According to the American Petroleum Institute, US crude oil inventories...
According to the American Petroleum Institute, US crude oil inventories unexpectedly surged by 4.052 million barrels for the week ending May 24, reversing the prior week's decline of 6.49 million barrels. Inventory levels for gasoline and distillates also diverged during the week, with gasoline stocks dropping 452,000 barrels while distillates climbed 2.045 million barrels to push both fuels further from their seasonal five-year averages.
Benchmark U.S. crude oil for July delivery rose 82 centsto $74.07 per barrel Wednesday. Brent crude for August delivery rose 89 cents to $78.41 per barrel.
Wholesale gasoline for July delivery was unchanged at $2.35 a gallon. July heating oilrose 1 centto $2.30 a gallon. July natural gasrose 17 cents to $2.76 per 1,000 cubic feet.
MarketWatch: S&P 500, Nasdaq close at records as Nvidia surpasses $3 trillion market cap →
The S&P 500 and Nasdaq Composite ended at records Wednesday as Nvidia...
The S&P 500 and Nasdaq Composite ended at records Wednesday as Nvidia Corp.'s market capitalization topped the $3 trillion mark for the first time. Nvidia closed with a gain of 5.2%, which was nearly $1,224 a share.
According to preliminary figures, the Dow rose around 96 points to end near 38,807. The S&P 500 booked a gain of 1.2%, ending near 5,354, while the Nasdaq Composite jumped 2% to close near 17,188.
10-year Treasurys fell today, continuing to slide as investors digest recent economic readings. But oil prices finally arrested their decline today after sliding to four-month lows following news that OPEC+ may allow more oil to hit the market later this year.
And gold continues to rise as investors hedge their bets that the news from Friday’s all-important PCE reading may not benefit markets as much as investors hope.
Oil prices edged up slightly during early trading, with benchmark West...
Oil prices edged up slightly during early trading, with benchmark West Texas Intermediate trading at $73.49 per barrel, up 24 cents or 0.3%, and Brent crude reaching $77.78, an increase of 26 cents or 0.3%. The modest increases come despite long-term concerns over the possibility of supply increases from OPEC+ later in the year and rising US crude and gasoline inventories.
The 30-year mortgage inched up to the highest level since May 10.
The increase in rates caused the market composite index — a measure of mortgage application volume — to decrease in the past week, according to the Mortgage Bankers Association (MBA) on Wednesday.
The market index fell 5.2% to 180.4 for the week ending May 31 from a week prior. A year ago, the index stood at 194.7.
