Oil futures notched back-to-back session declines on Tuesday, with an “uneasy calm” settling into the market as traders await Israel’s response to Iran’s attack over the weekend. Some traders were betting that the White House’s opposition to an Israeli counterattack against Iran would help to de-escalate a standoff that has rattled global markets,
Oil prices slipped more than $1 on Wednesday as U.S. commercial inventories rose, while weaker economic data from China and dimmed prospects of interest rate cuts stoked worries about global demand. Brent futures for June were down $1.
That was fast. It looks like the S&P 500 has once again blown its opening gains, with the index now down nearly 4 points, or 0.1%, at 5,019. The Nasdaq Composite has also jerked lower after wavering between marginal gains and losses after the open.
Oil prices slipped more than $1 on Wednesday as likely higher U.S. commercial inventories weighed, while weaker economic data from China and dimmed prospects of interest rate cuts stoked worries about global demand.
U.S. officials told NBC News they expect an Israeli response to Iran's attack to be limited in scope. Israeli army chief Herzi Halevi said, "Iran will face consequences for its actions." The leaders of Britain,
Oil prices slipped for a third straight session on Wednesday as likely higher U.S. commercial inventories weighed, while weaker economic data from China and dimmed prospects of interest rate cuts stoked worries about global demand.
Oil prices fell further Wednesday but stocks diverged as traders tracked fallout from Iran's attack on Israel and assessed the outlook for interest rates.