WTI crude oil prices remained near their November lows, trading around $68.39 per barrel Wednesday morning, as bearish market factors capped any gains during yesterday's session. In the physical market, indicators suggest a supply glut is emerging sooner than expected, while the futures market is displaying signs of oversupply. Additionally, OPEC reduced its demand growth forecasts for the fourth consecutive month, and the strong US dollar made commodities priced in the currency less attractive.
Despite some activity in the physical market supporting the Dated Brent benchmark, the overall outlook for oil remains weak. Global supply is expected to outpace demand next year, and China's latest economic measures fell short of direct stimulus while inflation remains subdued. Traders continue to monitor tensions in the Middle East, the possibility of a second Trump presidency, and OPEC+ production decisions, all of which contribute to the choppy trading environment in the mid-$60s to mid-$70s range.
Elon Musk and Vivek Ramaswamy will lead DOGE. That’s...
Elon Musk and Vivek Ramaswamy will lead DOGE. That’s the newly created Department of Government Efficiency (DOGE), which will “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” according to an announcement from President-elect Trump yesterday. Musk will co-lead the effort, which is not an official government agency and will operate from outside of the government, with biotech entrepreneur and former GOP presidential candidate Vivek Ramaswamy. Also yesterday, Trump said he’ll nominate Fox News host and Army veteran Pete Hegseth to be secretary of defense.
President-elect Trump will reportedly stop a potential TikTok ban before it goes into effect next year, according to the Washington Post.
Shell notched a big legal win when a Dutch court overturned a landmark ruling that had required the oil giant to cut its carbon emissions by 45%.
Sales of morning-after pills have surged online in the days since the election, CNN reported. The sexual and reproductive telehealth company Wisp said its sales jumped about 1,000% the day after Trump was reelected.
Waymo announced its largest-ever expansion, allowing anyone in an 80 square mile area of Los Angeles County to hail a robotaxi.
South Korea’s presidential office said leader Yoon Suk Yeol has started to practice golf again for the first time in eight years to prepare for “golf diplomacy” with President-elect Trump, who loves the sport.
Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises
(Reuters) - Oil prices held near a two-week low on Tuesday after dropping...
(Reuters) - Oil prices held near a two-week low on Tuesday after dropping about 5% over the past two sessions as investors absorbed OPEC's latest downward revision for demand growth, a stronger U.S. dollar and disappointment over China's latest stimulus plan.
Brent futures were up 6 cents, or 0.1%, to settle at $71.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to settle at $68.12.
On Monday, both crude benchmarks settled at their lowest prices since Oct. 29.
OPEC cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year, marking the producer group's fourth consecutive downward revision.
The weaker outlook highlights the challenge facing OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia. This month, the group postponed raising output in December against falling prices.
U.S. stocks end lower to snap postelection rally as Wall Street awaits CPI data
U.S. stocks finished lower on Tuesday as Wall Street...
U.S. stocks finished lower on Tuesday as Wall Street took a hiatus from a postelection rally that propelled the major stock indexes to all-time highs.
The Dow Jones Industrial Average lost 382.15 points, or 0.9%, to end at 43,910.98. According to Dow Jones Market Data, this was the largest one-day point decline since Oct. 23.
The S&P 500 was off 17.36 points, or 0.3%, to finish at 5,983.99. The large-cap benchmark index snapped a five-session winning streak and logged its worst day since Oct. 31.
The Nasdaq Composite ended down less than 0.1%, leaving it nearly flat at 19,281.40. It was the largest one-day point and percentage decline since Nov. 4, according to Dow Jones Market Data.
Stocks viewed as beneficiaries of Donald Trump's return to the White House struggled on Tuesday. The small-cap Russell 2000 index finished down nearly 1.8%, and shares of Tesla Inc. tumbled 6.2%.
President-elect Donald Trump has named former Rep. Lee Zeldin, R-N.Y.,...
President-elect Donald Trump has named former Rep. Lee Zeldin, R-N.Y., to serve as Environmental Protection Agency administrator during his tenure. Other former Trump administration officials seen as potential candidates for key energy and environment roles include former Interior Secretary David Bernhardt and former Energy Secretary Dan Brouillette.
