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☆ U.S. crude oil extends losses on OPEC+ increasing supply later this year
▼ + stars: | 2024-06-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Platform Ellen and Elly, offshore oil and gas platforms operated by Beta Operating Company LLC, off the coast of Long Beach, California, US, on Thursday, Nov. 2, 2023. U.S. crude oil fell more than 1% on Tuesday, extending a recent losing streak to erase most of its gains for the year after OPEC+ announced plans to increase production starting in October. U.S. crude oil and global benchmark Brent both hit four-month lows earlier in the session. U.S. crude has fallen for five consecutive sessions now, with the July contract tumbling 3.6% on Monday in the wake of the OPEC+ meeting last weekend. Here are Tuesday's closing energy prices:In a surprise move, eight producers led by Saudi Arabia and Russia laid out a detailed plan to gradually phase out 2.2 million bpd of production cuts from October 2024 through September 2025, meaning oil supply will start increasing in the fourth quarter of this year.

Organizations: Beta Operating, OPEC, Brent Locations: Long Beach , California, Saudi Arabia, Russia

☆ What slumping oil prices mean for our stake in Coterra Energy
▼ + stars: | 2024-06-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. crude prices fell for the fifth straight day Tuesday, but we remain committed to our lone oil-and-gas stock in Coterra Energy . Elevated oil prices have, as a result, pressured discretionary spending and corporate margins. If we get that, then we should see lower oil prices and sustained buying power along with a healthy environment for business investments. And yet we still see reason to stick with Coterra Energy. Indeed, analysts at Citigroup published a research note Tuesday exploring potential takeover targets for Devon Energy, another ex-Club oil stock.

Persons: Goldman Sachs, we've, Coterra, It's, Jim Cramer's, Jim Cramer, Jim, Brandon Bell Organizations: Coterra, West Texas, Organization of, Petroleum, Coterra Energy, ConocoPhillips, Exxon Mobil, ex, Natural Resources, Citigroup, Devon Energy, CNBC, Getty Locations: Coterra Energy, U.S, Gaza, OPEC, Devon, Grandfalls , Texas

☆ Oil prices extend losses on worries of supply rising later in 2024
▼ + stars: | 2024-06-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices eased in early trade on Tuesday, extending their losses from the previous session when prices fell to their lowest in four months, as investors worried about supply ticking up later in the year. Brent closed below $80 for the first time since Feb. 7, after falling more than 3% on Monday. Signs of weakening demand growth have also weighed on oil prices in recent months, with data on U.S. fuel consumption in focus. The U.S. government will release inventory and product supplied data on Wednesday. Product supplied, considered a proxy for demand, will show how much gasoline was consumed around the Memorial Day weekend, the start to the U.S. driving season.

Persons: Brent, Walt Chancellor Organizations: Brent, . West Texas, of, Petroleum, Sunday, Macquarie Locations: ., Russia, OPEC, United States, U.S

☆ Stocks making the biggest moves midday: Bath & Body Works, Carnival, GameStop and more
▼ + stars: | 2024-06-04 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Bath & Body Works — Shares of Bath & Body Works sank nearly 13% and headed for their worst day since 2021. Bath & Body Works expects earnings to range between 31 cents and 36 cents a share, behind a FactSet estimate of 38 cents in earnings per share. Saia — The freight company popped 6.7% after it posted higher less-than-truckload shipments per workday for April and May compared to a year earlier. Shares of BP and Exxon Mobil fell around 2.3% and 1.6%, respectively, while Diamondback Energy and Chevron shares fell nearly 1%. Stanley Black & Decker — The industrials stock fell about 3.7% after Barclays downgraded the stock to equal weight from overweight.

Persons: Keith Gill, Goldman Sachs, TZE, Goldman, Stanley Black, Decker, Julian Mitchell, Oppenheimer, Jed Kelly, —, Samantha Subin, Michelle Fox, Yun Li, Pia Singh, Lisa Han Organizations: Body, O Cruises, Carnival Cruise, GameStop, Street, Trade, Dominion Freight, Technologies, Energy, BP, Exxon Mobil, Diamondback Energy, Chevron, Barclays

☆ European markets set to open higher ahead of ECB decision later this week
▼ + stars: | 2024-06-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

European markets are poised to start the month higher Monday as investors look ahead to the European Central Bank's latest interest rate decision later this week. The U.K.'s FTSE 100 was last seen 63 points higher at 8,340, according to IG data, while Germany's DAX was up 173 points at 18,652. France's CAC was 62 points higher at 8,041and Italy's MIB was up 359 points at 34,893. The move would mark the first time the ECB has cut rates ahead of the U.S. Federal Reserve. U.S. stock futures also started the month in positive territory, coming off the back of a strong May in which all three major averages notched their sixth positive month in seven.

Persons: Germany's DAX, China's Organizations: Central, CAC, ECB, U.S . Federal Locations: Spain, France, Germany, Asia, Pacific

☆ Cramer cites 2 stocks as great buys for new investors. Analysts see one climbing 40%
▼ + stars: | 2024-06-03 | by ( Morgan Chittum | ) 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. "We've got a deflationary set up this morning," Jim Cramer said Monday. For investors who don't own Club stock Stanley Black & Decker , Jim said it's also a great buy at these levels. 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, —, Jensen Huang, We've, Jim, Stanley Black, Decker, it's, Jim Cramer's Organizations: CNBC, Nasdaq, Nvidia, Treasury, Melius Research, Broadcom, Stanley, Federal Reserve

☆ Two energy expects discuss oil prices as OPEC+ extends production cuts again
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo energy expects discuss oil prices as OPEC+ extends production cuts againAmena Bakr, Senior Research Analyst at Energy Intelligence, and Helima Croft, Head of Global Commodity Strategy at RBC Capital Markets, discuss oil prices following the latest OPEC+ production decision.

Persons: Amena Bakr, Helima Croft Organizations: Senior, Energy Intelligence, Global, Strategy, RBC Capital Markets

☆ CNBC Daily Open: Opec extends cuts, Nvidia showcases new chip
▼ + stars: | 2024-06-03 | 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. OPEC+ extends cutsOPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. Saudi Arabia's energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. New AI chip RubinNvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model.

Persons: Prince Abdulaziz bin Salman, Rubin, Blackwell, Dow, UnitedHealth, Bill Ackman, It's, Michael Khouw Organizations: CNBC, Saudi Aramco, Rubin Nvidia, AMD, Intel, Microsoft, Google, Dow Jones, Federal, Dow, Nasdaq, Nvidia, Tesla, Pershing, Moderna, Drug Administration, GSK, Pfizer Locations: OPEC, Saudi Arabia, Russia, Saudi, U.S, Moderna

☆ Oil prices little changed after OPEC+ extends output cuts
▼ + stars: | 2024-06-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The OPEC logo on the building of the Organization of the Petroleum Exporting Countries. Crude oil futures were little change on Monday as investors tried to parse what impact OPEC's weekend decision on production policy will have on the market. OPEC+ agreed to extend 3.6 million barrels per day in production cuts through the end of 2025. But JPMorgan analysts said the decision by OPEC+ Sunday is largely neutral for global oil prices in 2024. The production cuts combined with summer driving should increase Brent prices by $10 to the $90-per-barrel range by September, according to the investment bank.

Persons: Wells, Roger Read, Brent Organizations: Organization of, Petroleum, JPMorgan, OPEC Locations: OPEC, Saudi Arabia, Russia, Q4'24

☆ Oil prices slip despite OPEC+ production cut extension
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. This includes 3.66 million bpd of cuts that were due to expire at the end of 2024, and voluntary cuts by eight members of 2.2 million bpd to expire by the end of June 2024. But on Sunday, the group agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025. It will also prolong the cuts of 2.2 million bpd by three months until end-September 2024, before phasing it out over a year from October 2024 to September 2025. "The communication of a gradual unwind reflects a strong desire to bring back production of several members given high spare capacity."

Persons: Brent, Goldman Sachs, Joe Biden, Israel, Benjamin Netanyahu Organizations: . West Texas, of, Petroleum, U.S Locations: Russia, OPEC, East, Gaza, Israel, Iran

☆ Oil alliance OPEC+ extends crude production cuts into 2025
▼ + stars: | 2024-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy. The influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Sunday agreed to extend their official crude output agreement into 2025. The coalition will produce a combined 39.725 million barrels per day next year, according to a table published by the OPEC Secretariat. Speaking to CNBC, analysts and OPEC+ delegates had previously signaled a high likelihood that the oil producers' alliance would extend its existing supply cuts. Until the end of June, OPEC+ producers are performing a combined 5.86 million barrels per day of supply cuts, of which 2 million barrels per day represented unanimous commitments under OPEC group policy that span this year.

Organizations: of, Petroleum, Sunday, CNBC, Institution, OPEC's, Energy Locations: Saudi Arabia, Russia, OPEC, Angola, UAE, China, Paris

☆ OPEC Plans a Gradual Unwinding of Production Cuts
▼ + stars: | 2024-06-02 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

When officials from major oil-producing countries met on Sunday, they had a tricky task before them: To reassure shaky markets that they would continue to restrain oil supplies. The group known as OPEC Plus, which is led by Saudi Arabia and includes Russia, also wanted to offer some hope to discontented producers like the United Arab Emirates that they might soon get the go-ahead to pump more oil. It aims to bolster oil prices by promising that deep production cuts will extend through next year. But it also spells out a gradual phase out of a portion of the cuts. Beginning in October, oil output for eight countries, including Saudi Arabia, the United Arab Emirates and Iraq, may gradually rise in monthly increments through 2025.

Organizations: United Arab Locations: OPEC, Saudi Arabia, Russia, United Arab Emirates, Riyadh, Saudi, Iraq

☆ OPEC+ wants concrete rate cuts before factoring impact on oil demand, Saudi energy minister says
▼ + stars: | 2024-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The prominent OPEC+ oil producers' alliance is awaiting concrete central bank action on interest rates before factoring in the potential impact on the energy demand landscape, according to Saudi Arabia's energy minister. The production strategy decisions come at a time when OPEC's own forecasts show a 2.25 million barrel-per-day increase in demand, according to the Monthly Oil Market Report of May. Energy costs spiked worldwide in the wake of Russia's full-fledged invasion of Ukraine, aggravating the economic downturn that followed the Covid-19 pandemic. Global institutions have previously mentioned energy prices as underpinning inflationary concerns. In turn, the piled-on inflation has muzzled oil demand.

Persons: Prince Abdulaziz bin Salman, — Organizations: Organization of, Petroleum, Monthly Locations: OPEC, Saudi, China, Ukraine

☆ OPEC+ to extend deep oil production cuts into 2025
▼ + stars: | 2024-06-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

CNN —The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025. The group also released its 2025 production requirements for member and nonmember countries, which were essentially the same as this year’s. Despite the OPEC+ cuts, equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 10% since hitting a five-month high in early April. The IEA expects global supply to increase by just 580,000 barrels per day this year. Sunday’s OPEC+ decision coincides with Saudi Arabia selling some more shares in its oil company Aramco.

Persons: —, Russia —, Brent Organizations: CNN, of, Petroleum, United, Emirates, Brent, West Texas, International Monetary Fund, International Energy Agency, IEA, Saudi, Aramco Locations: OPEC, Saudi Arabia, Russia, United States, ”, Syria, China, Europe, Paris, Riyadh

☆ OPEC to Meet Amid Signs of Waning Influence on Oil Prices
▼ + stars: | 2024-05-31 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.

Persons: That’s, ”, Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi

☆ Inflation seems to be cooling again. Americans aren’t buying it
▼ + stars: | 2024-05-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

A slew of big-box retailers have lowered prices on items in recent weeks, citing moderating inflation and frugal customers. Recent economic data has also suggested that inflation is cooling, after data earlier this year spurred fears that progress had stalled. Yet Americans don’t seem convinced that inflation is moderating or that the economy is as healthy as indicators suggest. Mortgage rates have declined in recent weeks but remain near 7%. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets.

Persons: aren’t, Charles Schwab’s, ”, James Kostulias, Charles Schwab, Joe Raedle, Jerome Powell, Powell, Neel Kashkari, “ I’m, Schumer, Chuck Schumer, General Merrick Garland, “, Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Read, Matt Egan, Mat Ishbia, homebuyers, refinances Organizations: CNN Business, Bell, New York CNN, Walmart, Target, Ikea, Aldi, CPI, “ Traders, Minneapolis Federal, CNBC, Democrats, Justice Department, Oil, Big Oil, DOJ, Big, Federal Trade Commission, United Wholesale Mortgage, Phoenix Suns NBA Locations: New York, Miami , Florida, Minneapolis, Texas, Sens

☆ Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, US, on Sunday, June 19, 2022. Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market. "I think it's too soon to really be thinking about rate cuts." Meanwhile, U.S. crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration said on Thursday, compared with expectations in a Reuters poll for a 1.9 million-barrel draw. Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw.

Persons: Lorie Logan, Logan, Stocks Organizations: New Harmony Oil, Fed, Brent, U.S, West Texas, Dallas Federal, Energy Information Administration, EIA, of, Petroleum Locations: Grayville , Illinois, U.S, El Paso , Texas, OPEC, Saudi Arabia, Russia

☆ U.S. crude oil on pace for worst month of year ahead of weekend OPEC+ meeting
▼ + stars: | 2024-05-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An offshore oil platform is seen at sunset near Huntington Beach, California, on Feb. 9, 2024. U.S. crude oil was on pace Friday for its worst month of the year, ahead of an OPEC+ meeting this weekend during which the cartel will review its production levels. Here are today's energy prices:OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Oil market analysts generally agree that the group will likely keep those cuts in place. Chinese refiners' output has also slumped, and European refiners have been slow to return from spring maintenance, which has also pressured demand, according to the investment bank.

Persons: Helima Croft Organizations: Brent, Sunday, RBC Capital Markets, JPMorgan Locations: Huntington Beach , California, U.S

☆ Oil alliance OPEC+ could extend production cuts this weekend as focus shifts away from Middle East tensions, sources say
▼ + stars: | 2024-05-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Thomas Coex | Afp | Getty ImagesThe oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand. OPEC+ producers are currently implementing a combined 5.86 million barrels per day of supply cuts. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, told CNBC. "However, I think that the market right now has priced in a full extension of the voluntary cuts. A high-inflation environment and tight monetary policy in turn reined in oil demand, but central banks have signaled readiness to lower interest rates in the second half of the year.

Persons: Thomas Coex, Viktor Katona, overproducers, Jorge Leon, Yemen's, Tamas Varga Organizations: Organization of, Petroleum, Afp, Getty, CNBC, Energy, Market Research, PVM Oil Associates, United Arab Emirates Locations: OPEC, Vienna, China, Iraq, Kazakhstan, Paris, Ukraine, Gaza, Red, Saudi Arabia, Russia, Guyana, Brazil, Canada

☆ U.S. crude oil falls 3.2% in May, on pace for worst month of the year
▼ + stars: | 2024-05-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023. U.S. crude oil was little changed Thursday but is on pace for its worst month of the year and a second consecutive monthly loss. U.S. crude oil is down 3.2% in May, its worst performance since December. Brent has lost nearly 5% this month, putting the global benchmark on pace for its first negative month in five. Demand in China appears to have softened in the first quarter, Singh told clients in a note.

Persons: Brent, Amarpreet Singh, Singh, Tamas Varga Organizations: Barclays, Demand Locations: New Mexico, China

☆ Oil prices down on demand woes as markets await U.S. crude stockpiles data
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. This comes against analysts projection of U.S. energy firms pulling 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline. "Any sign of strong demand in EIA's weekly inventory report should support crude oil prices," ANZ Research said in a note. Oil markets have been under pressure recently over expectation the Federal Reserve will keep interest rates higher for longer. Higher borrowing costs tend to tie down funds and consumption, a negative for crude demand and prices.

Persons: Brent, distillates Organizations: U.S, West Texas, American Petroleum Institute, U.S . Energy, Administration, ANZ Research, of, Petroleum, Reserve Locations: Russia, OPEC, U.S

☆ Schumer and Senate Democrats call for Justice Department to probe Big Oil for alleged collusion
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Senate Majority Leader Chuck Schumer and nearly two dozen Democrats pressed the Justice Department on Thursday to launch an industry-wide investigation into Big Oil for alleged collusion and price fixing. The lawmakers urged the DOJ to investigate the oil industry, “hold accountable any liable actors” and halt illegal activity. Last week, congressional Democrats launched an investigation into whether other US oil companies colluded with each other and OPEC. Regulators cited hundreds of text messages Sheffield exchanged with OPEC officials discussing pricing, production and oil market dynamics. “The strategy appears to have worked,” Schumer and his colleagues wrote to the DOJ.

Persons: Chuck Schumer, General Merrick Garland, Schumer, “, ”, Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Sheffield “, ” Schumer, Sherman, Sheffield, ” Sheffield Organizations: CNN, Justice Department, Big Oil, Democrats, DOJ, Big, Federal Trade Commission, FTC, Sheffield, Pioneer Natural Resources, OPEC, Pioneer Locations: Texas, Sens

☆ Nasdaq closes at record high, Fed's Kashkari seeks more inflation data for rate cuts, GameStop soars
▼ + stars: | 2024-05-29 | 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. The Dow Jones Industrial Average fell more than 200 points after hawkish comments from Minneapolis Federal Reserve President Neel Kashkari. Fed's Kashkari seeks more inflation dataThe Federal Reserve should wait for significant progress on inflation before cutting interest rates, Kashkari told CNBC on Tuesday. GameStop soarsShares of GameStop jumped more than 20% after the video game retailer announced it raised $933 million from a share offering. [PRO] Riding the AI boomCNBC's Todd Gordon analyzes a cybersecurity company that could benefit from investor enthusiasm for artificial intelligence-related stocks.

Persons: Neel Kashkari, Fed's Kashkari, Kashkari, Vasu Raja, Raja, Korea's, Hang Seng, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, Federal, American Airlines, GameStop, Japan's Nikkei, China's CSI, International Monetary Fund Locations: Minneapolis, Asia, Pacific

☆ CNBC Daily Open: Nasdaq tops 17,000; Exxon faces shareholder revolt
▼ + stars: | 2024-05-29 | 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. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.

Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission

☆ Oil rises as major producers expected to keep output cuts in place
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. The Memorial Day holiday on Monday signals the start of the peak demand season in the U.S., the world's biggest oil consumer, and keeping the production cuts in place should keep prices supported as consumption rises. The data was delayed by a day by the Memorial Day holiday on Monday. Investors also awaited U.S. inflation data this week that could sway expectations for Federal Reserve interest rate cuts that could be positive for oil prices.

Persons: Daniel Hynes, Investors Organizations: Brent, . West Texas, Traders, of, Petroleum, ANZ Bank, American Petroleum Institute, Federal Reserve Locations: Russia, OPEC, U.S, Gaza, Rafah, .

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