Page 13 - Texas Intermediate News Today

Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. Brent futures for August delivery were down 24 cents, or 0.3%, to... -June 02, 2024 at 08:32 pm EDT - MarketScreener

The China stock market has finished lower in two straight sessions, shedding almost 30 points or 1 percent along the way. The Shanghai Composite Index now sits just above the 3,085-point plateau although it's likely to find traction on Monday.

The Hong Kong stock market has finished lower in four straight sessions, sinking more than 750 points or 4.1 percent along the way. The Hang Seng Index now sits just above the 18,075-point plateau although it's likely to halt its slide on Monday.

OPEC+ announced it would extend existing overall limits on oil production through 2025, attempting to ensure prices do not fall too low.

Global markets finished mixed on Monday, as traders on Wall Street attempted to look beyond weaker than expected manufacturing data, and markets reacted to falling oil prices.

"Bad news has been good news for equities over the past two months, but if growth deteriorates too much, bad news can turn into bad news," BofA said.

Oil prices tumbled on Monday to their lowest in nearly four months

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Asian stocks climbed on Friday, marking the fourth consecutive month of gains. The dollar weakened, while the yen stabilized as investors await important inflation data from Europe and the U.S. Expectations for Federal Reserve rate cuts emerged as U.S. economic growth slowed. Key inflation figures from the U.S. and Europe loom large.

Alaska North Slope crude -- despite a general risk-off chill in financial markets -- vaulted $2.01 over the trading week from Wednesday to Wednesday, from its close of $84.35 May 22 to a close of $86.36 May 29 -- a loss of 70 cents on the day. West Texas Intermediate gained $1.72 the same week, from...