DIRS.INFO The most relevant business & tech news

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. WTI was headed for its highest close since May 26 and Brent on track for its highest close since May 29. Open interest in futures contracts rose on Thursday to the highest since July 2021 for Brent and March 2022 for WTI. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brendan McDermid, Brent, WTI, Baker Hughes, Craig Erlam, Erlam, Shadia Nasralla, Andrew Hayley, Susan Fenton, Kirsten Donovan, David Gregorio Our Organizations: REUTERS, Congress, YORK, U.S, . West Texas, WTI, Senate, U.S . Federal Reserve, Organization of, Petroleum, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen, London, Beijing

☆ Oil prices jump 2% after U.S. debt deal and jobs data as focus turns to OPEC
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +2 min

Drillers work at a shale oil well site in Jiangyan district of Taizhou, East China's Jiangsu Province, April 7, 2023. Oil prices rose more than 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend. U.S. employment increased more than expected in May, but a moderation in wages could allow the U.S. Federal Reserve to skip an interest rate hike this month for the first time in more than a year. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brent, Craig Erlam, Erlam Organizations: Drillers, U.S, Congress, . West Texas, Senate, U.S . Federal Reserve, Organization of, Petroleum Locations: Jiangyan district, Taizhou, East China's Jiangsu Province, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen

Brent crude futures rose $2.25, or 3.1%, to $74.85 a barrel by 11:50 a.m. EDT (1550 GMT) . U.S. Federal Reserve officials on Wednesday suggested interest rates could be steady this month and the House passed a bill suspending the government's debt ceiling, improving chances of averting a disastrous default. "The successful debt ceiling negotiations clears that minefield, but the overall demand outlook is still murky - the trucking space is doing poorly, for example," CFRA Research analyst Stewart Glickman said. The oil market is focusing on the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, which will discuss whether to cut oil production further. U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped and strategic reserves dropped to their lowest since Sept. 1983, according to data from the Energy Information Administration.

Persons: Stewart Glickman, Peter McNally, Robert Yawger, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman, Kirsten Donovan, David Gregorio Our Organizations: Brent, . West Texas, U.S . Federal, Organization of, Petroleum, Reuters, Energy Information Administration, Thomson Locations: China, BENGALURU, Russia, Reuters OPEC, U.S, OPEC, London, Houston, Beijing

Search resuls for: "Reuters OPEC"

3 mentions found