Oil futures end a choppy session lower, snapping a six-day winning streak for the U.S. benchmark, after the dollar gains ground and inventories of gasoline and distillates rise more than expected.
Oil futures climb Wednesday, with U.S. prices ending above $50 a barrel for the first time in 11 months, as weekly U.S. crude supplies dropped by 8 million barrels, down a fourth straight week. Prices also continue to find support from Saudi Arabia's unilateral production cut.
Oil posts a third straight gain as U.S. crude supply drop, Saudi output cut provide tailwind MarketWatch 1/7/2021
FUTURES MOVERS
Oil futures rose Thursday to post a third straight session gain, buoyed by data showing a larger-than-expected weekly drop in U.S. crude inventories and a recent pledge by Saudi Arabia to further cuts its production levels.
“The current price levels are built mostly as a result of a jaw-dropping promise of a single oil producer, Saudi Arabia,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. “This fact on its own shows how fragile price levels are to a potential change of mind of a single country.”
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U.S. stocks close lower after notching fresh records MarketWatch 12/29/2020
MARKET SNAPSHOT
U.S. stocks closed moderately lower Tuesday afternoon, giving up early gains that saw major benchmarks score another round of all-time intraday highs.
Another fiscal stimulus package signed by President Trump on Sunday, along with vaccine rollouts, is sustaining hopes for an improving economy in 2021, but is offset by the winter wave of coronavirus cases, hospitalization and deaths.
Stocks rallied Monday to kick off the final, holiday-shortened trading week of 2020, with the Dow, S&P 500 and Nasdaq Composite all ending at records. Markets will be closed Friday for the New Year’s Day holiday.