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☆ Oil steady as investors weigh U.S. rate fears, firmer seasonal demand
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were stable on Friday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support. Brent crude futures rose 2 cents at $81.38 a barrel at 0315 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $76.86. Both benchmarks settled at multi-month lows on Thursday, with Brent crude futures closing at their weakest point since January and U.S. crude futures hitting a three-month low. Gasoline demand in the U.S. reached its highest level since November, the Energy Information Administration (EIA) said on Wednesday. That helped support the market as U.S. drivers account for around a tenth of global oil demand, "making the upcoming driving season a pillar of the recovery in global demand growth", ANZ analysts said in a note.

Persons: Priyanka Sachdeva, Phillip Nova, Jerome Powell Organizations: U.S . Federal Reserve, Brent, U.S, West Texas, Energy Information Administration, ANZ, Organization of, Petroleum, OPEC Locations: Fort Stockton , Texas, U.S

☆ Oil prices bounce back after three-day decline but still on pace for weekly loss
▼ + stars: | 2024-05-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures bounced back Thursday after a three-day decline but are still on pace for a weekly loss. U.S. crude oil is down 2.4% for the week while Brent, the global benchmark, is down 1.8%. Traders are also worried about a buildup in global oil inventories after a mild winter in parts of the Northern Hemisphere, Staunovo told clients in a note Thursday. Nevertheless, UBS sees the oil market in a deficit and is forecasting Brent will rise to $91 per barrel in coming months. The bank also sees healthy demand growth of 1.5 million barrels per day in 2024, above the long-term growth rate of 1.2 million barrels per day.

Persons: Brent, Giovanni Staunovo, Staunovo Organizations: Midland, UBS, Traders, Northern Locations: Odessa, Texas, U.S

☆ Oil prices extend losing streak, on pace for third daily decline
▼ + stars: | 2024-05-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023. Crude oil futures fell for a third session Wednesday, extending this week's losing streak as prices soften ahead of a crucial OPEC meeting in June. OPEC and its allies, led by Russia, will hold a crucial meeting to review production policy next weekend. A coalition of nations in the broader OPEC+ grouping are cutting 2.2 million barrels per day, which has supported oil prices this year. The group is likely to extend those production cuts as prices soften, according to analysts.

Organizations: Brent, OPEC, Investors, Federal Locations: New Mexico, Russia

☆ Trump VP prospect Doug Burgum and GOP megadonor Harold Hamm are allies in business and politics
▼ + stars: | 2024-05-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Continental Resources donated $1 million to the super PAC in April, according to Federal Election Commission records. A spokeswoman for both Continental Resources and Hamm, its executive chairman, did not respond to a request for comment. All seven wells have been active since 2011, just two years after Burgum's family signed an agreement with Continental Resources. The Burgum Farm Partnership LLP, which oversees the family farm land in Williams County and Cass County, is worth between $500,001 and $1 million, according to the financial disclosure. Doug Burgum is a managing partner of the Burgum Farm Partnership, and he signed the businesses' latest annual report in March.

Persons: Donald Trump, Doug Burgum, Vivek Ramaswamy, Jabin, Harold Hamm, Burgum, Theodore Roosevelt, Sen, Marco Rubio, Rubio, Trump, Hamm, Bradley Burgum, Mike Nowatzki, Nowatzki, Burgum's, He's, Barbara, Edward Hirs, Brandon Bell, Jack Balagia, Ryan Kellog, Kellog, Ted Borrego, —, Virginia Canter, Canter, Chip Somodevilla, he's, Kathryn, Dan Eberhart, Eberhart, Leah Millis Organizations: North Dakota Gov, Margate, Washington Post, Continental Resources, Trump White House, CNBC, Trump, Republican, Trump that's, Inc, Commission, Continental, Federal, North Dakota's Minerals Department, Drilling, LLP, University of Houston, Getty, University of Texas, Exxon Mobil, University of Chicago, University of Houston Law Center, Trump White, North, Canter . North, Burgum Locations: Laconia, NH, Hamm, North Dakota, Williams County, Burgum, Fla, Florida, Dakota, North, Brooklyn, Cass County, Fort Stockton , Texas, Washington, Canter ., Canter . North Dakota, Laconia , New Hampshire, Continental Resources . North Dakota, Pittsburgh , Pennsylvania, U.S

☆ Brent oil gains after Iran's President dies, Saudi flags issue with King's health
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures extended gains on Monday, inching up amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and the Saudi crown prince cancelled a Japan trip, citing health issues with the king. Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454GMT, after rising to $84.30 earlier, its highest since May 10. He added that WTI prices may rebound further toward $83.50 after rising above the 200-day moving average of $80.02. Despite the volatility in the region, oil prices moved only slightly. "Continuity in Saudi strategy is expected regardless of this health issue," he added.

Persons: Brent, Ebrahim Raisi, Saudi Arabian Crown Prince Mohammed bin Salman, King Salman, Yoshimasa Hayashi, Tony Sycamore, Sycamore, Warren Patterson, Patterson, Saul Kavonic, Prince Mohammed Bin Salman's Organizations: Brent, . West Texas, Saudi, Saudi Arabian Crown, Iranian, IG, ING, The, of, Petroleum, Petroleum Reserve Locations: Fort Stockton , Texas, Saudi, Japan, East Azerbaijan, Saudi Arabian, China, U.S, United States, Washington

☆ Oil prices rise on moderate U.S. inflation data, strong demand
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, strengthening the argument for an interest rate cut which could result in even stronger demand. U.S. crude oil, gasoline and distillate inventories fell, reflecting a rise in both refining activity and fuel demand, showed data from the Energy Information Administration, or EIA. Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended May 10, the EIA said, versus the 543,000 barrel consensus analyst forecast in a Reuters poll. Signs of slowing inflation and stronger demand were supporting prices, ANZ Research said in a client note, as is geopolitical risk which it said remains elevated. Gains were constrained after the IEA trimmed its forecast for 2024 oil demand growth, widening the gap between its view and that of producer group OPEC.

Persons: Brent Organizations: U.S, West Texas Intermediate, Federal Reserve, Energy Information Administration, EIA, ANZ Research, OPEC, Global, Organization for Economic Co Locations: Nolan , Texas, U.S, East, Gaza, Rafah, Qatar, Egypt, Israel

☆ Oil prices hold firm as crude inventories fall and U.S. inflation eases
▼ + stars: | 2024-05-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Oil prices held firm Thursday as stockpiles in the U.S. fell for a second week and inflation eased. U.S. crude stockpiles declined by 2.5 million barrels last week as refiners processed more crude in a sign that demand might be perking up. With inflation easing slightly in April, futures traders penciled in a higher probability that the Federal Reserve might cut interest rates in September. Lower interest rates help stimulate the economy which can boost crude oil demand. Here are today's energy prices:

Persons: Brent Organizations: Federal Reserve, West Texas Intermediate Locations: Fort Stockton , Texas, U.S

☆ 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

☆ 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

☆ U.S. crude oil pulls back below $83 a barrel as brief rally stalls out
▼ + stars: | 2024-04-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. Image taken July 17, 2018. U.S. crude oil fell back below $83 a barrel on Wednesday after rallying nearly 2% in the prior session. Traders are waiting for the latest U.S. petroleum inventory data with the market's focus shifting back to supply and demand fundamentals as the threat of war between Israel and Iran has faded. Here are the latest energy prices:The U.S. Senate passed a foreign aid package that would expand sanctions against Iranian oil and target ports, vessels and refineries that knowingly accept the Islamic Republic's crude exports.

Organizations: Traders, U.S, Senate Locations: Midland, Odessa, Texas, U.S, Israel, Iran

☆ IEA downgrades oil demand growth forecast as prices heat up on elevated Middle East tensions
▼ + stars: | 2024-04-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing "exceptionally weak" OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet. In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day (bpd) to 1.2 million bpd. The IEA's report comes amid a rebound in oil prices on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region. Asked about some of the main concerns relating to oil supply security, Bosoni replied, "We are watching, obviously, the Middle East very closely. "So, there are several tension points in the oil market today that we're watching very closely that could have major impacts ... if there would be any significant outages," she added.

Persons: CNBC's, Bosoni Organizations: The International Energy Agency, Organization of, Petroleum, Brent, U.S, West Texas Locations: Monahans , Texas, Iran, Israel, Syrian, Damascus, London, China, Europe, United States, Russia, Ukraine

☆ Oil steady as U.S. crude stock build offsets Middle East uncertainty
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas. Oil prices held steady in early trade on Wednesday after two straight days of losses, as worries about tighter supply due to uncertainty over Gaza ceasefire talks were offset by a bigger-than-expected build in U.S. crude inventories. Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25. Meanwhile, U.S. crude stocks climbed last week by 3.03 million barrels, according to market sources citing American Petroleum Institute figures. Separately, the government raised its forecast for U.S. crude oil output, expecting an increase of 280,000 bpd to 13.21 million bpd in 2024, up 20,000 bpd from an earlier forecast from the U.S. Energy Information Administration (EIA).

Persons: Brent, WTI Organizations: Brent, U.S, West Texas, Iran, Organization of, Petroleum, American Petroleum Institute, U.S . Energy Information Administration, EIA, Revolutionary Guard's Locations: Monahans , Texas, Gaza, Israel, Cairo, Iran, Hormuz, Turkey

☆ Oil prices rise on concerns of lower supply, signs of U.S. economic growth
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer. Brent futures for June rose 15 cents, or 0.2%, to settle at $89.51 a barrel at 0037 GMT. U.S. West Texas Intermediate (WTI) futures for May rose 15 cents, or 0.2%, to $85.59 a barrel. The comments were positive for oil because they indicated solid U.S. economic growth, said Rob Haworth, senior investment strategist for U.S. Bank's asset management group. In the Middle East, Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel.

Persons: Brent, Jerome Powell, Rob Haworth, Israel Organizations: . West Texas, Oil, Organization of Petroleum, oversupply Locations: Los Angeles , California, U.S, Israel, Gaza, Iran, Russia, East

☆ Oil holds to gains as market monitors OPEC+ policy, geopolitical tensions
▼ + stars: | 2024-04-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures on Wednesday clung to recent gains as mounting geopolitical tensions and OPEC+ policy lift prices. The West Texas Intermediate contract for May delivery gained 28 cents, or 0.33%, to settle at $85.43 a barrel. Crude futures are at their highest level since late October. Some members of OPEC and allies led by Russia, called OPEC+, are voluntarily cutting 2.2 million barrels per day of production through at least the second quarter. The group's Joint Ministerial Monitoring Committee concluded a meeting Wednesday without recommending changes to OPEC+ current production policy, according to two delegates.

Persons: Brent Organizations: West Texas Intermediate, Energy Information Administration Locations: Midland, Odessa, Texas, U.S, Russia

☆ Oil prices fall on large U.S. crude stockpile increase
▼ + stars: | 2024-03-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An oil pumpjack in a field in Grandfalls, Texas, on March 24, 2024. Crude oil futures fell for a second day Wednesday after an industry report pointed to large build in U.S. petroleum stockpiles. The West Texas Intermediate contract for May delivery dipped 41 cents, or 0.5%, to $81.21 a barrel Wednesday. The Brent contract for May delivery shed 49 cents, or 0.57%, to $85.76 a barrel.

Persons: Brent Organizations: West Texas Intermediate Locations: Grandfalls , Texas

☆ Oil prices rise as heightened geopolitical risk exacerbates supply concern
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. Oil prices rose in early Asian trading on Monday on concern over tighter global supply brought about by escalating conflict in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure. "Falling U.S. rig count also increased worry over tighter supply," he said. In the Middle East, Israeli forces besieged two more Gaza hospitals on Sunday, pinning down medical teams under heavy gunfire, the Palestinian Red Crescent said. Meanwhile, the U.S. oil rig count fell by one to 509 last week, showed data from energy services firm Baker Hughes , indicating lower future supply.

Persons: Hiroyuki Kikukawa, Israel, Al, Antony Blinken, Benjamin Netanyahu, Baker Hughes Organizations: Brent, NS, Nissan Securities, Kyiv, Palestinian, Israeli Locations: Odessa , Texas, Russia, Ukraine, Lviv, Warsaw, Moscow, Kyiv, East, Gaza, Rafah, U.S

☆ The quiet rally in energy continues, lifting our lone oil-and-gas stock higher
▼ + stars: | 2024-03-25 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

The rally this month comes alongside roughly $3-per-barrel rally in the price of oil, while natural gas has slipped back. "There's a piece in the Wall Street Journal about how AI data centers will consume so much power that it could overwhelm the grid. 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, Coterra, Nelson Peltz, Jim, Mizuho, Ford, Eaton, Jim Cramer's, Liz Hampton Organizations: CNBC, Dow Jones Industrial, Nasdaq, Energy, Club, Disney, Barclays, Nvidia, GTC, Ford, Rivian Automotive, Eaton Corp, Street Journal, Jim Cramer's Charitable Locations: California, Loco Hills, New Mexico, U.S

☆ Energy, materials lead the way — plus, what we want to hear from DuPont and Estee Lauder
▼ + stars: | 2024-03-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Leading the way were the energy and materials sectors while the technology and health-care groups lagged. Cyclical sectors like energy and materials have been strong performers over the past month or so, amid a broadening market rally . 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, we've, it's, –, Estee lauder, Estee Lauder, We'll, Jim Cramer's, Jim, pumpjack Organizations: CNBC, Texas, Coterra Energy, Tech, Nvidia, Club, GE Healthcare, Electric, Estee, DuPont, Senate, Dollar, DICK's Sporting Goods, Commerce, Jim Cramer's Charitable, Citizens, UCG, Getty Locations: Freeport, McMoRan, DuPont, China, U.S, Bakersfield, Kern County , California, USA

☆ Oil prices rise more than 1% as signs indicate tightening market ahead of OPEC+ decision
▼ + stars: | 2024-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Lone pumpjack located in the middle of large solar array outside of Bakersfield, Kern County, California, USA. Crude oil futures rose more than 1% on Friday as signs point to a tightening market ahead of an OPEC+ decision on production cuts. U.S. crude and the global benchmark booked a second consecutive monthly gain as front month contracts trade at a premium to later months, which is typically a sign of a tightening oil market. OPEC+ is considering rolling over its production cuts through the second quarter and possibly the end of the year, three sources in the organization told Reuters this week. The cartel and its allies are expected to make a decision on the cuts in the first week of March, sources told Reuters.

Persons: pumpjack, Brent Organizations: West Texas Intermediate, Reuters Locations: Bakersfield, Kern County , California, USA, OPEC

☆ Crude edges higher on supply concerns as shipping disruptions continue
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: +1 min

Third-generation oilman walks past a working pumpjack at his oilfield in Taft, Kern County, California on Sept. 21, 2023. Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries. Brent crude futures rose 16 cents, or 0.2%, to $82.69 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 15 cents, or 0.2%, to $77.73 a barrel. Iran-aligned Houthis have continued their attacks on shipping in the Red Sea, and while the Israel-Hamas war has not significantly constrained oil supply, it has increased freight rates and shipping time, leaving barrels on the water for longer. In public, Israel and Hamas continued to take positions far apart on a possible truce, while blaming each other for delays.

Persons: Brent, Joe Biden, Jeffrey Schmid Organizations: U.S, West Texas, , Kansas City Federal Reserve Bank Locations: Taft, Kern County , California, Iran, Red, Israel, U.S, Gaza, Qatar, , Kansas

☆ Oil prices mostly flat as Blinken's Middle East visit assessed
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

This image taken near Calgary, Alberta, where the oil industry is a major economic driver. Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region. Brent crude futures were down 2 cents at $77.97 a barrel as of 00:01 GMT, while U.S. West Texas Intermediate crude futures edged down 3 cents to $72.75. The United States continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes. In Russia, two Ukrainian drones struck the largest oil refinery in the country's south on Saturday, a source in Kyiv told Reuters.

Persons: Antony Blinken, Blinken, Saudi Arabia's Organizations: U.S, Brent, West Texas, United, Reuters Locations: Calgary , Alberta, East, Saudi, Rafah, Gaza, United States, Iran, Yemen, Russia, Ukrainian, Kyiv

☆ Oil ticks down in Asian trade despite rising Middle East tensions
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

California produces 311,000 barrels of crude oil every day, around 2.4 percent of all US production, making it the seventh largest producing state in the union. Oil prices edged off in early Asian trading on Wednesday on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East. The March Brent crude futures , which expires today, fell 37 cents to $82.50 a barrel by 0146 GMT. But ANZ analysts said in a note that "a strong military response from the U.S." to the drone attack "could still trigger a strong reaction from the market." It appeared to be the most serious peace initiative since the war's first and only brief ceasefire which fell apart in November.

Persons: Fred Holmes, Brent, Tony Sycamore, Biden, Sycamore Organizations: . West Texas, IG, ANZ, U.S . Pentagon, U.S, China Evergrande Group, PMI Locations: Taft, Kern County , California, California, U.S, Jordan, Syria, East, Iran, Israel, Gaza, Red

☆ Oil jumps 1% after Houthis attack on fuel tanker in Red Sea
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California. Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. "Disruptions to supply have been limited, but that changed on Friday after an oil tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen," ANZ analysts said in a note. "With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions."

Persons: Brent, Trafigura, Yemen's Organizations: . West Texas, Commodities, ANZ, Middle, Organization of, Petroleum Locations: Bakersfield, Kern County , California, Yemen, Middle East, Russia, OPEC

☆ Oil prices drift lower on China demand worries
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency, or IEA, joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher. There are also worries that the U.S.-China conflict could attract attention again as the U.S. election approaches, which would be negative for energy demand, he said. On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group.

Persons: Hiroyuki Kikukawa Organizations: Brent, U.S . West Texas, International Energy Agency, NS, Nissan Securities, U.S ., U.S . Energy Information Administration Locations: Long Beach , California, China, U.S, Pakistan, Iran, Tehran, Mandab, North Dakota

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