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☆ Oil steadies, heads for weekly drop on U.S. economy worries
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week. The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer. Higher rates typically weigh on the economy and that can reduce oil demand. Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output.

Persons: Brent, WTI, Baker Hughes Organizations: Brent, . West Texas, Organization of, Petroleum, U.S . Bureau of Labor Statistics, Federal Reserve Locations: Israel, U.S, Russia

☆ U.S. crude oil bounces after hitting seven-week low on surging U.S. inventories
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Liz Hampton | ReutersU.S. crude oil edged higher on Thursday after selling off to a seven-week low on a surge in petroleum inventories on softening demand. Here are today's energy prices: West Texas IntermediateBrentRBOB Gasoline June: $2.59 a gallon, up 0.57%. Natural Gas Oil prices tumbled more than 3% on Wednesday after U.S. commercial crude inventories, which exclude the strategic petroleum reserves, surged by 7.3 million barrels to 461 million barrels total last week. The rate at which refiners process crude and the average demand for gasoline is lower than the year-ago period despite summer driving season rapidly approaching.

Persons: Liz Hampton, Brent Those, Bob Yawger, Tamas Varga Organizations: Reuters, West Texas Intermediate Brent, Natural Gas, Mizuho Americas, Federal Reserve Locations: Loco Hills, New Mexico, U.S

☆ Oil prices pick up on prospect of U.S. replenishing strategic reserve
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, or 0.3%, to $79.22 a barrel. The U.S. aims to replenish its Strategic Petroleum Reserve, or SPR, after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less. Any delay in rate cuts could slow economic growth and dampen demand for oil.

Persons: WTI, Hiroyuki Kikukawa, Kikukawa, Benjamin Netanyahu Organizations: Brent, . West Texas, NS, Nissan Securities, Strategic Petroleum Reserve, U.S, U.S . Energy Information Administration, U.S . Federal Reserve Locations: Loco Hills, New Mexico, U.S, Israel, Gaza, Egypt, Israeli, Rafah

☆ Coterra's smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook
▼ + stars: | 2024-05-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Coterra Energy Why we own it: Formed by the merger of Cabot Oil & Gas and Cimarex, Coterra Energy is an exploration-and-production company with a high-quality, diversified asset portfolio. In addition, we were pleased to see Coterra raise its full-year oil production outlook without moving its capex guidance. Coterra's mix of oil and natural gas acreage gives it the flexibility to adjust its drilling focus. However, the oil guide was higher and natural gas production was lighter than anticipated. Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.

Persons: It's, Coterra, Tom Jorden's, we've, We'll, Jim Cramer's, Jim Cramer, Jim, Paul Ratje Organizations: Coterra Energy, Revenue, LSEG, Cabot Oil & Gas, EQT Corp, Devon Energy, Oil, Texas, Coterra, CNBC, Afp, Getty Locations: U.S, repurchased, Houston, Marcellus

☆ Oil falls for a third day as U.S. crude inventories swell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell for a third day on Wednesday on rising crude inventories and production in the U.S., the world's biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel. U.S. crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.483 million barrels, and distillates fell by 2.187 million barrels.

Persons: distillates Organizations: Brent, . West Texas, American Petroleum Institute, Energy Information Administration, Organization of, Petroleum, Reuters Locations: U.S, Israel, Egypt, Iran, Iraq, Nigeria

☆ Stocks pop after Fed decision, oil plunges, earnings mixed — what to watch in the market
▼ + stars: | 2024-05-01 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +6 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Before last week's strong quarter, CNBC learned that Alphabet's Google had laid off hundreds of employees from so-called core teams. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jerome Powell, Powell, It's, Morgan Stanley, DuPont, Jim, Laxman Narasimhan's, Estee Lauder, Stanley Black, Decker, Bernstein, Toni Sacconaghi, Apple, Sacconaghi, Jim Cramer's Organizations: CNBC, Federal Reserve, Dow, Nasdaq, Google, West Texas, Coterra, Cruise, Viking Holdings, Investment, Morgan, GE Healthcare, Nvidia, Big Tech, Linde, Bausch Health, Apple, Jim Cramer's Charitable Locations: India, Mexico, Gaza, WTI, Wall, China

☆ Oil prices edge higher as Netanyahu says Israel will attack Rafah with or without hostage deal
▼ + stars: | 2024-04-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Israeli Prime Minister Benjamin Netanyahu addresses the Conference of Presidents of Major American Jewish Organizations, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in Jerusalem, February 18, 2024. Ronen Zvulun | ReutersCrude oil futures moved slightly higher Tuesday after Israel Prime Minister Benjamin Netanyahu dismissed hopes that a proposed hostage deal would prevent an attack on the southern Gaza city of Rafah. Here are today's energy prices: West Texas IntermediateBrentRBOB GasolineNatural Gas The U.S. is pushing for a cease-fire to head off an Israeli offensive against Rafah. But Netanyahu threatened to move against Rafah regardless of whether a hostage deal is reached. "We will enter Rafah and we will eliminate the Hamas battalions there – with or without a deal, in order to achieve the total victory."

Persons: Benjamin Netanyahu, Ronen Zvulun, Netanyahu, Brent Organizations: Major, Jewish, Hamas, Reuters, Israel, West Texas Intermediate Brent, Gas, Rafah Locations: Israel, Palestinian, Jerusalem, Gaza, Rafah, Washington

☆ Good news: The worst could be over for gas prices this spring
▼ + stars: | 2024-04-30 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

US gas prices have stopped rising and even briefly dipped in recent days. Now, there is growing hope that gas prices are at or near a peak for the spring – or perhaps even for the year. ‘Could have been much worse’Of course, none of this is to say gas prices are cheap. A spike in gas prices would be the last thing President Joe Biden needs as he struggles to convince voters of his economic message before November. Why gas prices have cooledThere are multiple reasons why gas prices have stopped rising for the moment.

Persons: Patrick De Haan, “ I’m, ” De Haan, Tom Kloza, ”, Andy Lipow, “, De Haan, Joe Biden, Lipow, ” Lipow, Kloza Organizations: New, New York CNN, OPEC, AAA, CNN, “, Oil Price Information Service, Lipow Oil Associates, Drivers, Federal Reserve, Biden, US Strategic Petroleum Reserve, Coast, Colorado State University Locations: New York, Israel, Iran, Covid, California, De Haan ., Washington, Syria, West Texas, New Mexico, Saudi Arabia, Russia

☆ Oil dips as investors eye Israel-Gaza truce talks, U.S. Fed policy review
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil edged down in early trade on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for U.S. interest rates weighed on the market. The delegation was expected to report back within two days, two Egyptian security sources said. On the economic front, investors are on watch this week for the U.S. Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the U.S. dollar and hamper oil demand. Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labor market remain resilient.

Persons: Israel, Yemen's, Yahya Sarea Organizations: Brent, U.S . West Texas, Qatari, Suez, MSC Orion, U.S, U.S . Federal, U.S . Locations: New Mexico, U.S, Israel, Cairo, Gaza, Rafah, Iran, U.S .

☆ Oil prices drop as reports say Israel and Hamas could soon head for cease-fire talks
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Oil prices fell as reports on Monday indicated that Israel and Hamas could engage in cease-fire talks this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOil prices dropped Monday with energy markets eyeing fading geopolitical risks as Israel and Hamas reportedly move toward cease-fire talks. Cease-fire discussions could begin as soon as Tuesday if both parties agree to meet Cairo, the report said. Analysts say they see as much as a 20% surge for stocks in the sector as conflict and supply disruptions keep prices elevated.

Persons: Antony Blinken, —, Brent, Israel, David Rosenberg Organizations: Service, Hamas, West Texas Intermediate, The New York Times, United, Reuters, Bank Locations: Israel, Cairo, United States, Saudi Arabia, Rafah, Russia, Ukraine, OPEC

☆ How ‘History and Tradition’ Rulings Are Changing American Law
▼ + stars: | 2024-04-29 | by ( Emily Bazelon | ) www.nytimes.com time to read: 1 min

The student group, Spectrum WT, set a few guidelines. The show would be “PG-13,” the students told the university. Kids under the age of 18 — the students had in mind the siblings of a performer — could come only if they were accompanied by a parent or guardian. Despite this plan, the president of West Texas A&M, Walter Wendler, announced in March 2023 that he was barring the event from campus. In a statement on his personal website, Wendler called drag shows “derisive, divisive and demoralizing misogyny.” Spectrum WT sued, arguing that Wendler’s decision to cancel the show was a “textbook” example of discriminating against speech based on viewpoint.

Persons: —, Walter Wendler, Wendler Organizations: Kids, West Texas, WT

☆ Oil prices pare gains on U.S. inflation concerns
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trading on Monday, reversing gains from Friday as U.S. inflation data further dimmed the prospects of interest rate cuts anytime soon and boosted the dollar, which hurts oil demand. "The sticky U.S. inflation sparks concerns for 'higher-for-longer' interest rates", leading to a stronger U.S. dollar and putting pressure on commodity prices, independent market analyst Tina Teng said. Lower inflation would have increased the likelihood of interest rate cuts, which would stimulate economic growth and oil demand. But oil prices could swing higher again if U.S. inventory data and China's PMI index show improvements this week, Teng said. Brent had settled up 49 cents and WTI up 28 cents on Friday on concerns about disruptions to supply from events in the Middle East.

Persons: Tina Teng, Teng, Brent Organizations: Brent, West Texas, U.S . Federal, PMI Locations: Grandfalls , Texas, Russia's Krasnodar

☆ Oil prices rise as U.S. official eases market concerns over economic headwinds
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data. Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September. Personal consumption expenditures inflation data for March will be released on Friday, closely tracked by the Fed for its 2% target. Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.

Persons: Janet Yellen, Yellen, Israel Organizations: del, del Peru SA Talara, U.S . Treasury, Brent, U.S . West Texas, Reuters, Federal Reserve, Fed Locations: del Peru, Piura, Peru, U.S, Gazan

☆ Oil eases as U.S. demand concerns outweigh fears over Middle East conflicts
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Israel also said it was moving forward with plans for an all-out assault on Rafah in the south. Energy Information Administration, or EIA, data on Wednesday indicated U.S. crude oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast. "The data provided a temporary boost to oil prices, but it didn't seem to last long," Fujitomi's Tazawa said.

Persons: Toshitaka Tazawa, Fujitomi's Tazawa Organizations: Brent, U.S . West Texas, Fujitomi Securities Co Ltd, U.S . Federal Reserve, Energy Information Administration, EIA Locations: U.S, East, Iran, Israel, Gaza, Rafah

☆ Leon Cooperman says roughly 15% of his family office assets are in energy stocks
▼ + stars: | 2024-04-23 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Billionaire investor Leon Cooperman said he is significantly invested in energy stocks, citing the rise in oil prices given the Middle East conflict. The chair and CEO of the Omega Family Office said roughly 15% of his family office assets are in energy, at a time when oil prices have been spiking and weighing on the broader equity market. Cooperman has favored energy stocks in the past. The S & P 500 energy sector advanced more than 47% that year. Energy prices have recently come off their highs after Iran and Israel signaled they are not interested in a wider conflict.

Persons: Leon Cooperman, Cooperman, CNBC's, —, Yun Li, Spencer Kimball Organizations: Omega Family Office, West Texas Locations: Iran, Israel

☆ Oil rises in early Asian trading, Middle East tensions remain in focus
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher in early Asian trading on Tuesday, reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Oil prices edged higher in early Asian trading on Tuesday, reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Both benchmarks fell 29 cents in the previous session on signs that a recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region. Barclays analysts said on Monday that risks to their $90 a barrel forecast for this year's Brent prices remain skewed higher. U.S. crude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.

Persons: Brent Organizations: Global, Brent, U.S, West Texas, ANZ, Barclays Locations: East, Israel, Iran

☆ Oil prices retreat as U.S. crude build, rate cut concerns come to the fore
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +3 min

The front month U.S. West Texas Intermediate (WTI) crude contract for May , which expires on Monday, fell 12 cents to $83.02 a barrel. Iran is the third largest producer in the Organization of the Petroleum Exporting Countries, or OPEC, according to Reuters data. ANZ analysts said in a note that volatility in the Middle East will keep oil markets "jittery". On Saturday, a blast at an Iraqi military base killed a member of a security force that includes Iran-backed groups. Separately, on Sunday, Iran-backed Lebanese group Hezbollah said it downed an Israeli drone that was on a combat mission in southern Lebanon.

Persons: Brent, Tina Teng, Austan Goolsbee Organizations: West Texas, Chicago Federal, Energy, U.S . House, Organization of, Petroleum, ANZ, Hezbollah Locations: Israel, Iran, U.S, Ukraine, China, Iraqi, Sunday, Lebanese, Lebanon, Gaza

☆ U.S. crude oil hovers near $83 after Iran says it will not escalate conflict with Israel
▼ + stars: | 2024-04-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf. Crude oil futures edged lower on Monday after Iran said it will not escalate the conflict with Israel. The West Texas Intermediate contract for May lost 46 cents to $82.68 a barrel, while June Brent futures fell 89 cents to $86.40 a barrel. U.S. crude oil and Brent fell 3% last week. Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel's retaliatory strike launched Friday.

Persons: Brent, Hossein Amirabdollahian, Amirabdollahian Organizations: The West Texas Intermediate, May, NBC Locations: Iranian, Iran, Israel, The, Islamic Republic

☆ Opinion | We Regulate a Tiny Fraction of the 12,000 ‘Forever Chemicals.’ There’s a Better Way.
▼ + stars: | 2024-04-21 | by ( Kathleen Blackburn | ) www.nytimes.com time to read: +1 min

Nothing about his predicament made sense to our family at the time. He was 38, a nonsmoker and nondrinker, with no history of cancer in his family. My parents were conservative evangelicals deeply skeptical of the medical industry, and his diagnosis kicked their beliefs into high gear. Traveling evangelists and local preachers claimed that the cancer was, in fact, a satanic attack. This gave us a way out: We simply had to muster enough faith to believe a miracle was possible and God would heal him.

Persons: who’d Organizations: Air Force, New York City Marathon Locations: West Texas

☆ A veteran day trader shares a chart pattern he uses to bet on volatile oil contracts that he says gives him a 90% win ratio
▼ + stars: | 2024-04-21 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

In a previous interview with Business Insider, he explained one of his main strategies: using the Fibonacci retracement tool to trade on price volatility. He aims to place a stop-limit buy order on a contract slightly above a previous high. It's based on the assumption that when the price begins to rally upward, it attracts more traders to the market and increases price action. ET, a time when market participation can increase for the oil market and create unpredictable conditions, he sold earlier at $79.24. He also avoids trading oil contracts when there are headlines about geopolitical instability or a breakout of war because they create uncertainty.

Persons: he's, It's, Vernier Organizations: Business, West Texas, CME Group West Texas, Traders, American Petroleum Institute, Energy Information Administration

☆ Oil prices jump 3% on reports of explosions in Iran
▼ + stars: | 2024-04-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil prices jumped more than 3% after unconfirmed reports of explosions near the Iranian city of Isfahan. Iran's Fars news agency reported that explosions were heard near the Isfahan airport, but emphasized that the reasons were unknown. Global benchmark Brent traded 3.63% higher at $90.27 a barrel, while the U.S. West Texas Intermediate rose 3.66% to $85.76 per barrel. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

Organizations: Brent, U.S . West Texas, U.S . Locations: Elk, California, United States, Iranian, Isfahan, Iran's Fars, U.S

☆ Oil disruption fears in the Middle East are getting real after reports of an Israel strike on Iran
▼ + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewOil prices jumped while stocks sold off after reports of an escalation in Middle East tensions. International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. The strike on Friday came days after Iran attacked Israel on Saturday with a barrage of more than 300 missiles and drones. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation. Oil markets shrugged off Iran's attack on Israel as the market assessed the conflict would remain contained.

Persons: —, Israel didn't, Israel, Kyle Rodda, Rodda Organizations: Service, Brent, US West Texas, Business, ING, Stock Locations: East, Israel, Iran, Iran's, Damascus, Syria

☆ U.S. oil falls below $83 as war fears ease after Israel refrains from immediate Iran counterattack
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were mixed Thursday after a selloff earlier in the week as traders discounted fears of a war between Israel and Iran that could disrupt crude supplies. The West Texas Intermediate contract for May delivery added 4 cents, or 0.05%, to settle at $82.73 a barrel. U.S. crude oil had gained nearly 1% to a session high of $83.47 before pulling back. Oil sold off more than 3% Wednesday as Israel has refrained so far from striking back against Iran for the Islamic Republic's unprecedented weekend air assault, reducing fears of a major war in the Middle East. U.S. crude oil and the global benchmark have fallen below the prices reached after Israel's airstrike against Iran's diplomatic compound in Damascus, Syria at the start of the month, the event that triggered the current round of hostilities.

Persons: Brent, we've, Phil Flynn Organizations: The West Texas Intermediate, Oil, Price Futures Group, Israel's Locations: Israel, Iran, The, Damascus, Syria

☆ European markets head for mixed open after Wall Street logs another day of declines
▼ + stars: | 2024-04-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

Crude oil futures fell more than 3% Wednesday as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies. The West Texas Intermediate contract for May delivery lost $2.76, or 3.23%, to $82.60 a barrel. June Brent futures were down $2.87, or 3.19%, at $87.15 a barrel. U.S. oil and the global benchmark are down more than 3.5% for the week. "Theories of Iran-Israel tension disrupting oil supplies have fizzled out," said Manish Raj, managing director of Velandera Energy Partners.

Persons: Brent, Manish Raj, — Spencer Kimball Organizations: The West Texas Intermediate, Velandera Energy Partners Locations: Israel, Iran, The, U.S

☆ Middle East tensions pose the biggest threat to rate cuts, European Central Bank policymaker says
▼ + stars: | 2024-04-17 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Tensions in the Middle East pose the biggest threat to a prospective interest rate cut from the European Central Bank, according to ECB policymaker Robert Holzmann. "At this stage, I think the biggest threat is geopolitics, because we have seen what's happened in the Middle East," Austrian central bank governor Holzmann told CNBC's Karen Tso on Wednesday. Holzmann singled out ramifications for energy prices as the single most important factor in terms of Europe's fight to tame inflation. "As summer approaches we can start reducing the level of restriction in monetary policy, provided that inflation continues to fall as projected." He recently told Reuters that the ECB could moderate rates in June, indicating a growing consensus for a near-term move.

Persons: Robert Holzmann, Holzmann, Karen Tso, policymaker Olli Rehn, Rehn Organizations: European Central Bank, ECB, International Monetary, Bank of, Brent, U.S, West Texas, Reuters Locations: Austrian, Hormuz, Iran, Israel, Russia, Ukraine, Bank of Finland, London

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