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Oil climbs as Mideast tension back in focus
  + stars: | 2023-12-04 | by ( ) www.cnbc.com   time to read: +2 min
Oil futures rose on Monday as geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook. Brent crude futures climbed 28 cents, or 0.4%, to $79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at $74.36 a barrel, up 29 cents, or 0.4%. "A re-emergence of geopolitical tension over the weekend has come to the aid of an ailing crude oil price on the reopen this morning," IG markets analyst Tony Sycamore said. The resumption of the Israel-Hamas war fueled the bullish momentum for oil prices, CMC Markets analyst Tina Teng said. "However, oil prices may continue to be under pressure for the time being due to China's disappointing economic recovery and the ramp-up of U.S. production," Teng said.
Persons: Brent, Tony Sycamore, Israel's, Tina Teng, Teng, Baker Hughes, Mike Tran Organizations: Chevron Corporation, U.S, West Texas, IG, CMC, Organization of, Petroleum, RBC Capital, Washington Locations: San Ardo , California, Middle, Gaza, Israel, U.S, Russia, Moscow, Ukraine, Venezuela, India
Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021. Oil prices were steady on Monday with Brent staying above $80 a barrel, as investors balanced tightening supply driven by OPEC+ cuts with nagging concerns about global demand growth amid high interest rates. Brent crude dipped 8 cents to $84.72 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $81.28 a barrel, up 3 cents. The September WTI contract expires on Tuesday and the more active October contract eased 3 cents to $80.63 a barrel. China's renewed economic weakness has raised questions over whether its oil demand can remain resilient, they said.
Persons: Brent, China's, Baker Hughes Organizations: Chevron Corp, Brent, West Texas, U.S ., ANZ, Organization of, Petroleum Locations: San Ardo , California, U.S, Russia, OPEC, Saudi, China
Gia Mora, an electric-vehicle enthusiast, went on a 1,000-mile road trip in a Tesla Model 3. Gia MoraWe decided to rent a longer-range electric car on Turo, a peer-to-peer car-rental app. Using a key card is different from controlling the car by appMora locks the Model 3 with a key card. Tesla Model 3 one-pedal driving is hard to adjust toBy the end of the trip, Mora felt comfortable driving the Tesla Model 3. Tesla Model 3 is worth the hypeThe Model 3 had a reliable range, accessible charging stations, luxurious seats, and glasslike driving.
Persons: Gia Mora, Mora, Tesla, Amy, Amy Senger, Steve Mandzik, Amy Senger Amy, Mora sips, San Luis Obispo, Senger, we'd, I'd, would've Organizations: Tesla, Nissan, Fiat, John Wayne Airport, Turo Locations: Northern California, San Ardo , California, Orange County , California, Orange County, Los Angeles County, Salinas, Santa Barbara, San Ardo, San Luis, San Luis Obispo , California
WASHINGTON — The Supreme Court on Monday allowed lawsuits brought by municipalities seeking to hold energy companies accountable for climate change to move forward in a loss for business interests. The relatively narrow legal issue is whether the lawsuits should be heard in state court instead of federal court. Litigants care because of the widely held view that plaintiffs have a better chance of winning damage awards in state court. The municipalities' lawsuits say they have been harmed by the affects of climate change caused by carbon emissions that the oil companies are heavily responsible for. In an earlier case, the Supreme Court in 2021 ruled in favor of oil companies on a procedural issue in a similar lawsuit brought by the city of Baltimore.
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