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☆ Oil prices inch down on weaker U.S. consumer demand ahead of China data
▼ + stars: | 2024-06-17 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped in early Asian trading on Monday after a survey on Friday showed weaker U.S. consumer demand and as traders awaited the release of key economic data from China, the world's biggest crude importer. That followed prices slipping on Friday after a survey showed U.S. consumer sentiment fell to a seven-month low in June, with households worried about their personal finances and inflation. Economic data from China on Monday will set the tone for commodity markets this week, ANZ analysts said in a note. Producer and consumer data last week showed the country is still grappling with deflation. Markets in key oil trading hub Singapore and other countries in the region were closed for a public holiday on Monday.

Organizations: Global, Brent, . West Texas, ANZ Locations: Houston, Houston , Texas, China, Singapore

☆ 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

☆ Fears are rising ocean freight rates may surpass $20,000 with no relief for global trade into 2025
▼ + stars: | 2024-06-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Goetz Alebrand, head of ocean freight at DHL Global Forwarding Americas, said he is not optimistic freight rates will decline anytime soon. "It is unlikely that the situation will resolve itself soon and [ocean freight] rate levels might not ease up before Chinese New Year," Alebrand said. Air freight prices and demand are going higher According to freight intelligence firm Xeneta, China to North America air freight spot rates increased 43%, to $4.88 per kilogram, year-on-year in May. According to ocean freight data from FreightWaves SONAR, container bookings and freight orders from shippers to the ocean carriers are down 48% month-over-month. Xeneta data tracking ocean freight rates from the Far East to the U.S. East Coast, West Coast and Gulf Coast ports shows the historic run.

Persons: Joe Giddens, Paul Brashier, Brashier, Goetz Alebrand, Alebrand, Alan Murphy, Murphy, Peter Boockvar, Boockvar, We've, Nate Herman, Xeneta, Daniel Ives, Niall van de, van de, Good Hope Organizations: Federal Reserve, CNBC, ITS Logistics, DHL Global, Intelligence, Defense Intelligence, U.S ., Bleakley Financial, American Apparel and Footwear Association, Global, ", Apple, Wedbush Securities, Trade, Good Locations: Asia, Europe, Sea, Red, Africa, Shanghai, Rotterdam, Genoa, U.S . West Coast, East Coast, U.S, China, North America, U.S . East Coast , West Coast, Gulf Coast

☆ Did Jerry West Inspire the N.B.A.’s Logo? ‘There Was Never Any Doubt.’
▼ + stars: | 2024-06-12 | by ( Benjamin Hoffman | More About Benjamin Hoffman | ) www.nytimes.com time to read: +1 min

Shortly after the announcement that Jerry West, the Hall of Fame basketball player and executive, had died at age 86 on Wednesday, the N.B.A. emailed a statement to the news media from Adam Silver, the league’s commissioner, extolling the virtues of Mr. West as “a basketball genius” who contributed to every facet of the league over a period of more than 60 years. Just above the statement was an image of the league’s iconic logo: A rounded rectangle, blue on one side, red on the other, with a white silhouette of a player dribbling up the middle. In keeping with one of the league’s oddest traditions, no acknowledgment was made that the man dribbling at the top of the statement was, in fact, Mr. West. hired Alan Siegel — the branding expert who created Major League Baseball’s logo — to create a logo for the league in 1969 and he based the image off a photograph of Mr. West, who was a star player for the Los Angeles Lakers at the time.

Persons: Jerry West, Adam Silver, ”, Alan Siegel Organizations: of Fame, Los Angeles Lakers

☆ 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

☆ The Unabomber and the Poisoned Dream of the American West - The New York Times
▼ + stars: | 2024-06-09 | by ( Maxim Loskutoff | ) www.nytimes.com time to read: +1 min

I was writing a novel about Mr. Kaczynski. I grew up in Missoula, about 80 miles from the Unabomber’s shack in the Montana wilderness and was 11 at the time of his capture. I didn’t know who the Unabomber was or what he had done, but I could tell it was important — and dark. So much so that my home state was suddenly the center of national attention. Western Montana in the 1990s was not a place that made the national news, save for an occasional environmental disaster and the annual Testicle Festival — a days-long debauch of fried steer genitals that attracted seedier press.

Persons: Ted Kaczynski, Kaczynski, I’d Locations: Butner, N.C, Missoula, Montana, Western Montana

For much of the war, Ukraine has been constrained when it comes to using powerful Western weapons against Russia. Kostiantyn Liberov/Libkos/Getty ImagesNortheast of Kharkiv, Russian forces continue to maintain a foothold in the town of Vovchansk. But “most of the city is under the control of the Ukrainian Defense Forces” Voloshyn told CNN. Further south along the eastern front line, Russians have made advances to the west of the city of Avdiivka which fell to Russian forces in February. Western weapons and a new push to draft more soldiers in to the Ukrainian military could give Ukraine the boost it needs.

Persons: Kyiv’s, Russia hasn’t, Defense Lloyd Austin, CNN’s Wolf, Valentyn Ogirenko, Yehor Cherniev, ”, Moscow’s, Kostiantyn, Nazar Voloshyn, Ukrainian Defense Forces ” Voloshyn, Yurii Fedorenko, HRMMU, Chasiv Yar, “ Organizations: CNN, Ukraine’s Security, US, ”, Defense, Ukrainian, National Security, Intelligence, HIMARS, Russian, Kharkiv –, Ukrainian Defense Forces, “, …, 92nd Separate Mechanized Brigade, UN, Rights, NATO Locations: Ukraine, Kherson, Moscow, Russia, Kharkiv, France, Germany, “, Russian, Hlyboke, Lyptsi, Ukrainian, Vovchansk, Chuhuiv Raion, Kharkiv Oblast, Donetsk, Luhansk, Chasiv, Avdiivka, Voloshyn

☆ Red Lobster closings: These are the locations it wants to shut down
▼ + stars: | 2024-06-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +6 min

New York CNN —Red Lobster wants to close several dozen more restaurants following its bankruptcy, and it has identified which ones are in danger of shutting down if the court approves its plan. The chain, which brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world, filed for bankruptcy last month. Red Lobster said that it had more than $1 billion in debt and less than $30 million in cash on hand. Part of its plan is to close some locations of its nearly 600 restaurants in the meantime. A few weeks prior to its bankruptcy, it abruptly closed around 50 locations across the United States.

Persons: Fort Smith, Callaghan Lane, Fort, Elizabeth, Merritt, Port Richey, Dale Mabry, Ames, Charles Rock, Noland, Pike, Miller, Monroe, King of Prussia, Knox Abbott, Sam Rittenburg, Anderson Lane, Michael, Van Dorn, Murdock Organizations: New, New York CNN, Beulah, Bell, Oracle, Yuma Palms, Hospitality, College, Run, Fort Myers, Fort Walton, Biscayne, , Michigan City, Charles, Bartow, Pittsburgh, Lamar, Fairfax Locations: New York, America, United States, . Alabama, E, Tuscaloosa Arizona, Flagstaff, Peoria, Phoenix, Tucson, Yuma Arkansas, Shiloh, Fayetteville, Springs, Little Rock California, Citrus Heights, Calaveras, Milpitas, Ave, Monrovia, Pittsburg, Salinas, Hospitality Lane, San Bernardino, San Jose, Lane, Stockton, Vallejo Colorado, Colorado Springs, Fort Collins, Greeley, Pueblo Connecticut, North Haven Delaware, Talleyville Florida, Altamonte Springs, Clermont, North, Clearwater, Coral Springs, Fort Lauderdale, Cleveland, Fort, Fort Walton Beach, Hwy, Kissimmee, Worth, Lake Worth, Lakeland, Leesburg, Haven Ave, Melbourne, Merritt, St, Miami, North Miami, Orange, Alafaya, Orlando, Pensacola, Port, Petersburg, Tampa, The, West Palm Beach Georgia, Columbus, Jonesboro, Rome, Smyrna Illinois, Bourbonnais, Champaign Indiana, Kokomo, , Michigan, Richmond Iowa, Ames Kansas, Topeka Kentucky, Louisville, Paducah Maryland, Salisbury, Salisbury Michigan, Bay City, Waterford Minnesota, West, Bloomington, Golden Valley Mississippi, Tupelo Missouri, Charles Rock Rd, Bridgeton, Independence, Joplin New Jersey, Delran, Paramus New York, Bartow Ave ., Bronx, Copiague, Lakewood, Manhattan, Glen Street, Queensbury, Stony Brook North Carolina, Cary, Jacksonville Ohio, Dayton, Findlay, Maumee, S.E, , New Philadelphia, Parma, Strongsville, Monroe St, Toledo Pennsylvania, Chambersburg, DeKalb Pike, Pittsburgh South Carolina, Cayce, Charleston Tennessee, Chattanooga Texas, Austin, Padre, Corpus Christi, Duncanville, Frisco, Houston, Lubbock, Bedford, Richland Hills, San Antonio, San Marcos, Shenandoah, Texarkana, Wichita Falls Virginia, Alexandria, Blvd, Chesapeake, Fairfax, Spotsylvania, Fredericksburg, Richmond, Broad, Virginia Beach, Pkwy, Virginia Beach Washington, Lynwood, Randall Way, Silverdale West Virginia, Parkersburg

☆ Oil slips for sixth consecutive day on big builds in U.S. oil, fuel stocks
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +1 min

U.S. crude oil, gasoline and distillate stocks rose last week, according to sources citing American Petroleum Institute figures. API figures showed crude stocks rose by more than 4 million barrels in the week ended May 31, against analysts' forecasts for a 2.3 million-barrel decline in a Reuters poll. Gasoline stocks also rose more than 4 million barrels, which was a much bigger build than the 2 million-barrel increase analysts had expected. Rising U.S. stocks could weigh heavily on investor sentiment around oil demand. Data for last week reflects fuel usage around the Memorial Day holiday, closely watched as it marks the start of U.S. driving season.

Persons: Tim Evans Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Energy, Administration Locations: OPEC, U.S

☆ 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

☆ 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

☆ 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 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

☆ 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, .

☆ 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

☆ 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

☆ 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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