Oil Rebounds After Two-Day Slump With Middle East Back in Focus
Oil rose after a two-day decline, with traders weighing developments...
Oil rose after a two-day decline, with traders weighing developments in the Middle East and the prospects for more OPEC+ supply.
Brent climbed above $72 a barrel after tumbling more than 6% over the previous two sessions, and West Texas Intermediate surpassed $68. While one Israeli minister suggested that the war with Hezbollah could be over by year-end, the country’s military chief vowed to strike Iran “very hard” should the OPEC producer launch another attack.
The commodity’s gains were bolstered on Wednesday after data from the ADP Research Institute showed hiring at US companies accelerated by the most in over a year, while Reuters reported that OPEC+ nations could delay plans to revive oil production in December, citing unnamed sources. However, two OPEC+ delegates said that the group hasn't begun discussions yet.
API weekly crude stock dips, signaling increased demand for US petroleum
The American Petroleum Institute (API) has released its Weekly Crude...
The American Petroleum Institute (API) has released its Weekly Crude Stock report, showing a notable decrease in US crude oil, gasoline, and distillates stocks.
Crude Oil Inventories: Fell by 573,000 barrels for the week ending October 25. Analysts expected a build of 2.3 million barrels.
Previous week: Build of 1.643 million barrels.
Year-to-date: Decrease of over 6 million barrels.
Strategic Petroleum Reserve (SPR): Increased by 1.2 million barrels as of October 25.
Current SPR inventory: 385.8 million barrels.
Up 38 million barrels from last summer's low.
Down 249 million barrels since President Biden took office.
Gasoline Inventories: Fell by 282,000 barrels this week.
Previous week: Decrease of 2.019 million barrels.
Currently 3% below the five-year average.
Distillate Inventories: Fell by 1.463 million barrels this week.
Previous week: Decrease of 1.478 million barrels.
Currently 9% below the five-year average.
Cushing Inventories: Increased by 320,000 barrels.
Voters say their most important issue in this presidential...
Voters say their most important issue in this presidential election is the economy, and with less than a week until Election Day, they are about to be given a lot of homework. There will be a rush of economic reports dropping before November 5, and you're about to see a lot of data condensed and stripped of context for headlines and speeches.
As if there wasn't enough chaos, the Boeing strike and aftermath of Hurricanes Helene and Milton will likely muddle some of the data. In the final stretch of automated texts asking for $20, here's an economy vibe check: Two new reports released yesterday seemed to signal a positive-but-cooling labor market, while the US government will release its first estimate of last quarter's GDP growth today, which is expected to be a healthy 3%. A report on Thursday measuring personal consumption expenditures is expected to show inflation dropping to 2.1% in September, tantalizingly close to the Fed's 2% goal. The big one on Friday, October's jobs report, will offer a blurry look at the labor market, with an expected 4.1% unemployment rate (the lowest preelection unemployment rate in 24 years) but a sluggish job growth rate because of the strike and hurricanes. It's hard to say whether the deluge of percentage point changes will make a difference to voters, especially in this tight election, as gas prices, which presidents have little control over, are nonetheless near a three-year low.
JPMorgan is suing customers over “infinite money glitch.” It...
JPMorgan is suing customers over “infinite money glitch.” It turns out that banks don’t just let people steal money from ATMs. JPMorgan filed lawsuits in three federal courts against customers who allegedly took thousands of dollars from machines by depositing bad checks and withdrawing funds in an illegal loophole that went viral on TikTok earlier this year. One Houston, TX, man owes JPMorgan nearly $300,000, the bank said. Though the suits are civil, JPMorgan has referred cases to law enforcement and is still investigating thousands of other incidents across the US. The bank wants the stolen funds returned with interest.
Adidas and Ye settled their legal proceedings out of court with no money changing hands, Reuters reported.
CNN is expanding its “magic wall”—the technology that anchor John King uses to tell viewers exactly how many people have voted in Waukesha County, Wisconsin—to its app for the election.
Netflix is reportedly considering releasing Greta Gerwig’s Narnia film in Imax theaters.
TikTok co-founder Zhang Yiming is now the richest person in China, worth nearly $50 billion, per the BBC.
Kamala Harris will advertise on the Las Vegas Sphere this week.
Oil prices settle down on report of talks to end Lebanon war
Oil prices closed slightly lower on Tuesday,...
Oil prices closed slightly lower on Tuesday, adding to a more than 6% drop in the previous session, on a report that Israeli Prime Minister Benjamin Netanyahu will hold a meeting for a diplomatic solution to the war in Lebanon.
Brent crude futures settled down 30 cents, or 0.4%, at $71.12 a barrel, while U.S. West Texas Intermediate crude shed 17 cents, or 0.3%, to $67.21 a barrel.
Netanyahu will hold a meeting on Tuesday evening with Israeli ministers and the heads of the country's military and intelligence community about talks for a diplomatic solution to the war in Lebanon, Axios reporter Barak Ravid said on X, citing two sources.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that Iran will "use all available tools" to respond to Israel's weekend attack.
Meanwhile, declining oil demand from China, the world's largest crude oil importer, remains a drag on global oil consumption and prices.
