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Oil prices down 4% on expectations for return of Libyan crude production, global stock-market selloff

Oil futures drop Monday, sending U.S. prices down by more than 4%, on expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone. 4:32 p.m. Sept. 21, 2020

U.S. oil futures drop over 4% as market braces for return of Libyan output

Oil futures settled lower Monday, with U.S. prices down by more than 4%, as the market braced for the return of crude output from Libya following reports that Libyan military commander Khalifa Haftar will lift an eight-month blockage of crude exports that had shut nearly all of the country's production. Concerns over the possibility of more COVID-19 shutdowns and weaker energy demand also weighed on prices. October West Texas Intermediate oil fell $1.80, or 4.4%, to settle at $39.31 a barrel on the New York Mercantile Exchange. 3:02 p.m. Sept. 21, 2020

Energy stocks knocked down by tumbling crude oil, natural gas prices

The energy sector was taking a broad beating, enough to pace all of the S&P 500's sectors in declines, amid a sharp drop in crude oil and natural gas prices and a selloff in the broader stock market. The SPDR Energy Select Sector ETF slid 4.6%, with all 26 components losing ground. Among the more active components, shares of oil and gas producers Exxon Mobil Corp. dropped 3.7%, Marathon Oil Corp. lost 5.6%, Occidental Petroleum Corp. shed 4.0% and Chevron Corp. declined 4.4%, while the stocks of oil services companies Halliburton Co. tumbled 9.9% and Schlumberger Ltd. sank 8.5%. Crude oil futures fell 4.8% to below $40 a barrel, amid expectations that Libyan crude will soon return to the market, and natural gas futures plunged 11.3%. Meanwhile, the S&P 500 dropped 2.4%, with all 11 sector tracking ETFs losing ground. 2:20 p.m. Sept. 21, 2020

Commodities Headlines

Gold futures settle at lowest since July

Gold futures fell sharply on Monday to settle at their lowest in about two months, with the dollar-denominated metal pressured by strength in the U.S. dollar. "The safe haven is once again not providing shelter in these hazardous times," said Craig Erlam, senior market analyst at Oanda. "The dollar is instead making strides higher which is further pressuring commodity markets and taking gold with it." December gold fell $51.50, or 2.6%, to settle at $1,910.60 an ounce.

1:46 p.m. Sept. 21, 2020
 - Bloomberg
Oil futures log biggest weekly gain since June

Oil futures split paths for the session on Friday, with U.S. prices up modestly and global prices slightly lower but both benchmarks logging their biggest weekly gain since June after major oil producers pledged their full commitment to output cuts.

3:14 p.m. Sept. 18, 2020
U.S. oil futures end with a modest gain for the session, but post a 10% rise for the week

U.S. oil futures settled with a modest gain on Friday, ending higher for the week after the Organization of the Petroleum Exporting Countries and its allies reiterated their commitment to output cuts. Prices for the U.S. benchmark, however, ended below the session's highs, briefly turning lower for the session afterAljazeera reported that Libyan commander Khalifa Haftar announced a conditional lifting of a months-long blockage of oilfields and ports by the Libyan National Army. That fed expectations for higher global crude supplies. October West Texas Intermediate oil rose 14 cents, or 0.3%, to settle at $41.11 a barrel on the New York Mercantile Exchange. Front-month prices rose 10.1%, marking the strongest weekly rise since the week ended June 5, according to FactSet data.

2:40 p.m. Sept. 18, 2020
Gold futures gain nearly 1% for the week

Gold futures rose Friday to tally a second consecutive weekly climb. "The fading optimism over a sharp V-shaped global recovery as new coronavirus cases picked up across the countries and sell-off in global equities has supported the yellow metal demand," analysts at ICICI Bank wrote in a market update. December gold rose $12.20, or 0.6%, to settle at $1,962.10 an ounce with most-active futures prices up 0.7% up for the week.

1:51 p.m. Sept. 18, 2020
Why soybeans may be headed for their highest price in 6 years

Global supplies of soybeans are about to get even tighter, with the development of a La Niña climate pattern potentially leading to lower production. That would provide a boost for the commodity, which has already seen significant growth in demand from China and prices rising to their highest levels in over two years.

1:31 p.m. Sept. 18, 2020
U.S. Steel's stock gains after upbeat third-quarter outlook

Shares of U.S. Steel Corp. rallied 1.1% in premarket trading Friday, after the steel producer provided an upbeat third-quarter outlook, including a "significantly better" performance expected for its flat-rolled business and signs that the tubular business has bottomed. The company said it an adjusted per-share loss of $1.45, compared with the FactSet loss consensus of $1.52. "Improving market conditions experienced in June and July have accelerated through August and September," said Chief Executive David Burritt. "We have grown confident in the recovery that is underway in North America and Europe," he said. The stock has dropped 26.3% year to date through Thursday, while the Dow Jones Industrial Average has slipped 2.2%.

8:41 a.m. Sept. 18, 2020
 - Getty Images
Oil prices finish higher as OPEC+ stresses full compliance with output cuts

Oil futures climb on Thursday as the Organization of the Petroleum Exporting Countries and its allies stress the importance of full compliance with output cuts during their monthly meeting.

3:20 p.m. Sept. 17, 2020
OPEC+ committee’s power of words helps to lift oil prices

Members of the Organization of the Petroleum Exporting Countries and their allies held a regularly scheduled monthly joint committee meeting on Thursday that wasn’t expected to offer any surprises, but nevertheless has made a convincing impression on those doubting the oil producers’ commitment to fully comply with their agreed output cuts.

3:07 p.m. Sept. 17, 2020

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