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Brent crude tops $70 a barrel as Saudi-Yemen fighting escalates

Oil prices shot more than 2% higher Sunday, after Saudi Arabia and Yemen rebels traded airstrikes. 10:49 p.m. March 7, 2021

WTI, Brent oil settle at highest levels since 2019 after OPEC+ decision

U.S. and global benchmark crude-oil prices log their highest settlements since 2019 on Friday, up more than 7% for the week, a day after the Organization of the Petroleum Exporting Countries and its allies said they would rollover current production cuts to the end of April. 3:17 p.m. March 5, 2021

Oil futures settle at highest since 2019, up over 7% for the week

Oil futures marked their highest settlement since 2019 on Friday, tallying a weekly gain of more than 7%, as prices extended their rise in the wake of Thursday’s decision by the Organization of the Petroleum Exporting Countries and its allies to keep production cuts in place through April. The energy market was given an extra lift because the solid U.S. jobs report "adds weight to the argument the world's largest economy is experiencing a relatively strong recovery from the pandemic, so demand for oil should rise," said David Madden, market analyst at CMC Markets UK. April West Texas Intermediate crude rose $2.26, or 3.5%, to settle at $66.09 a barrel. For the week, prices based on the front-month contract gained about 7.5% for the week, FactSet data show. 2:41 p.m. March 5, 2021

Commodities Headlines

Gold settles below the key $1,700 mark, at lowest in 9 months

Gold futures fell Friday, settling below the $1,700 mark for the first time in nine months. The U.S. dollar index climbed Friday and the 10-year Treasury bond yield briefly topped 1.6% in the wake of the larger-than-expected climb in the number of U.S. jobs created in February, putting pressure on prices for the precious metal. April gold fell $2.20, or 0.1%, to settle at $1,698.50 an ounce. For the week, prices lost nearly 1.8%, FactSet data show.

1:48 p.m. March 5, 2021
Nuclear power proves its resilience a decade after Japan’s Fukushima disaster

It has been a decade since the Japan nuclear disaster caused the energy industry to rethink the safety of the power source. But the event hasn’t led to the destruction of the market or uranium demand.

12:24 p.m. March 5, 2021
Chevron to acquire rest of Noble Midstream Partners in all-stock deal expected to close in Q2

Chevron Corp. said Friday it has entered an agreement to acquire the 33.925 million shares of Noble Midstream Partners it does not already own in all stock deal. Under the terms of the deal, Chevron will pay 0.1393 of its stock for each common unit of Noble owned. No further financial terms were disclosed. The deal is expected to close in the second quarter. "We believe this buy-in transaction is the best solution for all stakeholders, enabling us to simplify the governance structure and capture value in support of our leading positions in the DJ and Permian basins," said Colin Parfitt, vice president of Chevron Midstream and chairman of the board of directors of the general partner of Noble Midstream Partners LP. Chevron shares rose 1.9% premarket, while Noble shares were slightly lower.

6:09 a.m. March 5, 2021
Gasoline prices may hit highest levels since 2014 as OPEC+ keeps oil output cuts: report

Gasoline prices at the pump may climb past $3 a gallon by Memorial Day, following a decision by the Organization of the Petroleum Exporting Countries and their allies to keep production curbs in place through April, according to a report from GasBuddy Thursday.

5:39 p.m. March 4, 2021
U.S. oil prices log highest finish since 2019 as OPEC+ agrees to extend production curbs

Oil futures rally Thursday, with U.S. prices posting their highest finish since 2019 after the Organization of the Petroleum Exporting Countries and its allies said they will rollover current production cuts to the end of April.

3:04 p.m. March 4, 2021
OPEC+ extends output cuts through April, in surprise move

The Organization of the Petroleum Exporting Countries and their Russia-led allies on Thursday reached a decision to rollover current production cuts through April, surprising many traders who expected the high price of oil to entice producers to boost output.

3:04 p.m. March 4, 2021
U.S. oil futures end at highest since 2019 as OPEC+ agrees to keep production cuts in place

Oil futures ended higher on Thursday, with U.S. prices at their highest since April 2019, FactSet data show. The Organization of the Petroleum Exporting Countries and its allies decided to keep its production cuts in place through April at its meeting Thursday. Saudi Arabia also agreed to keep its own unilateral output cut of 1 million barrels per day to the end of April, but Russia and Kazakhstan are allowed to modestly lift production, with OPEC+ citing seasonal needs. "Clearly, OPEC+ has decided to take a cautious approach on the demand recovery," said Ann-Louise Hittle, vice president of macro oils at Wood Mackenzie. "However, waiting for a solid sign of strong stock draws means prices will have already increased from the present level by the time that sign emerges." April West Texas Intermediate crude rose $2.55, or 4.2%, to settle at $63.83 a barrel.

2:46 p.m. March 4, 2021
Gold futures fall, but hold above the $1,700 mark

Gold futures dropped Thursday, as the 10-year Treasury bond yield climbed past 1.5%, pushing prices for the precious metal to their lowest settlement since June. During a Wall Street Journal webinar Thursday, Federal Reserve Chairman Jerome Powell said he would be concerned about a disorderly move in the bond market, but suggested that hadn't yet had a material impact on financial conditions. The rise in bond yields has pressured prices for gold, which offers no yield. April gold fell $15.10, or 0.9%, to settle at $1,700.70 an ounce after touching a low at $1,693.90.

1:50 p.m. March 4, 2021

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