(Reuters) - Oil prices rose nearly 2% on Monday as signs...
(Reuters) - Oil prices rose nearly 2% on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs.
Brent crude futures settled up $1.28, or 1.9%, at $69.58. U.S. West Texas Intermediate crude settled up 93 cents or 1.4%, at $67.93.Early in the session, Brent had fallen as low as $67.22 and WTI's session low was $65.40.
"The supply picture definitely looks to be elevating; however, the stronger demand is remaining above expectations as well," said Dennis Kissler, senior vice president of trading at BOK Financial.
Travel industry statistics released last week showed that a record number of Americans had planned to travel for the Fourth of July holiday by road and air.
The OPEC+ decision will bring nearly 80% of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note.
However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said.
U.S. stocks log worst day in three weeks after Trump posts tariff letters
U.S. stocks ended lower on Monday after President Donald...
U.S. stocks ended lower on Monday after President Donald Trump released letters to trading partners including Japan, South Korea, Laos and Myanmar, announcing tariffs ranging from 25% to 40%.
The Dow Jones Industrial Average went down 422.17 points or 0.9% to close at 444,06.36, recording its largest one-day point and percentage decline since June 13.
The S&P 500 fell 49.37 points or 0.8% to finish at 6,229.98, snapping its back-to-back gains.
The Nasdaq Composite declined 188.59 points or 0.9% to end at 20,412.52, also snapping back-to-back gains.
Riley Permian Closes Silverback Exploration II Deal
Riley Exploration Permian Inc. said on July 2 it closed on its $142...
Riley Exploration Permian Inc. said on July 2 it closed on its $142 million deal to buy EnCap’s Silverback Exploration II LLC.
The deal adds 47,000 net acres in Eddy County, New Mexico, and 300 gross undeveloped locations in the Permian Basin’s Northwest Shelf to Riley’s portfolio.
When the deal was first announced in May, Riley stated that it was accretive to the company's long-term strategy, despite market volatility.
Silverback Exploration II is backed by private equity firm EnCap Investments LP. EnCap’s initial investment in Silverback II was a $500 million equity investment in 2017.
Silverback’s first iteration sold to Centennial Resource Development LLC for roughly $855 million. The deal included 35,000 acres in the Permian’s Delaware Basin in Reeves County, Texas.
President Trump’s 90-day tariff pause ends on Wednesday
Trump broke out his “Liberation Day” poster board on April 2, unveiling...
Trump broke out his “Liberation Day” poster board on April 2, unveiling aggressive tariffs against basically every country in the world. After stock and bond markets tanked, he paused tariffs to give countries time to work out trade deals with the US. Later that month, Trump told Time magazine that he had “made 200 deals,” though only three deal “frameworks” have been announced. With Wednesday’s deadline approaching, Treasury Secretary Scott Bessent told CNN yesterday that Trump will start sending letters to countries this week, warning, “If you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level.” Bessent said this does not amount to a new deadline.
International sports have the stage: Wimbledon is serving up tennis action all week,...
International sports have the stage: Wimbledon is serving up tennis action all week, with the finals set for this weekend. FIFA’s soccer Club World Cup is down to the semifinals, with Fluminense battling Chelsea on Tuesday, then Paris Saint-Germain and Real Madrid facing off on Wednesday. The winners play in the final on Sunday. And if grass isn’t your thing, the world’s top cyclists will be fighting over the yellow jersey all week in the Tour de France.
The Justice Department and the FBI concluded that Jeffrey Epstein did not keep a “client list” and was not murdered, according to an exclusive from Axios.
An Australian woman was found guilty of fatally poisoning three family members in the “mushroom murder case.”
Ozzy Osbourne performed what he called his farewell show in his hometown of Birmingham, England, yesterday for 40,000 fans.
The Seine River in Paris was reopened to public swimming for the first time in over 100 years.
Jurassic World Rebirth racked up the biggest worldwide movie opening of the year so far.
