Crude Oil May 23 (CL=F)
- The Wall Street Journal
Oil Sputters as Traders Weigh Bank Fears Against China Hopes
The U.S. market has remained awash in crude after the conclusion of the Biden administration’s emergency release of oil reserves. Instead, the oil producers and traders that captured monster profits in 2022 are now weighing whether a slowdown in the U.S. and Europe is coming sooner rather than later—if it comes at all. The S&P 500 energy sector slid 5.6% in the first quarter, according to FactSet, a decline outpaced only by financial stocks.
- Bloomberg
Iraqi Oil Shutdowns Worsen as Gulf Keystone Cuts Output
(Bloomberg) -- Gulf Keystone Petroleum Ltd. will become the latest oil producer in Iraqi Kurdistan to cut production, as a legal spat between the region’s government and Baghdad that’s pushed up crude prices drags on.Most Read from BloombergTrump Faces Fingerprints, Mug Shot After Dramatic IndictmentParents Are Paying Consultants $750,000 to Get Kids Into Ivy League SchoolsWorld’s Top-Rated Airport Sees Immigration System RestoredFlight to Money Funds Is Adding to the Strains on Small BanksHow K
- Investing.com
Oil has good week but poor month; Even poorer quarter
By 11:30 ET (15:30 GMT), New York-traded West Texas Intermediate, or WTI, crude was at $74.98 per barrel, up $1, or 1.3%, on the day, after a session high of $75.50 that marked a two-week peak. For the month though, the U.S. crude benchmark was off about 2.5%, while for the quarter, it showed a loss of more than 6%. London-traded Brent crude hovered at above $79, up about 1% on the day and around 7% higher on the week.
