5 Hours Ago
U.S. crude prices crack $81 as oil supply deficit forecast for 2024
Crude oil futures rose on Thursday, adding to the previous session’s gains as the International Energy Agency now forecasts a supply deficit for 2024.
The West Texas Intermediate contract for April rose $1.54, or 1.93%, to settle at $81.26 a barrel in U.S. crude’s highest close since Nov. 2, 2023. The Brent contract for May added $1.27, or 1.51%, to $85.30 a barrel.
The move came after the IEA forecast a slight supply deficit for the year rather than a surplus, as the organization assumes OPEC+ will keep its production cuts in place through 2024. The cartel’s cuts of 2.2 million barrels per day are officially in place through at least the second quarter.
7 Hours Ago
JPMorgan slides following regulatory fines
People walk past a Chase Bank on Canal Street in New York City on Feb. 7, 2024.
Michael M. Santiago | Getty Images
JPMorgan & Chase slipped more than 1% Thursday after the Federal Reserve announced the bank was fined almost $350 million.
The central bank said JPMorgan was hit with $348.2 million in fines by a pair of U.S. bank regulators. The punishments are tied to a program to analyze firm and client trading for misconduct that has been deemed inadequate.
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JPMorgan, 1 day
Despite Thursday’s slide, shares of the bank have climbed more than 11% this year.
— Alex Harring, Reuters
11 Hours Ago
PPI rises more than expected
Staff members prepare for the trial operation of a Costco store in Shanghai, China, on March 1, 2023.
Tang Yanjun | China News Service | Getty Images
The producer price index rose 0.6% in February. Core PPI, which strips out food and energy, gained 0.3%. Economists polled by Dow Jones expected an increase of 0.3% for the headline number and a 0.2% advance for core PPI.
It marks the last major data release before the Fed’s meeting on March 19-20.
— Fred Imbert
