# Brent crude and WTI both settled lower amid broader macroeconomic and geopolitical uncertainty.

*genai · news · 2026-05-13 · The Economic Times*

## Key points

- Kevin Warsh is expected to be confirmed as the next Federal Reserve chair amid rising inflation.
- US producer prices surged 1.4% in April, the largest increase in over four years.
- LinkedIn will lay off about 5% of its workforce despite a 12% rise in quarterly revenue.
- JPMorgan appointed Dorothee Blessing, Kevin Foley, and Jared Kaye as new co-heads of global investment banking.
- US crude inventories fell by 4.3 million barrels last week, more than double market expectations.

**Companies:** JPMorgan Chase, LinkedIn
**Countries:** United States, China

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/markets/us-stocks/news/us-stock-market-live-dow-jones-sp-500-nasdaq-trump-china-visit-us-iran-talks-oil-prices-today-brent-crude-impact-fed-rate-hike-bets-us-inflation-ppi-data-nvidia-china-news-chip-stocks-rally-sp500-target-8000/liveblog/131065553.cms)

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