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.
Panama Canal chief: US tariffs spell trouble for LNG trade
President-elect Donald Trump's proposed 60% tariff on Chinese imports...
President-elect Donald Trump's proposed 60% tariff on Chinese imports could upend global liquefied natural gas trade, particularly shipments routed through the Panama Canal, warned Panama Canal Authority Administrator Ricaurte Vasquez. Speaking at the recent Houston International Maritime Conference, Vasquez highlighted the canal's importance and outlined a $9 billion investment plan to increase its capacity and improve water conservation to prepare for future droughts.
Expand Energy: Chesapeake’s Bankruptcy to Largest Gas Producer in US
Chesapeake Energy’s $7.4 billion merger with Southwestern Energy closed...
Chesapeake Energy’s $7.4 billion merger with Southwestern Energy closed on Oct. 1, ending a push-pull dynamic with federal regulators that delayed the deal by a quarter. The newly dubbed Expand Energy is now trading on the Nasdaq with the ticker symbol “EXE.”
The two natural gas players said they had cleared the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in late September. Expand Energy will become the largest gas producer in the U.S. with its massive dual footprints in both the Appalachia and Haynesville shale plays.
The all-stock acquisition of Southwestern by Chesapeake was first announced in January; Chesapeake exchanged Southwestern shares on a 0.0867:1 basis, but additional scrutiny and information requests by the U.S. Federal Trade Commission caused some delays. The new Expand name was only announced in late September.
