Oil prices rose Friday for their sixth straight weekly gain, the longest win streak since October. Energy futures were higher in late morning trading, with WTI up 0.5% at $87.25/bbl and Brent up 1.2% at $91.14/bbl. U.S. natural gas was 1.9% higher at $4.73/MMBtu.
The number of active U.S. oil and gas rigs rose by six last week to 610, up more than 225 from the same time last year as higher oil prices attract more drilling activity.
The national average for a gallon of gas in the U.S. rose to $3.348 last week, up from $3.286 a month ago and $2.408 a year ago.
The U.S. Department of Agriculture will help fund a new container yard for farm exports at California’s Port of Oakland, one in a series of “inland pop-up ports” that have helped improve the flow of goods at other U.S. gateways.
Nearly, 1,700 dockworkers in Southern California tested positive for COVID-19 in January, more than the entirety of 2021.
Thousands of trucks are stuck at Chili’s borders with Argentina and Bolivia awaiting COVID-19 tests required to enter the country, with some stranded for weeks.
Norfolk Southern and Union Pacific both saw total volume decline 4% in the fourth quarter as rising COVID-19 cases among workers hampered transit operations.
The U.S. reported 96,887 new COVID-19 infections and 321 virus fatalities Sunday. Hospitalizations have slowed 8% from a peak on Jan. 20, while the lagging indicator of average daily fatalities is up to 2,379.
Student enrollment in New York City is at a decade low, emblematic of the entire U.S. public-school system contending with staff shortages, low attendance rates and fluctuating COVID protocols.
U.S. consumer outlays fell a surprise 0.6% in December, the first decrease since last winter.
The U.S. dollar is near an 18-month high against the euro after having its best week in seven months, supported by investors seeking safety amid a sell-off in riskier assets and by analysts raising forecasts for U.S. interest rate hikes.
Australia, which recorded a record 98 COVID-19 deaths Friday, reported around 34,000 new COVID-19 infections and 44 virus-related deaths Monday, the lowest daily totals in several weeks.
Officials in Beijing have locked down two more neighborhoods ahead of this week’s Olympic Games, after the city reported an additional 20 new COVID-19 cases over the weekend along with 37 new infections among athletes within the Games’ closed-loop system.
COVID-19 fatalities in Ontario, Canada, are at record highs.