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☆ Oil prices steady on Gaza ceasefire talks even as US plans Middle East strikes
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices stabilized in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel. However, investors remained wary of any escalation in the Middle East conflict, after the U.S. signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on U.S. troops in Jordan. "Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East," he said in a client note on Monday, adding that would likely keep Brent futures below $80 a barrel. Iran exported between 1.2 million and 1.6 million barrels per day of crude oil through most of 2023, representing 1%-1.5% of global oil supply.

Persons: Vivek Dhar, Brent Organizations: Brent, U.S, West Texas, Commonwealth Bank, U.S . Department of Justice, Islamic Revolutionary Guard Corps Locations: Ras Behar, Egypt, Israel, Iran, U.S, Jordan, The U.S, Yemen, China

☆ Oil extends losses as economic headwinds weigh on demand outlook
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. "This morning's subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," IG analyst Tony Sycamore said. Russian producer Novatek aid on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire. In the Middle East, the Gaza war rages on while the U.S. struck another anti-ship missile preparing to launch into the Gulf of Aden by Yemen's Houthi militants on Saturday.

Persons: headwinds, Brent, Tony Sycamore, Yemen's, IG's Sycamore, Baker Hughes, JP Morgan Organizations: West Texas, U.S . Energy Information Administration, International Energy Agency, Organization of, Petroleum, Energy Locations: Red, Ras Behar, Egypt, Europe, Ukrainian, Russian, Gaza, U.S, Aden, Iran, China

☆ Oil prices ease as aid convoys arrive in embattled Gaza Strip
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +2 min

A crane ship helps other vessels searching for oil and natural gas near the oil platform offshore the Red Sea in Ras Behar region, Egypt on January 29, 2023. Oil prices eased on Monday as aid convoys started to arrive in the Gaza Strip over the weekend amid diplomatic efforts to contain a conflict between Israel and the Palestinian Islamist group Hamas from spreading to the wider oil-rich region. "Israel agreed to hold off its attack on Hamas following pressure from the U.S.," ANZ Research said in a client note. Aid convoys started to arrive to the Gaza Strip from Egypt over the weekend, as Arab leaders and foreign ministers gathered for a summit in Cairo which was unable to yield a joint statement. In latest developments, Israel has bombarded Gaza with air strikes and its aircraft have struck Lebanon.

Persons: Israel, Joe Biden, Benjamin Netanyahu, Pope Francis . Organizations: Brent, . West Texas, ANZ Research, Organization of, Petroleum, Russia —, Aid, Sunday, Israeli, of France Locations: Ras Behar, Egypt, Gaza, Israel, Palestinian, U.S, Russia, Venezuela, Venezuelan, Cairo, Canada, France, Britain, Germany, Italy, Netherlands, Lebanon

☆ Oil prices rise, but post biggest weekly fall since March
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia's fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures settled up 51 cents at $84.58 per barrel. The sentiment of the statistics is mixed for oil prices. A strong U.S. dollar is typically negative for oil demand, making the commodity relatively more expensive for holders of other currencies. "Fear for the health of the global economy and thus oil demand going forward is at the heart of the sell-off," SEB analyst Bjarne Schieldrop said.

Persons: Brent, WTI, SEB, Bjarne Schieldrop, Baker Hughes Organizations: . West Texas, Labor Department statistics, ING, Companies, Day, Xinhua Locations: Red, Ras Behar, Egypt, Saudi Arabia, Russia, gasoil, U.S

☆ Oil prices fall on weak economic data, interest rate worry
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: +2 min

Manufacturing data from a host of purchasing managers' index surveys on Wednesday painted a grim picture of the health of economies across the globe, raising demand concerns. U.S. business activity approached the stagnation point in August, with growth at its weakest since February. Meanwhile, Federal Reserve officials and policymakers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole where higher-for-longer interest rate talk may dominate despite a dip in inflationary pressures. On the supply side, Iran's crude oil output will reach 3.4 million barrels per day by the end of September, the country's oil minister was quoted as saying by state media, even though U.S. sanctions remain in place. U.S. crude inventories fell by 6.1 million barrels in the week to Aug. 18 to 433.5 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel drop.

Persons: Jerome Powell, Brent, Jackson Organizations: Federal, U.S, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan Locations: Ras Behar, Egypt, Jackson Hole , Wyoming, Japan, Germany, American

☆ Oil rises marginally as markets weigh inventory data, U.S. ratings downgrade
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch's downgrade of the U.S. government's top credit. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue. Reuters reporting suggests that OPEC+ is unlikely to tweak its current oil output policy, with Saudi Arabia expected to extend their voluntary 1 million bpd cut for another month to include September.

Persons: Fitch, refiners Organizations: Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters Locations: Red, Ras Behar, Egypt, U.S, Saudi Arabia, Russia, Moscow

☆ Oil prices open lower on demand concerns, remain on track for weekly gain
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Friday as demand concerns weighed against strong economic data. Brent crude fell 59 cents, or 0.7%, to $83.65 a barrel by 0027 GMT, but was on track for a weekly 5% increase. U.S. West Texas Intermediate crude fell 51 cents, or 0.6%, to $79.58 a barrel, on track for a 5.2% weekly increase. Oil rose last session as fears of a global economic slowdown were eased by strong earnings reports and better-than-expected U.S. economic data. On Wednesday, the U.S. Federal Reserve implemented another 25 basis point interest rate hike as widely expected, and the European Central Bank followed suit on Thursday.

Persons: Brent, Jerome Powell's, Jim Ritterbusch Organizations: . West Texas, Commerce Department, U.S, Federal, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates Locations: Ras Behar, Egypt, Galena , Illinois

☆ 3 things to pay attention to in the markets this coming week
▼ + stars: | 2023-07-08 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The consumer price index (CPI) report — which calculates the average change over time in prices that shoppers pay for goods and services — drops Wednesday. On Thursday, the producer price index (PPI) is out and will show the change in selling prices received by producers of goods and services. ET: Consumer Price Index After the bell: MillerKnoll (MLKN) Thursday, July 13 8:30 a.m. The consumer price index (CPI) report — which calculates the average change over time in prices that shoppers pay for goods and services — drops Wednesday. ET: Consumer Price IndexAfter the bell: MillerKnoll (MLKN) Thursday, July 13 8:30 a.m.

Persons: Stocks, Wells Fargo, We'll, Jim Cramer, Jeff Marks, Helen of Troy, HELE, Wells, ERIC, Jim Cramer's, Jim Organizations: Federal Reserve, PPI, Delta, DAL, PepsiCo, Conagra Brands, Delta Air Lines, JPMorgan, Citigroup, UnitedHealth, Ericsson, Jim Cramer's Charitable, CNBC, Anadolu Agency, Getty Locations: China, Wells, Wells Fargo, Red, Ras Behar, Egypt

☆ Oil near flat as tighter supplies offset U.S. rate hike risk
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: +3 min

Oil prices were near flat on Thursday as the market weighed tighter U.S. crude supplies with the higher likelihood of a U.S. interest rate hike that could dent energy demand. U.S. interest rate futures on Thursday increased the probability of another U.S. rate rise after news private payrolls surged last month. "While the inventories are supportive for oil prices today, the oil market is being dominated by fears of further rate increases," said Andrew Lipow, president at Lipow Oil Associates in Houston. The total cuts now stand at more than five million barrels per day (bpd), equating to 5% of global oil output. Rather than pressuring oil producers to curb supply, which heads of global energy companies say serves only to increase prices, governments should shift the focus to limiting oil demand to reduce emissions, they said.

Persons: payrolls, Phil Flynn, Andrew Lipow Organizations: Brent, . West Texas Intermediate, Federal Reserve, Price Futures, Energy Information Administration, Lipow Oil Associates, Reuters, OPEC Locations: Red, Ras Behar, Egypt, U.S, Europe, China, Houston, Saudi Arabia, Russia, Vienna

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