Oil rises on fears about Lebanon, further OPEC+ supply cuts
(Reuters) - Oil prices rose more than 2% on Tuesday as Israel ...
(Reuters) - Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.
Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel.U.S. West Texas Intermediate crude futures also rose the most since Nov. 18, gaining $1.84, or 2.7%, to close at $69.94 per barrel.
Israeli forces have continued strikes against what they say are Hezbollah fighters ignoring last week's truce agreement in Lebanon. Top Lebanese officials have urged Washington and Paris to press Israel to uphold the ceasefire.
While the Lebanon conflict has not resulted in oil supply disruptions, traders will closely track tensions between Iran and Israel over the coming months.
Also supporting oil prices, the Organization of the Petroleum Exporting Countries and allies will likely extend output cuts when OPEC+ meets on Thursday.
Big Tech stocks lift S&P 500 and Nasdaq to record closing highs
(Tuesday market close) Wall Street began pancake flat...
(Tuesday market close) Wall Street began pancake flat and mostly stayed that way Tuesday, lacking direction as investors await several major jobs reports over the next few days and remarks tomorrow by Federal Reserve Chairman Jerome Powell. Treasury yields rose after today's job openings report showed a higher-than-expected monthly increase, possibly hurting rate-sensitive sectors.
Several mega caps and big chip stocks ran ahead of the pack for the second consecutive day even while much of the market sagged. By midday, declining shares led advancers by a two-to-one margin at the New York Stock Exchange (NYSE). When a handful of the largest stocks concentrated in big tech lead the way, it can distort things from an index perspective, as seen yesterday when two major indexes posted new record highs even as most S&P stocks fell.
Today's October Job Openings and Labor Turnover Survey (JOLTS) showed openings at 7.744 million, up from a downwardly revised 7.372 million in September. According to Trading Economics, analysts had expected 7.49 million.
Friday's November nonfarm payrolls report could show that 200,000 jobs were added last month, according to Trading Economics. That's up from 12,000 in October, but storms and worker strikes influenced that figure and might get revised. Unemployment is expected to climb to 4.2% from 4.1% the prior month, while average hourly earnings are expected to rise 0.3% month over month. Here's where the major benchmarks ended:
The S&P 500® index (SPX) rose 2.73 points (0.05%) to 6,049.88; the Dow Jones Industrial Average®($DJI) fell 76.47 points (–0.17%) to 44,705.53; and the Nasdaq Composite®($COMP) added 76.96 points (0.40%) to 19,480.91.
The 10-year Treasury note yield added three basis points to 4.22% after falling below 4.17% at one point.
The CBOE Volatility Index®(VIX)held steady at 13.39.
Israel and Hezbollah militants reportedly trade fire at...
Israel and Hezbollah militants reportedly trade fire at disputed border zone despite US- and French-brokered ceasefire that began last week (More) | Israeli American soldier thought to have been taken hostage in Hamas' Oct. 7, 2023, attack now presumed dead, per Israel's military (More) | See war updates (More)
Iranian-backed Iraqi militias enter Syria to assist the Assad government's counteroffensive against rebels who have taken control of Syria's largest city of Aleppo (More) | See previous write-up (More)
Jury deliberations to begin today in trial of Daniel Penny, a former Marine charged in the May 2023 death of Jordan Neely on a New York City subway train (More)
EIA: Hurricanes hit US oil, gas production in Sept.
Hurricane-related facility shutdowns in the Gulf of Mexico caused US...
Hurricane-related facility shutdowns in the Gulf of Mexico caused US crude oil production to decline by 157,000 barrels per day to 13.2 million bpd in September, the sharpest drop since January, according to a new report from the Energy Information Administration. Gross natural gas output in the contiguous US also fell to 114.9 Bcf/d during the month, the EIA reported.
The Permian Basin's carbon management expertise will take center stage...
The Permian Basin's carbon management expertise will take center stage at the upcoming 30th annual CO2 Conference, set for Dec. 9-12 in Midland, Texas. Expert discussions will focus on developments and future prospects for carbon capture, utilization and storage, as well as policy and legal issues, seismicity and rising energy demand.
