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The latest news and analysis about the health of the US economy.

Oil steady as markets weigh higher US stockpiles, OPEC+ supply plans

Oil prices were little changed in early Asia trade on Wednesday as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts. Brent crude futures fell 2 cents, or 0.03%, to $73.60 a barrel by 0145 GMT, while U.S. West Texas Intermediate crude futures eased 3 cents, or 0.04%, to $69.91. U.S. crude oil inventory rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute.

Reuters 18 minutes ago

Oil Holds Hefty Advance on OPEC+ Deal Progress, Iran Sanctions

(Bloomberg) -- Oil steadied after the biggest advance in more than two weeks as OPEC+ made progress toward a deal to delay further the restoration of shuttered supply, and the US imposed more sanctions on Iranian crude.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsBrent crude traded below $74 a barrel after a 2.5% jump on Tuesday, while West Texas Intermediate was near $70. The producer group is

Dollar holds ground as Fed path pondered; won stable after martial law lifted

The U.S. dollar recovered from a three-week low versus the yen on Wednesday and held its ground against other major rivals as traders pondered the chances of a Federal Reserve interest-rate cut this month. South Korea's won stabilised following its plunge to a two-year low on Tuesday and then a partial recovery after President Yoon Suk Yeol first unexpectedly declared martial law and then abruptly reversed the decision just hours later following a standoff with parliament. Dealers said the country's central bank may have supported the won at Wednesday's open by selling dollars.

Oil Rises on Iran Crude Sanctions, OPEC+ Output Deal Progress

(Bloomberg) -- Oil rose the most in more than two weeks as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsWest Texas Intermediate advanced 2.7% to settle near $70 a barrel, the biggest one-day jump since Nov. 18, as OPEC+ delegates said the group is firming up an agreement to dela

Alaska Governor Sees ‘Certainty’ for Oil, Gas Under Trump

(Bloomberg) -- President-elect Donald Trump’s vision for American energy dominance promises “certainty” that will encourage more investments in oil and gas, Alaska Governor Mike Dunleavy said. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThat could entice more spending by companies on acreage in remote stretches of the state, including offshore waters now largely foreclosed to development and p

Fed’s Daly Says December Aside, Rates Should Continue Falling

(Bloomberg) -- Federal Reserve Bank of San Francisco President Mary Daly said an interest-rate cut this month isn’t certain but remains on the table for policymakers.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic Jams“In order to keep the economy in a good place we have to continue to recalibrate policy,” Daly said Tuesday in an interview on Fox Business. “Whether it’ll be in December or some time la

Treasury Yields Whipsawed as Fed Heads Back More Rate Cuts

(Bloomberg) -- Short-maturity Treasury yields were poised to end a volatile session lower after several Federal Reserve officials said they backed additional interest-rate cuts as soon as this month.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe two-year Treasury note’s yield declined as much as four basis points to 4.14%, last seen Nov. 4, reaching session lows in US afternoon trading after

Budget-friendly Frontier Airlines is ripping out economy rows on its planes and adding first-class seats to tempt wealthy travelers

Despite record travel, low-cost carriers are hemorrhaging money and are trying new strategies to stop the bleed.

US Debt Ceiling to Over Complicate Fed’s Balance-Sheet Runoff

(Bloomberg) -- The US debt ceiling is once again emerging as the Federal Reserve continues to unwind its balance sheet, putting the central bank in a tough spot — only this time it’s trickier. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe debt limit will be reinstated on Jan. 2, prompting the Treasury Department to deploy a series of extraordinary measures that include spending down its cash

Exxon Taps Low Carbon Chief to Lead Key Oil and Gas Division

(Bloomberg) -- Exxon Mobil Corp. named Dan Ammann as head of its upstream oil and gas business, putting its low carbon president in charge of its most profitable division. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAmmann will replace Liam Mallon, who on Feb. 1 retires after 34 years with Exxon, the Spring, Texas-based company said in a statement. Ammann joined Exxon in 2022, making him a rel

Exxon names former GM president to run oil and gas business

HOUSTON (Reuters) -Exxon Mobil said on Tuesday that Dan Ammann, former president of General Motors, will take over its largest and most profitable business early next year. Ammann, who joined Exxon two years ago to run its clean energy unit, called Low Carbon Solutions, will replace 34-year Exxon veteran Liam Mallon as president of Exxon's oil and gas pumping business, effective Feb. 1, 2025. The appointments of Ammann and Barry Engle, another former GM executive, as president of Low Carbon Solutions, reflects the U.S. oil producer's continued reshaping of its top management with outsiders.