U.S. Crude Oil Falls Below $70 per Barrel to Nine-Month Low Amid Uncertainty Over OPEC+ Production
U.S. crude oil fell more than 1% on Wednesday, tumbling...
U.S. crude oil fell more than 1% on Wednesday, tumbling below $70 per barrel and raising speculation that OPEC+ could delay production increases scheduled to begin next month.
The U.S. benchmark hit a session low of $68.83, the lowest level since Dec. 13, after plunging more than 4% on Tuesday. U.S. crude and global benchmark Brent have erased all gains for 2024.
“With demand growth uncertain and significant supply outages looking unlikely, all eyes are again on OPEC+,” Svetlana Tretyakova, senior analyst at Rystad Energy, said in a note Wednesday. “Until OPEC+ clarifies its strategy, overall bearishness will persist.”
Here are Wednesday’s closing energy prices:
West Texas Intermediate October contract: $69.20 per barrel, down $1.14, or 1.62%. Year to date, U.S. crude oil has fallen 3.4%.
Brent Crude November contract: $72.70 per barrel, down $1.05, or 1.42%. Year to date, the global benchmark has declined 5.6%.
RBOB Gasoline October contract: $1.96 per gallon, down more than 1 cents, or 0.8%. Year to date, gasoline has pulled back 6.7%.
Dow ekes out gain, S&P 500, Nasdaq fail to rebound after Tuesday's sharp selloff
U.S. stocks finished mostly lower on Wednesday,...
U.S. stocks finished mostly lower on Wednesday, with the S&P 500 and Nasdaq ending down for the fourth time in the past five sessions, as investors continued to focus on the prospect of an economic slowdown.
Based on preliminary data, the Dow Jones Industrial Average finished up 38.04 points, or less than 0.1%, at 40,974.97.
The S&P 500 closed down by 8.86 points, or almost 0.2%, at 5,520.07. Wednesday's level was the lowest since Aug. 14.
The Nasdaq Composite fell 52 points, or 0.3%, to finish at 17,084.30. Wednesday's level was the lowest since Aug. 12.
On Tuesday, all three indexes ended with their largest percentage declines since Aug. 5.
Chevron starts water injection project on Wilcox trend
Chevron has launched water...
Chevron has launched water injection projects at the Jack/St. Malo and Tahiti facilities in the deepwater Gulf of Mexico to increase oil and gas production. The project is Chevron's first use of the technology in the Wilcox trend and is expected to allow the firm to produce an additional 175 million barrels of oil equivalent from the field.
Mosman Oil and Gas extends deadline to complete Texas asset sale
Mosman...
Mosman Oil and Gas Ltd (AIM:MSMN) has announced an extension to the completion date of the sale of its working interests in Stanley, Greater Stanley, and the Winters leases, located in Polk County, Texas.
Initially set for 3 September 2024, the new expected completion date is now 9 September 2024, as the companies continue to work through the documentation.
Hochul’s former aide was arrested for allegedly laundering...
Hochul’s former aide was arrested for allegedly laundering millions from China. Linda Sun, a former top aide to New York Gov. Kathy Hochul and former Gov. Andrew Cuomo, was arrested yesterday and charged with acting as an agent for the Chinese government. Per a federal indictment, Sun secretly “engaged in numerous political activities” on behalf of China while working as Hochul’s deputy chief of staff, including blocking Taiwanese government representatives from having access to New York state officials.
California passed a law that requires consent for the likenesses of dead performers to be replicated with AI.
Hewlett Packard confirmed that it intends to continue its $4 billion lawsuit against the estate of Mike Lynch, who died in last month’s yacht sinking off the coast of Sicily.
Cathay Pacific, Hong Kong’s flag carrier, is inspecting its entire Airbus A350 fleet after discovering an engine problem on a number of planes.
New Zealand will roughly triple the tax on tourists from $22 to $62 starting in October to help cover the costs of environmental protection.
