Oil gains on supply concerns, investors await July OPEC+ output decision
(Reuters) - Oil prices gained more...
(Reuters) - Oil prices gained more than 1% on Wednesday on supply concerns as OPEC+ agreed to leave their output policy unchanged and as the U.S. barred Chevron (CVX.N)from exporting Venezuelan crude.
Investors previously anticipated members of OPEC+ would agree to a production increase later this week.
Brent crude futures settled up 81 cents, or 1.26%, to $64.90 a barrel. U.S. West Texas Intermediate crude gained 95 cents, or 1.56%, to stand at $61.84 a barrel.
OPEC+, the Organization of the Petroleum Exporting Countries and allies, did not change its output policy. It agreed to establish a mechanism for setting baselines for its 2027 oil production.
U.S. stocks end lower after Fed's minutes, with all eyes now on Nvidia earnings
All three major U.S. stock indexes closed lower on Wednesday,...
All three major U.S. stock indexes closed lower on Wednesday, led by an almost 245-point drop in the Dow Jones Industrial Average, after minutes of the Federal Reserve's May 6-7 meeting referred to rising upside inflation risks.
The Dow Jones Industrial Average fell 244.95 points, or 0.6%, to close at 42,098.70, based on preliminary data. It touched a session low of 42,042.26 after the Fed minutes were released.
The S&P 500 dropped 32.99 points, or almost 0.6%, to finish at 5,888.55.
The Nasdaq Composite declined 98.23 points, or 0.5%, to end at 19,100.94.
Vermilion Energy to Sell Saskatchewan, Manitoba Assets for US$302MM
Calgary, Alberta-based Vermilion Energy Inc. is selling Saskatchewan...
Calgary, Alberta-based Vermilion Energy Inc. is selling Saskatchewan and Manitoba assets in Canada for CA$415 million (~US$302 million).
The assets currently produce 10,500 boe/d (86% oil and liquids) and have 30 MMboe in PDP reserves as of December 2024. At current strip prices, they are expected to generate $110 million of annual net operating income.
Proceeds from the sale will be used to reduce debt. By the end of 2025, Vermilion expects its net debt to be CA$1.5 billion.
The transaction, effective May 1, is expected to close in the third quarter, subject to customary closing conditions and regulatory approval.
Two days after threatening a 50% tariff on the EU come June 1, President...
Two days after threatening a 50% tariff on the EU come June 1, President Trump said he’d delay the implementation to July 9 after a phone call with European Commission President Ursula von der Leyen. On Friday, Trump sent markets tumbling with his unexpected threat to the EU, saying that trade talks were “going nowhere,” and running down grievances with the bloc’s trade practices. But after the call with von der Leyen, Trump explained, “She said we will rapidly get together and see if we can work something out.”
The company plans to test launch Starship for the ninth time this evening,...
The company plans to test launch Starship for the ninth time this evening, hoping to get the megarocket ready for an uncrewed trip to Mars in 2026. The first two Starship missions this year have ended in untimely explosions, which is perhaps one of the reasons why CEO Elon Musk said this weekend he’d go “back to spending 24/7 at work and sleeping in conference/server/factory rooms” at his companies. Musk will also hold a presentation on “Making Life Multiplanetary” today at 1pm ET on X.
