By CCN: The Dow and broader U.S. stock market extended their slide on Thursday, as plunging oil prices and a defiant Federal Reserve weighed on the major indexes. Dow Falls Triple Digits; S&P 500 Slides Further from Record Highs All of Wall Street’s major benchmarks traded lower, reflecting a tepid pre-market for Dow futures. The Dow Jones Industrial Average fell by as much as 250 points...
By CCN: The Dow and broader U.S. stock market drifted lower Wednesday, pressured by a sharp decline in energy shares after government data showed a surprise build-up in commercial crude inventories. Dow Slides; S&P 500, Nasdaq Follow All of Wall Street’s major indexes traded in negative territory, mirroring a skittish start to the day for Dow futures. The Dow Jones Industrial Average was off...
The U.S. stock market clung to gains Wednesday, as rebounding oil prices propelled the energy sector-heavy Dow higher following Saudi Arabia’s latest pledge to scale back production. DOW SLAMS ON THE BRAKES By the middle of the day, the Dow Jones Industrial Average had given up most of its 200-point gain. The blue-chip index is currently up 74.42 points, or 0.29%, at 25,500.18. It opened with a...
The prices of gas surged Wednesday, with the RBOB gasoline rising by more than 5% to reach 1.3752 USD per gallon after opening the day’s trading around 1.2880. USD per gallon. On Thursday, however, the prices had fallen by 3.7% from yesterday's high and is now hovering around 1.3288 USD per gallon. U.S. West Texas Intermediate crude also rose by 2.5% to close Wednesday’s session at US$46.54 per...
The Venezuelan government is reportedly going to present its oil-backed cryptocurrency, the Petro, to the Organization of Petroleum Exporting Countries (OPEC) as a unit of account for oil. According to local news outlet Telesur, the country’s petroleum minister and the president of state-run oil and natural gas company PDVSA, Manuel Quevedo, stated that Petro transactions will begin in the “first...
The Petro, Maduro’s Venezuelan crypto endeavor, is a pre-mined oil-backed cryptocurrency. However, this isn’t enough for Maduro who now wants an OPEC-backed global cryptocurrency. Could it work and is there support within OPEC? The President of Venezuela, Nicolas Maduro, wants OPEC support for Venezuela’s new ‘state-backed’ cryptocurrency offering which has been called “the Petro”. This new...
Oil prices have plummeted lately, bringing economic relief to consumers but leaner revenues to oil-exporting nations such as Russia, Venezuela, and Nigeria. The Organization of the Petroleum Exporting Countries (OPEC) debated cutting production, but leading exporter Saudi Arabia staunchly refuses to lower their production--no matter how low the oil price falls. As low oil prices place strain on...