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  • May 13, 2025

Oil dips as traders watch for jump in US crude stockpiles

SINGAPORE (Reuters) -Oil prices retreated on Wednesday as traders eyed a potential jump in U.S. crude inventories, though prices held near two-week highs amid relief after the United States and China agreed to temporarily lower their reciprocal tariffs. U.S. West Texas Intermediate (WTI) crude slipped 32 cents, or 0.5%, to $63.35. The two largest economies agreed on Monday to pause their trade war for at least 90 days, with the United States cutting tariffs to 30% from 145% and China slashing duties on U.S. imports to 10% from 125%.

  • May 13, 2025

California approves State Farm's request for 17% premium increase for homeowners

California's top insurance regulator said Tuesday that State Farm can soon start raising premiums by 17% for all of its home insurance customers in the state to help the insurer rebuild its capital following the Los Angeles wildfires. State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force them to drop more California policies. The state's largest home insurer said it was already struggling financially before this year but the LA fires, which destroyed more than 16,000 buildings in January, have made things worse.

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