Benchmark U.S. crude oilfor November delivery fell $1.78 to $89.35 a barrel Tuesday. Brent crudefor December delivery fell $1.90 to $94.29 a barrel.
Wholesale gasoline for November delivery rose 1 cent to $2.63 a gallon. November heating oilrose 2 cents to $3.93 a gallon. November natural gas rose 16 cents to $6.60 per 1,000 cubic feet.
U.S. stocks end lower for fifth day; Nasdaq posts lowest close since 2020
U.S. stocks finished mostly lower on Tuesday with the S&P 500 logging its lowest end-of-date...
U.S. stocks finished mostly lower on Tuesday with the S&P 500 logging its lowest end-of-date level since September, while the Nasdaq Composite logged its lowest such level since July. Only the Dow Jones Industrial Average managed to evade a loss for the day; the other two indexes recorded their fifth straight session in the red. The S&P 500 SPX, -0.65% finished down 23.55 points, or 0.7%, to 3,588.84. The Nasdaq COMP, -1.10% fell 115.91 points, or 1.1%, to close at 10,426.19. The Dow DJIA, +0.12% advanced 36.31 points, or 0.1%, to finish at 29,239.19
Crude oil could hit $125 a barrel as Russia's reaction to a US-led price cap threatens to squeeze supply, UBS says
Crude oil could hit $125 a barrel as Russia's response to a US-led price cap plan threatens to tighten...
Crude oil could hit $125 a barrel as Russia's response to a US-led price cap plan threatens to tighten the global market even further, a top UBS commodities strategist has said.
Moscow has said it's prepared to cut its oil output if the G7 nations carry through with the price cap, warning the measure will end up primarily hurting those behind the plan.
Dominic Schnider, head of commodities at UBS Global Wealth Management, said that could pull another 1 million barrels a day at a time when the oil market is already facing a supply squeeze from the OPEC+ decision to slash its production targets.
"As we get further draws, you're going to see prices going up. That simple. And we're looking at $110-$125, that's for us our point of gravity when it comes to crude oil,"he added.
Saudi Aramco to Maintain Full Oil Supplies to Asia Despite OPEC+ Cuts
Saudi Aramco has told at least seven customers in Asia they will...
Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Oct. 10.
The producer is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, the sources said.
The world’s top exporter has also kept November crude prices for Asia largely unchanged against expectations of higher prices as it seeks to maintain market share in the region.
