Oil joins tumbling commodities as China COVID spread triggers fresh demand worries
Oil prices tumbled on Monday, amid fresh worries that spreading COVID cases and more...
Oil prices tumbled on Monday, amid fresh worries that spreading COVID cases and more lockdowns in China will hurt demand. That has added to concerns that Federal Reserve tightening could also weaken prospects for the commodity.
West Texas Intermediate crude for June delivery tumbled 5%, or $5.11, to $96.96 a barrel. On Friday, oil settled 1.7% lower at $102.07 a barrel on the New York Mercantile Exchange, and fell about 4.1% for the week, FactSet data show.
June Brent crude fell 4.5%, or $4.86, to $101.27 a barrel. The contract fell nearly 1.6% to $106.65 a barrel on ICE Futures Europe on Friday, falling 4.5% for the week.
May gasoline slid 4.3% to $3.162 a gallon, after losing 2.3% last week. May heating oil fell 2.1% to $3.854 a gallon, after gaining 2.2% last week.
May natural gasNGK22, +0.05% rose 0.6% to $6.575 per million British thermal units, following a 10.5% slump last week.
India’s exports to Russia are costing businesses a fortune
India’s trade ties with its long-time ally Russia have deepened since the Ukraine war began. Western...
India’s trade ties with its long-time ally Russia have deepened since the Ukraine war began. Western sanctions on Russia have resulted in a surge in crude oil prices and this, combined with an existing shortage of vessels, has made shipping more expensive. Ships carrying around 3,000 containers from India to Russia are now stuck across ports in Europe and West Asia, the Mint newspaper has reported.
Indonesia, the world's top cooking-oil exporter, says it's going to ban exports of the oil this week, and it's sent the global prices of edible oils soaring
The world's top palm-oil producer announced that it will ban exports of the commodity starting Thursday,...
The world's top palm-oil producer announced that it will ban exports of the commodity starting Thursday, sending the prices of edible oils soaring.
Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. Palm oil is used for cooking and for the production of thousands of consumer products including biscuits, detergents, and lipsticks.
MarketWatch: U.S. stock futures sink, suggesting more losses Monday
Dow Jones Industrial Average futures ...
Dow Jones Industrial Average futures YM00, -0.57% were off about 160 points by midnight Eastern — an improvement from a more-than-200-point loss earlier in the session — while S&P 500 futures ES00, -0.54% and Nasdaq-100 futures NQ00, -0.40% were also down but improving from session lows.
Schlumberger Reports Higher Profit as Drilling Increases, Hikes Dividend
Top oilfield services firm Schlumberger Ltd. reported a higher first-quarter profit...
Top oilfield services firm Schlumberger Ltd. reported a higher first-quarter profit on April 22 and increased its dividend by 40%, as rising oil prices boosted demand for services and equipment.
Oil prices climbed to their highest in more than a decade during the quarter as Russia's invasion of Ukraine upended global supply dynamics. Oilfield service firms, including Halliburton Co. and Baker Hughes Co., posted stronger year-over-year profits and are forecasting higher margins this year as activity recovers from the coronavirus pandemic.
“The confluence of elevated commodity prices, demand-led activity growth, and energy security are resulting in one of the strongest outlooks for the energy services industry in recent times,” Schlumberger CEO Olivier Le Peuch said in a statement.
