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☆ Gas prices could fall further as oil drops 4% on OPEC meeting delay
▼ + stars: | 2023-11-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Oil prices tumbled more than 4% Wednesday after a group of the biggest oil producing nations said they would delay a meeting, originally scheduled for Sunday, that was expected to discuss making further cuts to global supply. Brent crude, the global benchmark, and West Texas Intermediate (WTI) crude, the US benchmark, both fell over 4% late morning ET. Likewise, earlier on Wednesday, Bloomberg reported that Saudi officials were unhappy with some OPEC members’ levels of output. Both Brent and WTI prices have fallen for four consecutive weeks, pressured by record crude oil production in the United States and worries about waning global demand, particularly in China, the world’s biggest oil importer. Rystad still expects OPEC+ to reach an agreement at the meeting on November 30, but the process will likely be “challenging,” he added.

Persons: Brent, ” Craig Erlam, WTI, Jorge León, León Organizations: London CNN, Brent, West Texas, AAA, of, Petroleum, Bloomberg, Saudi, OANDA, OPEC, Rystad Energy Locations: OPEC, United States, China, Saudi Arabia, Russia, Nigeria

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

☆ Birkenstock IPO: German sandal maker heads for Wall Street in another blow to Europe
▼ + stars: | 2023-09-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —German shoemaker Birkenstock has filed for an initial public offering in New York, becoming the latest European company to choose the United States as the place to raise money on the stock market. The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Birkenstock was seeking a valuation of more than $8 billion. The family business traces its origins back to 1774 when church archives mention Johannes Birkenstock, who worked as a cobbler in Langen-Bergheim, Germany. The planned IPO marks another milestone for the shoemaker, which joins the ranks of high-profile European companies seeking a public offering across the pond rather than at home. British chip designer Arm is gearing up for a blockbuster IPO on the Nasdaq this week.

Persons: Birkenstock, Johannes Birkenstock, LVMH, Dior, Christian, Alex Birkenstock, Instacart, ” Craig Erlam, Susannah Streeter, Hargreaves Lansdown, “, ” Organizations: London CNN, US Securities and Exchange Commission, New York Stock Exchange, Financial, Tiffany, Nasdaq, CNN, Hargreaves Locations: New York, United States, Langen, Bergheim, Germany, British, London

☆ Global markets try to put last year’s misery behind them
▼ + stars: | 2023-01-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Global stocks are striding higher on the first major trading day of 2023 as investors try to look beyond a gloomy outlook for the world economy, China’s worst Covid outbreak and stubbornly high inflation in Europe. ET Tuesday, extending strong gains posted Monday when Chinese and US markets were closed. In Asia, markets ended the day firmly in positive territory, recovering from early losses. Still waryTuesday’s market gains provide cheery news for investors after a rollercoaster 2022 that saw $33 trillion wiped off global equity markets. Kristalina Georgieva, head of the International Monetary Fund, warned in an interview with CBS that aired on Sunday that 2023 will be tougher on the global economy than 2022 was.

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