Benchmark U.S. crude oil for Decemberdelivery fell $1.56 to $80.08 a barrel Friday. Brent crude for January delivery fell $2.16 to $87.62 a barrel.
Wholesale gasoline for December delivery fell 3 cents to $2.42 a gallon. December heating oil was unchanged at $3.52 a gallon. December natural gasfell 7 cents to $6.30 per 1,000 cubic feet.
US Drillers Add Oil, Gas Rigs for Third Consecutive Week
U.S. energy firms this week added oil and natural gas rigs for...
U.S. energy firms this week added oil and natural gas rigs for a third week in a row as relatively high oil prices encourage companies to drill more.
The total oil and gas rig count, an early indicator of future output, rose three to 782 in the week to Nov. 18, its highest since March 2020. That puts the total rig count up 219 rigs, or 39%, over this time last year.
U.S. oil rigs rose one to 623 this week, their highest since March 2020, while gas rigs rose two to 157
US considers Saudi crown prince immune from suit over slaying. Despite President Biden’s...
US considers Saudi crown prince immune from suit over slaying. Despite President Biden’s harsh rhetoric about the role of Saudi Arabia’s Crown Prince Mohammed bin Salman in the murder of Jamal Khashoggi, the Biden administration said in a legal document that his position as a nation’s leader shields him from a lawsuit brought by the journalist’s former fiancée. The State Department stressed that it was making a determination based on precedent that had nothing to do with the merits of the case itself. A judge must still rule on whether MBS has immunity.
Elizabeth Holmes gets 11 years for faking it but not making it
Theranos founder Elizabeth Holmes was sentenced to 135 months (that’s 11.25 years)...
Theranos founder Elizabeth Holmes was sentenced to 135 months (that’s 11.25 years) in prison yesterday for defrauding investors in what would have been the biggest tech scandal news of the week if FTX had never existed.
That’s less than the 15 years prosecutors sought, but a whole lot more than the 18 months of house arrest her lawyers advocated for. On the white-collar prison time scale ranging from Martha Stewart’s five months to Bernie Madoff’s 150 years, Holmes’s sentence for what the judge estimated to be $121 million worth of scamming is probably starting to make Sam Bankman-Fried a little nervous about that disappearing $32 billion.
Dow, S&P 500 end higher Friday, but stocks book weekly losses
The Dow and S&P 500 finished a choppy session higher Friday, but with the main U.S. equity indexes...
The Dow and S&P 500 finished a choppy session higher Friday, but with the main U.S. equity indexes still booking a weekly loss as doubts emerged about the staying power of a rally sparked by signs of easing U.S. inflation. The Dow Jones Industrial Average DJIA, +0.59% rose about 200 points, or 0.6%, ending near 33,747 Friday. The S&P 500 index SPX, +0.48% closed up 0.5%, but failed to end above the 4,000 mark after trading above that level several times intraday in past sessions this week. The Nasdaq Composite Index COMP, 0.01% eked out a 0.01% gain Friday. Stocks wobbled earlier this week after St. Louis Federal Reserve President James Bullard said the central bank's rate could end up as high as 7%, up from the current 3.75% to 4% range. Higher rates make it more expensive for households and businesses to borrow. This tightening cycle differs from the recent past in that the central bank has been raising rates into what appears to be a slowing economy, with economists and investors seeing the risks of a recession increasing as the Fed tightens the screws of financing conditions. The Dow ended the week flat, while the S&P 500 posted a 0.7% weekly decline and the Nasdaq shed 1.6%, according to FactSet. Stocks have ended lower in two of the past three weeks.
