B of A Securities analyst maintains Buy rating on Chevron Corp. despite mixed Q1 earnings. Reiterates attractive investment due to strong cash flow and financial position. RBC Capital Markets also rates CVX Outperform with $175 price target.
Wall Street kicked off the week with a cautious tone, as major stock indices hovered near the flatline by midday in New York. Investors digested fresh signs of inflationary pressure in the services sector, raising doubts about near-term rate cuts and weighing on risk appetite.
The United States Oil Fund fell 1.4% as Brent crude futures slipped 0.7% to trade just under $60 a barrel in early U.S. trading Monday, while West Texas Intermediate futures dropped 1.1% to $57.65.
The shale oil producer lowered its full-year capital expenditure plan to a range of $5.8 billion to $6.2 billion, a $200 million reduction at the midpoint.
Trump calls for immediate halt on Iranian oil and petrochemical purchases, threatening secondary sanctions. Energy markets react with WTI crude prices rising 1%, reflecting sensitivity to supply disruptions. China remains largest buyer of Iranian crude, drawing ire from US.
Several analysts have forecast that benchmark crude will remain below $65 per barrel in 2025, a price level at which oil producers are unable to raise production.
Wall Street modestly up as investors await economic data and corporate earnings. Bond market continues rally, gold and oil prices fall.Wall Street rises modestly, bond market continues rally, gold and oil prices fall as investors await economic data and corporate earnings.
