Oil prices ease on possible new Middle East ceasefire talks
Oil prices eased about 1% in volatile trade on Thursday...
Oil prices eased about 1% in volatile trade on Thursday on reports the U.S. and Israel will try to restart talks on a possible ceasefire in Gaza.
Brent futures settled down 58 cents, or 0.8%, lower at $74.38 a barrel, while U.S. West Texas Intermediate crude (WTI) slipped 58 cents, or 0.8%, to end at $70.19.
Earlier in the session, both benchmarks traded up over $1 a barrel on concerns the ongoing conflict in the Middle East could result in oil supply disruptions and from uncertainty ahead of the U.S. presidential election on Nov. 5.
"(The) energy complex continues to zig and zag as Middle East risk premium expands and contracts almost daily," analysts at energy advisory firm Ritterbusch and Associates said in a note.
After Iran fired missiles at Israel on Oct. 1, Brent crude surged about 8% during the week ended Oct. 4 on worries Israel would attack Iran's oil infrastructure. It fell about 8% in the week ended Oct. 18 on reports Israel would not hit energy infrastructure, easing fears of supply disruptions.
Dow books 4th straight decline, S&P 500 ends higher as Tesla shares surge
U.S. stocks closed mixed on Thursday, with the blue-chip...
U.S. stocks closed mixed on Thursday, with the blue-chip Dow extending its losing streak to a fourth straight session and the S&P 500 edging higher as Tesla shares surged.
Dow Jones Industrial Average fell 140.59 points, or 0.3%, ending at 42,374.36, booking its largest 4-session slide since Sept. 6th.
The S&P 500 index gained 12.44 points, or 0.2%, closing at 5,809.86, while the Nasdaq Composite Index added 138.83 points, or 0.8%, finishing at 18,415.49.
According to Dow Jones Market Data, Tesla Inc. shares rose about 21.9%, its largest daily gain since May 2013.
Jobless claims fall again as hurricane effects fade
The number of Americans...
The number of Americans filing for unemployment benefits dropped significantly for the second consecutive week, reaching 227,000 in the week ending October 19. This decline of 15,000 claims from the previous week reverses the spike caused by Hurricanes Helene and Milton earlier in the month, which had particularly affected states like North Carolina and Florida.
Raw unemployment claims fell to 202,365 last week, with decreases reported in 39 of 53 states and territories. However, continuing claims increased by 28,000 to 1.9 million, surpassing prepandemic levels, as job seekers are taking longer to find new employment.
While jobless claims remain historically low, their accuracy typically diminishes during the holiday season from November to January due to temporary hiring fluctuations. Nevertheless, with the Federal Reserve reducing interest rates, the economy is expected to maintain growth at a pace that supports low unemployment and minimal layoffs.
Bechtel is seeking more workers as it oversees the construction of a liquefied natural gas export terminal for NextDecade at the Port of Brownsville in Texas. Specifically, the company is looking for riggers, crane operators and rebar ironworkers, and will eventually seek additional help in other trades, said Monica Tellam, community relations and communications manager for the Rio Grande LNG project.
The Department of Transportation's Pipeline and Hazardous Materials...
The Department of Transportation's Pipeline and Hazardous Materials Safety Administration will grant $196 million to support 60 projects designed to upgrade and replace deteriorating natural gas pipelines in 20 states. "Aging, leak-prone natural gas pipes can be dangerous, drive up energy costs for families, and harm the environment, which is why the Biden-Harris Administration is supporting funds to replace aging pipelines," said Transportation Secretary Pete Buttigieg.
