President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
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"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
U.S. crude futures gained on Tuesday after flooding throughout the Midwest constrained crude flow from the main U.S. storage hub in Cushing, Oklahoma.
U.S. West Texas Intermediate (WTI) futures settled at $59.14 a barrel, up 51 cents, or 0.9%, from its close on Friday before the long Memorial Day holiday weekend.
"Flooding seems to have impacted distribution hubs around the United States, slowing stuff coming out of Cushing and creating a bid on WTI," said Phillip Streible, senior market strategist at RJO Futures in Chicago.
Flooded areas of Arkansas and Oklahoma were bracing for more rain that will feed the already swollen Arkansas River, forecasters said on Tuesday. Up to 19 inches (48 cm) of rain have fallen so far in parts of Oklahoma over the month of May, the National Weather Service said, with more on the way.
Meanwhile, Brent crude futures were largely steady, just 3 cents lower at $70.08 a barrel.
The global benchmark repeatedly veered above and below the $70-mark in choppy trading, as prices were caught between fears of slowed economic growth and expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will extend their six-month deal to curb production.
OPEC and its allies including Russia, known as OPEC+, are due to meet over June 25-26 to discuss output policy, but it remains unclear whether their production pact will be extended.
"Saudi Arabia seems to be in favor" of extending production cuts as U.S. output rises, said Gene McGillian, vice president of market research at Tradition Energy.
"The market would have to adjust downwardly to adjust for the barrels" if OPEC ended its cut of 1.2 million barrels per day (bpd).
Brent futures last week registered a decline of 4.5% and WTI slid by 6.4% for its biggest weekly loss since December.
Last week's oil-price drop came after the government reported U.S. crude oil inventories have risen to 476.8 million barrels, their highest since July 2017. Weekly inventory data this week has been delayed a day due to Monday's Memorial Day holiday.
However, globally supplies have tightened because of the OPEC+ cuts so far this year, with political tensions in the Middle East adding to the upward pressure on prices. U.S. sanctions have also largely taken Iranian and Venezuelan crude out of global markets.
"There's a geopolitical premium that's helping to support prices," said John Kilduff, an analyst at Again Capital LLC.
Investors remained concerned the escalating trade war between the United States and China could hit the global economy and dent fuel consumption.
"The U.S.-China trade war isn't getting any better and it's really starting to weigh on growth," said Bill Baruch, president of Blue Line Futures in Chicago. "Demand for crude could fall."