Markets

Oil tanks 6% on surging COVID-19 cases and inventory build-ups

Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market’s recovery. West Texas Intermediate crude sank as much as 6.4%, to $US37.04 per barrel. Brent crude, oil’s international standard, tumbled 5.8%, to $US38.83 per barrel, at intraday lows. A global […]
Oil tanks 6% on surging COVID-19 cases and inventory build-ups
Markets

Dow plummets 632 points as tech-sector carnage spoils another day

US stocks sank on Tuesday as investors sold-off tech giants and bought safe-haven assets. The tech-heavy Nasdaq composite index dropped more than 4%, extending its loss to 11% in the period since Sept. 2. Tech giants including Apple,Microsoft, and Facebook led the decline, while Treasurys and the dollar gained. Investors […]
Dow plummets 632 points as tech-sector carnage spoils another day
Markets

Oil plunges 9% as major producers slash prices on demand weakness

Oil contracts slumped on Tuesday as industry giants cut prices in an effort to support market demand. West Texas Intermediate crude tumbled as much as 9.2%, to $US36.13 a barrel. Brent crude sank as much as 6.7%, to $US39.79, at intraday lows. The sell-offs began over the holiday weekend after […]
Oil plunges 9% as major producers slash prices on demand weakness
Markets

Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness

Oil contracts sank on Thursday after gloomy commentary from the Federal Reserve and OPEC+ weighed on hopes for a market recovery. West Texas Intermediate crude fell as much as 3.3%, to $US41.50 per barrel. International benchmark Brent crude dropped 3%, to $US44.02 per barrel, at intraday lows. Fed officials expressed […]
Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness
Markets

Oil plummets 8% on 2-pronged threat from COVID resurgence and inventory increase

Oil prices slumped on Wednesday as investors stared down a larger-than-expected jump in US crude inventories and surging COVID-19 case counts in several states. Inventories leaped by 1.75 million barrels to 545 million barrels last week, according to an American Petroleum Institute report seen by Reuters. Economists expected a build-up […]
Oil plummets 8% on 2-pronged threat from COVID resurgence and inventory increase
Markets

Dow rises 154 points as economic recovery outweighs growing coronavirus cases

US stocks rose on Monday as investor focus on continued economic-reopening progress offset spiking global coronavirus cases. Gold rose, nearing its highest level since 2012, as investors bought the safe-haven asset. New coronavirus cases have hit records in some US states and continue to increase globally. Read more on Business […]
Dow rises 154 points as economic recovery outweighs growing coronavirus cases
Markets

Oil climbs as US reduces its production forecasts for the next 2 years

Oil surged Tuesday after the Energy Information Administration lowered its production forecasts for 2020 and 2021. West Texas Intermediate crude oil gained as much as 8.7% on Tuesday to $US26.23 a barrel. International benchmark Brent crude jumped as much as 3.6%, to $US30.70 per barrel. Oil prices have whiplashed amid […]
Oil climbs as US reduces its production forecasts for the next 2 years
Markets

Dow gains 125 points as investors weigh economic reopening, oil rallies

US stocks rose Tuesday as investors continued to weigh economic-reopening efforts worldwide. The Federal Reserve Bank of New York said on Monday that it will begin buying corporate-bond exchange-traded-funds Tuesday. A measure of consumer prices excluding food and fuel in April posted the biggest monthly drop since 1957. WTI crude […]
Dow gains 125 points as investors weigh economic reopening, oil rallies
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