DIRS.INFO The most relevant business & tech news

☆ Wall Street gets key inflation data next week amid concerns the stock market is overbought
▼ + stars: | 2024-04-05 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Economists polled by FactSet anticipate the March consumer price index will show prices rising by 0.3% on a monthly basis, less than February's 0.4% advance. Similarly, the March producer price index is expected to show an increase of 0.5%, according to FactSet consensus estimates. Monday April 8 Tuesday April 9 6 a.m. NFIB Small Business Index (March) Wednesday April 10 8:30 a.m. Consumer Price Index (CPI) (March) 8:30 a.m. Initial Claims (04/06) 8:30 a.m. Producer Price Index PPI Earnings: CarMax Friday April 12 8:30 a.m. Import Price Index (March) 10 a.m. Michigan Sentiment preliminary (April) Earnings: State Street , Wells Fargo , JPMorgan Chase , Progressive , Citigroup

Persons: Stocks, we're, Ross Mayfield, Baird, Mayfield, FactSet, David Einhorn, CNBC's Scott Wapner, he's, Michelle Bowman, Bank's Tom Hainlin, Hainlin, Jamie Myers, JPMorgan Chase Organizations: Federal Reserve, Investors, Treasury Bond, Dow Jones, Nasdaq, . West Texas, Treasury, Fed, Investment Group, Investors Intelligence, American Association of, Walmart, Citigroup, JPMorgan, Index, Treasury Budget NSA, Air Lines, Price Index, Progressive Locations: U.S, Wells Fargo, Michigan

☆ CNBC Daily Open: Risk aversion in vogue
▼ + stars: | 2024-04-05 | by ( Clement Tan | In Clemtan | ) 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. Hong Kong's Hang Seng Index edged up 0.1%., while mainland China markets remain shut for a public holiday. The Dow Jones Industrial Average closed down Thursday 1.35% at 38,596.98 in its biggest loss since March 2023 and fourth-straight daily loss. The profit guidance for 6.6 trillion Korean won ($4.89 billion) exceeded even LSEG's estimate of 5.24 trillion won.

Persons: Korea's Kospi, Brent, nonfarm payrolls, Dow, Janet Yellen, Yellen, hasn't Organizations: CNBC, Japan, Federal Reserve, Nikkei, West Texas, Dow Jones, U.S . Federal, Treasury, American, of Commerce, Chips, Samsung Electronics, Tech, Apple Locations: Asia, China, China U.S, Guangzhou, California

☆ We're seeing another late-day stock market selloff. Here's what we think is going on
▼ + stars: | 2024-04-04 | 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. ET — lining up almost perfectly with the selling in the stock market. 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, SPX @CL, Ford, you've, Jim Farley's, Jim Cramer's, Jim Organizations: CNBC, West Texas Intermediate, Treasury, Ford, Ford Blue, EV, Jim Cramer's Charitable Locations: North America, EVs

☆ Oil prices rise on concerns of lower supply, signs of U.S. economic growth
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer. Brent futures for June rose 15 cents, or 0.2%, to settle at $89.51 a barrel at 0037 GMT. U.S. West Texas Intermediate (WTI) futures for May rose 15 cents, or 0.2%, to $85.59 a barrel. The comments were positive for oil because they indicated solid U.S. economic growth, said Rob Haworth, senior investment strategist for U.S. Bank's asset management group. In the Middle East, Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel.

Persons: Brent, Jerome Powell, Rob Haworth, Israel Organizations: . West Texas, Oil, Organization of Petroleum, oversupply Locations: Los Angeles , California, U.S, Israel, Gaza, Iran, Russia, East

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ The rally in oil cannot be ignored — here's what it means for stock market investors
▼ + stars: | 2024-04-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. Oil trading at its highest levels since late October has implications for stock market investors. The Fed's preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases.

Persons: Brent, —, Jim Cramer, Jim Cramer's, Jim, Frederic J, Brown Organizations: West Texas, Coterra Energy, Energy, Organization of Petroleum, PMI, Manufacturing, Reuters, Federal Reserve, Fed, Bank of, CNBC, Afp, Getty Locations: U.S, Russia, OPEC, China, Ukraine, Ukrainian, Russian, Iranian, Syria, Iran, Taft, Kern County , California

☆ U.S. crude oil hovers around $85 as traders take stock of rally
▼ + stars: | 2024-04-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on March 5, 2019. Crude oil futures were flat Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery gained 2 cents to $85.45 a barrel, while the Brent contract for June delivery was unchanged at $89.35. Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%. The rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions.

Persons: Tatneft PJSC, Brent Organizations: Oil Refining, Petrochemical, The West Texas Intermediate Locations: Nizhnekamsk, Tatarstan, Russia, Eastern Europe, Ukraine

☆ Oil holds to gains as market monitors OPEC+ policy, geopolitical tensions
▼ + stars: | 2024-04-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures on Wednesday clung to recent gains as mounting geopolitical tensions and OPEC+ policy lift prices. The West Texas Intermediate contract for May delivery gained 28 cents, or 0.33%, to settle at $85.43 a barrel. Crude futures are at their highest level since late October. Some members of OPEC and allies led by Russia, called OPEC+, are voluntarily cutting 2.2 million barrels per day of production through at least the second quarter. The group's Joint Ministerial Monitoring Committee concluded a meeting Wednesday without recommending changes to OPEC+ current production policy, according to two delegates.

Persons: Brent Organizations: West Texas Intermediate, Energy Information Administration Locations: Midland, Odessa, Texas, U.S, Russia

☆ Oil gains as market buffeted by supply worries
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +2 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 extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies. U.S. crude oil inventories fell by 2.3 million barrels last week, higher than the 1.5 million barrel drop forecast by analysts in a Reuters poll. Russia, among the top three global oil producers and one of the largest exporters of oil products, has been contending with Ukrainian attacks on oil refineries and has also attacked Ukrainian energy infrastructure. The U.S. dollar also edged down against a basket of currencies on Wednesday, helping support demand for dollar-denominated commodities like oil.

Persons: Brent, WTI, Israel, Pemex Organizations: U.S, West Texas, Reuters, The U.S Locations: Bakersfield, California, U.S, Brent, Ukrainian, Russia, Iran, Damascus, Dos Bocas

☆ Oil gains on upbeat manufacturing data, escalating Middle East tensions
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel. Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note. U.S. futures could rise as high as the mid-$90s if they break a technical resistance level of $84.00 a barrel, Sycamore said. The last time the prompt-month WTI contract reached the $95 per barrel level was in August 2022. Iran's involvement could see its oil supply under threat," ANZ analysts wrote in a note.

Persons: Brent, Tony Sycamore, Sycamore Organizations: U.S . West Texas, IG, ANZ, of Petroleum, Ministerial Locations: China, U.S, Syria

☆ Global oil price hits seven-month high as Middle East tensions rise
▼ + stars: | 2024-04-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply. Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe. Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel. “You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a “general sense that the Middle East is less stable than it was a year ago,” he told CNN. Geopolitical tensionsWriting about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.

Persons: Richard Bronze, “ You’ve, ”, Sophie Lund, Yates, Hargreaves Lansdown, Israel, —, specter, Brent, Bill Weatherburn Organizations: London CNN, Brent, West, CNN, Revolutionary Guards, Organization of, Petroleum, Lund, Capital Economics Locations: Europe, West Texas, Brent, United States, Red, ”, Syria Monday, Iran, Syria, Israel, Tehran, Quds, OPEC, Iran’s, Damascus, Gaza, China

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ Oil prices edge lower after booking strong first quarter
▼ + stars: | 2024-04-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An energy installation on a property leased to Devon Energy Production Company by the Catholic Archdiocese of Oklahoma City is seen near Guthrie, OklahomaCrude oil futures ticked slightly lower Monday, taking a breather after a strong first quarter. The West Texas Intermediate contract for May delivery lost 33 cents, or 0.4%, to $82.84 a barrel in the first day of trading for the second quarter. The Brent contract for June delivery dropped 40 cents, or 0.49%, to $86.57 a barrel. U.S. crude and Brent also booked three consecutive months of gains. WTI is up 15.5% for the year while Brent is up 12.3%.

Persons: Brent, WTI Organizations: Devon Energy Production Company, Catholic Archdiocese of, West Texas Intermediate Locations: Catholic Archdiocese of Oklahoma, Guthrie , Oklahoma

☆ Oil holds onto gains as investors bet on tighter supply
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. Drone attacks knocked out several Russian refineries, which is expected to reduce Russia's fuel exports. In Europe, oil demand was firmer than expected, rising 100,000 bpd on year in February, Goldman Sachs analysts said, versus its forecast of a 200,000 bpd contraction in 2024. Investors are also scouring U.S. economic data for signs of when the Federal Reserve will cut interest rates this year which will support the global economy and oil demand.

Persons: Brent, Alexander Novak, Goldman Sachs Organizations: . West Texas, of, Petroleum, bbl, Federal Reserve Locations: New Mexico, U.S, OPEC, Russian, Europe, 2024Q4

☆ Oil prices advance as investors reassess U.S. inventories data
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +1 min

Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline, as investors reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode. In the prior session, oil prices were under pressure after U.S. crude oil and gasoline inventories rose unexpectedly last week driven by a rise in crude imports and sluggish gasoline demand, according the Energy Information Administration data. "We... expect U.S. inventories to rise less than normal in reflection of a global oil market in a slight deficit. This will likely hand support to the Brent crude oil price going forward," Bjarne Schieldrop, chief commodities analyst at SEB Research, said in a note. Lower interest rates support oil demand.

Persons: Brent, Bjarne Schieldrop Organizations: Brent, . West Texas, Energy, Administration, American Petroleum Institute, SEB Research, U.S . Federal Reserve, Fed, European Central Bank, JPMorgan Locations: Midland , Texas

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

☆ Oil prices fall on large U.S. crude stockpile increase
▼ + stars: | 2024-03-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An oil pumpjack in a field in Grandfalls, Texas, on March 24, 2024. Crude oil futures fell for a second day Wednesday after an industry report pointed to large build in U.S. petroleum stockpiles. The West Texas Intermediate contract for May delivery dipped 41 cents, or 0.5%, to $81.21 a barrel Wednesday. The Brent contract for May delivery shed 49 cents, or 0.57%, to $85.76 a barrel.

Persons: Brent Organizations: West Texas Intermediate Locations: Grandfalls , Texas

☆ Oil holds steady as Ukraine drone strikes, Red Sea crisis cause disruptions
▼ + stars: | 2024-03-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The Charles Eddie, a crude oil tanker owned by Euronav SA, a Belgian shipping company, sails northbound on the Suez Canal in Ismailia, Egypt. Crude oil futures held steady on Tuesday as the wars in Eastern Europe and the Middle East disrupt supplies. Ukraine has escalated its drone strikes against Russian oil refineries, knocking an estimated 900,000 barrels per day of capacity offline, according to Goldman Sachs. The disruptions' impact on crude prices will likely be mixed, with a decline in refinery demand bearish while a potential reduction in Russian oil exports bullish, Goldman noted. The Red Sea disruptions combined with Russian shipping frictions has given crude prices up to a $4 boost per barrel due to larger than expected draws from commercial stocks, according to Goldman.

Persons: Charles Eddie, Brent, Goldman Sachs, Goldman Organizations: Euronav SA, The West Texas Intermediate Locations: Belgian, Suez, Ismailia, Egypt, The, Eastern Europe, Ukraine

☆ Morgan Stanley upgrades the energy sector, citing ‘compelling valuation'
▼ + stars: | 2024-03-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The energy sector is demonstrating strength with a "compelling valuation" that could set stocks up for a comeback after underperforming the broader market since September, according to Morgan Stanley. Morgan Stanley recommends ConocoPhillips , Devon Energy , Occidental Petroleum and Diamondback Energy as ways to play the potential comeback. The energy sector has been the best performer over the past month, but is still lagging the rally that began in October. The S & P 500 energy sector is up more than 11% in 2024, while West Texas Intermediate futures have gained 14%. Earnings revision breadth for energy stocks also appears to have bottomed and is moving in a positive direction, according to Morgan Stanley.

Persons: Morgan Stanley, Michael Wilson, Wilson Organizations: Energy, ConocoPhillips, Devon Energy, Occidental Petroleum, Diamondback Energy, West Texas

☆ Oil prices rise as Ukraine strikes Russian refineries
▼ + stars: | 2024-03-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Smoke billows after Ukraine's SBU drone strikes a refinery, amid Russia's attack on Ukraine, in Ryazan, Ryazan Region, Russia, in this screen grab from a video obtained by Reuters, March 13, 2024. Crude oil futures rose Monday as Ukraine drone strikes disrupt Russian oil refining capacity. The West Texas Intermediate contract for April gained 38 cents, or 0.47%, to $81.01 a barrel. A Ukrainian drone strike caused a fire at the Kuibyshev oil refinery in the city of Samara over the weekend. Industry sources told Reuters that one of the major refining units at the facility was knocked out after the attack.

Persons: Brent Organizations: Reuters, West Texas Intermediate Locations: Ukraine, Ryazan, Ryazan Region, Russia, Ukrainian, Samara

☆ Fact check: Trump won’t stop inflating inflation numbers
▼ + stars: | 2024-03-19 | by ( Daniel Dale | ) edition.cnn.com time to read: +5 min

And since last fall, Trump has also exaggerated about oil prices, gas prices, overall energy prices, bacon prices and general food and grocery prices. “Not surprisingly, the claims are not true,” Tom Kloza, global head of energy analysis for the Oil Price Information Service, told CNN. “Crude oil prices - the two benchmarks, WTI and Brent - hit their all-time highs in July 2008,” trading above $147 per barrel. Bacon pricesIn multiple speeches in the fall, Trump claimed that bacon cost Americans “five times” what it did before Biden became president. At the time Trump claimed in Ohio on Saturday that grocery prices had increased 30% under Biden, average grocery prices had increased about 21% under Biden.

Persons: Joe Biden –, Donald Trump, Trump, Biden, ” Trump, “, Trump’s, aren’t, Tom Kloza, Brent, ” Pavel Molchanov, Raymond James, Molchanov, Bacon, Biden can’t, PolitiFact Organizations: Washington CNN, Biden, CNBC, Washington Post, Oil Price Information Service, CNN, “, West Texas, Brent, GasBuddy, Trump, AAA, Energy, National Rifle Association, Republican Party Locations: Georgia, Virginia, North Carolina, Ukraine, Florida, “, “ U.S, Ohio

☆ Oil prices edge down as Russia lifts supplies, jet fuel demand stirs caution
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down early on Tuesday after gaining in the previous trading session, due in part to the prospect of rising supply from Russia as well as the possibility of slower-than-expected downstream demand in sectors such as jet fuel. The Brent crude oil futures contract for May delivery slipped 16 cents to $86.73 a barrel as at 0300 GMT, whereas that for U.S. West Texas Intermediate (WTI) fell 13 cents to $82.03. Regarding Russia, supply concern stemming from increased exports following Ukrainian attacks on the country's oil infrastructure continued to pressure prices downward. Global jet fuel prices are likely to be "higher by 5.4% over our previous forecast to USD111/bbl as soft demand is expected to give way to peak summer travel and stronger prices", BMI analysts wrote in a client note. "However, a global economic slowdown will temper consumption of air travel and weigh on jet fuel prices limiting price upside," they added.

Persons: JP Morgan Organizations: Brent, U.S . West Texas, U.S ., Global, bbl, BMI Locations: Russia, Saudi Arabia, Iraq, China

☆ Oil prices rise on tighter supply, geopolitical risks
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14. Lower interest rates would stimulate demand in the U.S., supporting oil prices.

Persons: firming, Benjamin Netanyahu, Olaf Scholz, Tony Sycamore, Sycamore Organizations: Brent, U.S . West Texas, ANZ, U.S, U.S . Federal, IG, International Energy Agency Locations: Kasnodar, East, U.S ., U.S, Red, Brent

☆ Crude oil showing signs of a breakout as it tops $80. What traders say happens next
▼ + stars: | 2024-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

U.S. crude oil futures might be showing signs of a break out after topping $80 this week, though some analysts caution against reading too much into the move. The move higher came after the International Energy Agency forecast a crude supply deficit this year and Ukraine attacked several oil refineries in Russia. U.S. crude performed the same pattern this week, wiping out and closing above last week's intraday high of $80.67. U.S. crude has also held above its 200-day moving average of $78.13 a barrel almost all month, he said. As the market enters a supply deficit this year, Riyadh could start rolling barrels back on the market, Melek said.

Persons: Matt Maley, Miller, Tom Fitzpatrick, R.J, O'Brien, WTI, Brent, Fitzpatrick, Maley, Malley, Bart Melek, Melek, We're, Carter Worth, It's, it's, Worth Organizations: West Texas Intermediate, International Energy Agency, SPDR, Energy, TD Securities, U.S, Worth Locations: Ukraine, Russia, Saudi Arabia, Saudi, Riyadh, U.S, United States

☆ Oil prices head to weekly gain as crude market expected to tighten
▼ + stars: | 2024-03-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. Crude oil futures fell slightly Friday after booking gains in two consecutive sessions, but are on pace to close out the week higher. The West Texas Intermediate contract for April fell 48 cents, or 0.59%, to $80.78 a barrel. The Brent contract for May lost 46 cents, or 0.54%, to $84.96 a barrel. U.S. crude and the global benchmark are up 3.5% week to date so far.

Persons: Brent Organizations: Angeles Refinery, California Air Resources Board, West Texas Intermediate, May Locations: Angeles, California, Carson , California, U.S

Search resuls for: "Texas Intermediate"

25 mentions found