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

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

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
Markets

US stocks climb amid rally in tech shares, oil prices

US stocks rose Monday, reversing early-day losses, as crude oil prices rallied for a fourth straight day. Energy and mega-cap tech stocks led the way higher. Investors shrugged off renewed concerns over a further escalation of the long-running conflict between the US and China. Airline stocks slipped after the famed […]
US stocks climb amid rally in tech shares, oil prices
Markets

Dow tumbles 622 points as major tech earnings disappoint investors

US stock indexes slid on Friday after quarterly reports from mega-cap tech players disappointed investors. Amazon’s first-quarter profit landed below Wall Street estimates, while Apple’s decision to withhold guidance for the first time in a decade dragged on trader sentiments. Oil extended its rebound to a third day, with WTI […]
Dow tumbles 622 points as major tech earnings disappoint investors
Markets

Dow tumbles 500 points as oil’s historic plunge worsens

US stocks slid further on Tuesday as oil continued to trade at negative levels. West Texas Intermediate contracts expiring in May traded as low as -$US16.74 a barrel on Tuesday. June contracts slipped as much as 42% to $US11.89 amid the turbulence. Stock futures erased some early gains after reports […]
Dow tumbles 500 points as oil’s historic plunge worsens
Markets

Dow drops 500 points as oil crashes to its lowest level in 21 years

US stocks sank Monday, reversing Friday’s gains. WTI crude oil fell as much as 41% to $US10.77 per barrel, its lowest price in more than 21 years. A group of big technology companies – including the so-called FAANG stocks – are set to report first-quarter earnings this week. It will […]
Dow drops 500 points as oil crashes to its lowest level in 21 years