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☆ Oil prices ease as market awaits China data to gauge demand
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer. Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. "Oil prices were supported by continued output cuts by Saudi and Russia the previous day but investors' attention has shifted to demand, especially in China," said Toshitaka Tazawa, an analyst at Fujitomi Securities, noting all eyes are on data from China this week. "We expect to see a tug-of-war at the levels near the current oil prices going forward, while digesting news on both supply and demand sides," Tazawa said, adding the trend may change dramatically if the Middle East situation becomes more tense. Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.

Persons: Toshitaka Tazawa, Tazawa, Benjamin Netanyahu, Israel Organizations: Brent, West Texas, Saudi, Fujitomi Securities Locations: San Joaquin Valley, McKittrick , California, China, Saudi Arabia, Russia, Gaza, Moscow, Venezuela's

LAUNCESTON, Australia, Nov 7 (Reuters) - Saudi Arabia made two recent decisions that on the surface seem to indicate a steady crude oil market outlook but may point to a ticking up in concern over the state of demand. It's also likely that softer demand for refined products in Asia amid economic uncertainty led to Aramco's decision to keep the Arab Light OSP unchanged. The extension of the additional 1 million bpd cut is perhaps a tacit admission that crude oil demand isn't as strong as OPEC has been expecting. Asia's crude imports showed some resilience in October, rising to 27.36 million bpd from 26.60 million bpd in September, according to data compiled by LSEG. China, the world's biggest importer, saw arrivals of 11.90 million bpd in October, up from September's 11.18 million bpd, but both these months were down on August's 12.49 million bpd.

Persons: It's, Brent, Robert Birsel Organizations: Saudi Aramco, refiners, Aramco, Brent, West Texas Intermediate, OPEC, LSEG, world's, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi Arabia, Saudi, Oman, Dubai, Asia, Singapore, Israel, Gaza, Atlantic, refiners, China, Russia

☆ S&P 500 and Nasdaq Composite notch longest streak of gains in two years
▼ + stars: | 2023-11-07 | by ( Manav Tanneeru | Krystal Hur | ) edition.cnn.com time to read: +2 min

The S&P 500 index climbed for the seventh day in a row, its longest streak of gains since November 2021, when the benchmark index rose for eight straight sessions. The S&P 500 gained 0.3% and the Nasdaq Composite added 0.9%. That’s helped stocks rally this month, after the S&P 500 in October logged its longest streak of monthly declines since 2020. The 10-year Treasury yield fell to 4.57% on Tuesday, compared to Monday’s close of 4.66%. Amazon shares gained 2.1%, Meta Platforms increased 1% and Apple climbed 1.4%.

Persons: Austan Goolsbee, That’s, Datadog, Jerome Powell Organizations: New, New York CNN, Wall, Nasdaq, Dow, Federal Reserve, Chicago Fed, CNBC, Treasury, Tech, Microsoft, Apple, West Texas, Halliburton, Chevron, ExxonMobil Locations: New York, China

The U.S. central bank could even be forced to raise rates to ensure the pace of inflation remains on a downward trajectory and does not bounce back, Goldberg said. Markets also imply about an 80% probability the European Central Bank (ECB) will cut rates by April, while the Bank of England (BoE) is seen easing in August. An outlier is Australia's central bank, which is considered likely to resume raising rates at a policy meeting on Tuesday as inflation there stays stubbornly high. The head of the central bank said on Monday it was closer to achieving its inflation target, but it was still not enough to end ultra-loose policy. The drop in the dollar and yields has helped underpin gold, as investors have cautiously turned back to riskier assets.

Persons: Brendan McDermid, Gennadiy Goldberg, Goldberg, Anthony Saglimbene, Saglimbene, We're, BoE, Jerome Powell, Herbert Lash, Wayne Cole, Alun John, Nick Macfie, Will Dunham, Mark Potter, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Wall, Federal Reserve, TD Securities, Dow Jones, Nasdaq, European Central Bank, Bank of England, ECB, The Bank of Japan, ., Germany's, Brent, U.S, West Texas, Thomson Locations: New York City, U.S, Europe, New York, France, Germany, Italy, Spain, Troy , Michigan, Asia, Pacific, Japan, Korea, Saudi Arabia, Russia

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3, as supply concerns driven by Middle East tensions eased. A weaker dollar also helped oil prices. Lower borrowing cost is likely to boost spending and demand for crude oil.

Persons: Agustin Marcarian, John Kilduff, Giovanni Staunovo, Huw Pill, Robert Harvey, Florence Tan, Colleen Howe, Deepa Babington, Mark Potter, Christina Fincher, Bill Berkrot Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, Saudi, Investors, Bank of England, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York, OPEC, Gaza, U.S, China, Europe

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3. Monday's oil price gains may have been capped by an easing of crude throughput at Chinese refineries.

Persons: Agustin Marcarian, Dennis Kissler, Giovanni Staunovo, Tamas Varga, Robert Harvey, Florence Tan, Colleen Howe, David Goodman, Kirsten Donovan, Deepa Babington Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, BOK Financial, Reuters, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, Saudi, OPEC, China’s, China, Europe

☆ Oil up 1.5% as Saudi Arabia and Russia stick to supply cuts
▼ + stars: | 2023-11-06 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataLONDON, Nov 6 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Monday's oil price gains could have been capped by an easing of crude throughput at Chinese refineries. Macroeconomic concerns persist in Europe, where Purchasing Managers' Index (PMI) data showed the slowdown in euro zone manufacturing accelerated in October.

Persons: Agustin Marcarian, Giovanni Staunovo, Tamas Varga, Robert Harvey, Florence Tan, Colleen Howe, Louise Heavens, David Goodman Organizations: REUTERS, PMI, Brent, . West Texas, Oil, Reuters, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC, China, China’s, Europe

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBEIJING, Nov 6 (Reuters) - Oil prices edged up on Monday as top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Russia also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Such sanctions often come with national security waivers, and China could still continue to import Iranian oil.

Persons: Agustin Marcarian, Brent, Suvro Sarkar, Tony Sycamore, Sarkar, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, West Texas, Saudi, ING, DBS, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights BEIJING, Saudi Arabia, Russia, Israel, Singapore, China, Sydney, Iran, United States

☆ Oil nudges higher after Saudi Arabia, Russia stick to output cuts
▼ + stars: | 2023-11-06 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Nov 6 (Reuters) - Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Reporting by Florence Tan and Colleen Howe Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Israel, Tony Sycamore, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam Organizations: REUTERS, Rights, West Texas, Saudi, ANZ, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, Saudi Arabia, Russia, Moscow, Lebanon, China, Sydney, Iran, United States

☆ Cramer calls out Disney's 'great hire' ahead of a key earnings report
▼ + stars: | 2023-11-06 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. This is a "great hire" for Disney, as Johnston has a reputation as one of the best CFOs in corporate America, Jim Cramer said Monday. 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, Locker, Hugh Johnston, Johnston, Nelson Peltz, Jim Cramer's, Jim Organizations: CNBC, Treasury, West Texas Intermediate, Club, Walt Disney, PepsiCo, Disney, Trian Partners, Coterra Energy, Emerson, Wynn Resorts, WYNN, Jim Cramer's Charitable Locations: Saudi Arabia, Russia, America

☆ Oil prices steady, on track for second straight week of losses
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +1 min

A view from the oil company Tatneft in Tatarstan, Russia on June 04, 2023. Oil prices were little changed on Friday, heading for their second straight week of losses as the U.S. central bank left the door open for possible future rate hikes and worries that the Middle East conflict would disrupt supply eased. Brent crude futures rose 6 cents to $86.91 a barrel by 0010 GMT, while U.S. West Texas Intermediate crude futures gained 12 cents, or 0.2%, to $82.58 a barrel. Brent was on track to fall about 4% in the week, while WTI looked set to close down 3.5%. Meanwhile, the U.S. Federal delivered a "dovish" pause to its rate hikes on Wednesday, while the BoE delivered a "hawkish" pause on Thursday.

Persons: Brent, WTI, BoE Organizations: Brent, U.S, West Texas, Palestinian, U.S . Federal Locations: Tatarstan, Russia, Tatneft, U.S, Gaza, Israel, Saudi Arabia

☆ Oil heads for weekly loss as geopolitical risk premium wanes
▼ + stars: | 2023-11-03 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +3 min

Both benchmarks gained more than $2 a barrel on Thursday, but were on track to lose about 4% on the week. The report could bolster the view that the U.S. Federal Reserve need not raise interest rates further. The Fed held interest rates steady on Wednesday, while the Bank of England held rates at a 15-year peak. The stable policies kept oil prices supported as some risk appetite returned to markets. "The oil market will be watching for an escalation of tensions, particularly on the Lebanese border, as Hezbollah attacks increase," City Index Fiona Cincotta said.

Persons: Jussi Rosendahl, Brent, Fiona Cincotta, Sayyed Hassan Nasrallah, Israel, Jeslyn Lerh, Mark Potter Organizations: REUTERS, U.S, West Texas, National Bureau, Statistics, U.S . Labor Department, U.S . Federal, Fed, Bank of, Palestinian, Thomson Locations: Porvoo, Finland, China, Bank of England, Gaza, Lebanese, Saudi Arabia, Singapore

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Oil's rally comes along with gains across financial assets after the Fed maintained its benchmark interest rate unchanged at 5.25%-5.50% at its latest meeting on Wednesday. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data. Data from U.S. Energy Information Administration (EIA) showed that the country's crude stocks increased as refiners undergoing seasonal maintenance restarted units more slowly than expected. But despite lower refining runs, U.S. gasoline stocks (USOILG=ECI) rose by 0.1 million barrels in the week to 223.5 million barrels, the EIA said.

Persons: Tatiana Meel, Jon Maier, Ayatollah Ali Khamenei, Stephanie Kelly, Muyu Xu, Lincoln Organizations: REUTERS, Oil, U.S . Federal Reserve, Brent, U.S, West Texas, Fed, Global, Iran's, Organization of, Petroleum, Bank of England, European Central Bank, U.S . Energy Information Administration, Thomson Locations: Nakhodka, Russia, Israel, Gaza, Iran, Europe, U.S

☆ Oil prices edge higher Middle East conflict stokes supply concerns
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +1 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, United States on November 27, 2022. Oil prices edged higher in early trade on Thursday as the conflict in the Middle East kept investors on edge about whether it could disrupt oil supplies around the region. Brent crude futures rose 38 cents at $85.01 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude futures gained 46 cents at $80.90 a barrel. Iran's Supreme Leader Ayatollah Ali Khamenei called on Muslim states to cease oil and food exports to Israel, demanding an end to its bombardment of the Gaza Strip, state media reported. Iran, a member of the Organization of the Petroleum Exporting Countries, produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data.

Persons: Ayatollah Ali Khamenei Organizations: East, Brent, U.S, West Texas, Iran's, Organization of, Petroleum, Hamas, Bank of England, European Central Bank Locations: Bakersfield, California, United States, Israel, Gaza, Iran, Egypt, Europe

☆ Why Cramer thinks owning Apple is 'not about quarters'
▼ + stars: | 2023-11-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. "I say own it, don't trade it," Jim Cramer reiterated Thursday. 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, Eli Lilly, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Federal Reserve, Treasury, West Texas, Apple

☆ Asia shares, bonds rally as Powell feeds hopes of end to rate hikes
▼ + stars: | 2023-11-02 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) surged 1.7% to the highest level in one week. Tokyo's Nikkei (.N225) gained 1.4% to cross the 32,000 level for the first time in two weeks. EUROSTOXX 50 futures rose 0.8% early in Asia, while S&P 500 futures added 0.3% and Nasdaq futures increased 0.5%. While Chair Jerome Powell did not rule out another hike, markets judged he was not quite as hawkish as he might have been. Brent crude futures climbed 1.2% to $85.61 a barrel while U.S. West Texas Intermediate futures were at $81.43 a barrel, up 1.2%.

Persons: nonfarm payrolls, Hong, HSI, Jerome Powell, Treasuries, Tiffany Wilding, Seema Shah, Stella Qiu, Edwina Gibbs Organizations: Apple, SYDNEY, Tokyo's Nikkei, Stock, Nasdaq, Fed, Treasury, PIMCO, Global, Asset Management, Bank of Japan, East, Brent, West Texas, Thomson Locations: Cupertino California, Asia, Pacific, Japan, Europe, U.S, 4Q24

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken, Mohi Narayan, Emily Chow, Jamie Freed Organizations: Kyodo, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, DELHI, Israel, ., U.S, Europe, China, East, Gaza, New Delhi, Singapore

☆ Oil gains ahead of Fed meeting as Middle East conflict persists
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken Organizations: Raffles, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel Locations: Yantai, East China's Shandong province, Israel, ., Europe, East, Gaza, U.S

December Brent crude futures , set to expire on Tuesday, rose 36 cents, or 0.41%, to stand at $87.81 a barrel by 0305 GMT. "If this evolves into a full-scale invasion and there is involvement from Iran, tighter supply worries could resurface." In a note, ING analysts said, "Disruptions to Iranian oil flows remain the most obvious risk to the market." Such lost supply could range between 500,000 barrels per day (bpd) and 1 million bpd if the United States strictly enforces sanctions once again, they added, although Middle East developments had yet to affect oil supply. Weaker-than-expected manufacturing and non-manufacturing activity data from China stoked fears of slowing fuel demand from the world's No.

Persons: Eric Gaillard, Brent, Leon Li, China stoked, CME's, Laura Sanicola, Trixie Yap, Clarence Fernandez Organizations: REUTERS, . West Texas, Federal Reserve, Markets, ING, U.S, Thomson Locations: Nice, France, China, Wednesday's U.S, Gaza, Iran, Shanghai, Israel, United States, Venezuela, riven

☆ Oil rises ahead of key central bank meetings amid heightened Mideast tensions
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Tuesday ahead of global central bank meetings and as tensions in the Middle East remained high. Israeli troops and tanks attacked Gaza's main northern city from the east and west on Monday, three days after it began ground operations in the Palestinian enclave. Traders were also keeping a close eye on global monetary policy, with rate-setting meetings of major central banks scheduled for this week. The U.S. Federal Reserve will meet on Wednesday and the Bank of England on Thursday to discuss monetary policy and decide on potential future inflation-busting interest rate hikes. Investors are also expecting Chinese purchasing managers index data and third quarter gross domestic products figures from Hong Kong and Taiwan.

Organizations: Brent, West Texas, Traders, Bank of Japan, Nikkei, U.S . Federal Reserve, Bank of England, Investors Locations: Gaza, Israel, Hong Kong, Taiwan

☆ Why Nvidia can absorb the hit from U.S. restrictions on AI chip exports to China
▼ + stars: | 2023-10-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. Jim Cramer said that there's currently a "disconnect" in the market, but added: "This, too, shall pass." New U.S. restrictions on chip exports to China could cancel billions of dollars in upcoming orders for Club holding Nvidia (NVDA), The Wall Street Journal reported Tuesday. 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 .

Persons: Jim Cramer, there's, Jim, Jim Cramer's Organizations: CNBC, Nasdaq, Federal Reserve, Treasury, West Texas, Club, Caterpillar, GE HealthCare Technologies, Nvidia, Street Locations: New U.S, China, U.S

☆ Oil prices are falling even as Israel steps up its war on Hamas. A spike could still happen
▼ + stars: | 2023-10-30 | by ( Olesya Dmitracova | Anna Cooban | ) edition.cnn.com time to read: +4 min

Brent crude, the global oil benchmark, fell 1.1% to $89 a barrel, and West Texas Intermediate (WTI) crude, the US benchmark, dropped 1.3% to trade at $84 a barrel by 7.51 a.m. The World Bank said Monday that a ratcheting up in the fighting in Gaza could push global commodity markets, including oil markets, into “uncharted waters,” and laid out three scenarios under which oil prices could surge. In that instance, the level of disruption would be comparable to that caused by the Arab oil embargo in 1973. The World Bank said a smaller disruption, equivalent to that resulting from the Libyan civil war in 2011, could send oil prices to $103 a barrel. Prices for Brent have risen 5.7% since Hamas attacked Israel on October 7, killing more than 1,400 people, mostly civilians.

Persons: Brent, Susannah Streeter, Hargreaves Lansdown, ”, Germany —, ” Indermit Gill, Benjamin Netanyahu, ” Israel, Daniel Hagari, Jake Sullivan, Ebrahim Raisi, — Rob North Organizations: London CNN, West Texas, Hargreaves, Bank, Hamas, Sunday, CBS Locations: Gaza, Germany, Ukraine, Iraq, Israel, Israeli, Iran, Lebanese, Tehran

☆ Oil prices slip even as Middle East tensions spike, as investors eye Fed meeting
▼ + stars: | 2023-10-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In an aerial view, the Valero Houston refinery seen on August 28, 2023 in Houston, Texas. Oil prices dipped even after Israel sent ground forces into the Gaza Strip, raising tensions in the Middle East, as investors closely monitor the U.S. Federal Reserve's monetary policy meeting later this week. He said the ground operations were "limited so far" and noted other macroeconomic concerns. Oil prices surged late Friday, with Brent jumping above $90 per barrel as Israel said its troops were ‘increasing the ground operation’ in Gaza as it seeks to eradicate the militant group Hamas. "While a major oil supply disruption is not our base case, the oil market last week became a little too complacent about the likelihood of a major Israeli ground incursion in Gaza, and the risk of a wider regional war," McNally continued.

Persons: Israel, Brent, Bob McNally, Benjamin Netanyahu, McNally Organizations: . Federal, U.S . West Texas, Rapidan Energy Group, CNBC, Hamas Locations: Valero Houston, Houston , Texas, Gaza, ., U.S, Israel

☆ Oil dips as caution about data-heavy week offsets Mid-East war boost
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped $1 a barrel on Monday as investors adopted caution ahead of the Fed policy meeting and China's manufacturing data later this week, offsetting support from geopolitical tensions in the Middle East. "Despite an escalation in the Hamas-Israel war, the ground invasion was widely expected," Teng said. "The weekend playout signals no further expansion into a wider regional war, which caused a retreat in oil prices." Last week, Brent and WTI marked their first weekly fall in three weeks as developments in the Middle East keep investors on edge and prices volatile. 2 oil consumer after Beijing launched a burst of supportive policy measures.

Persons: Tina Teng, Brent, WTI, Israel, stoking, Teng Organizations: Raffles, Brent, West Texas, Federal Reserve, Apple Inc, CMC Locations: Yantai, East China's Shandong province, Gaza, Hamas, Israel, China, Beijing

SINGAPORE, Oct 27 (Reuters) - Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Though the strike did not directly impact supply, it increases fears that the conflict in the Gaza Strip between Israel, backed by the U.S., and Hamas may spread and disrupt supply from major crude producer Iran, which backs Hamas. A wider war could also impact shipments from Saudi Arabia, the world's largest oil exporter, and other large producers in the Gulf. Both Brent and WTI are on track to post their first weekly drop in three weeks as the geopolitical premium built on these fears has ebbed as there has been no disruption of oil supply outside of the immediate region of the fighting. Israeli forces carried out their biggest Gaza ground attack in their 20-day-old war with Hamas overnight, angering the Arab world.

Persons: Brent, WTI, Kelvin Yew, Benjamin Netanyahu, Helima Croft, Goldman Sachs, Florence Tan, Sam Holmes, Christian Organizations: U.S, Brent, U.S . West Texas Intermediate, Islamic Revolutionary Guard Corps, Pentagon, Ocean, Investments, RBC Capital, Thomson Locations: SINGAPORE, Syria, Israel, U.S, Iraq, Gaza, Iran, Saudi Arabia, United States, Hormuz, Russia

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