The Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, showed their commitment to higher oil prices in their meeting on June 4, with Saudi Arabia announcing additional output cuts and some other members extending their voluntary cuts until the end of 2024. Following their meeting in Vienna, OPEC+ members extended…
Saudi Arabia to Cut Oil Production by 1 Million Barrels per Day to Boost Prices
June 4, 2023
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With Oil Prices Slumping, OPEC+ Producers Weigh More Production Cuts
FRANKFURT, Germany—The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. drivers and helped ease inflation worldwide. The 23-member group is meeting Sunday…
Office Vacancy Rates at Historic Highs in San Francisco, Potentially 40 Percent: Experts
June 3, 2023
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Business & MarketsBusinesses in COVID-19Californiacommercial real estateeconomyMarketsNorthern CaliforniaRegional & State NewsSan FranciscoState NewsUSUS News
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Office vacancy rates in San Francisco continue to climb, with new records being set monthly as businesses continue to flee and office workers resist a return to the city, according to experts. Vacancy rates reportedly surpassed 31 percent in May, the highest ever recorded in the city—historically known as an attractive location for businesses, ranking…
Stock Market Today: Wall Street Leaps After Strong Jobs Report, Dow Rallies 701
NEW YORK—Stocks rushed higher Friday after a strong report on the U.S. job market suggested a recession may not be as close as Wall Street had feared. The S&P 500 leaped 1.5% for the latest surge in a rally that’s vaulted it nearly 20% since mid-October. That put Wall Street’s main measure of health on…
Closing Prices for Crude Oil, Gold, and Other Commodities (June 2)
June 2, 2023
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Benchmark U.S. crude oil for July delivery rose $1.64 to $71.74 a barrel Friday. Brent crude for August delivery rose $1.85 to $76.13 a barrel. Wholesale gasoline for July delivery rose 6 cents $2.50 a gallon. July heating oil rose 5 cents to $2.36 a gallon. July natural gas rose 1 cent to $2.17 per…
How Major US Stock Indexes Fared June 2
Stocks rushed higher after a strong report on the U.S. job market eased Wall Street’s worries about a possible recession. The S&P 500 jumped 1.5 percent Friday, while the Dow soared 701 points. The rally brought the S&P 500 nearly 20 percent above a low hit in October. It’s on the edge of entering a…
Wall Street Opens Higher After Jobs Data; Debt Default Averted
U.S. stock indexes opened higher on Friday after data showed a moderation in wage growth in May boosted bets that the Federal Reserve will skip raising interest rates this month, while investors cheered the country averting a debt default. The Dow Jones Industrial Average rose 126.01 points, or 0.38 percent, at the open to 33,187.58….
Dollar Dips as Chances Grow for Fed ‘Skip’, Debt Bill Passes
LONDON—The dollar was heading for its largest weekly fall since mid-January on Friday as the view took hold among investors that the Federal Reserve will forgo an interest rate hike this month, which would diminish the greenback’s appeal to non-U.S. buyers. The U.S. Senate’s passage of a bill to suspend the debt ceiling and avert…
Oil Prices Rise After US Debt Deal, All Eyes on OPEC Meeting
LONDON—Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures rose 77 cents, or 1 percent to $75.05 a barrel by 0806 GMT, while U.S. West Texas…
Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise
June 2, 2023
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LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due 0830 EST (1230…
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