1% to end near 20,630, also a record close.
The Dow Jones Industrial Average added about 0.4%.
EIA Backs up API With Shocking Rise of US Crude Oil Inventories
Crude oil inventories in the United States increased...
Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year.
The American Petroleum Institute (API) on Tuesday estimated a surprise 7.1-million-barrel build for the week ending July 4 after analysts had estimated a 2.8-million-barrel draw.
For total motor gasoline, the EIA reported a decline of 2.7 million barrels, with daily production rising to 9.9 million barrels. For middle distillates, inventories dipped by 800,000 barrels, with production increasing to 5.1 million barrels daily. Distillate inventories are now 23% below the five-year average.
Additionally, stocks at the Cushing, Oklahoma, delivery hub decreased by 464 thousand barrels.
EIA trims oil outlook, sees steady gas output through 2026
The Energy Information Administration...
The Energy Information Administration has lowered its US oil production outlook for 2025 to 13.37 million barrels per day and expects marketed natural gas production to hover around 116 Bcf/d through 2026. Henry Hub gas prices are forecast to average $3.67 per million British thermal units in 2025 and $4.41/MMBtu in 2026, while West Texas Intermediate crude is seen averaging $65.22 per barrel in 2025 and $54.82 per barrel next year.
Utah oil facility expansion receives federal approval
Coal Energy Group 2 has secured Bureau of Land Management approval to...
Coal Energy Group 2 has secured Bureau of Land Management approval to expand its Wildcat Loadout Facility in Helper, Utah, which will enable it to ship an additional 100,000 barrels of crude oil per day by rail to Gulf Coast refineries. The fast-tracked approval was granted under an expedited environmental review process tied to President Donald Trump's national energy emergency declaration.
