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☆ Oil prices tick up as crude, gasoline inventories ease
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signaling stronger demand. U.S. West Texas Intermediate (WTI) crude rose 36 cents, or 0.5%, to $82.47 a barrel. U.S. crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, far exceeding analysts' expectations in a Reuters poll for a 1.3 million-barrel draw. Gasoline stocks fell by 2 million barrels to 229.7 million barrels, much bigger than the 600,000-barrel draw analysts expected during the U.S. Fourth of July holiday week. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.

Persons: Brent, Beryl, Price, CME's, Jerome Powell Organizations: . West Texas, U.S, of, Petroleum, Federal Locations: Los Angeles , California, U.S, CME's FedWatch

☆ Oil rebounds as U.S. stockpiles drop, interest rate cut outlook brightens
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. U.S. West Texas Intermediate (WTI) crude rose 26 cents to $81.67 a barrel, after falling 1.1% in the previous session. Following Powell's comments investors continued to put a nearly 70% probability on a Fed rate cut in September. The outlook for higher oil prices was also supported by a U.S. Energy Information Administration (EIA) report on Tuesday showing global oil demand will outpace supply next year, reversing a prior forecast for a surplus. In Texas, oil and gas companies restarted some operations on Tuesday after Hurricane Beryl lashed the state, while some facilities sustained damage and power had not been fully restored.

Persons: WTI, Hurricane Beryl, Brent, Jerome Powell, Beryl Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Federal, ANZ, U.S . Energy Information Administration Locations: Maricopa, Kern County , California, Texas, Hurricane, U.S

☆ Oil little changed as investors eye impact of storm Beryl on Texas
▼ + stars: | 2024-07-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed as investors eyed energy supply disruption, with the largest ports in Texas shut before Tropical Storm Beryl likely strengthens into a hurricane and makes landfall on Monday. Brent crude futures inched up 11 cents, or 0.1%, to $86.65 a barrel as at 0042 GMT after closing down 89 cents on Friday. U.S. West Texas Intermediate crude was at $83.08 a barrel, down 8 cents, after settling down 72 cents in the previous session. Lower interest rates can boost economic activity and increase crude oil demand. Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies.

Persons: Beryl, Corpus Christi, Tony Sycamore, Baker Hughes BKR.O, Sycamore, Masoud Pezeshkian Organizations: Tropical, Brent, . West Texas, Texas City, Energy, Administration, Sunday Locations: Texas, Corpus Christi, Houston, Galveston, Freeport, Corpus, Sydney, U.S, France, Iran

☆ Brent crude trades above $87, sets highest levels since April
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 21 cents, or 0.2%, at $87.55 a barrel by 1922 GMT. In the previous session, Brent gained 1.3% to settle at $87.34 for its highest close since April 30. Those gains followed a larger than expected decline in U.S. crude stocks.

Persons: Brent, WTI, Martin King, King, Tamas Varga, Rosneft Organizations: Brent, . West Texas, U.S, Independence, U.S . Energy Information Administration, Reuters, RBN Energy, U.S . Federal Reserve, Saudi Aramco, OPEC, UBS Locations: Gaza, France, United Kingdom, Novorossiisk, Saudi, Asia, Oman, Dubai, OPEC, Swiss

☆ Oil inches higher on summer demand outlook
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: +2 min

That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said. In the U.S., oil production and demand rose to a four-month high in April, according to the Energy Information Administration's (EIA) Petroleum Supply Monthly report published on Friday. Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas. In China, the latest manufacturing data did not bode well for oil demand in the world's no.2 consumer and top crude importer.

Persons: Brent, Tony Sycamore, Hurricane Beryl, Beryl, bode Organizations: Brent, U.S, West Texas, Organization of, Petroleum, U.S . Federal, Hezbollah, Energy, Petroleum Supply, Traders, Atlantic, National Hurricane Center Locations: OPEC, Europe, Israel, U.S, Americas, Windward, China

☆ Oil prices edge higher as supply risks mount
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Oil prices have shrugged off signs of weak demand in the United States, the biggest oil consuming nation, and rallied higher as cross-border strains between Israel and Lebanon's Hezbollah escalated. On the demand front, rising U.S. crude stockpiles and weak gasoline consumption has kept a ceiling above oil prices. Government data this week showed an unexpected jump in crude inventories in the country as fuel demand weakened.

Persons: Brent Organizations: Brent, . West Texas, FGE Energy, U.S, National Hurricane Center Locations: United States, Israel, Iran, Lebanon, Turkey, U.S, Gulf Coast, Brent

☆ Oil prices fall as rally takes a pause while traders watch Middle East tensions, summer demand
▼ + stars: | 2024-06-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil futures fell Tuesday as the recent rally took a breather, with traders watching tensions on the Israel-Lebanon border and summer fuel demand. U.S. crude oil and global benchmark Brent are ahead 5.5% and 4.9%, respectively, for the month as prices have bounced back from May doldrums on a more optimistic outlook for summer fuel demand. Here are today's energy prices:Geopolitical tensions are also back in focus amid fears that Israel and the Iran-backed militia Hezbollah could go to war. Oil prices hit annual highs in April as Israel and Iran teetered on the brink of war, stoking fears that a wider conflict could engulf the Middle East and disrupt crude supplies. But McKay also said the oil rally could fade with funds likely to start liquidating long positions if WTI prices fall below $81 per barrel.

Persons: doldrums, Israel, CQ Brown, John Evans, Evans, Ryan McKay, McKay Organizations: Brent, Hezbollah, Air Force, Sunday, Israel, TD Securities Locations: McKittrick, Kern County , California, Israel, Lebanon, Iran, Gaza

☆ Oil prices start last week of June higher, on pace for monthly gain as Israel-Lebanon tensions simmer
▼ + stars: | 2024-06-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices pulled back Friday, snapping a recent winning streak, but closed out the week nearly 3% higher. West Texas Intermediate and Brent are on pace for a monthly gain of 5.3% and 4.7%, respectively. U.S. crude oil booked its worst month of the year in May, but prices have bounced back on hopes that the market will tighten on summer fuel demand. Ryan McKay, senior commodity strategist at TD Securities, said supply risks are now back in focus as tensions are building on the Israel-Lebanon border. Israel and the Iran-backed militia group Hezbollah have traded threats of war in recent weeks.

Persons: Brent, Tamas Varga, Ryan McKay, Benjamin Netanyahu, Israel, McKay, WTI Organizations: West Texas Intermediate, TD Securities, Hezbollah Locations: East, Israel, Lebanon, Iran, Gaza

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. Jim Cramer has said he's tentative about the next steps and has the stock in the penalty box. 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, Dow, WTI, Coterra, Uber, Jeff Marks, Marks, — CNBC's Matthew J, Belvedere, Kevin Stankiewicz, Jim Cramer's, Jim Organizations: CNBC, Nvidia, Microsoft, Apple, Nasdaq, West Texas, Coterra Energy, Reuters, Amazon, Alexa, Starbucks, Wall Street Journal, Jim Cramer's Charitable Locations: U.S

☆ Brent rises on Middle East war, while WTI dips ahead of inventories report
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: +1 min

Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while U.S. crude futures dipped on the prospect of swelling oil inventories. Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. WTI crude, meanwhile, slipped ahead of the U.S. government's oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is due to release last week's oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday. An industry report release on Tuesday showed U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell.

Organizations: del, del Peru SA Talara, Brent, . West Texas, U.S, Energy Information Administration, American Petroleum Institute Locations: del Peru, Piura, Peru, Gaza, Rafah

☆ Nvidia swipes the crown from Microsoft — plus, the fuel for Best Buy's latest move higher
▼ + stars: | 2024-06-18 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 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. Up next: There's not a whole lot expected to happen on Wall Street over the next 24 hours. 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, Eaton —, There's, we'll, we're, Jim Cramer's, Jim Organizations: CNBC, Nvidia, Apple, Microsoft, Broadcom, Energy, Boeing, UBS, Accenture, Kroger, Olive Garden, Darden, Jim Cramer's Charitable Locations: Wells, Dover, U.S

☆ Oil prices on track for weekly gain on solid demand outlook
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Friday but were on track for their first weekly gain in four weeks as markets assessed the impact of higher-for-longer U.S. interest rates versus solid outlooks for crude and fuel demand this year. Brent crude futures were down 72 cents, or 0.87%, to $82.04 a barrel at 0100 GMT. In a see-saw week, oil prices rallied after the Organization of Petroleum Exporting Countries stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid U.S. fuel demand this summer. Further buoying the market, Russia pledged to meet its output obligations under the OPEC+ pact, after saying it exceeded its quota in May. This should see the crude oil market remain well supported over the next 18 months," ANZ analysts said in a client note.

Persons: Goldman Sachs Organizations: Brent, West Texas, Organization of Petroleum, OPEC, ANZ, U.S . Federal Reserve, Fed Locations: Russia, OPEC, China

☆ 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

☆ 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, .

☆ Oil slips on dollar's strength from U.S. jobs data
▼ + stars: | 2024-06-10 | by ( ) www.cnbc.com time to read: +3 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dollar to rally. In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said on Friday.

Persons: Emmanuel Macron, Le, Tony Sycamore, Sycamore, Brent, WTI, FGE, Washington, Baker Hughes, Hayan Abdel, Ghani Organizations: Brent, . West Texas, greenback, European Union, IG, U.S . Federal Reserve, Bank of Japan, Organization of, Petroleum, bbl, Strategic Petroleum Reserve, Iraq's Oil Locations: Bakersfield, California, U.S, European, Sydney, OPEC, Kurdistan, Iraq, Turkey

☆ Oil market 'oversold'? Analysts and traders pin crude's price plunge on demand, trading strategies
▼ + stars: | 2024-06-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Oil prices defied the announcement of extended supply cuts from the OPEC+ alliance with brisk declines, with analysts and traders faulting certain trading strategies and the demand picture for the downturn. "I would say that what the market is going through currently is going into an oversold, technically oversold market that is pushing the prices down," he noted. The front-month Nymex WTI contract was at $73.28 per barrel, higher by 3 cents per barrel from the Tuesday settlement. While some blame the OPEC+ meeting for the drop, we believe other factors — such as the option market—have played a role," UBS strategist Giovanni Staunovo said in a Tuesday note to clients. Renewed inventory draws are needed to push oil prices higher, in our view."

Persons: Abdulaziz Almoqbel, CNBC's Dan Murphy, —, …, Almoqbel, Ice Brent, Giovanni Staunovo Organizations: Organization of, Petroleum, Ice, bbl, UBS Locations: Huntington Beach , California, OPEC, London

☆ OPEC+ decision to increase oil supply is a 'bearish surprise' for the market, Goldman says
▼ + stars: | 2024-06-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The detailed plan laid out by OPEC+ over the weekend to increase oil production delivered a "bearish surprise" to a market in which prices were already under downward pressure, according to Goldman Sachs. OPEC+ plan difficult to reverse The OPEC+ members said the production increases are subject to market conditions and could be reversed. Struyven described OPEC's forecast as "very bullish," with Goldman forecasting demand growth of 1.5 million bpd in 2024. Market could deteriorate in 2025 The oil market will remain in balance or in a slight deficit for the time being, according to Ryan McKay, senior commodity strategist at TD Securities. Yet those cuts have failed to limit shale oil production in the U.S., Lipow said.

Persons: Goldman Sachs, Brent, WTI, Daan Struyven, Bob Yawger, Yawger, Helima Croft, Goldman's Struyven, Andrew Lipow, Struyven, Lipow, Ryan McKay, McKay, Daan Organizations: West Texas Intermediate, Goldman, OPEC, Mizuho Securities, CNBC, RBC Capital Markets, Lipow Oil Associates, TD Securities, JPMorgan Locations: OPEC, Saudi Arabia, Russia, U.S, Brazil, Guyana, Norway, Senegal, Persian, Arabian

☆ 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 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

☆ 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 .

☆ European stocks follow global markets lower as interest rate outlook weighs on sentiment
▼ + stars: | 2024-05-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. OPEC countries will hold a separate videoconference meeting that same day. OPEC+ was previously set to meet on June 1 in Vienna. The influential oil producers' alliance is currently slated to continue cutting 2 million barrels per day of crude output until the end of this year, under its formal policy. Market participants are closely watching whether these second-quarter voluntary cuts will be extended, while supply security concerns linger amid ongoing conflict in the oil-rich Middle East.

Persons: Nymex Organizations: Organization of, Petroleum, of, Coalition, CNBC, Saudi, Brent Locations: Vienna, Austria, OPEC, Saudi Arabia, Russia, London

☆ 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

☆ Biden's gasoline sale likely won't have a major impact on summer pump prices
▼ + stars: | 2024-05-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Gas prices trending lowerOil prices surged last month as Israel and OPEC member Iran stood on the brink of war, raising concern at the White House that gasoline prices could jump heading into the summer. When adjusting for inflation, pump prices are about 2% lower compared to last year, according to the Energy Information Administration. Even in costly California, gasoline prices are down about 27 cents over the past four weeks, he said. But de Haan said gasoline prices will likely edge lower through the Fourth of July holiday as refiners increase output, which should keep downward pressure on pump prices. "Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher," said Gross, the AAA spokesperson.

Persons: Kevin Carter, Biden, Patrick de Haan, It's, de Haan, Andrew Gross, De Haan, Superstorm Sandy, Donald, Trump, Brent, Gross Organizations: Getty, The Department of Energy, Northeast Gasoline Supply, AAA, Energy Information Administration, Congress, Reserve Locations: San Diego, San Diego , California, Israel, Iran, California

☆ 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

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