Oil prices slide to 8-week low as US-Russia talks stir sanction uncertainty
(Reuters) - Oil prices slid about 1% to an eight-week...
(Reuters) - Oil prices slid about 1% to an eight-week low on Wednesday after U.S. President Donald Trump's remarks about progress in talks with Moscow created uncertainty on whether the U.S. would impose new sanctions on Russia.
Brent crude futures fell 75 cents, or 1.1%, to settle at $66.89 a barrel, while U.S. West Texas Intermediate crude dropped 81 cents, or 1.2%, to settle at $64.35.
Those moves marked a fifth consecutive day of losses for both crude benchmarks, with Brent closing at its lowest since June 10 and WTI closing at its lowest since June 5.
Trump said on Wednesday that his special envoy Steve Witkoff made "great progress" in his meeting with Russian President Vladimir Putin, as Washington continued its preparations to impose secondary sanctions on Friday.
Trump has threatened additional sanctions on Moscow if no moves are made to end the war in Ukraine. Russia is the world's second-biggest producer of crude after the U.S., so any potential deal that would reduce sanctions would make it easier for Russia to export more oil.
S&P 500 and Nasdaq close on strong gains, while Apple leads Dow higher
The Dow Jones Industrial Average closed higher on Wednesday...
The Dow Jones Industrial Average closed higher on Wednesday for only the second time in the past eight sessions, bolstered by Apple Inc.'s commitment to invest in U.S. manufacturing.
Meanwhile, the S&P 500 and Nasdaq also climbed to one-week highs, with investors seemingly brushing aside President Donald Trump's decision to impose a 50% tariff rate on India.
The Dow rose 81.38 points, or 0.2%, to close at 44,193.12, based on preliminary data. Apple was the index's biggest gainer, rising by about 5%.
The S&P 500 advanced 45.87 points, or 0.7%, to end at 6,345.06. That was the highest closing level since last Wednesday.
The Nasdaq Composite rose 252.87 points, or 1.2%, to finish at 21,169.42. That was the highest closing level since July 28.
TotalEnergies sells 45% stake in Argentina oil and gas blocks to YPF for $500 million
TotalEnergies has agreed to sell its 45% stake in two unconventional...
TotalEnergies has agreed to sell its 45% stake in two unconventional blocks in Argentina’s Vaca Muerta shale to YPF for $500 million. The divestment, representing 20% of Total’s acreage in the region, aligns with its strategy to exit higher-cost assets and focus on low-cost, low-emissions projects in Suriname and Brazil. Despite the sale, Total remains committed to Argentina, concentrating on the Fenix offshore gas field and Neuquen basin. The assets, co-owned by Shell and Gas y Petroleo de Neuquen, include fracking licenses valid through 2051 and hold potential for future LNG exports and oil development hubs.
President Donald Trump is promoting natural gas as a solution for trade...
President Donald Trump is promoting natural gas as a solution for trade deficits and soaring domestic power demand, but some analysts warn that his gas expansion plans conflict with his promise to halve energy prices. The Energy Information Administration projects they will nearly double in 2026 from 2024 levels, driven by export growth and rising demand. Moreover, insufficient infrastructure, steel tariffs and market forces could further raise the cost of bringing gas to market.
Amid growing political tensions, U.S. economic data—the backbone of government policy, financial markets, and household decision-making—is under threat. Originating during the Great Depression to stabilize economic policy, reliable data like GDP, CPI, and employment figures are now central to how the $30 trillion U.S. economy functions. However, recent developments—including President Trump’s firing of the top Labor Department statistician—have sparked fears that political interference may compromise the accuracy and impartiality of key economic reports.
This concern is amplified by staffing cuts, survey response declines, and the scaling back of inflation tracking, all of which raise red flags for investors, particularly in inflation-sensitive markets like TIPS. Experts warn that if trust in the data erodes, decision-making across the economy could become distorted, increasing risks for retirees, business leaders, and market participants alike. While a single firing may not break the system, persistent tampering or perception of bias could do long-term damage.
Bottom line: The integrity of U.S. economic statistics—long taken for granted—is becoming a political battleground, with serious implications for markets, monetary policy, and public trust.
