US crude prices soared by nearly 3% in Tuesday’s trading
Oil prices have been trading rangebound for the fourth consecutive week,...
Oil prices have been trading rangebound for the fourth consecutive week, staying within the $81-83 per barrel range for Brent, as priced-in expectations of OPEC+ maintaining production curbs have failed to lift sentiment any higher. While improving consumption figures from the US and an increasingly bullish picture for hurricanes in the US Gulf Coast provide some medium-term hope for oil bulls, the macro outlook is still weak and the prospect of Fed interest rate cuts in June is getting slimmer.
Prices did jump today, as Benchmark U.S. crude oil for July delivery rose $2.11to $79.83 per barrel Tuesday. Brent crude for July delivery rose $1.12to $84.22 per barrel.
Wholesale gasoline for June delivery rose 3 centsto $2.51 a gallon. June heating oilrose 6 cents to $2.47 a gallon. June natural gasrose 7 cents to $2.59 per 1,000 cubic feet.
Dow ends down over 200 points, Nasdaq notches fresh record
U.S. stocks finished mixed on Tuesday afternoon as the market got hit...
U.S. stocks finished mixed on Tuesday afternoon as the market got hit by rising Treasury yields after auctions of 2-year and 5-year notes were met with soft demand, while Minneapolis Fed President Neel Kashkari said he would not rule out further rate hikes if price pressures tick up again.
Investors also reacted to economic data that showed U.S. consumer confidence rebounded in May after three months of decline, yet inflation expectations for the year went up as well.
The Dow Jones Industrial Average fell 216 points, or 0.6%, to end around 38,852, according to preliminary data from FactSet.
The S&P 500 finished nearly flat, at around 5,306.
The Nasdaq Composite was up 0.6%, ending around 17,019, its 12th record close for the year. It was also the first time in history that the tech-heavy index finished above the 17,000-level, according to Dow Jones Market Data.
Home prices in top U.S. cities at all-time high: Case-Shiller
The numbers: Home prices in the 20 biggest U.S. metros...
The numbers: Home prices in the 20 biggest U.S. metros hit another all-time high, as the housing market remains hampered by a low number of properties for sale.
The S&P CoreLogic Case-Shiller 20-city house price index rose 0.3% in March compared to the previous month. The 20-city and the national index are at an all-time high.
Home prices in the 20 major U.S. metro markets were up 7.4% in the last 12 months ending in March. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expected the 20-city index to increase 7.3%.
San Diego posted the biggest year-over-year home-price gains in March.Prices were up 11.1%.
Short week ahead for crude oil trading following last Friday’s gain in prices
A short week of trading lies ahead for crude oil prices following the long Memorial Day weekend, after...
A short week of trading lies ahead for crude oil prices following the long Memorial Day weekend, after which they gained 1% on Friday’s trading. Prices finished the week down because of continued concerns over high interest rates in the U.S.
An Israeli airstrike in Rafah caused fires and explosions in a tent...
An Israeli airstrike in Rafah caused fires and explosions in a tent camp of displaced Palestinians that killed at least 45 people and wounded 200, according to Gazan authorities. The strike, which Israel’s military said killed two senior Hamas officials, quickly drew international rebuke from Arab and European countries. Israeli Prime Minister Benjamin Netanyahu said the military was investigating and that something had gone wrong “despite our best effort, not to harm those not involved.” The strike could “hinder” cease-fire talks, which are scheduled to resume today, mediator Qatar said.
