| Pre. Settlement | N/A |
| Settlement Date | 2020-10-20 |
| Open | 39.16 |
| Bid | 39.89 |
| Last Price | 39.29 |
| Day's Range | 38.68 - 39.94 |
| Volume | 210,222 |
| Ask | 39.90 |
- Editor's PickYahoo Finance
Stock market news live updates: Stocks rise with first presidential debate, stimulus in focus
Stocks rose Wednesday as investors considered the aftermath of a raucous first presidential debate and continued to eye developments among congressional lawmakers for further fiscal stimulus.
- MarketWatch
Oil prices move up as U.S. supplies fall a third week
Oil futures move higher Wednesday after U.S. government data show a third consecutive weekly decline in domestic crude supplies, but prices are still headed for their first monthly decline since April as concerns persist about the global economic outlook and its impact on demand.
- Bloomberg
Oil Rises With Inventory Decline Adding to Stimulus Optimism
(Bloomberg) -- Oil advanced amid optimism over shrinking U.S. crude supplies and signals that lawmakers and the White House will reach a fiscal stimulus deal.Futures in New York rose as much as 1.6% on Wednesday. The Energy Information Administration reported domestic crude inventories fell nearly 2 million barrels last week to the lowest level since April. The decline was larger than expected. The American Petroleum Institute reported Tuesday crude supplies shrank 831,000 barrels.Meanwhile, Treasury Secretary Steven Mnuchin said he sees one more chance at securing a deal with Democrats on another fiscal stimulus package. He said Wednesday that he expects a relief proposal similar to the $1.5 trillion plan put forward by a bipartisan group of House members.“If you have a draw in overall products, while the refineries are more active,” it bodes well for the demand outlook, said Quinn Kiley, a portfolio manager at Tortoise. A stimulus deal in the U.S. “should drive continued consumption, and we should see some draws as the market balances.”Progress on a stimulus deal could help instill some needed optimism in a market faced with an otherwise dreary demand outlook. U.S. crude futures are on track to post a nearly 7% decline this month as new flareups in coronavirus cases across major economies fuel concerns over a sustained recovery in consumption.Mercuria Energy Group Chief Executive Marco Dunand said oil consumption could rebound from the coronavirus in about 18 months, while Torbjorn Tornqvist, his counterpart at Gunvor Group Ltd., and hedge fund manager Pierre Andurand, both saw the timeframe closer to two years.“Concerns about demand amid a second wave and uncertainty that we are going to see higher-than-expected production” still keeps rallies limited, said Bart Melek, head of global commodity strategy at TD Securities.Market signals point to further weakness for both benchmarks. WTI’s nearest December contract is trading at a $2.77-a-barrel discount to the December 2021 contract, compared to $2 a barrel at the end of August, while Brent’s December-December spread has also deepened its contango this month.At the same time, the onset of the northern hemisphere’s fall season is sparking a fresh slump in commercial flights, adding further woes to the world’s oil refineries as they struggle with a glut of jet fuel that’s crushing profitability. The combined refining margin for gasoline and diesel, which serves as a rough profit gauge for processing a barrel of crude, fell below $9 a barrel on Wednesday after trading above $10 in August.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
