Continental Resources to explore oil block in Venezuela’s Orinoco Belt
Continental Resources Strikes Deal with Venezuela’s PDVSA According to Jimmy Lee, CEO of Wealth Consulting Group, the recent stock market downturn is largely due to rising oil prices rather than any signs of weak market fundamentals. He believes that solid earnings in the third quarter could actually present a good opportunity for investors looking to […]
Ten-year Treasury yield rises sharply, oil climbs over $105 as interest rate increase by the Fed is anticipated.
Market Updates: Rising Treasury Yields and Oil Prices On Tuesday, the yield on the US 10-year Treasury reached its highest point since 2007, spurred by oil prices that surged past $105 a barrel. This surge coincided with a drop in stock values as the likelihood of an interest rate hike this week increased. By the […]
China Reenters The Oil Market As Hormuz Turmoil Drives Crude Prices Toward $110
After several months of relying on its own crude reserves, China is re-engaging with the global oil market, introducing a new layer of demand as disruptions from the ongoing war in Iran cause supplies to dwindle and prices to rise. As the leading crude importer worldwide, China had tempered global market dynamics earlier this year […]
Costco begins limiting motor oil sales as global scarcity drives up prices
Costco has started rationing its Kirkland Signature motor oil due to a global shortage of a vital ingredient used in synthetic lubricants, causing prices to spike. A 10-quart pack that used to cost around $30 is now priced at nearly $58. The retailer is limiting purchases to two packs per member every week as supplies […]
Costco motor oil price rises to $58 with a new weekly purchase limit
Costco has recently increased the price of motor oil under its Kirkland brand and imposed a purchasing limit due to rising oil costs. A 10-quart case of Kirkland Signature full synthetic motor oil now costs $58. This is a notable jump from the roughly $30 to $35 range it had maintained for several years. Moreover, […]
Costco Increases Motor Oil Prices and Limits Customer Purchases as the War in Iran Continues
Costco has started rationing motor oil and nearly doubled the price of its Kirkland Signature brand, responding to upheaval in global oil markets due to ongoing conflict in Iran. The cost of a two-pack of five-quart Kirkland Signature full-synthetic motor oil has surged to about $58, from approximately $30 last year, as reported by the […]
Dow rises by 400 points, oil prices drop as inflation figures ease concerns on Wall Street
On Friday, stocks made a significant recovery, bouncing back from much of the week’s losses as oil prices stabilized. The latest news on inflation in the US was also in line with what economists had anticipated, which helped ease market tensions. The Dow Jones Industrial Average jumped by 509.19 points, about 1%, finishing at 52,573.29. […]
Government Considers Utilizing Defense Production Act to Boost Oil Refining, According to a Report
The White House is considering using the Defense Production Act to boost oil refining capacity in the U.S., as reported by Reuters on Friday. Currently, American refineries are operating at nearly full capacity, specifically 97.8% during the week ending September 4, according to the Energy Information Administration. Executives from the refining sector advised federal officials […]
Houthi Area Gains Risk Halting Saudi Oil, While Trump Declines Calls for Attacks
Houthi Control of Yemen’s Red Sea Coast Houthi fighters, supported by Iran, now hold the entire coastline of Yemen along the Red Sea. U.S. officials have reported that projectiles hit pump stations along a Saudi pipeline system designed to avoid the Strait of Hormuz. On Friday, Houthi boats reached Perim Island — which divides the […]
Dow drops 350 points as oil rises above $100 for the first time since July
On Wednesday, stock prices took a downturn, and Treasury yields increased as oil prices soared past $100 a barrel, raising fears about inflation and a possible Federal Reserve interest rate hike. The Dow Jones Industrial Average fell by 367 points—about 0.7%—around 10:00 a.m. ET, with the S&P 500 and Nasdaq both dropping 0.3%. Brent crude […]