Energy lags in otherwise rosy day for stocks
Energy is the worst-performing corner of the S&P 500 on Wednesday, after Reuters reported that several OPEC+ nations — the traditional members of the oil cartel in alliance with others, most notably Russia — are pushing to further boost production, even as the world economy appears to be headed for a tariff-driven economic slowdown.
Benchmark US crude oil prices, which had been slightly positive in early trading, fell out of bed on the report, pulling oil energy majors Exxon and Chevron into the red, though only slightly. Oil field drilling company Baker Hughes was also down after it reported Q1 results and warned that tariffs would raise its costs. Oil drilling requires a lot of steel, for example, which the White House’s tariffs have slapped a 25% tariff on.
Benchmark US crude oil prices, which had been slightly positive in early trading, fell out of bed on the report, pulling oil energy majors Exxon and Chevron into the red, though only slightly. Oil field drilling company Baker Hughes was also down after it reported Q1 results and warned that tariffs would raise its costs. Oil drilling requires a lot of steel, for example, which the White House’s tariffs have slapped a 25% tariff on.
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