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By: Bloomberg -The World Bank arbitration court awarded $77 million to Exxon Mobil Corp. in a resubmitted claim worth $1.4 billion over the...
UNITED NATIONS (AP) — The transfer of more than a million barrels of oil from an aging tanker moored off the coast...
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Inflation ticked up slightly on an annual basis in October, the latest evidence that while cost increases were coming under control, they were not entirely vanquished.
The Consumer Price Index, released on Wednesday, climbed 2.6 percent from a year earlier, higher than September’s 2.4 percent. And after food and fuel prices were stripped out to give a better sense of the underlying inflation trend, “core” inflation held steady at 3.3 percent.
WTI crude oil prices remained near their November lows, trading around $68.39 per barrel Wednesday morning, as bearish market factors capped any gains during yesterday's session. In the physical market, indicators suggest a supply glut is emerging sooner than expected, while the futures market is displaying signs of oversupply. Additionally, OPEC reduced its demand growth forecasts for the fourth consecutive month, and the strong US dollar made commodities priced in the currency less attractive.
Despite some activity in the physical market supporting the Dated Brent benchmark, the overall outlook for oil remains weak. Global supply is expected to outpace demand next year, and China's latest economic measures fell short of direct stimulus while inflation remains subdued. Traders continue to monitor tensions in the Middle East, the possibility of a second Trump presidency, and OPEC+ production decisions, all of which contribute to the choppy trading environment in the mid-$60s to mid-$70s range.
U.S. stocks finished lower on Tuesday as Wall Street took a hiatus from a postelection rally that propelled the major stock indexes to all-time highs.
The Dow Jones Industrial Average lost 382.15 points, or 0.9%, to end at 43,910.98. According to Dow Jones Market Data, this was the largest one-day point decline since Oct. 23.
The S&P 500 was off 17.36 points, or 0.3%, to finish at 5,983.99. The large-cap benchmark index snapped a five-session winning streak and logged its worst day since Oct. 31.
The Nasdaq Composite ended down less than 0.1%, leaving it nearly flat at 19,281.40. It was the largest one-day point and percentage decline since Nov. 4, according to Dow Jones Market Data.
Stocks viewed as beneficiaries of Donald Trump's return to the White House struggled on Tuesday. The small-cap Russell 2000 index finished down nearly 1.8%, and shares of Tesla Inc. tumbled 6.2%.
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Hart Energy, via Yahoo News | Occidental Petroleum [OXY • NYSE] is selling off...
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