Oil settles slightly up on weaker dollar, US economic fears cap gains
(Reuters) -Oil prices settled slightly higher on Tuesday,...
(Reuters) -Oil prices settled slightly higher on Tuesday, helped by weakness in the dollar, but gains were capped by mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth.
Brent crude futures settled 28 cents, or 0.4%, higher at $69.56 a barrel after falling as low as $68.63 in early trade. U.S. West Texas Intermediate crude futures gained 22 cents, or 0.3%, to $66.25 a barrel after previous declines.
S&P 500 edges closer to correction as U.S. stocks book more losses Tuesday
U.S. stocks finished lower on Tuesday, extending this...
U.S. stocks finished lower on Tuesday, extending this week's tariff-induced selloff to a second day, despite President Donald Trump appearing to take a step back from his promise to impose 50% tariffs on Canadian steel and aluminum imports, up from the 25% initially planned.
The Dow Jones Industrial Average fell 478.23 points, or 1.1%, to end at 41,433.48, according to Dow Jones Market Data.
The S&P 500 was off 42.49 points, or 0.8%, to finish at 5,572.07.
The Nasdaq Composite edged down 32.23 points, or 0.2%, ending at 17,436.10.
It was a volatile trading session on Wall Street. U.S. stocks plunged deep into the red in the morning session after Trump placed additional tariffs on steel and aluminum imported from Canada, ramping up the trade war with one of the largest trading partners of the United States. The sharp selloff briefly put the S&P 500 on pace for correction territory.
Then, in afternoon action, Wall Street finally got some good news after reports said Ukraine had agreed to a 30-day cease-fire contingent on Russia's participation.
Static charge causes explosion during attempted petroleum theft in Reeves County
An explosion and fire were caused by a static charge during an attempt...
An explosion and fire were caused by a static charge during an attempt to steal petroleum, according to the Reeves County Sheriff’s Office.
At about 11:30 p.m. March 5, RCSO deputies were dispatched to a pipeline explosion and tank battery fire near U.S. Highway 285 and County Road 436 near Orla. The fire was contained before it could spread to more populated areas. There weren’t any injuries reported.
According to a preliminary criminal investigation, RCSO says two vacuum trucks appeared to be attempting to steal petroleum product from a station designed for pipeline maintenance. Evidence indicates that the suspects violated safety protocols. The buildup of static electricity combined with the high pressure of the pipeline caused a fire and subsequent detonation.
RCSO says that no arrests have been made; however, those involved will be prosecuted for multiple criminal charges.
US and Ukraine to hold talks today in Saudi Arabia
In the first major discussion between the US and Ukraine since a fiery...
In the first major discussion between the US and Ukraine since a fiery exchange between Ukraine’s Volodymyr Zelensky and President Donald Trump in the oval office, Zelensky will meet with US officials in Saudi Arabia to talk about a peace deal to end Russia’s war with Ukraine. It’s the second round of major US talks about the war to be held in the oil-rich Middle Eastern country: The US recently shifted its foreign policy to hold peace talks with Russia that didn’t include Ukraine, shocking Zelensky and European allies.
China began imposing tariffs on US agricultural products yesterday. The move to slap an import tax on US farm products, whose largest overseas market is China, comes after President Trump raised tariffs on Chinese imports to the US twice. Meanwhile, Ontario planned a 25% surcharge on US-bound electricity in retaliation for US tariffs on Canada, most of which have been delayed but remain a possibility. The extra fees will hit 1.5 million American homes in New York, Michigan, and Minnesota, according to the BBC.
