Oil prices dropped Tuesday as trade tensions and expectations of growing production threatened to upset the global supply-and-demand balance. West Texas Intermediate futures fell 1.2% to $65.07 a barrel at the New York Mercantile Exchange. Brent crude, the global oil benchmark, fell 0.3% to $75.08 a barrel on London's ICE Futures exchange.
The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 3 million barrels for the week ended June 15, according to sources. The API data, however, showed a climb of 2.1 million barrels in gasoline stockpiles, while inventories of distillates rose by 750,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning.
Oil prices fell Tuesday as trade tensions and expectation of growing production threatened to upset the global supply-and-demand balance. West Texas Intermediate futures fell 1.2% to $65.07 a barrel at the New York Mercantile Exchange. Brent crude, the global oil benchmark, fell 0.4% to $75.08 a barrel on London's ICE Futures exchange.
By Myra P. Saefong and Sara Sjolin, MarketWatch. WTI oil prices fall, but settle above $65 a barrel. Oil prices settled with a loss Tuesday on expectations that OPEC and other major oil producers will announce a decision later this week to raise production.
The gap between yields on short and longer-term U.S. government debt narrowed Tuesday to its smallest in almost 11 years as trade tensions between the U.S. and China intensified. The spread between the yields on two- and 10- year Treasurys, known as the yield curve, flattened to 0.358 percentage point, the smallest since August 2007, according to data from Ryan ALM. Investors and economists look to the measure as a guide to the direction of the economy, with steeper yield curves...
Soybean prices fell more than 5% to the lowest point in two years Tuesday, as escalating trade tension between the U.S. and China dimmed hopes that U.S. farmers might win a reprieve from duties on the crop set to take effect next month. Prices for grain and livestock also declined as traders bet Chinese tariffs would jeopardize demand for U.S. exports. Commodities from crude oil to copper to lumber also fell.
Oil prices slipped on Tuesday in volatile market conditions ahead of a meeting between major producers later this week to discuss pumping more. Brent crude, the global oil benchmark, was down 0.6% to $74.92 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 1.3% at $64.97 a barrel.
ExxonMobil's Papua New Guinea liquefied natural gas export plant has offered a cargo for July delivery, two industry sources said on Tuesday. The cargo is being offered on a delivered ex-ship or free-on-board basis, one of the sources said.
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