Benchmark U.S. crude oil for July delivery rose 16 centsto $77.90 per barrel Tuesday. Brent crude for August delivery rose 29 centsto $81.92 per barrel.
Wholesale gasoline for July delivery was unchanged at $2.41 a gallon. July heating oil rose 1 cent to $2.42 a gallon. July natural gas rose 22 cents to $3.13 per 1,000 cubic feet.
Dow retreats while Apple buoys S&P 500, Nasdaq ahead of CPI report, Fed decision
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U.S. stocks finished mostly higher on Tuesday, buoyed by shares of Apple Inc. as the iPhone maker surged to a new record.
Investors looked ahead to Wednesday's release of the May consumer-price index and the Federal Reserve’s policy announcement in the afternoon.
The S&P 500 was up 14.53 points, or 0.3%, to end at 5,375.32. It was the 27th all-time closing high for the large-cap benchmark index thus far in 2024, according to Dow Jones Market Data.
The Nasdaq Composite advanced 151.02 points, or 0.9%, to finish at 17,343.55, its 15th record close this year.
The Dow Jones Industrial Average was off 120.62 points, or 0.3%, ending at 38,747.42. It was the largest one-day point and percentage decline for the blue-chip index since May 30.
Technology stocks led gains in equities on Tuesday as Apple jumped 7.3% to score its first record close since December. It was also the largest daily percentage increase since November 2022, according to Dow Jones Market Data.
The Federal Reserve began its two-day policy meeting on Tuesday. While policymakers are widely expected to hold interest rates at a two-decade high when they conclude their meeting on Wednesday afternoon, investors will be watching closely for any clues on the timing of the first rate cut in four years.
Calif. AG steps up legal battle against oil majors
California Attorney General...
California Attorney General Rob Bonta has updated a 2023 lawsuit against the oil industry to compel major oil companies to forfeit profits obtained through alleged consumer deception about their role in climate change. American Petroleum Institute General Counsel Ryan Meyers criticized the lawsuit as meritless and "nothing more than a distraction from important national conversations and an enormous waste of taxpayer resources."
US Oil Output To Fall Next Year Unless Rig Counts Rise, Key Energy Investor Says
A key energy investor said US oil production will decline by about 1...
A key energy investor said US oil production will decline by about 1 million barrels per day by the second half of 2025 unless rig counts rise.
Adam Rich, deputy chief investment officer at Vaughan Nelson, a Houston-based investment manager, said more rigs will be needed to offset declining productivity from existing wells.
“We could probably keep the 12-13 million barrel-per-day level for six to nine more months, but if we don’t see rig counts start moving up here, that’s going to be a big problem,” he said in an interview.
Noble announces $1.59B acquisition of Diamond Offshore
US offshore driller Noble Corp has agreed to acquire rival Diamond Offshore...
US offshore driller Noble Corp has agreed to acquire rival Diamond Offshore Drilling for roughly $1.59 billion in cash and stock. The deal, expected to close in the first quarter 2025, will realize $100 million in annual pre-tax cost synergies and expand Noble's drillship fleet to 41 rigs.
