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Oil slips as U S crude build counters upbeat demand forecast | Hellenic Shipping News Worldwide
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Oil heads for weekly gain as Middle East conflict rages
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Oil settles up, notches weekly gain on tight supply, Middle East conflict
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Major U.S. fuelmakers beat Wall Street's earnings expectations in the fourth quarter on strong refining margins and operating performance, and they predicted profits would rise again this year thanks to global demand growth. For 2023, three of the biggest U.S. independent refiners - Marathon Petroleum , Phillips 66 , and Valero Energy - posted combined adjusted earnings of $25.7 billion. Shares of Marathon are up 11% year-to-date, Phillips 66 is up about 9% and Valero has gained 8%, far outpacing the S&P 500 energy sector's slight decline so far this year.