U.S. crude oil falls nearly 3% as U.S. pushes for Gaza cease-fire
U.S. crude oil futures fell nearly 3% on Monday to close below $75 per...
U.S. crude oil futures fell nearly 3% on Monday to close below $75 per barrel, as the U.S. pushes to secure a cease-fire deal to the end the fighting in Gaza and worries about softening demand weighed on the market.
U.S. Secretary of State Antony Blinken is in Israel, where he warned this may be the “last opportunity” to secure a deal that ends the fighting and frees hostages held by Hamas.
Cease-fire talks are scheduled to continue this week in Cairo, Egypt.
Here are Monday’s closing energy prices:
West Texas Intermediate September contract: $74.37 per barrel, down $2.28, or 2.97%. Year to date, U.S. oil has gained 3.8%.
Brent October contract: $77.66 per barrel, off $2.02, or 2.54%. Year to date, the global benchmark is ahead 0.8%.
RBOB Gasoline September contract: $2.26 per gallon, down more than 4 cents, or 2%. Year to date, gasoline is higher by 7.7%.
Natural Gas September contract: $2.23 per thousand cubic feet, up 11 cents, or 5.3%. Year to date, gas is down 11.1%.
U.S. crude oil has been trading in a range between $75 and $80 per barrel over the past week, with the market caught between geopolitical tensions in the Middle East that could disrupt supplies and push prices higher, and supply and demand fundamentals leading the other way.
Nasdaq exits correction, S&P 500 logs longest daily win streak since November
U.S. stocks ended higher on Monday, building on last...
U.S. stocks ended higher on Monday, building on last week's gains.
According to Dow Jones Market Data, the Dow Jones Industrial Averageclimbed 236.77 points, or 0.6%, to end at 40,896.53 for its fifth straight daily gain.
The S&P 500gained 54.00 points, or 1%, to 5,608.25 for its eighth straight daily gain — logging its longest winning streak since November 8, 2023, when the market rose for eight straight trading days. The index also notched its largest eight-day percentage gain since March 24, 2022.
The Nasdaq Compositerose 245.05 points, or 1.4%, to finish at 17,876.77 for its eighth straight daily gain — recording its longest winning streak since December 19, 2023, when the market rose for nine straight trading days. The index also exited correction territory on Monday after only 11 trading days, the shortest correction for the index since the one ending October 11, 2011, which lasted six trading days.
Based on data since 1971, the Nasdaq Composite saw an average gain of 0.3% in the week after exiting correction territory and an average rise of 23.6% one year after such a move.
Arkansas Electric Cooperative says it has selected Morris County, Texas,...
Arkansas Electric Cooperative says it has selected Morris County, Texas, for a 900 megawatt base-load power plant. The natural-gas plant would be located on a 900-acre site. Pending regulatory approval, construction could begin in mid-2026 and commercial operation could begin by 2029.
The American Petroleum Institute, alongside 14 fossil fuel companies,...
The American Petroleum Institute, alongside 14 fossil fuel companies, is asking a judge to throw out a lawsuit filed by Bucks County, Pa., that seeks to hold the industry accountable for climate change-related disasters. They argue that the county violated Pennsylvania's Sunshine Act when agreeing to pursue legal action without properly notifying the public.
Stock market’s ‘fragile’ bounce at stake as Powell prepares Jackson Hole speech
Market watchers widely expect Federal Reserve Chair Jerome...
Market watchers widely expect Federal Reserve Chair Jerome Powell to set the tone for a September interest-rate cut in his speech at the Kansas City Fed’s annual Jackson Hole Economic Symposium on Friday.
However, if the speech goes differently, it could threaten the stock market’s recent bounce.
Powell is due to speak on the economic outlook at 10 a.m. Eastern time, following a precedent where Fed chairs almost always give a keynote speech during the high-profile annual gathering that regularly attracts top U.S. and global central bankers. The event runs from Aug. 22 to 24 in Grand Teton National Park in Wyoming.
