A swift recovery in fuel consumption by U.S. drivers is petering out, posing new challenges to the oil market, economy and global energy industry. After demand for gasoline surged from mid-April to late June, consumption has stayed relatively flat in the past two months and remains well below its prepandemic levels, government data show. The fizzling rebound highlights the lingering effects of coronavirus precautions and travel restrictions.
The Dow Jones Industrial Average's coming farewell to Exxon Mobil Corp. (XOM) is the latest sign of the waning influence of America's struggling energy sector. When trading begins next week, the blue-chip benchmark will include only one energy stock: Chevron Corp., which will represent just 2.1% of the price-weighted index, according to an S&P Dow Jones Indices analysis. In the broader S&P 500, the group isn't faring much better: Its weighting has shrunk to less than 2.5%, leaving...
Venezuelan President Nicolas Maduro on Sunday thanked ally Iran for helping the South American country overcome U.S. sanctions on its oil industry and floated the idea of purchasing missiles from the country. Washington maintains strict sanctions against Irans oil industry to try to halt the countrys nuclear program.
Canada's main stock index fell on Friday, weighed down by energy stocks as oil prices fell on concerns of a slow recovery in fuel demand due to the coronavirus-induced economic slowdown. * Brent crude futures were down 75 cents, or 1.65%, at $44.15 a barrel by 1327 GMT, heading for a 1.5% weekly fall.
* Oil prices fall on concern about oversupply. * U.S. jobless claims reinforce view of slower U.S. recovery. * Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn. * Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh. * Graphic: Global stocks since Feb https://tmsnrt.rs/2CH2eSe. * Reuters Live Markets blog: By Alwyn Scott.
Canada's main stock index fell on Thursday, weighed down by energy stocks as oil prices fell on concerns of a slowdown in a fuel demand recovery. * Demand concerns were driven by a resurgence in coronavirus cases and cautious views from OPEC+ producers and the U.S. Federal Reserve regarding an economic recovery from the coronavirus pandemic.
The dollar eased and global equity markets fell on Thursday, even as the tech-heavy NASDAQ index touched a record high and looked past the growing signs of prolonged economic weakness. Economic concerns weighed on equities earlier in the day, reflecting Wednesday's concern from the Federal Reserve about the U.S. labor market slackening as U.S. coronavirus cases rise.
The dollar eased and global equity markets fell on Thursday, even as the tech-heavy NASDAQ index touched a record high and looked past the growing signs of prolonged economic weakness. Economic concerns weighed on equities earlier in the day, reflecting Wednesday's concern from the Federal Reserve about the U.S. labor market slackening as U.S. coronavirus cases rise.
By Benoit Faucon in London, Isabel Coles in Beirut and Michael R. Gordon in Washington. Chevron Corp. (CVX) is in talks to invest in a major Iraq oil field, according to Iraqi officials, part of a string of prospective deals with U.S. companies signaling confidence in that country's energy industry despite years of instability and start-and-stop foreign investment. Chevron (CVX) and the Iraqi government tentatively plan to sign a memorandum of understanding to develop one of Iraq's large...
By Benoit Faucon in London, Isabel Coles in Beirut and Michael R. Gordon in Washington. Chevron Corp. (CVX) is in talks to invest in one of Iraq's large oil fields, according to people familiar with the situation, providing a vote of confidence in the country's energy industry despite years of instability and start-and- stop foreign investment. Chevron (CVX) and the Iraqi government tentatively plan to sign a memorandum of understanding to develop one of Iraq's large oil fields in the south of...
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