Oil prices settle down on report of talks to end Lebanon war
Oil prices closed slightly lower on Tuesday,...
Oil prices closed slightly lower on Tuesday, adding to a more than 6% drop in the previous session, on a report that Israeli Prime Minister Benjamin Netanyahu will hold a meeting for a diplomatic solution to the war in Lebanon.
Brent crude futures settled down 30 cents, or 0.4%, at $71.12 a barrel, while U.S. West Texas Intermediate crude shed 17 cents, or 0.3%, to $67.21 a barrel.
Netanyahu will hold a meeting on Tuesday evening with Israeli ministers and the heads of the country's military and intelligence community about talks for a diplomatic solution to the war in Lebanon, Axios reporter Barak Ravid said on X, citing two sources.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that Iran will "use all available tools" to respond to Israel's weekend attack.
Meanwhile, declining oil demand from China, the world's largest crude oil importer, remains a drag on global oil consumption and prices.
Dow sheds 150 points, Nasdaq posts fresh record with Alphabet earnings on tap
U.S. stocks finished mostly higher on Tuesday, with the...
U.S. stocks finished mostly higher on Tuesday, with the Nasdaq Composite scoring its 28th record close of the year, as investors prepared for quarterly earnings from Google parent Alphabet Inc. after the closing bell.
The Nasdaq advanced 0.8% to finish at an all-time closing high of around 18,712, according to preliminary data from FactSet.
The Dow Jones Industrial Average was off 0.4%, to end near 42,233.
The S&P 500 rose 0.2%, ending near 5,833.
Alphabet Inc. and Advanced Micro Devices Inc. are among the tech companies scheduled to report quarterly results after the market closes on Tuesday.
Microsoft Corp. and Meta Platforms Inc. are expected to report on Wednesday, while Apple Inc. and Amazon.com Inc. are up on Thursday.
World Series News: Can The Dodgers Sweep The Yankees?
The Los Angeles Dodgers beat the New York Yankees last night to take...
The Los Angeles Dodgers beat the New York Yankees last night to take a 3-0 World Series lead. One highlight: Freddie Freeman tied the record for longest consecutive home run streak in World Series history. [Yahoo Sports]
⚾ In the World Series, the Dodgers look to sweep the Yankees in Game 4 at 8:08 p.m. ET on Fox. [Los Angeles Times]
Oilfield equipment auctions see steady prices, high demand
Auctions remain a popular...
Auctions remain a popular method for buying and selling oilfield equipment, offering benefits to both parties according to Jim Richie, partner and chief auctioneer at Superior Energy Auctioneers. While buyers can control their maximum spending and sellers can set minimum prices, the competitive nature of auctions often drives prices higher than asking prices. Following the COVID-19 pandemic, truck and road-related equipment prices soared due to supply chain issues, though they've since normalized as new vehicle production resumed.
The market currently features abundant drilling, service, and downhole equipment available for auction, attracting global interest. Richie cites the liquidation of Golden State Drilling, a 47-year-old California company, as an example of the international appeal, with inquiries coming from Kazakhstan, Dubai, Australia, Europe, and South America, demonstrating strong worldwide demand for oilfield equipment.
Gasoline prices in U.S. look headed below $3 a gallon for first time since 2021
Oil prices fell sharply...
Oil prices fell sharply Monday, setting the stage for U.S. average gasoline prices to potentially drop below $3 per gallon for the first time since 2021, with the U.S. presidential election approaching. According to GasBuddy data, regular unleaded gas averaged $3.08 per gallon Monday afternoon, down nearly 13 cents from a month ago and 40 cents below last year's prices.
With refinery maintenance season nearing its end and global supplies remaining plentiful, OPIS analyst Tom Kloza sees "no real catalyst" for gas prices to rise. CIBC Private Wealth's Rebecca Babin suggests prices should remain stable barring any disruptions from geopolitical or weather events, as long as crude prices stay low.
