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Crude Oil Jun 27 (CLM27.NYM)

NY Mercantile - NY Mercantile Delayed price. Currency in USD
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67.12-0.13 (-0.19%)
As of 02:02PM EDT. Market open.
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  • Yahoo Finance Video

    Bullish S&P 500 calls, weak China industrial output: Morning Brief

    On today's episode of Morning Brief, Yahoo Finance's Seana Smith and Madison Mills cover some of the biggest stories as the holiday-shortened trading week gets underway. The major US indexes (^DJI, ^IXIC, ^GSPC) started Monday's trading session mixed, as the S&P 500 and Nasdaq Composite hold near their record highs achieved last week. As the tech sector continues to push the market to new heights, Evercore ISI has raised its year-end target of the S&P 500 to 6,000, while Goldman Sachs has raised it to 5,600. Miller Tabak Managing Director and Chief Market Strategist Matt Maley says that the market rally signals that "investors aren't all that confident about anything outside of the AI phenomenon. And we haven't seen the big broadening out of earnings outside of the AI phenomenon." Minneapolis Federal Reserve President Neel Kashkari has indicated optimism about potential interest rate cuts, stating that one cut in December is "reasonable." However, Wells Fargo Global Investment Strategist Veronica Willis believes that two rate cuts in 2024 are still possible, noting that more economic data showing disinflation would give the Federal Reserve enough "confidence" to enact more than one cut. China's housing market continues to struggle as industrial output growth slowed to 5.6% in May, a decline of over 1% from the previous month's figure. Crude oil prices (CL=F, BZ=F) are climbing higher after China also reported weakening demand and oil refinery outputs. Energy Aspects Oil Analyst Christopher Haines explains that China is "transitioning to more of a consumer-based economy rather than an industrial-based economy... it's trying to decrease energy intensity. So actually, I think you can read [that] demand, or... some of that data that came out today is relatively constructive." This post was written by Melanie Riehl

  • Yahoo Finance Video

    Oil and gas pricing outlook ahead of peak summer travel

    Oil prices (BZ=F, CL=F) are beginning to rise on Monday after recent data revealed weak crude oil demand in China. What does this mean for gas prices (RB=F) at the pump as global energy markets respond to demand trends ahead of the summer travel season? Yahoo Finance Reporter Ines Ferré joins Wealth! to break down the latest for oil and gas prices and what consumers can expect at the pumps this week. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Nicholas Jacobino

  • Yahoo Finance Video

    Noble will get 'ever pickier' on M&A after Diamond deal: CEO

    Oil driller Noble Corp (NE) is set to acquire Diamond Offshore Drilling (DO) in a stock-plus-cash deal valued at $1.6 billion. Noble Corp. CEO and President Robert Eifler sits down with the Market Domination team to talk more about the acquisition and Noble's drilling operations amid recent forecasts on crude oil (CL=F, BZ=F) demand. "We drill for some of the largest companies in the world, and they have a lot of needs. And in order to meet those needs globally, we need to have enough assets so that we can spread our investments, around technology and innovation across a bigger base," Eifler says on the company's push to increase its scale. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Luke Carberry Mogan. Catch more of Yahoo Finance's coverage surrounding oil prices and the broader energy sector: The big reason why there will be more energy sector deals Energy transition is caught in a 'trilemma,' expert explains IEA warns of 8M barrel per day oil surplus by 2030 Oil may reach $86 per barrel this summer: Goldman Sachs Oil prices rebound despite 'shaky' demand outlook