Crude oil prices slumped to their lowest level since 2021 after the U.S....
Crude oil prices slumped to their lowest level since 2021 after the U.S. announced a fresh 50% tariff for Chinese imports following Beijing’s refusal to withdraw its retaliatory 34% tariffs announced in response to Washington’s imposition of a 34% tariff rate on top of already existing levies.
When this morning's report was written, Brent crude was trading at $59.07 per barrel, with West Texas Intermediate at $55.46 per barrel, both down by over 4% from Tuesday’s close. Since the start of the year, the benchmarks have shed more than $10 per barrel, and most analysts expect the rout to deepen as fears run high that tariffs would sap oil demand.
“China’s aggressive retaliation diminishes the chances of a quick deal between the world’s two biggest economies, triggering mounting fears of global economic recession,” Rystad Energy Vice President for oil markets, Ye Lin, told Reuters. “China’s 50,000 bpd to 100,000 bpd of oil demand growth is at risk if the trade war continues for longer; however, a stronger stimulus to boost domestic consumption could mitigate the losses,” the analyst added.
Two 30-inch pipelines connecting the Delaware and Central basins in Texas...
Two 30-inch pipelines connecting the Delaware and Central basins in Texas would move produced waters to areas less prone to earthquakes and support future desalination efforts, according to water management firm WaterBridge, which announced the project. Leaders of the Speedway Pipeline project are seeking producers to support the project.
The White House moved forward with the massive tariffs after neither side showed much interest in making a deal. The 104% includes a previous duty on China + Trump’s 34% tariff announced last week + an extra 50% he slapped on if China did not rescind its retaliatory levy on the US (it didn’t). The escalating tensions between the US and China come as Trump says he’s made progress on deals with other countries, including South Korea. Meanwhile, Trump confidante and Tesla CEO Elon Musk publicly broke with the White House on its tariff policy, calling trade advisor Peter Navarro a “moron” and “dumber than a sack of bricks.”
The DOJ scrapped its crypto investigations unit. The...
The DOJ scrapped its crypto investigations unit. The National Cryptocurrency Enforcement Team—the primary federal government unit investigating crypto-related crimes—no longer exists, Deputy Attorney General Todd Blanche wrote in a memo Monday night. Instead, the Justice Department is outsourcing crypto prosecution to US attorneys’ offices, refocusing on crimes involving terrorism and human trafficking. The move is the latest in a series of crypto-friendly policies enacted by the Trump administration.
Meta is blocking teens under 16 from livestreaming on Facebook without a parent’s permission as part of the company’s efforts to protect young users.
NASA is considering consolidating offices and shifting thousands of jobs amid the Trump administration’s cuts to government spending, Politico reported.
China could ban Hollywood movies in response to increased tariffs, according to a blogger with ties to the Chinese government.
Walgreens beat Wall Street’s revenue expectations in its fiscal Q2 as it prepares to go private with the help of Sycamore Partners.
Sen. Cory Booker’s heart rate remained above 109 beats per minute for most of his record-long, 25-hour Senate speech, per data from his Oura Ring.
U.S. crude oil closes below $60 per barrel as selloff continues on fears of full-blown trade war
U.S. crude oil closed below $60 per barrel on Tuesday,...
U.S. crude oil closed below $60 per barrel on Tuesday, the lowest level in four years as traders fear that President Donald Trump's sweeping tariffs will trigger a full-blown, global trade war.
U.S. crude oil lost $1.12, or 1.85%, to close at $59.58 per barrel, the lowest level since April 2021. Global benchmark Brent fell $1.39, or 2.16%, to settle at $62.82 per barrel.
The U.S. benchmark rose much as 1.7% earlier in the session, but pulled back as Trump's China tariffs loom over the market. Prices are down more than 15% since last Wednesday when Trump announced the new round of import taxes.
Helima Croft, global head of commodity strategy at RBC Capital Markets, said the oil market faces a "toxic cocktail" of recession fears due to Trump's tariffs and OPEC+'s decision to bring more barrels back to the market.
