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Crude oil inventories in the United fell by 1.58 million barrels for the week ending October 11, according to The American Petroleum Institute (API). Analysts had expected a build of 3.2 million barrels.
Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle East conflicts will disrupt supply.
Earlier this week, crude prices fell in response to a weaker demand outlook and a media report that Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration (EIA) data showed.
Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.
As of October 16, 2024, the closing prices for oil and natural gas are:
West Texas Intermediate (WTI) Crude Oil: $70.39 per barrel
Brent Crude: $74.22 per barrel
RBOB Gasoline: $2.0403 per gallon
Natural Gas: $2.367 per thousand cubic feet
Major U.S. stock indexes bounced back from a selloff in the prior session to finish higher on Wednesday, buoyed by strong corporate-earnings results from names like Morgan Stanley and United Airlines.
The Dow Jones Industrial Average finished up by 337.28 points, or 0.8%, at a record high of 43,077.70, based on preliminary data. It surpassed its previous record close of 43,065.22 reached on Monday.
The S&P 500 closed up by 27.21 points, or 0.5%, at 5,842.47.
The Nasdaq Composite ended up by 51.49 points, or 0.3%, at 18,367.08.
"Banks as a whole seem to be trading pretty well based on positive quarterly earnings, and that signifies the interest-rate environment and lending environment are starting to stabilize and look more attractive for banks,'' said Ryan Jacobs, founder of Florida-based advisory firm Jacobs Investment Management.
"When looking at the whole economic landscape, banks should be able to operate in more attractive lending opportunities,'' Jacobs said via phone.
Meanwhile, Treasury yields finished broadly lower as oil futures dropped again on uncertain future demand. Two-, 10-, and 30-year yields closed at their lowest levels in almost two weeks.
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