The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, noting that inventories declined by 577,000 barrels in the week ending July 18.
So far this year, crude oil inventories are up 11 million barrels, according to Oilprice calculations of API data.
Gasoline inventories fell in the week ending July 18 by 1.228 million barrels. As of last week, gasoline inventories were slightly above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose substantially this week, by 3.480 million barrels. Distillate inventories were 21% below the five-year average as of the week ending July 11, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 314,000 barrels in the week.
Oil Prices Fall as Key Trade Talks Falter Ahead of Tariff Deadline
(Reuters) - Oil prices fell on Tuesday for a third consecutive session,...
(Reuters) - Oil prices fell on Tuesday for a third consecutive session, as hopes faded for a trade deal between the U.S. and Europe, feeding fears of an economic slowdown in the world's largest oil markets.
Brent crude futures were down 82 cents, or 1.2%, to $68.39 a barrel by 1:59 p.m. EDT. U.S. West Texas Intermediate crude futures for August delivery, set to expire on Tuesday, fell $1.05, or 1.6%, to $66.15 per barrel.
The more active September WTI contract was down 87 cents, or 1.3%, to $65.08 a barrel.
The European Union was exploring a broader set of possible counter-measures against the U.S. as prospects faded for an acceptable trade agreement with Washington, EU diplomats told Reuters.
U.S. President Donald Trump has set an August 1 deadline for countries to secure trade deals or face steep tariffs. He had threatened a 30% tariff on EU imports if no deal was reached.
S&P ends at fresh record high, Nasdaq falls as Big Tech earnings approach
U.S. stocks closed mostly higher Tuesday, with the S&P...
U.S. stocks closed mostly higher Tuesday, with the S&P 500 scoring another record finish, as investors looked for progress from President Donald Trump on the trade front and awaited more corporate earnings.
The Dow Jones Industrial Average gained 179.37 points, or 0.4%, ending at 44,502.44. That was 1.1% away from its December record.
The S&P 500 rose 4.02 points, or 0.1%, ending at 6,309.62, a record.
The Nasdaq Composite slipped 81.49 points, or 0.4%, finishing at 20,892.68.
Trump said Tuesday that the U.S. reached a trade agreement with the Philippines that includes a 19% tariff on imports to the U.S. But the Trump administration has long backed off its earlier vow to ink 90 deals in 90 days.
SLB: North, Latin America drag on upstream O&G spending
Sluggishness in North and Latin America could drive a global pullback...
Sluggishness in North and Latin America could drive a global pullback in global upstream oil and natural gas spending this year, despite resilient Asian and Middle Eastern markets, SLB predicted. The oilfield services giant posted second-quarter revenue of $8.55 billion and earnings of $0.74 per share, narrowly surpassing Wall Street expectations. SLB CEO Olivier Le Peuch maintains a constructive outlook for the second half of the year despite market headwinds.
An Aug. 1 deadline looms for the US and EU to reach an agreement on a...
An Aug. 1 deadline looms for the US and EU to reach an agreement on a trade deal, but President Trump’s recent threat of a 30% tariff rate on products from The Land Of No Air Conditioners appears to have escalated the already tense ongoing negotiations.
Multiple reports indicate this has emboldened the EU to more strongly consider retaliating against the US with a never-before-used measure: kindness the Anti-Coercion Instrument.
Is that code for a baseball bat? No. It’s a legal tool that allows the EU’s bloc of 27 countries to impose new taxes on US tech companies, reduce investments in US firms on EU soil, and prevent US companies from bidding on public European contracts. And that’s in addition to imposing its own tariffs.
