DIRS.INFO The most relevant business & tech news

☆ Globe Life's stock crashed amid federal probes. Here's everything you need to know.
▼ + stars: | 2024-04-14 | by ( Katie Balevic | Susan Antilla | ) www.businessinsider.com time to read: +5 min

Globe Life Inc., a publicly traded insurance company based in Texas, was once flying high. Its top insurance agents basked in luxury with lavish company retreats and expensive sports cars. Related storyBy August 2023, Warren Buffett's Berkshire Hathaway had dumped over half of its 6.35 million shares of Globe Life. By then, Berkshire Hathaway had sold off all its shares in Globe Life. "It's disappointing that Globe Life neglected to address the evidence of insurance fraud and sexual misconduct that we uncovered."

Persons: —, Arias, Simon Arias III, Wolf, Renee Zinsky, Mike Russin, BI's, Warren Buffett's Berkshire Hathaway, Simon Arias, Abeni Mayfield, Berkshire Hathaway, AIL, Panda, Susan Antilla's, Nate Koppikar, Zinsky, Russin Organizations: Service, Business, of Justice, Life Inc, Arias Organization, Globe, Arias, Commission, AIL, Organization, BI, Department of Justice, Globe Life, Life, DOJ Locations: Texas, Pennsylvania

☆ 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 prices head back up on Middle East jitters
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday. "The European Central Bank's decision to leave policy rates unchanged ... was expected, but accompanying statements open the door for near-term monetary easing," S&P Global Market Intelligence said in a note. However in the U.S., Federal Reserve officials signalled on Thursday no rush to cut interest rates, as sticky U.S. inflation remains a concern.

Persons: Ayatollah Ali Khamenei, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Israel, Washington, ANZ Research, Organization of, Petroleum, P Global Market Intelligence, Federal Locations: Jebel Dukhan, Bahrain, Iran, Syria, Damascus, Gaza, Israel, Tehran, Europe, U.S

☆ Energy stocks are hot again. The rally could have more fuel to burn
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.

Persons: Nancy Curtin, “, ”, Bob Doll, he’s, Donald Trump, Trump, Matt Egan, ” Alex Durante, Read, Alicia Wallace, Price Organizations: CNN Business, Bell, New York CNN — Energy, Marathon Petroleum, Exxon Mobil, Occidental Petroleum, Halliburton, West Texas, Brent, Federal Reserve, Energy, RBC Capital Markets, Crossmark Global Investments, Organization of, Petroleum, Clean Energy, SolarEdge Technologies, Enphase Energy, Tax Foundation, CNN, Trump, of Labor Statistics, PPI Locations: New York, Ukraine, OPEC, China, Mexico

☆ Goldman still expects U.S. inflation to fall significantly as markets alarmed by recent rise
▼ + stars: | 2024-04-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Goldman Sachs still expects stubbornly high U.S. inflation to ease over the coming months, despite investors slashing bets for Federal Reserve interest rate cuts, after yet another print showed that consumer prices remain sticky. The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%. In the Goldman Sachs view, the U.S. CPI will fall back to 2.4% this year, down from the current annualized rate of 3.5%. We obviously have oil prices currently going up, and that's certainly something that has been a bit stronger than what we initially anticipated," Mueller-Glissmann said. He added that the inflationary impact of rising oil prices will likely be limited, because the bank expects that the Organization of the Petroleum Exporting Countries will eventually bring spare capacity online.

Persons: Goldman Sachs, Christian Mueller, Glissmann, CNBC's, Mueller Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, U.S, CPI, of, Petroleum Locations: U.S, penciling

☆ 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

☆ Alibaba shares jump after founder Jack Ma reemerges with praise of Chinese giant's 'transformations'
▼ + stars: | 2024-04-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Jack Ma, founder of Alibaba, reappeared in the public view in China for the first time in months. Alibaba founder Jack Ma on Wednesday praised the company's reorganization and change over its tumultuous past year, marking the billionaire's second major public statement to employees in just a few months. Daniel Zhang, longtime CEO of Alibaba Group, unexpectedly quit and then stepped down as CEO of the company's cloud unit. Ma is reemerging at a time when Alibaba employees are likely in need of a morale boost. The Alibaba founder also said Alibaba needs to think what e-commerce looks like in three years' time, especially since the arrival of artificial intelligence.

Persons: Jack Ma, Alibaba, Ma, ByteDance, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Tsai, Wu Organizations: CNBC, Wednesday, Ant Group, Alibaba, Cainiao Locations: China, Beijing

☆ Can Minor League Baseball Survive Its Real Estate Problems?
▼ + stars: | 2024-04-07 | by ( Mary Pilon | ) www.nytimes.com time to read: +1 min

Ed Willson has a jar filled with dirt sitting on his desk. For more than 40 years, Mr. Willson has been a fan of the minor league baseball team in Eugene, Ore., the Emeralds, and a season-ticket holder for 22 seasons. “It was a serious heartbreak,” Mr. Willson said. After the fire, Mr. Willson made a pilgrimage to the scorched diamond, where he filled a plastic bag with dirt from the pitcher’s mound that he considered sacred. Nine years later, the dirt is still on Mr. Willson’s desk.

Persons: Ed Willson, Willson, ” Mr Organizations: Emeralds, Civic, Major League Baseball’s Locations: Eugene ,

☆ Oil prices bound for second weekly gain on geopolitical tension, supply concerns
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Heavy oil supply has also tightened globally after Mexico and the United Arab Emirates cut exports of these grades. This comes amid solid global oil demand growth of 1.4 million barrels per day (bpd) in the first quarter, JP Morgan analysts said in a note. "Our high-frequency demand indicators estimate that total oil consumption in March averaged 101.2 million bpd, 100,000 bpd above our published estimates," they said.

Persons: Brent, Daniel Hynes, Soni Kumari, WTI, Israel, JP Morgan Organizations: . West Texas, ANZ, NATO, of, Petroleum, United, Investors Locations: Europe, Brent, Israel, Syria, Russia, OPEC, Mexico, United Arab Emirates, U.S

☆ The rally in oil cannot be ignored — here's what it means for stock market investors
▼ + stars: | 2024-04-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. Oil trading at its highest levels since late October has implications for stock market investors. The Fed's preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases.

Persons: Brent, —, Jim Cramer, Jim Cramer's, Jim, Frederic J, Brown Organizations: West Texas, Coterra Energy, Energy, Organization of Petroleum, PMI, Manufacturing, Reuters, Federal Reserve, Fed, Bank of, CNBC, Afp, Getty Locations: U.S, Russia, OPEC, China, Ukraine, Ukrainian, Russian, Iranian, Syria, Iran, Taft, Kern County , California

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ 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

☆ Coinbase secures restricted dealer license in Canada, pushing expansion abroad amid SEC crackdown
▼ + stars: | 2024-04-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The firm said it has been registered in Ontario as a restricted dealer under the Canadian Securities Administrators (CSA), an umbrella organization of Canada's provincial and territorial securities regulators. The crypto exchange said that this authorization means the company now meets the Canadian regulators' strict requirements for crypto assets dealings and can operate legally in the country. The policy changes led Binance, the world's largest crypto exchange by trading volumes, to quit its activity in Canada, saying it was "no longer tenable" to operate there. Rival crypto exchange Kraken said last year that it had filed a pre-registration undertaking (PRU) with the Ontario Securities Commission, effectively starting the process to become a registered dealer in Canada. The company says it is the first international crypto exchange to receive restricted dealer registration in Canada.

Persons: Coinbase, Kraken Organizations: Getty, CNBC, Canadian Securities Administrators, Ontario Securities Commission Locations: Suqian, Jiangsu Province, China, Canada, U.S, Ontario

☆ How Microsoft Azure Arc Brings Cloud Solutions to Hybrid Environments
▼ + stars: | 2024-04-03 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

That's why Microsoft is committed to meeting customers wherever they are, with adaptive solutions that bring their data together from the ground to the cloud, with Azure Arc. As of 2023, World Bank had connected about 25% of its SQL Server estate to Azure Arc. Today, World Bank and Microsoft are working together on additional functional elements to improve optimization of Azure Arc. "We've already seen how Azure Arc can make us more efficient and reduce our operating costs. "We've already seen how Azure Arc can make us more efficient and reduce our operating costs.

Persons: it's, Chandra Kala Macha, Kala Macha, It's, We've Organizations: Microsoft, Bank, World Bank, IT, Intel, Technology, QuickAssist, Arc, Insider Studios

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ Global oil price hits seven-month high as Middle East tensions rise
▼ + stars: | 2024-04-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply. Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe. Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel. “You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a “general sense that the Middle East is less stable than it was a year ago,” he told CNN. Geopolitical tensionsWriting about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.

Persons: Richard Bronze, “ You’ve, ”, Sophie Lund, Yates, Hargreaves Lansdown, Israel, —, specter, Brent, Bill Weatherburn Organizations: London CNN, Brent, West, CNN, Revolutionary Guards, Organization of, Petroleum, Lund, Capital Economics Locations: Europe, West Texas, Brent, United States, Red, ”, Syria Monday, Iran, Syria, Israel, Tehran, Quds, OPEC, Iran’s, Damascus, Gaza, China

☆ Oil gains on upbeat manufacturing data, escalating Middle East tensions
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel. Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note. U.S. futures could rise as high as the mid-$90s if they break a technical resistance level of $84.00 a barrel, Sycamore said. The last time the prompt-month WTI contract reached the $95 per barrel level was in August 2022. Iran's involvement could see its oil supply under threat," ANZ analysts wrote in a note.

Persons: Brent, Tony Sycamore, Sycamore Organizations: U.S . West Texas, IG, ANZ, of Petroleum, Ministerial Locations: China, U.S, Syria

☆ Germany to redesign Adidas soccer jersey numbering amid Nazi symbol controversy
▼ + stars: | 2024-04-02 | by ( Oscar Holland | ) edition.cnn.com time to read: +3 min

CNN —German soccer authorities will redesign the number “4” on the country’s national jerseys amid claims it resembles a logo used by Nazi paramilitary units. The DFB unveiled Germany’s new uniforms, which will be worn by both men’s and women’s teams, in late March. Less than two weeks ago, the DFB announced that Nike will take over from Adidas as the German soccer team’s official shirt supplier from 2027. Adidas has produced the country’s jerseys since the 1950s, during which time the men’s team (either as Germany or West Germany) has claimed four World Cups. The logo was so widely used at the time that some German typewriters were produced with a stylized “SS” key.

Persons: Oliver Bruggen, Adolph Hitler, Walter Heck, Hitler, Guido von Organizations: CNN, Nazi, German Football Association, DFB, Schutzstaffel, UEFA, Adidas, Reuters, France, UEFA European, Nike, soccer, SS Locations: Germany, West Germany, Austrian

☆ Oil holds onto gains as investors bet on tighter supply
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. Drone attacks knocked out several Russian refineries, which is expected to reduce Russia's fuel exports. In Europe, oil demand was firmer than expected, rising 100,000 bpd on year in February, Goldman Sachs analysts said, versus its forecast of a 200,000 bpd contraction in 2024. Investors are also scouring U.S. economic data for signs of when the Federal Reserve will cut interest rates this year which will support the global economy and oil demand.

Persons: Brent, Alexander Novak, Goldman Sachs Organizations: . West Texas, of, Petroleum, bbl, Federal Reserve Locations: New Mexico, U.S, OPEC, Russian, Europe, 2024Q4

☆ Here's what beneficiaries need to know as the Social Security Administration phases in new policies for overpayments
▼ + stars: | 2024-04-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Social Security beneficiaries who owe money to the Social Security Administration may see much lower default withholding rates from their monthly checks, thanks to new policies that are going into effect. As of March 25, the Social Security Administration no longer plans to collect 100% of a total monthly Social Security benefit payment to recoup the money beneficiaries owe due to overpayment of benefits. But there may be a short period where beneficiaries are still affected by the old policy, the Social Security Administration announced on Friday. If that happens, affected beneficiaries should call the Social Security Administration at 1-800-772-1213 to lower their withholding rate, the agency said. Under the new leadership of Commissioner Martin O'Malley, the Social Security Administration is working to curb the burden to affected beneficiaries.

Persons: overpayments, David Camp, it's, Camp, Martin O'Malley, O'Malley Organizations: Social Security, Social Security Administration, Finance, Social, Security, National Organization of Social Security, Representatives

☆ Central Asian migrants face xenophobic backlash in Russia after Moscow terror attack
▼ + stars: | 2024-03-29 | by ( Sebastian Shukla | ) edition.cnn.com time to read: +10 min

The men had been in Russia as migrant workers on either temporary or expired visas, authorities said. But in the days since, that emotion – combined with the disturbing videos – appears to have unleashed a wave of xenophobia from some towards Central Asian migrant workers in general. Her organization offers legal assistance to migrants looking for help in Russia, often on a pro bono basis. We need to spread the word.”A user in another channel, with 200,000 followers, suggested there was no space for anyone to feel sorry for migrants in Russia. According to Umerov, there are some 7 million migrants in Russia, of whom around 80% are from Central Asia.

Persons: Moskovsky, “ I’m, Vladimir Putin, Shamsidin, Dalerdzhon Mirzoyev, Muhammadsobir Fayzov, Yulia Morozova, Putin, ”, ‘ It’s, Valentina Chupik, Tong Jahoni, Temur Umerov, don’t, ” Umerov, Umerov, Emomali Rahmon, “ Putin Organizations: CNN, Moscow’s Crocus, Central, Crocus City Hall, Reuters, Soviet, Kazakhstan —, Human Rights Watch, Central Asia, Carnegie Russia Eurasia Center, Hall, Russian, Kyrgyz Foreign Ministry, European Bank for Reconstruction, “, Institute of Economics, Russian Academy of Sciences, ISIS, Kremlin Locations: Moscow’s Crocus City, Tajikistan, Soviet, Central Asia, Russia, Ivanovo, Russian, Crocus, Uzbekistan, Kyrgyzstan, Turkmenistan, Kazakhstan, Illinois, Moscow, Central, Berlin, Ukraine, Kyrgyz, Tashkent, Western

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

☆ Oil prices extend upward momentum on expectations of tighter supply
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries. Crude oil gained on supply side issues and continued Middle East tensions, according to a note from ANZ analysts. Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries, or OPEC, target of 9 million barrels per day (bpd). At the same time, Ukrainian attacks on Russian oil refineries have continued. Russia's Kuibyshev refinery had to shut half of its capacity after a fire broke out there on Saturday morning.

Persons: Kuibyshev, Walt Chancellor, Benjamin Netanyahu, Israel's Organizations: ANZ, Petroleum, Macquarie, United Nations Security, Hamas Locations: Brent, Russia, Israel, Red, Gaza, Rafah, U.S

☆ Trader Joe’s just increased the price of a banana for the first time in more than 20 years
▼ + stars: | 2024-03-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Food prices have gone a bit bananas — and that includes a famously priced 19-cent fruit at Trader Joe’s. The snack-heavy grocer told CNN on Monday that it recently increased the price of the banana to 23 cents, a more than 20% increase. The 19-cent banana is a well-known deal at Trader Joe’s — so much so that it’s ranked as the favorite piece of produce by the company’s customers. However, CBS News reported that experts from the World Banana Forum in March warned that climate change and rising temperatures can drive up banana prices. Trader Joe’s noted it has been able to lower prices for some of its other produce, such as raw almonds, romaine hearts, organic tri-color bell peppers, and green onions.

Persons: we’ve, fanbases, Joe’s, romaine, Dan Bane, Sonny …, they’ve, ” Bane Organizations: New, New York CNN, CNN, Food and Agriculture Organization, United Nations, Bureau of Labor Statistics, CBS News Locations: New York

☆ Republican lawmakers say green transition 'cheerleader' IEA has strayed from mandate
▼ + stars: | 2024-03-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Nick Oxford | ReutersSenior U.S. lawmakers believe the International Energy Agency has "strayed from its core mission" of safeguarding energy security and has emerged as a "cheerleader" for the green transition. "We would argue that in recent years the IEA has been undermining energy security by discouraging sufficient investment in energy supplies — specifically, oil, natural gas, and coal. Consequently, the IEA must conduct its energy security mission in an objective manner. "It should disturb you that biased parties are exploiting the IEA's forecasts and other products to advocate for policies that undermine energy security." The IEA on Thursday confirmed receipt of the letter to CNBC and stressed that its mandate remains maintaining energy security and accelerating clean energy transitions.

Persons: Nick Oxford, Republican Sen, John Barrasso, Cathy McMorris Rodgers, Fatih Birol Organizations: Midland , Texas U.S, Reuters Senior U.S, International Energy Agency, Republican, U.S ., Energy, Natural Resources, U.S . House, Commerce, IEA, U.S, CNBC, U.S . Congress, Organization of, Petroleum, OPEC, Congress Locations: Midland , Texas, Wyoming, Saudi Arabia

Search resuls for: "Organization of"

25 mentions found