Oil prices rise on China stimulus, possible tight supply in Europe
(Reuters) -Oil prices rose on Tuesday as markets looked to rising demand...
(Reuters) -Oil prices rose on Tuesday as markets looked to rising demand in China, the world's largest buyer, and possible tight supply in Europe this coming winter and away from the overthrow of Syria's president.
Brent crude futures settled at $72.19 a barrel, up 5 cents or 0.07%. U.S. West Texas Intermediate finished at $68.59 a barrel, up 22 cents or 0.32%. Both benchmarks had risen more than 1% on Monday.
Support came from reports that China will adopt an "appropriately loose" monetary policy in 2025 as Beijing tries to spur economic growth. This would be the first easing of its stance in 14 years, though details remain thin.
Chinese crude imports also grew annually for the first time in seven months, jumping in November from the year-earlier period.
Dow ends lower for 4th straight day as stocks pause rally ahead of CPI report
U.S. stocks finished lower on Tuesday as the year-end...
U.S. stocks finished lower on Tuesday as the year-end rally paused ahead of the November consumer-price index report.
The Dow Jones Industrial Average was off 0.4% to end around 44,248. According to Dow Jones Market Data, the blue-chip index fell for a fourth consecutive day.
The S&P 500 dropped 0.3% to finish near 6,035.
The Nasdaq Composite was down 0.3%, ending around 19,687.
The Dow and the S&P 500 were little changed on Tuesday for most of the trading session as investors awaited key inflation data to determine whether the Federal Reserve will cut interest rates at its December meeting.
The November consumer-price index reportwill be released on Wednesday at 8:30 a.m. Eastern time.
Nabors, ProPetro Plan to Provide High Voltage to Drillers
e2Companies and Nabors Industries announced a partnership on December...
e2Companies and Nabors Industries announced a partnership on December 10 to deliver integrated power solutions aimed at electrifying oil and gas operations while reducing emissions. The collaboration seeks to meet the growing demand for sustainable energy practices within the industry.
On the same day, ProPetro Holding Corp. revealed plans to launch ProPetro Energy Solutions, operating under the name ProPWR, marking the company’s first new organic service line in a decade. ProPWR has already committed to purchasing 110 megawatts of natural gas-fired mobile power generation equipment to support oilfield and industrial operations.
As oil and gas companies strive to lower their carbon footprint, many are replacing diesel generators with cleaner electric alternatives. The International Energy Agency reports that the sector accounts for nearly 15% of global energy-related greenhouse gas emissions, highlighting the importance of these initiatives.
BP, Pulling Back from Renewables, Enters $5.8B JV with JERA
BP and Japan’s largest power generator JERA are...
BP and Japan’s largest power generator JERA are combining their offshore wind businesses to become one of the world’s biggest offshore wind developers, the companies said Dec. 9.
With capital commitments of up to $5.8 billion through the end of 2030, the 50-50 joint venture will create JERA Nex bp. According to a news release, the companies will have a total potential net generating capacity of 13 gigawatts (GW) comprised of operating assets and development projects.
Many questions remain about Syria’s future after rebels take control
Syria’s prime minister said the government there is still functioning...
Syria’s prime minister said the government there is still functioning post-overthrow of the Assad regime, but the United Nations said that the public sector “has just come to a complete and abrupt halt,” which is impacting efforts to deliver humanitarian aid to the country. Neighboring Israel seized land on the Syrian side of the border in the Golan Heights, which Prime Minister Benjamin Netanyahu told the Biden administration is a temporary measure to establish a buffer zone. “We extend our hand to those who want to live with us in peace; we will cut off the hand of anyone who tries to harm us,” Netanyahu said during a television appearance Monday evening.
