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☆ A conservative way to get long legacy auto stocks as they rebound from EV troubles
▼ + stars: | 2024-06-13 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

Geologist M. King Hubbert developed the "peak oil" theory in the 1950s. He famously projected that U.S. oil production would peak between 1965 and 1970, which seemed accurate as U.S. oil production did peak around 1970. Hubbert's prediction about the U.S. oil production peak was largely accurate for conventional oil production. Still, global oil production has not followed Hubbert's anticipated timeline due to discoveries, technological advancements, and new extraction techniques. Hydraulic fracturing (fracking) and deep-water drilling have significantly increased oil production beyond what was initially thought possible.

Persons: M, King Hubbert, Hubbert, Hubbert's, I've, Ford Organizations: Federal Electric Vehicle, ICE, GM, Ford, Trade Locations: United States, California

☆ 3 risks to global economic growth
▼ + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.

Persons: ” Indermit Gill, Jerome Powell, ”, Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing

☆ Titian masterpiece once found at London bus stop could sell for $32 million
▼ + stars: | 2024-06-13 | by ( Jack Guy | ) edition.cnn.com time to read: +2 min

London CNN —A twice-stolen painting by Italian Renaissance master Titian, which was once found in a plastic bag at a bus stop in London, is expected to fetch as much as $32 million at auction in July. “The Rest on the Flight into Egypt” is going under the hammer at Christie’s with an estimate of £15 million-£25 million ($19 million-$32 million), according to a statement from the auction house. The painting depicts Jesus, Mary and Joseph resting on their way to Egypt after learning that Herod, King of Judea, wanted to kill the young Christ. Titian, whose real name was Tiziano Vecellio, made the work in the first decade of the 16th century, at the beginning of his career. In 1995, it was stolen from Longleat, the home of Thynne’s descendants, and disappeared for seven years, before it was found at a bus stop in London by art detective Charles Hill.

Persons: London CNN —, Titian, Egypt ”, Jesus, Mary, Joseph, Herod, King of Judea, Tiziano, John Alexander Thynne , 4th Marquess of Bath, Charles Hill, archdukes, ” Christie’s Organizations: London CNN, Italian, Napoleonic Locations: London, Egypt, Vienna, Paris, Wiltshire, England, Christie’s

☆ A miraculous little plant proves life persists after deforestation
▼ + stars: | 2024-06-13 | by ( Amanda Schupak | ) edition.cnn.com time to read: +5 min

CNN —On the western slopes of the Andes in Ecuador, John L. Clark, a research botanist at Florida’s Marie Selby Botanical Gardens, happened upon what he calls a miracle. That he could see it at all, nestled there on a moss-covered rock in a remnant patch of untouched land, was impressive. Back in the lab, Clark and his team confirmed that the little plant was a species new to science, and he and his team named it Amalophyllon miraculum. That’s why we decided to call it miraculum,” research botanist John L. Clark said. To an untrained eye, it’s nearly impossible to see the plant about which he’s so excited.)

Persons: John L, Clark, ”, they’re, Clark “, Laurence Skog, Martin Schaefer, ” Schaefer, E.O, Wilson, “, ‘, ” Clark, Schaefer, Amanda Schupak Organizations: CNN, Marie, Marie Selby Botanical, Smithsonian Institution’s National, of, Jocotoco Conservation Foundation Locations: Ecuador, Marie Selby, Centinela, Washington , DC, Western Ecuador, New York City

☆ Oil prices could drop to $60 per barrel in 2025 as world faces 'substantial surplus,' Citi says
▼ + stars: | 2024-06-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

OPEC+ members recently announced plans to bring 2.5 million bpd back to the market from October through September 2025. If the group follows through with its announced plan, the oil market will see a surplus of 2.6 million bpd or more. Deutsche Bank analyst Michael Hsueh said the OPEC+ production plan will cast a bearish shadow over the next two years . It is "inconceivable that the market could absorb anything close" to 2.5 million bpd, Hsueh said. The International Energy Agency warned Wednesday the world will be awash in oil by 2030, with production capacity outpacing demand projections by eight million bpd.

Persons: Brent, Michael Hsueh, Hsueh, Fatih Birol Organizations: Citi, Brent, Deutsche Bank, United Arab Emirates, TD Securities, International Energy Agency Locations: OPEC, North America, Brazil, Guyana, U.S

☆ Why we're still skeptical of Starbucks' turnaround despite a major Wall Street endorsement
▼ + stars: | 2024-06-13 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

A new endorsement of Starbucks from a top Wall Street research firm doesn't budge our skepticism about the coffee giant's ability to deal with the multiple challenges holding back its stock. Goldman Sachs on Thursday initiated coverage of Club name Starbucks with a buy rating and a $100-per-share price target. That price target represents more than 25% upside to the prior session's close. That night, we downgraded the stock to a 2 rating and cut our price target to $90 per share. A store of Starbucks Coffee shop chain located in Amsterdam city center with people sitting inside, enjoying a coffee after shopping in the cafe, while others are walking by.

Persons: Goldman Sachs, Jim Cramer, Goldman, Jim, Laxman Narasimhan, Narasimhan, Jim Cramer's, Nicolas Economou Organizations: Starbucks, CNBC, Nurphoto, Getty Locations: China, Amsterdam

☆ A Harvard processed foods expert shares 3 simple food swaps you can make for a healthier brain and gut
▼ + stars: | 2024-06-13 | by ( ) www.businessinsider.com time to read: +5 min

Their study found that a 10% increase in processed food consumption was linked to a higher risk of cognitive impairment. That means you can't offset the consequences of a junk food diet by popping some multivitamins or gulping a green juice afterward. We're feeding a really complicated ecosystem in the gut that helps metabolize what we eat," Kimberly said. Aim for ingredients you recognizeYou don't have to give up processed foods completely to improve your health. In the long run, it can be more helpful to make a few small swaps you can stick to than trying (and failing) to swear off processed foods forever.

Persons: —, W, Taylor Kimberly, he's, Kimberly, I've, hasn't, they're Organizations: Service, Harvard Medical School, Massachusetts General Hospital, Business Locations: Massachusetts

☆ CNBC Daily Open: Fed watch, Apple pops
▼ + stars: | 2024-06-12 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Siri will get an upgrade with Apple Intelligence and the company will partner with OpenAI, giving users access to ChatGPT. The company's shares rose 1.3% after the automaker announced plans to buy back $6 billion of stock. While many analysts expect Apple's new AI offering to push consumers to buy new iPhones, not all analysts are convinced.

Persons: Siri, OpenAI, Morgan Stanley, Elon Musk, Sam Altman, Greg Brockman, Paul Jacobson Organizations: CNBC, Nasdaq, Nvidia, Apple, Dow Jones, Treasury, OPEC, Apple Intelligence, OpenAI, GM, Motors Locations: San Francisco

☆ A chef from the Greek Blue Zone Ikaria shares 3 plant-based recipes inspired by the island where people often live to 100
▼ + stars: | 2024-06-12 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +9 min

Read previewDiane Kochilas, a chef and cooking teacher, lives between Greece and the US, but Ikaria is her spiritual home. In recent years there has been growing interest in how islanders live from those looking to boost their own longevity. Related VideoHer new cookbook, "The Ikaria Way," aims to popularize the principles behind cooking in Ikaria. About 5 minutes before removing from heat, stir in all the fresh herbs and half the lemon juice. In a large serving bowl, combine the lentils with the chopped parsley, diced tomato, pepper, onion, scallions, and garlic.

Persons: —, Diane Kochilas, Ikaria, Kochilas, Rice, Greens Rice, Cook Organizations: Service, Business, US News, Greens, leek Locations: Greece, New York, Ikaria, chard, cayenne

☆ GameStop: Why this meme stock frenzy is different from 2021
▼ + stars: | 2024-06-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Meme stock mania is back. Meme stocks saw a resurgence last month after Keith Gill, an investor who helped stoke the meme stock frenzy in 2021, made his first post on X in three years. For many traders who experienced the original meme stock craze, the phenomenon has prompted a wave of deja vu. Still, there are key differences between the reignited 2024 meme stock craze and the original in 2021. While GameStop shares have surged in recent weeks, it is still down 65% from its record high closing price in 2021.

Persons: Keith Gill, ” Gill, Gill, —, that’s, Craig Sarembock, ”, Joe Biden, Donald Trump, Trump, Biden, Samantha Delouya, That’s, Elon Musk, OpenAI, Hanna Ziady, ” Musk, Apple Organizations: CNN Business, Bell, New York CNN, stoke, GameStop, CNN, Federal Reserve, Bartlett Wealth Management, Global, ExxonMobil, Chevron, ConocoPhillips, EOG Resources, Schlumberger, Apple, SpaceX, Bluetooth, OpenAI, Developers Locations: New York, United States, OpenAI

☆ Oil prices edge up on optimistic demand outlook
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. U.S. crude oil stocks fell by 2.428 million barrels in the week ended June 7, according to market sources citing American Petroleum Institute figures. Inventories were expected to have fallen by slightly over one million barrels last week, a preliminary Reuters poll showed. Data from the EIA, the U.S. government's statistics arm, is expected later on Wednesday.

Organizations: U.S . Energy Information Administration, OPEC, Brent, U.S, West Texas, EIA, of, Petroleum, ANZ, American Petroleum Institute, Investors, Consumer, Federal Locations: China, U.S, Friday's

☆ CNBC Daily Open: Apple shares pop, Musk drops OpenAI lawsuit
▼ + stars: | 2024-06-12 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Musk drops OpenAI suit Elon Musk dropped his lawsuit against OpenAI, CEO Sam Altman and President Greg Brockman, which alleged breach of contract and fiduciary duty. Apple pops Apple 's shares rose to a record high a day after it announced its push into artificial intelligence. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. For more, CNBC's Jeff Cox explains there could be a huge impact from the consumer price index and the Fed meeting.

Persons: Paul Jacobson, Elon Musk, Sam Altman, Greg Brockman, Siri, OpenAI, Morgan Stanley, Goldman Sachs, David Malpass, Dennis Lockhart, Jeff Cox, — CNBC's Lim Hui Jie, Lisa Kailai Han, Alex Harring, Spencer Kimball, Hayden Field, Samantha Subin, Ashley Capoot, Michael Wayland Organizations: New York Stock Exchange, CNBC, General Motors, GM, OpenAI, Microsoft, Apple, Apple Intelligence, Federal Reserve, Brent, Bank, Biden, Strategic Petroleum Reserve, Atlanta Fed Locations: New York City, U.S, San Francisco

CNN —A group of Russian Navy ships, including a nuclear-powered submarine, arrived in Cuba on Wednesday morning in a sign of strengthening ties between the two Cold War allies. The four Russian ships are now docked in berths usually occupied by cruise ships. The US has also deployed air assets, including a P-8 Poseidon reconnaissance plane, to circle overhead the Russian vessels. The rescue and tugboat Nicolay Chiker, part of the Russian naval detachment visiting Cuba, arrives at Havana's harbour, June 12, 2024. According to a Cuban Armed Forces Ministry statement, none of the Russian ships are armed with nuclear weapons.

Persons: Gorshkov –, Gorshkov, Adalberto Roque, Donald Cook, Joe Biden, Nicolay Chiker, ”, weathers Organizations: CNN, Russian Navy, Military, Kazan, Getty Images, Russian Ministry of Defense, Russian MOD, US Navy, Coast Guard, US, Pentagon, State Department, Russian, Cuba’s Foreign, Cuban Armed Forces Ministry, Soviet Union, Cuban Missile Locations: Cuba, Russian, Havana, Spanish, Kazan, Florida, Russia, Ukraine, Havana's, AFP, Caribbean, Canada, Washington, Moscow

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Skechers, Tesla, GameStop, Birkenstock, Valvoline & more
▼ + stars: | 2024-06-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley upgrades Ciena to overweight from equal weight Morgan Stanley sees "upside potential" for the networking company. Morgan Stanley downgrades Pure Storage to equal weight from overweight Morgan Stanley downgraded the stock mainly on valuation. Goldman Sachs downgrades Birkenstock to neutral from buy Goldman downgraded Birkenstock mainly on valuation. Wells Fargo initiates Skechers at overweight Wells said it's bullish on shares of the footwear company. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's possible that Tesla could make a phone.

Persons: Piper Sandler, Piper, it's, Edward Jones, Morgan Stanley, Goldman Sachs, Birkenstock, Goldman, Wells, Wedbush, Needham, HAE, TD Cowen, Cowen, Tesla, Oppenheimer, Salesforce Organizations: Products, Devices, AMD, Paramount, Citi, DAR, Barclays, FI, GameStop, McCormick, Procore Technologies, UBS, Nvidia, hyperscalers, Bank of America, Apple, Fortinet Inc Locations: VVV

☆ Hunter Biden conviction shatters Trump’s persecution narrative
▼ + stars: | 2024-06-12 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

In his first reaction to the verdict, Hunter Biden didn’t attack the judge or prosecutors, simply saying he was grateful for the love and support of his family and blessed to be clean again. The Hunter Biden verdict also contradicted the central rationale of Trump’s multiple legal defenses in his four criminal cases, several civil matters and his entire presidential campaign. “So much for the weaponization of the Justice Department to go after just the enemies of the other side,” Michael Zeldin, a former senior Justice Department official and federal prosecutor, said on CNN Max on Tuesday. Stephen Miller, Trump’s former White House domestic policy adviser, argued that the Justice Department had actually shown favoritism toward Hunter Biden by not charging him with 50 felonies over foreign influence peddling. “Hunter Biden just became the Deep State’s sacrificial lamb to show that Justice is ‘balanced’ while the other Biden crimes remain ignored,” she wrote on X.

Persons: Joe Biden, Donald Trump, Biden, Hunter, “, ”, Hunter Biden, Trump, ” Trump, Phil McGraw, couldn’t, ” Michael Zeldin, CNN Max, General Merrick, Garland, David Weiss, Weiss, “ Hunter Biden, ” Ken Buck, CNN’s Erin Burnett, ” Julian Zelizer, he’s, who’s, He’s, ” Zelizer, Democratic Sen, Robert Menendez, Henry Cuellar, Jamie Raskin, James Comer, Big Guy, ” Comer, Mike Johnson, Stephen Miller, Trump’s, ” Miller, Marjorie Taylor Greene, baselessly Organizations: CNN, Justice Department, Fox News, Trump, Democratic, Department, White House, Republican, Justice, Princeton University, “, Robert Menendez of New, Biden, Maryland Democrat, Kentucky Republican, Big, Louisiana Republican, BIG, Georgia Locations: America, Manhattan, Delaware, Robert Menendez of, Robert Menendez of New Jersey, New York, Henry Cuellar of Texas, Mexican, United States, Kentucky, Ukraine, China, Louisiana

☆ Big Oil warned by IEA that peak crude and a major supply surplus are on the horizon
▼ + stars: | 2024-06-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

In its latest medium-term market report, titled Oil 2024, the global energy watchdog said oil demand growth was on track to slow down before ultimately reaching its peak of near 106 million barrels per day by 2030. That's up from just over 102 million barrels per day in 2023. At the same time, the IEA expects total oil production capacity to surge to nearly 114 million barrels per day by 2030 — a whopping 8 million barrels per day above projected global demand. The burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis. The share of fossil fuels in the global energy supply has stayed at around 80% for decades, according to the IEA, although it expects this to fall to around 73% by 2030.

Persons: Fatih Birol, Birol Organizations: The International Energy Agency, Big Oil, IEA Locations: Monahans , Texas, U.S, OPEC

☆ CNBC Daily Open: Musk threatens Apple ban
▼ + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Technology stocks Nvidia, Meta and Microsoft boosted the indexes. Apple ban threatElon Musk threatened to ban Apple devices from his companies after Apple announced a partnership with OpenAI. Ailman suggested Musk should focus on one of his ventures and let professional managers handle Tesla's daily operations. The Taiwan Weighted index hit a record high, before paring back gains, as technology and utility stocks rose.

Persons: Elon Musk, Tesla, Goldman Sachs, Musk, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, paring, Seng, Kospi, Morgan Stanley Organizations: New York Times DealBook, CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple, OpenAI, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, CSI, Nikkei Locations: New York City, U.S, Asia, Taiwan, Pacific

☆ CNBC Daily Open: Apple upgrades Siri with AI
▼ + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Apple IntelligenceShares of Apple fell 1.9% after the iPhone maker delivered its long-awaited AI strategy. Siri will get an upgrade with Apple Intelligence and access to OpenAI's ChatGPT. Investors are concerned Apple had fallen behind its rivals, Microsoft and Google, in the race to deliver AI services and tools.

Persons: Goldman Sachs, Siri, Apple, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, Moderna, Tesla, Elon, Bernstein Organizations: CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple Intelligence, Apple, Investors, Google, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, Pfizer, Novavax Locations: U.S

☆ Trump is dangling a lot of promises for a second term as he seeks support in new spaces
▼ + stars: | 2024-06-11 | by ( Steve Contorno | ) edition.cnn.com time to read: +9 min

CNN —Former President Donald Trump lately has dangled some very specific promises to his audiences. But Trump’s campaign has prioritized flipping Nevada and the Democratic Party’s historical advantage in Latino communities, and polling suggests they have made progress on both fronts. Trump’s campaign confirmed the former president intends to seek a legislative change. “President Trump will ask Congress to eliminate taxes on tips,” spokesperson Karoline Leavitt told CNN. Trump has published an entire website to host many of his proposals for a second term.

Persons: Donald Trump, Trump, Joe Biden’s, ” Trump, hasn’t, Ron Wyden, Sheldon Whitehouse, Trump’s, “, ”, Karoline Leavitt, “ Joe Biden, Biden, Chase Oliver, Ross Ulbricht, Ulbricht, Ross, Joe Biden, ” Oliver, Harris, ” Biden, Quentin Fulks, headwinds, Shawn Fain Organizations: CNN, Las, Libertarian, Trump, Republican, Biden, Democratic, National Rifle Association, Senate Democrats, Washington Post, Oregon Democrat, Rhode, Culinary Workers Union Local, Garden State, US Department of Justice, Black Voters, Black, United Auto Workers, Fox Locations: Las Vegas, Michigan, In Nevada, Nevada, U.S, Oregon, Rhode Island, Wildwood , New Jersey, Garden, battlegrounds, Detroit

☆ Tell us if you've had an intimate relationship with a colleague, or you could get fired, oil giant warns staff
▼ + stars: | 2024-06-11 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

Workers must now declare any intimate relationship with a colleague, even if there is no conflict of interest. In September, now-ex-CEO Bernard Looney was found to have committed "serious misconduct" over an employee relationship. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . BP informed all employees last week that they must disclose any intimate relationships with colleagues, or they could face disciplinary action, the company confirmed to Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: Bernard Looney, —, hadn't Organizations: Workers, Service, BP, Business

☆ Apple jumps to a new high after AI unveil — plus, our latest thinking on 6 more portfolio stocks
▼ + stars: | 2024-06-11 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. "Notice where Stanley Black & Decker is when you have a good day for the bonds," Jim Cramer pointed out. 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, you'll, Stanley Black, Decker, Dupont, Ed Breen, Jim, Eli Lilly, Eli Lilly Alzheimer's, Banks, Wells, Michael Santomassimo, Santomassimo, Morgan Chittum, We've, Tom Jorden, Coterra, Jorden, Jerome Powell, Jim Cramer's Organizations: CNBC, Longtime, Apple, Treasury, Club, DuPont, GE Healthcare, Huntington, Investing Club, Coterra Energy, Broadcom, VMware, Jim Cramer's Charitable

☆ Oil prices little changed as OPEC sticks to demand and steady economic growth forecasts
▼ + stars: | 2024-06-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were little changed Tuesday as OPEC stuck to its demand forecasts, counting on steady economic growth this year. Oil prices rallied more than 2% Monday and have now recovered most of the losses from last week. The market had sold-off to four month lows after OPEC+ decided to increase crude production in October. Here are today's energy prices:OPEC is projecting oil demand growth of 2.2 million barrels per day for 2024 and 1.8 million bpd in 2025, according to the group's monthly report. The oil producers see global economic growth of 2.8% this year and 2.9% in 2025.

Persons: John Evans, Evans Organizations: OPEC Locations: OPEC

☆ Oil prices extend rally on potential U.S. crude purchase for reserve
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +2 min

An offshore oil platform is seen at sunset on February 9, 2024 near Huntington Beach, California. Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05. "Since WTI is near its 200-day average, we expect oil prices to remain close to current levels for a while," he said. U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.

Persons: WTI, Hiroyuki Kikukawa, Jennifer Granholm, Goldman Sachs, Brent Organizations: Brent, . West Texas, . Federal Reserve, NS, Nissan Securities, Strategic Petroleum Reserve, Energy, Reuters, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, U.S . Energy Information Administration, International Energy Agency Locations: Huntington Beach , California, U.S, .

☆ Stock market today: US stocks dip as 2-day Fed meeting kicks off
▼ + stars: | 2024-06-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stock markets slipped as investors prepare for the Fed's June policy meeting. The FOMC meeting will end Wednesday, and will help determine where interest rates are going. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Investors are convinced that interest rates will remain unchanged, futures markets data shows. Upcoming inflation data on Wednesday should also help determine where interest rates are headed beyond in the coming months.

Persons: —, Jerome Powell, eyeing, Brent, Bitcoin Organizations: Service, Federal, Apple, West Texas, Treasury

☆ Why oil companies are raking in record profits under Joe Biden
▼ + stars: | 2024-06-11 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

CNN —Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. However, in March, the Biden administration approved ConocoPhillips’ massive Willow oil drilling project on Alaska’s North Slope, which holds around 600 million barrels of oil, angering climate advocates. Despite his mixed record with oil and gas companies, though, Biden has presided over a historic run for the industry, Kloza said.

Persons: Donald Trump, Joe Biden, Trump, Biden, That’s, —, Tom Kloza, ”, Hess, Chevron’s, Abdullah Hasan, Darren Woods, Mike Wirth, Woods, Obama, Bob McNally, Kloza, ” Kloza, “ It’s Organizations: CNN, Global, ExxonMobil, Chevron, ConocoPhillips, Resources, Schlumberger, Oil Price Information Service, US Energy Information Administration, Oil, Natural Resources, Exxon, White, Shareholders, Microsoft, Apple, The Washington Post, Keystone XL, Rapidan Energy Group, Republican Locations: United States, Ukraine, Boon, dealmaking, The

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