Devon Energy Corporation (NYSE: DVN) has assets in the very best North American resource plays and a deep inventory of opportunities. After initiating...
BHI revealed a weekly climb in the number of active U.S. rigs drilling for oil–the sixth-weekly climb in seven weeks.The number of...
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I am continually analyzing a myriad of data streams in an effort to determine where best to invest in buying oil and...
The West Texas Intermediate (WTI) oil futures are currently trading at around $48 per barrel this morning. Baker Hughes Inc. reported another...
Oil prices fell on Wednesday after data showed U.S. crude inventories rose by more than expected even as refining activity rebounded, though futures remained up about 2% this week as traders factored in the continuing conflict in the Middle East.
Brent crude futures settled at $74.96, down $1.08, or 1.42%. U.S. West Texas Intermediate crude futures settled down 97 cents, or 1.35%, to $70.77.
U.S. crude inventories rose by 5.5 million barrels to 426 million barrels in the week ended Oct. 18, the Energy Information Administration reported on Wednesday, exceeding analysts' expectations in a Reuters poll for a 270,000-barrel rise.
"The large crude oil inventory build this week is offsetting last week's drop. But a lot of this is a result of the rebound in crude oil imports, which had to do with the hurricane," said Andrew Lipow, president of Lipow Oil Associates, referring to the previous week's drawdown due to lower imports and demand post-Hurricane Milton.
The Dow Jones Industrial Average and S&P 500 finished lower for a third straight session on Wednesday, joined by the Nasdaq Composite, as investors fretted about rising Treasury yields and the possible outcome of the Nov. 5 presidential election.
The Dow Jones Industrial Average finished down by 409.94 points, or almost 1 %, at 42,514.95, based on preliminary data. That's the biggest one-day decline since Sept. 6. The Dow briefly dropped by as much as 631.72 points during Wednesday's trading, and finished at its lowest closing level in about two weeks.
The S&P 500 Index closed down by 53.78 points, or 0.9%, at 5,797.42. That was the index's worst one-day performance since Oct. 7.
The Nasdaq Composite ended down by 296.47 points, or 1.6%, at 18,276.65. Wednesday's closing level was the lowest since Oct. 8.
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