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☆ Oil prices steady as investors await inflation data, OPEC+ meeting
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The U.S. personal consumption expenditures index expected this week will be in the spotlight for further signals about interest rate policy. The index, due to be released on May 31, is viewed as the U.S. Federal Reserve's preferred measure of inflation. German inflation data on Wednesday and euro zone readings on Friday will also be watched for signs of a European rate cut that traders have penciled in for next week. All eyes are also be on the upcoming online meeting of the OPEC+ on June 2.

Persons: Brent, Satoru Yoshida, U.S . Federal Reserve's, Goldman Sachs Organizations: . West Texas, Rakuten Securities, Organization of, Petroleum, U.S, U.S . Federal Locations: New Mexico, U.S, Friday's, Britain, United States, OPEC, U.S .

☆ Oil prices little changed as markets look to OPEC+ meeting
▼ + stars: | 2024-05-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. Combined with another 3.66 million bpd of production cuts valid through the end of the year, the output cuts are equivalent to nearly 6% of global oil demand. Markets will also be watching the U.S. personal consumption expenditures index this week for more signals about interest rate policy. The prospect of higher-for-longer interest rates has strengthened the U.S. dollar, making oil more expensive for holders of other currencies.

Persons: Brent, U.S . Federal Reserve's, WTI Organizations: . West Texas, Organization of, Petroleum, OPEC, International Energy Agency, ANZ, Northern, U.S, U.S . Federal, Federal Reserve, U.S . Locations: OPEC, U.S, U.S .

☆ The West is tapping Russian money to arm Ukraine. Much more could follow
▼ + stars: | 2024-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Money generated by Russian financial assets frozen in Europe will soon start flowing to Ukraine, giving Kyiv a boost as it struggles to counter an advance by Moscow’s troops. The plan “would essentially bring forward that flow of interest proceeds from the assets… (through a loan) given to Ukraine,” Yellen told broadcaster Sky News in an interview this week. “Ukraine has substantial needs, and being able to marshal significant resources to help Ukraine is important,” she said. Most of the frozen Russian money is held in Europe, and the euro is the world’s second-most important currency after the US dollar. This would give Kyiv access to a much larger amount of money than using future or current windfall profits from Russian assets.

Persons: Janet Yellen, ” Yellen, Gabriel Bouys, Joe Biden, ” Lee Buccheit, Trade Valdis Dombrovskis, Yellen, there’s, —, Buchheit, Putin, ” Organizations: London CNN, Union, Sky News, “, US, Getty, University of Edinburgh Law School, CNN, EU, Trade, Reuters, Russia, Ukraine, World Bank Locations: Europe, Ukraine, West, Italy, Russia, Ukraine’s, Kharkiv, Frankfurt, Germany, “ Ukraine, Stresa, AFP, EU, Belgium, Kyiv

☆ 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

☆ Here's how much money it takes to be in the upper class in each state
▼ + stars: | 2024-05-24 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

This means that the upper class in one state could still be considered middle class in another. AdvertisementEven so, being upper class may not feel like swimming in wealth. New York has the second-highest share in the upper class at nearly 21%, even though the cutoff is $159,100. AdvertisementThe list of states with the lowest shares of people in the upper class also doesn't correspond. Alaska, Utah, and Idaho have below 15% of their populations in the upper class, while Wyoming and Delaware are in the 15% range.

Persons: —, they're Organizations: Service, Business, Pew, DC Locations: Washington, New Jersey, Maryland , Massachusetts, Hawaii , California, New York, Louisiana, Mississippi, West Virginia, Louisiana , Arkansas , Kentucky , Oklahoma , Alabama, New Mexico, Alaska , Utah, Idaho, Wyoming, Delaware

☆ Oil prices fall on worries of higher U.S. interest rates
▼ + stars: | 2024-05-23 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand. Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel at 0004 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5%, at $77.14. Higher interest rates boost borrowing costs, crunching funds that could boost economic growth and oil demand.

Persons: Brent Organizations: Brent, . West Texas, Federal, Energy Information Administration, Organization of, Petroleum, Secretariat, Russian Energy Ministry, Wednesday, Citi Research, Citi Locations: Cushing , Oklahoma, U.S, Russia, OPEC

☆ Sudden container crunch sends ocean freight rates soaring, setting off global trade alarm bells
▼ + stars: | 2024-05-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

AFP Contributor | AFP | Getty ImagesA perfect storm in global trade is creating a shipping container capacity crunch, fueling a sudden and surprise spike in ocean freight rates. Xeneta ocean freight rates show the rallying spot market and the widening spread between spot and long-term rates. An increase in ocean freight rejections shows the imbalance. Logistics price increases are ultimately passed onto the consumer and the dizzying freight rates during the pandemic were among factors cited by the Federal Reserve as a cause of inflation. The International Chamber of Shipping, which represents major ocean carriers, did not immediately respond to a request for comment.

Persons: Emily Stausbøll, Stausbøll, Goetz Alebrand, Alebrand, Judah Levine, Freightos, Levine, Wan Hai, HLS, Drewry, Jonathan Gold Organizations: AFP, Getty, U.S ., Xeneta, DHL, Shipping, Americas, DHL Global, CNBC, Federal Reserve, Orient Star Group, MSC, Chamber of Shipping, Honour, Carriers, Maritime Locations: Qingdao, Shandong province, AFP, Asia, U.S . West Coast, U.S, China, Malaysia, Singapore, Panama, Latin America, Europe, Chongqing, East Asia, South America, Africa, U.S . East Coast

☆ Live updates: Israel-Hamas war in Gaza, Iran President Raisi funeral, ICC arrest warrant request
▼ + stars: | 2024-05-22 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +3 min

A rescue team works following the crash of a helicopter carrying Iranian President Ebrahim Raisi, in Varzaqan, East Azerbaijan Province, Iran, on May 20. West Asia News Agency/ReutersThe chief of staff for the late Iranian President Ebrahim Raisi has revealed new details about the hours after the presidential helicopter went missing. "However, the president's helicopter, which was flying between the two others, suddenly disappeared," Esmaili added, as cited by Mher news. The pilot circled around to search for the president's helicopter, he said. "Pilots of the two other helicopters had contacted Captain Mostafavi, who was in charge of the president's helicopter," he said.

Persons: Ebrahim Raisi, Gholam Hossein Esmaili, Esmaili, Raisi's, Esmail, Hossein Amir Abdollahian, Mostafavi, Mohammad Ali Alehashem, Alehashem Organizations: West Asia News Agency, Reuters, Iran's, Mehr, Mehr News, Iranian, Pilots Locations: Varzaqan, East Azerbaijan Province, Iran, Azerbaijan, Varzeghan —, Abdollahian

☆ Oil prices fall on fear of high U.S. interest rates depressing demand
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

Oil storage drums stacked in the Keihin industrial area of Kawasaki, Kanagawa Prefecture, Japan, on Monday, April 15, 2024. Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. "Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities. Lower interest rates reduce borrowing costs, freeing up funds which could boost economic growth and demand for oil. OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.

Persons: Toshitaka Tazawa, Philip Jefferson, Michael Barr, Raphael Bostic, Ebrahim Raisi, Ayatollah Ali Khamenei, Mohammed Bin Salman, Fujitomi's Tazawa Organizations: Brent, . West Texas, Federal, Fujitomi Securities, Atlanta Fed, Reuters, Saudi Arabia's Crown, Iranian, Investors, Organization of, Petroleum Locations: Kawasaki, Kanagawa Prefecture, Japan, Saudi, OPEC

☆ Opinion: Hardened like diamonds, these Gen Z protesters fight for a European future
▼ + stars: | 2024-05-20 | by ( Opinion Will Cathcart | ) edition.cnn.com time to read: +7 min

They snatch protesters from the crowd and drag them back into a mass of black uniforms. Will Cathcart Will CathcartHundreds of thousands of people have taken to the streets across Georgia in recent weeks to protest the government’s adoption of a Kremlin-inspired “foreign agents” bill. As with the foreign agents law, the bill’s authors claim it promotes transparency, an absurd notion. The foreign agents bill is a symptom of a deeper issue – money. The pressures of authoritarian intimidation and systematic violence have hardened Georgia’s young protestors like diamonds.

Persons: Will Cathcart, Mikheil Saakashvili, Cathcart Will Cathcart, Vladimir Putin’s, Putin, Hans Gutbrod, ”, Salome Zourabichvili, aren’t, Gen Z, Europe –, Giorgi Arjevanidze, Bidzina Ivanishvili, Party ” –, Mamuka Mdinaradze, Shalva Papuashvili, – “, “, James O’Brien’s, Ivanishvili, Zviad Organizations: CNN, Tbilisi CNN — Riot, Georgian, Ilia State University, European Union, Getty, Global, Party, Georgian Orthodox Church, US, State, Eurasian Affairs, Fletcher School of Law, NATO, Special Forces Exchange Locations: American, Tbilisi, Georgia, Russia, Belarus, Kyrgyzstan, Europe, AFP, Georgian, Soviet, Russian, United States, Brussels, Washington, Moscow, EU

☆ 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 set for weekly gain on signs of improving demand
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States. Brent crude oil prices rose 21 cents, or 0.3%, to $83.48 a barrel by 0018 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $79.41 a barrel. Brent futures are set to rise about 1% on a weekly basis, and WTI futures are set to gain 1.4%. Recent declines in oil and refined products inventories at major global trading hubs have created optimism over oil demand growth, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in prior weeks.

Persons: Brent, Alex Hodes Organizations: . West Texas, Brent, ., Financial, Federal Reserve Locations: Tutong district, Brunei, United States, U.S, Europe's Amsterdam, Rotterdam, Antwerp

☆ 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 rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

☆ Amazon employee suspected of shooting at Ohio fulfillment center dead: reports
▼ + stars: | 2024-05-13 | by ( Hannah Getahun | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

A man suspected of shooting at an Amazon facility in Ohio died after a police standoff, reports say. The suspect, presumed to be an Amazon employee by police, also reportedly shot and injured a police officer. AdvertisementAn Amazon employee suspected of firing a gun at an Amazon facility in Ohio is dead following a standoff with police, per local reports. The suspect, who police said was confirmed to be an Amazon employee, per the press release, fled in a vehicle. The Sunday shooting isn't the first time an Amazon facility has been the location of gun violence.

Persons: —, Per, Brandon Smith, Steve Kelly, WSYX Organizations: Service, West Jefferson Police Department, Sheriff's, West Jefferson Police, Amazon, Business, Madison County Sheriff's Department, ABC, CBS Locations: Ohio, Madison, Columbus, Vacaville , California, Chattanooga , Tennessee, Lakeville , Minnesota, Rock , Arkansas, Chandler , Arizona

☆ Oil prices up on stronger Chinese data, Middle East conflict
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results. In the previous session, oil prices edged up to a one-week high on data of rising crude oil imports in China in April and as investors saw the cooling U.S. job market as an indication of possible interest rate cuts. China's exports and imports returned to growth in April after contracting in the previous month, signaling an improvement in demand. "Ongoing signs of strength in demand in China should see commodity market remain well supported," ANZ Research said in a note. Daly did not say if she felt the U.S. central bank was likely or not to cut interest rates this year.

Persons: Brent, Mary Daly, Daly, Benjamin Netanyahu, Joe Biden's Organizations: U.S, West Texas, ANZ Research, San Francisco Federal, Financial Locations: China, Israel, U.S, Rafah, Gaza, Cairo

☆ Oil rises on U.S. crude storage draw, Fed rate cut hopes
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +1 min

An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, US, on Sunday, June 19, 2022. Oil prices rose in early trade on Thursday as shrinking U.S. crude inventories signaled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year. Crude inventories dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts' expectations in a Reuters poll for a 1.1 million-barrel draw as refinery activity increased. Increasing expectations that the U.S. central bank will cut interest rates by year end after weaker-than-expected U.S. jobs data also boosted oil prices. Lower interest rates can increase spending on crude oil.

Organizations: New Harmony Oil, Federal Reserve, Brent, . West Texas, Energy Information Administration, EIA Locations: Grayville , Illinois, U.S, Gaza, Israel

☆ Kim Kardashian and Kanye West’s daughter North West to costar in ‘Lion King’ concert event at Hollywood Bowl
▼ + stars: | 2024-05-08 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +2 min

“The Lion King at the Hollywood Bowl” live concert event will take place later this month at Los Angeles’ iconic outdoor concert venue the Hollywood Bowl. Tickets are available to purchase now for “The Lion King at the Hollywood Bowl” live concert event, which will take place on May 24 and 25 in Los Angeles. The live concert will eventually be available to stream as a Disney+ Original Special at a later date. West is not the only celebrity child to be attached to the storied “Lion King” franchise in some capacity. Beyoncé and Jay Z’s 12-year–old daughter Blue Ivy Carter is part of the cast of the upcoming “Mufasa” movie – the live-action prequel to “The Lion King.”

Persons: CNN — Kim Kardashian’s, North, King, Heather Headley –, Nala, Lebo, ”, Billy Eichner, Jeremy Irons, Bradley Gibson, Nathan Lane, Jennifer Hudson, Kardashian, Kanye West, “, Jay Z’s, Blue Ivy Carter Organizations: CNN, Hollywood, Broadway, Hollywood Bowl, Los Angeles, Disney Locations: North West, Los, Los Angeles

☆ Oil prices edge lower on rising U.S. stockpiles
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand. Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel by 0020 GMT. U.S. crude stocks rose by 509,000 barrels in the week ended May 3, market sources said citing American Petroleum Institute figures. Analysts polled by Reuters expect U.S. crude oil inventories to have fallen by about 1.1 million barrels last week. Hopes of a ceasefire in Gaza have also put pressure on oil prices in recent sessions.

Persons: Bill Burns, Benjamin Netanyahu Organizations: American Petroleum Institute, Brent, . West Texas, Official U.S, Reuters, EIA, Hamas, U.S . Central Intelligence Agency, Wednesday, Israeli, U.S Locations: Gaza, U.S, Israel

☆ Oil edges up after Israel strikes Gaza, while truce talks continue
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Israeli forces struck Rafah on Gaza's southern edge from the air and ground and ordered residents to leave parts of the city, which has been a refuge for more than a million displaced Palestinians. Riyadh's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June also supported prices, signaling expectations of strong demand this summer. The world's top exporter hiked its flagship Arab Light crude oil price to Asia to $2.90 a barrel above the Oman/Dubai average in June, the highest since January and at the upper end of traders' expectations in a Reuters survey.

Persons: Israel Organizations: Brent, U.S, West Texas, Hamas Locations: Stanton , Texas, Israel, Rafah, Gaza, Israeli, Asia, Northwest Europe, Oman, Dubai

☆ Oil nudges higher after Saudi Arabia hikes prices
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%. Saudi Arabia raised the official selling prices, or OSPs, for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer. This comes after Saudi Arabia raised June OSPs for most regions amid a tightening of supplies this quarter, he added. The geopolitical risk premium in oil prices has also eased as talks for a Gaza ceasefire are underway.

Persons: ICE Brent, Warren Patterson, OSPs, Brent, Benjamin Netanyahu, Baker Hughes Organizations: Brent, U.S, West Texas, ICE Locations: Saudi Arabia, Gaza, Israel, Asia, Northwest Europe

☆ Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region. Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%. The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway. Also supporting oil was Saudi Arabia's move to raise the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer.

Persons: Brent, Tony Sycamore Organizations: Brent, U.S, West Texas, IG Locations: Elk, California, United States, Saudi Arabia, Gaza, Israel, Rafah, Saudi, Asia, Northwest Europe, China

☆ Oil steadies, heads for weekly drop on U.S. economy worries
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week. The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer. Higher rates typically weigh on the economy and that can reduce oil demand. Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output.

Persons: Brent, WTI, Baker Hughes Organizations: Brent, . West Texas, Organization of, Petroleum, U.S . Bureau of Labor Statistics, Federal Reserve Locations: Israel, U.S, Russia

☆ 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 falls for a third day as U.S. crude inventories swell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell for a third day on Wednesday on rising crude inventories and production in the U.S., the world's biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel. U.S. crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.483 million barrels, and distillates fell by 2.187 million barrels.

Persons: distillates Organizations: Brent, . West Texas, American Petroleum Institute, Energy Information Administration, Organization of, Petroleum, Reuters Locations: U.S, Israel, Egypt, Iran, Iraq, Nigeria

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