Wall Street veered toward losses early today, the Associated Press reports, while oil prices rose to their highest level since mid-April, pushing shares of energy companies higher. Futures for the Dow Jones Industrial Average slid 0.3% before the bell, and futures for the S&P 500 fell 0.4%.
Exxon Mobil, ConocoPhillips, BP, and Chevron all made modest gains in contrast to declines in the broader market.
Benchmark U.S. crude rose 73 cents to $84.11 per barrel in electronic trading on the New York Mercantile Exchange. The cost for a barrel of U.S. crude had risen almost 18% this year, though gas prices have remained relatively low compared with 2023. Brent crude, the international standard, added 70 cents to $87.30 per barrel. A barrel is up 13% in 2024.
Paramount Global, which has been a takeover target for months, rose 3.1% on reports that there were multiple offers for its controlling shareholder, Shari Redstone’s National Amusements.
The Japanese yen fell to near a 38-year low this morning, reaching 161.67 yen to the dollar.
