Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook
(Reuters) - Oil futures fell on Friday, declining more...
(Reuters) - Oil futures fell on Friday, declining more than 7% on the week after data showed China's economic growth slowed and investors digested a mixed Middle East outlook.
Brent crude futuresfell $1.39, or 1.87%, to $73.06 a barrel. U.S. West Texas Intermediate crudesettled at$69.22 a barrel, down $1.45 or 2.05%.
Brent settled more than 7% lower this week, while WTI lost around 8%, marking their biggest weekly declines since Sept. 2, when OPEC and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.
In China, the world's top oil importer, the economy grew at the slowest pace since early 2023 in the third quarter, though September consumption and industrial output beat forecasts.
"China is key to the demand side of the equation so that is very much weighing on prices here today," said John Kilduff, partner at Again Capital in New York.
China's refinery output declined for the sixth straight month as thin refining margins and weak fuel consumption curbed processing.
Cuba plunges into darkness after island's power grid fails
A power plant failure in Cuba has led to a nationwide blackout affecting...
A power plant failure in Cuba has led to a nationwide blackout affecting roughly 10 million residents. The Antonio Guiteras power plant, which is the country's largest and provides about 20% of Cuba's electricity, went offline due to technical issues. The shutdown comes as the country already faces a fragile energy infrastructure coupled with fuel and food shortages. Residents and businesses have been experiencing rolling blackouts for months. See an overview of Cuba's crisis here.
US urges Israel to end war after Hamas leader’s death. At...
US urges Israel to end war after Hamas leader’s death. At a press conference in Germany, President Biden said he directly pressed Israeli Prime Minister Benjamin Netanyahu to make the death of Hamas leader Yahya Sinwar an opportunity for peace. The president and senior US officials have suggested that a cease-fire and hostage deal are now more likely. However, Netanyahu cautioned that “the task before us is not yet complete,” and a representative of Hamas’s Political Bureau said, “It seems that Israel believes that killing our leaders means the end of our movement and the struggle of the Palestinian people.”
Spirit AeroSystems, which supplies airplane parts to Boeing, will furlough 700 workers amid the ongoing machinists strike its client is embattled in.
Amazon Web Services CEO Matt Garman told employees “there are other companies around” if they do not like Amazon’s return-to-office mandate.
Aldi will offer a 10-person Thanksgiving meal for less than $50.
The Tesla Cybertruck no longer has a backlog of orders, meaning it can now be purchased without a reservation.
The Girl Scouts may raise membership dues from $25 to $85 per year. Delegates will vote on the proposal today.
U.S. energy firms reduced the number of oil and natural gas rigs for...
U.S. energy firms reduced the number of oil and natural gas rigs for the fourth time in five weeks, with the total rig count dropping by one to 585, according to Baker Hughes' report on October 18. This puts the rig count down 39 rigs, or 6%, compared to the same time last year.
Oil rigs increased by one to 482, while gas rigs fell by two to 99. Despite a 20% drop in the rig count in 2023, driven by lower prices, inflation, and a focus on shareholder returns, U.S. crude production hit a record 13.5 million barrels per day (bpd) due to improved efficiencies.
U.S. oil output is expected to rise from 12.9 million bpd in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. However, natural gas production is projected to decline slightly to 103.5 billion cubic feet per day (bcfd) in 2024, down from 2023's record high of 103.8 bcfd, following an 18% drop in gas rigs this year.
Dow, S&P 500 end at new record highs as U.S. stocks extend weekly winning streak
All three major U.S. stock indexes closed higher Friday,...
All three major U.S. stock indexes closed higher Friday, clinching a sixth straight week of gains.
According to preliminary data from FactSet, the Dow Jones rose 0.1% to a fresh all-time high, the S&P 500 rose 0.4% to a record peak, and the Nasdaq Composite climbed 0.6%. All three major benchmarks rose for a sixth consecutive week.
For the week, the Dow rose 1%, the S&P 500 gained 0.9% and the Nasdaq advanced 0.8%, the preliminary data show.
