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☆ Oil prices ease, U.S. crude stock build fuels demand fears
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased early on Thursday after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated for longer also added to pressure. Oil prices eased early on Thursday after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated for longer also added to pressure. "The anticipation of delayed U.S. rate cuts also weighed on the market sentiment as it could undermine oil demand," he said. Traders have already dialed back expectations for U.S. interest rate cuts after a slew of strong data, including hot consumer price index and producer price index readings. Still, the conflict in the Middle East is expected to keep a floor under oil prices, Rakuten's Yoshida said.

Persons: refiners, Satoru Yoshida, Rakuten's Yoshida, Jerusalem's Al, Joe Biden Organizations: Brent, . West Texas, Energy Information Administration, EIA, Rakuten Securities, Traders, U.S, Hamas Locations: U.S, Aqsa, Gaza, Israel

☆ Oil prices inch higher as U.S. crude inventories rise, OPEC+ considers extending production cuts
▼ + stars: | 2024-02-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Crude oil futures inched higher Wednesday as U.S. crude inventories rose while OPEC+ is considering extending its production cuts into the second quarter. April Brent futures rose 30 cents, or 0.36% to $83.97 a barrel. The market is waiting for the U.S. Energy Information Administration to publish official government data on crude inventories later this morning. A premium for immediate over later delivery is typically a sign of a tightening crude market.

Persons: Brent Organizations: West Texas Intermediate, American Petroleum Institute, U.S . Energy, Administration Locations: Loving County , Texas, U.S, OPEC

☆ Crude edges higher on supply concerns as shipping disruptions continue
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: +1 min

Third-generation oilman walks past a working pumpjack at his oilfield in Taft, Kern County, California on Sept. 21, 2023. Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries. Brent crude futures rose 16 cents, or 0.2%, to $82.69 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 15 cents, or 0.2%, to $77.73 a barrel. Iran-aligned Houthis have continued their attacks on shipping in the Red Sea, and while the Israel-Hamas war has not significantly constrained oil supply, it has increased freight rates and shipping time, leaving barrels on the water for longer. In public, Israel and Hamas continued to take positions far apart on a possible truce, while blaming each other for delays.

Persons: Brent, Joe Biden, Jeffrey Schmid Organizations: U.S, West Texas, , Kansas City Federal Reserve Bank Locations: Taft, Kern County , California, Iran, Red, Israel, U.S, Gaza, Qatar, , Kansas

☆ Oil prices rise as market monitors Gaza cease-fire talks, OPEC production cuts
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden speaks during the annual National Prayer Breakfast at the U.S. Capitol in Washington, D.C., U.S., February 1, 2024. Crude oil futures rose Tuesday amid uncertainty about the prospects for a cease-fire in the Israel-Hamas war and as some investors expect OPEC+ will extend its production cuts beyond the first quarter. President Joe Biden told reporters in New York City on Monday that he hoped a cease-fire would be reached in the Israel-Hamas war by March 4. OPEC+ will soon make a decision on whether to extend its production cuts beyond the first quarter. Raj said the lack of clarity in the Israel-Hamas war and the ongoing turmoil with Houthi militants in Yemen gives traders little reason to sell oil right now.

Persons: Joe Biden, Biden, there's, Ahmed Abdel Hadi, Al Mayadeen, Goldman Sachs, Manish Raj, Raj, Israel, Charles van der Organizations: U.S, Capitol, Washington , D.C, West Texas Intermediate, Brent, OPEC, Velandera Energy Partners, CNBC, Reuters, Maersk North Locations: Washington ,, Israel, New York City, Lebanon, U.S, Gaza, OPEC, Saudi Arabia, Yemen, Maersk

☆ Oil prices fall as Biden signals Gaza ceasefire is possible by next Monday
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden speaks during the annual National Prayer Breakfast at the U.S. Capitol in Washington, D.C., U.S., February 1, 2024. Crude oil futures fell Tuesday after President Joe Biden indicated that a ceasefire in the Israel-Hamas war could come in the next week. "My national security adviser tells me that we're close — close but not done yet," Biden told reporters in New York City. "So far, everything that is being proposed here and there does not meet these conditions," Ahmed Abdel Hadi told Lebanon's Al Mayadeen TV channel. "Therefore, we are not concerned with dealing with everything that is presented because it does not meet what I mentioned."

Persons: Joe Biden, Biden, there's, Ahmed Abdel Hadi, Lebanon's Al Organizations: U.S, Capitol, Washington , D.C, West Texas Intermediate, Brent Locations: Washington ,, Israel, New York City, Gaza, Lebanon's Al Mayadeen

☆ Oil extends losses in early Asian trade
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: +2 min

A view of decaying FSO Safer oil tanker anchored 60 kilometers (37 miles) north of the port of Hudaydah, Yemen on July 15, 2023. Oil prices fell in early Asian trading on Monday, extending losses from the previous session after oil ended the week 2-3% lower amid market concerns that higher-than-expected inflation could delay U.S. interest rate cuts. Brent crude futures fell 34 cents to $81.28 a barrel by 0121 GMT, while U.S. West Texas Intermediate crude futures (WTI) declined 33 cents to $76.16 a barrel. "Crude oil prices declined for want of fresh drivers," ANZ analysts wrote in a note. While Iran-aligned Houthis have continued their attacks on shipping in the Red Sea, the Israel-Hamas war has not significantly constrained oil supply.

Persons: Jake Sullivan, Benjamin Netanyahu, Brent, WTI Organizations: Brent, U.S, West Texas, ANZ, White House, CNN, Sunday, Israeli, U.S . Energy, Administration Locations: Hudaydah, Yemen, China, Iran, Red, Israel, United States, Egypt, Qatar, Paris

☆ Oil falls after U.S. Fed governor says no rush to cut interest rates
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +1 min

This picture taken on Jan.12, 2024 shows onshore oil pumps in Tutong district in Brunei. Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months. Higher interest rates for longer slow economic growth, which curbs oil demand. Waller also pushed back on the idea that the Fed risks sending the economy into recession if it waits too long to cut rates, saying the Fed can afford to "wait a little longer". Oil futures had settled higher on Thursday as hostilities continued in the Red Sea, with Iran-aligned Houthis stepping up attacks near Yemen to show support for Palestinians in the Gaza war.

Persons: Christopher Waller, Waller, Benjamin Netanyahu's Organizations: U.S, Fed, Brent, West Texas, . Federal, Israel Locations: Tutong district, Brunei, U.S, Red, Iran, Yemen, Gaza, Paris

☆ Oil prices lower as senior Israeli official sees signs of progress on hostage deal
▼ + stars: | 2024-02-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were slightly lower Thursday as a senior Israeli official sees initial signs of progress toward a deal to release hostages held in Gaza and as the market awaits for U.S. inventory data. The West Texas Texas Intermediate contract fell 47 cents, or 0.6%, to $77.44 a barrel. White House Middle East envoy Brett McGurk will meet with Prime Minister Benjamin Netanyahu Thursday to discuss efforts to free hostages held by Hamas. A temporary ceasefire in exchange for releasing hostages in Gaza would potentially reduce the risk of the conflict engulfing the Middle East and disrupting crude supplies. Futures are down less than 1% week to date, after crude rallied last week on escalating tensions in the Middle East.

Persons: Brent, Benny Gantz, Brett McGurk, Benjamin Netanyahu Organizations: West Texas Texas Intermediate, Hamas, U.S . Energy Information Agency Locations: Gaza, East

☆ Oil prices slipped as traders wait for more insight on when Fed might cut rates
▼ + stars: | 2024-02-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Crude oil futures fell slightly Wednesday as the market waits for further indication of when the Federal Reserve might cut interest rates. The minutes could provide further insight on when the central bank plans to cut interest rates. Lower interest rates typically stimulate economic growth which fuels crude oil demand. White House Middle East envoy Brett McGurk is heading to Cairo Wednesday to continue talks on a temporary Gaza ceasefire in exchange for Hamas releasing hostages.

Persons: Brent, John Evans, PVM, Brett McGurk, Biden, Israel, Benny Gantz, Ramadan Organizations: West Texas Intermediate, Federal Reserve, Federal, White Locations: Cushing , Oklahoma, East, U.S, Israel, Lebanon, Iran, Islamic Republic, Cairo, Gaza, Rafah

☆ U.S. crude hovers near three-month high as Middle East conflict rages on
▼ + stars: | 2024-02-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures hovered near three-month highs Tuesday as the conflict in the Middle East rages on. U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26. Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The attack highlights the ongoing threats to commercial vessels in the Red Sea, which has forced shipping giants such as Maersk to divert cargo around the Cape of Good Hope in Africa.

Persons: Brent, Tamas Varga, PVM Organizations: The West Texas Intermediate, International Energy Agency, Monday Locations: Suez, Ismailia, Egypt, East, Israel, Lebanon, Gaza, Rafah, U.S, Iran, Red, Hope, Africa, Aden

☆ Oil down in thin trade as U.S. gears up for Presidents' Day
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents' Day in the United States is set to keep trade relatively muted. Higher rates keep up the cost of buying oil, providing for a bearish market trend.

Persons: Brent, Alexei Navalny, Vladimir Putin's Organizations: del, del Peru SA Talara, U.S . Federal, . West Texas, Yemen's, of, Petroleum, ANZ Research, International Energy Agency, ANZ, United Nations Security Council Locations: del Peru, Piura, Peru, U.S, United States, China, Gaza, Yemen's Iran, India, Algerian, Israel, Europe, Russia, Ukrainian, Avdiivka, Moscow

☆ Oil prices roughly flat as unclear demand scenario weighed
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.

Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza

☆ Oil prices pull back as market tries to make sense of conflicting demand estimates
▼ + stars: | 2024-02-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A flare burns excess natural gas in the Permian Basin in Loving County, Texas, U.S. November 23, 2019. Oil prices pulled back Friday as the market sorted through conflicting demand forecasts from OPEC and the International Energy Agency. The West Texas Intermediate contract for March lost 63 cents, or 0.81%, to $77.40 a barrel. April Brent futures dropped 75 cents a barrel to $82.09 a barrel, down 0.91%. The pullback comes after U.S. crude and the global benchmark rallied Thursday, brushing off a weak global demand forecast for 2024 from the IEA.

Persons: Brent Organizations: International Energy Agency, The West Texas Intermediate, IEA, Federal Reserve Locations: Loving County , Texas, U.S

☆ Why oil prices aren’t soaring despite Middle East uncertainty
▼ + stars: | 2024-02-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. One factor that could be keeping the cap on oil prices is waning demand. “Global oil demand growth is losing momentum,” said the agency in its February report. While global oil demand growth is slowing, supply has stayed relatively strong, potentially putting further downward pressure on oil prices. “Higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand,” said the report.

Persons: Bell, ”, Donald Trump, Matt Egan, —, Trump, Jay Ritter, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit Organizations: CNN Business, Bell, New, New York CNN, West Texas, Brent, International Energy Agency, “, shuttering, Federal, US, United Arab Emirates, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Mortgage Bankers Association Locations: New York, Russia, Ukraine, Yemen, Red, United Kingdom, Japan, Germany, Iraq, United States, Brazil, Guyana, Canada

☆ Oil prices fall on forecast global demand in 2024 will grow at half last year's rate
▼ + stars: | 2024-02-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil demand is expected to grow by 1.2 million barrels per day this year, down nearly 50% from growth of 2.3 million bpd in 2023, according to the Paris-based International Energy Agency. "The expansive post-pandemic growth phase in global oil demand has largely run its course," the IEA wrote in its February oil market report Thursday. Supply, meanwhile, is expected to exceed demand and grow by 1.7 million bpd this year driven primarily by higher production in the U.S., Brazil, Canada and Guyana. "Given heightened geopolitical risks and low global oil inventories, a modest surplus may help contain market volatility," the IEA said. OPEC, on the other hand, is forecasting a much tighter oil market this year, with demand growing by 2.2 million bpd, outpacing production growth of 1.2 million bpd outside the cartel.

Persons: Brent Organizations: International Energy Agency . Futures, Brent, West Texas Intermediate, IEA, OPEC Locations: Loving County , Texas, U.S, Paris, Brazil, Canada, Guyana, East, Israel, Lebanon, Cairo, Gaza

☆ Oil prices rise as Israel launches strikes in Lebanon
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Smoke billows following Israeli bombardment in the village of Shihin in southern Lebanon near the border with Israel on February 13, 2024, amid ongoing cross-border tensions as fighting continues between Israel and Palestinian Hamas militants in the Gaza Strip. Crude oil futures rose on Wednesday as Israel launched a wave of strikes in Lebanon. The moves came after Israel launched an extensive wave of attacks in Lebanon, Israel Defense Forces spokesperson Daniel Hagari said on social media Wednesday. The strikes were in reaction to rockets fired into northern Israel killed one person and injured at least seven more. CIA Director William Burns is in Cairo to facilitate negotiations involving Israel, Hamas, Qatar and Egypt aimed at securing a truce in the fighting in exchange for Hamas releasing hostages.

Persons: Brent, Daniel Hagari, William Burns Organizations: Israel, The West Texas Intermediate, Israel Defense Forces, CIA Locations: Shihin, Lebanon, Israel, Palestinian, Gaza, The, Cairo, Hamas, Qatar, Egypt

☆ Oil prices fall on sticky inflation, bigger-than-expected US crude stock build
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: +2 min

U.S. West Texas Intermediate crude futures fell 22 cents, or 0.3%, to $77.65 a barrel. U.S. crude oil inventories rose 8.52 million barrels in the week ended Feb. 9, according to market sources citing American Petroleum Institute figures released late on Tuesday. "The builds in crude oil were fairly bearish. The API data showed gasoline inventories fell 7.23 million barrels and distillate stocks fell by 4.02 million barrels, both much larger declines than analysts expected. Also weighing on the market, data on Tuesday showed U.S. consumer inflation stayed elevated last month.

Persons: derrick, Brent Organizations: U.S . Federal, . West Texas, American Petroleum Institute, Reuters, ING, U.S . Energy, Administration Locations: al, Syria's, Hasakah, Turkey, U.S

☆ Oil moves slightly higher as crude prices struggle to break out
▼ + stars: | 2024-02-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Oil futures edged slightly higher on Tuesday after falling flat in the previous session as crude prices struggle to break out amid uncertainty over the future course of the Middle East conflict and an unclear supply and demand picture. The West Texas Intermediate contract for March added 53 cents, or 0.69%, to trade at $77.45 a barrel in morning trading. The Brent contract for April gained 58 cents, or .71%, to trade at $82.45 a barrel. Oil prices have struggled to break out of a $10 range amid uncertainty in the Middle East and an unclear supply and demand outlook for the year.

Persons: Brent Organizations: West Texas Intermediate Locations: Loving County , Texas, U.S, Gaza

☆ Oil prices edge up on Middle East risk
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose slightly on Tuesday on fears Middle East tensions could disrupt supply, but uncertainty about the pace of potential U.S. interest rate cuts and the ensuing impact on fuel demand capped gains. Oil prices were near flat in Monday's trade, after gaining 6% last week. A move by the U.S. to tighten or step up enforcement of sanctions on Iran would impact oil market supplies. The Organization of the Petroleum Exporting Countries is also scheduled to release its monthly oil market report on Tuesday. OPEC and its allies including Russia, known as OPEC+, will decide in March whether to extend voluntary oil production cuts in place for the first quarter.

Persons: Houthis Organizations: Brent, . West Texas, New York Fed, Consumer, Reuters, of, Petroleum, OPEC, ING Locations: Huntington, Pier, Huntington Beach, Iran, Red, United States, Britain, Israel, U.S, Iraq, Russia, OPEC, Saudi Arabia

☆ Oil prices hang on to last week's gains after rally on Middle East tensions
▼ + stars: | 2024-02-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An emission comes out of a smoke stack at the Infineum oil refinery on February 6, 2024, in Linden, New Jersey. Oil prices were largely flat Monday after rallying more than 6% last week on escalating Middle East tensions. The West Texas Intermediate contract for March gained 8 cents to settle at $76.92 a barrel. The Brent contract for April settled at $82 a barrel, down 19 cents or .23%. U.S. crude and the global benchmark popped last week after Israel rejected Hamas' proposal for a ceasefire and vowed to press on with its Gaza offensive to the southern city of Rafah, which is located on the border with Egypt.

Persons: Brent, Israel Organizations: West Texas Intermediate, Hamas Locations: Linden , New Jersey, Gaza, Rafah, Egypt

☆ Oil starts week lower after Israel says 'concluded' Gaza strikes
▼ + stars: | 2024-02-12 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Monday after Israel said it had "concluded" a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East. Geo-political risks including a feared broadening of the Israel-Palestinian conflict across the region and potential oil supply disruption in the Middle East pushed prices up by about 6% last week. The Israeli military said on Monday it had conducted a "series of strikes" on southern Gaza that have now "concluded," days after Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas. While supply concerns in the Middle East remained relatively heightened, news from the U.S. eased some worries. Mainland China's financial markets are closed for the Lunar New Year holiday and will resume trade on Monday, Feb 19.

Persons: Israel, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Federal Reserve Locations: Gaza, Israel, U.S, Asia, China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, Malaysia

☆ Japan set for fresh 34-year highs; most Asian markets are closed for Lunar New Year holiday
▼ + stars: | 2024-02-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Crude oil futures prices rose for the fourth day in a row afte Israel rejected a ceasefire proposal by Hamas. The West Texas Intermediate futures contract added $2.14, or 2.90%, to trade at $75.98 a barrel. The Brent contract for April gained $2.16, or 2.73%, to trade at $81.37 a barrel. Blinken met Israel Prime Minister Benjamin Netanyahu Wednesday to discuss a counterproposal by Hamas that demands a permanent end to the fighting. Netanyahu rejected the Hamas' proposal, vowing to press on to the southern city of Rafah on the border with Egypt and achieve "total victory" in Gaza.

Persons: Israel, Brent, Antony Blinken, Blinken, Benjamin Netanyahu, Netanyahu, — Spencer Kimball Organizations: The West Texas Intermediate, U.S, Israel Locations: Gaza, Rafah, Egypt

☆ Oil to post weekly gain as Israel bombs southern Gaza city after rejecting Hamas ceasefire offer
▼ + stars: | 2024-02-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A picture taken from southern Israel near the border with the Gaza Strip on December 21, 2023, shows smoke billowing following Israeli bombardment in the Palestinian territory amid ongoing battles with the Palestinian Hamas militant group. Oil prices are poised to post a weekly again as hopes for a ceasefire in the Israel-Hamas war appeared to fade. Crude prices inched higher Friday with the West Texas Intermediate contract for March last up 7 cents to trade at $76.29 a barrel. Israel is pressing ahead with its war in Gaza, bombarding the southern city of Rafah on the Egyptian border after Prime Minister Benjamin Netanyahu rejected Hamas' proposed terms for a ceasefire. And the U.S. killed a senior militant leader in a drone strike in Baghdad this week, raising tensions with the government of Iraq, a major oil producer.

Persons: Brent, Benjamin Netanyahu Organizations: Hamas, West Texas Intermediate Locations: Israel, Gaza, Rafah, Baghdad, Iraq

☆ Oil prices headed for weekly gains as Israel rejects ceasefire offer
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early trade on Friday, on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas. Brent futures climbed 8 cents, or 0.1%, to $81.71 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $76.39 a barrel. Oil prices rose about 3% in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave. The tensions have kept oil prices elevated, with Brent and WTI both set to gain 5.7% for the week. It is also voluntarily cutting crude exports by 300,000 bpd and fuel exports by 200,000 bpd from the average May-June level.

Persons: Brent, Benjamin Netanyahu, WTI Organizations: U.S, West Texas, Hamas, Organization of, Petroleum Locations: East, Israel, Rafah, Gaza, Cairo, Egypt, Qatar, Ukraine, OPEC, Russia

☆ Oil edges up with slim progress in Gaza peace talks
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar. On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the U.S. reported on Wednesday continued to buoy the market. The U.S. Energy Information Administration reported U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts' estimates for a build of 140,000 barrels.

Persons: Israel, Benjamin Netanyahu, Antony Blinken, Khalil Al, Hayya Organizations: del, del Peru SA Talara, Brent, . West Texas, Hamas, U.S . Energy Information Administration, ANZ Research Locations: del Peru, Piura, Peru, Gaza, Palestinian, Cairo, Egypt, Qatar, U.S

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