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☆ Oil inches up on upbeat China data, shaky Israel-Lebanon ceasefire
▼ + stars: | 2024-12-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East. Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East. "China data is helping, but I think it is also coming on concerns the Israel-Lebanon ceasefire may not hold," IG's Sydney-based market analyst Tony Sycamore said. A truce between Israel and Lebanon came into effect on Wednesday but both sides have accused each other of breaching the ceasefire. The Lebanese Health Ministry said in a statement several people were wounded in two Israeli strikes in south Lebanon.

Persons: Donald Trump, Tony Sycamore, Bashar al, Assad, Sycamore, Brent Organizations: Brent, West Texas, Lebanese Health Ministry, Air, of, Petroleum, Reuters Locations: China, Israel, Lebanon, East, Sydney, Syria, Aleppo, OPEC

☆ OPEC+ postpones meeting to decide oil production strategy to Dec. 5, sources say
▼ + stars: | 2024-11-28 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A view shows the logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC. The coalition, made up of the Organization of the Petroleum Exporting Countries and its allies, was initially scheduled to meet on Dec. 1. The OPEC+ coalition is currently operating three sets of separate oil production cuts, in response to an uncertain demand outlook. Under its formal output strategy, member nations are curtailing their combined production to 39.725 million barrels per day (bpd) into next year.

Organizations: Organization of, Petroleum, CNBC Locations: United Nations, Baku, Azerbaijan, OPEC, Kuwait City, Kuwait

☆ Oil prices steady amid focus on Israel-Hezbollah ceasefire, OPEC+ policy
▼ + stars: | 2024-11-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in early trade on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting. Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon's Hezbollah. Israeli Prime Minister Benjamin Netanyahu said he was ready to implement a ceasefire deal with Lebanon and would "respond forcefully to any violation" by Hezbollah. Crude oil would not be exempt from the trade penalties, two sources familiar with the plan told Reuters on Tuesday. Meanwhile, U.S. crude oil stocks fell while fuel inventories rose last week, market sources said, citing API figures on Tuesday.

Persons: Israel, Joe Biden, Benjamin Netanyahu, Hiroyuki Kikukawa, Donald Trump Organizations: Hezbollah, Brent, U.S, West Texas, Lebanon's Hezbollah, NS, Nissan Securities, Organization of, Petroleum, Reuters Locations: Israel, United States, France, U.S, Lebanese, Gaza, Lebanon, China, OPEC, Russia, Mexico, Canada

☆ Oil prices firm as geopolitical tensions raise supply concerns
▼ + stars: | 2024-11-21 | 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 higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine. Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw. Adding to supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage. However, a slowdown in Chinese and global demand, coupled with rising output outside the group, have potentially thwarted this plan.

Persons: Norway's Equinor, Johan Sverdrup Organizations: del, del Peru SA Talara, Brent, . West Texas, Storm, ATACMS, Energy Information Administration, Organization of, Petroleum Locations: del Peru, Piura, Peru, Russia, Ukraine, Moscow, Kyiv, OPEC

☆ Oil dips on oversupply concerns, heads for weekly loss
▼ + stars: | 2024-11-15 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down early on Friday as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks. Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed. Signs of stronger demand supported oil prices, ANZ analyst Daniel Hynes said. The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 bpd, and left its 2025 oil demand growth forecast little changed at 990,000 bpd. Also pressuring oil prices, the dollar surged on Thursday to a one-year high and headed for a fifth-straight daily gain fueled by higher yields and Donald Trump's presidential election victory in the United States.

Persons: Brent, Daniel Hynes, group's, Donald Trump's Organizations: Brent, . West Texas, Energy Information Administration, EIA, ANZ, International Energy Agency, Organization of, Petroleum, greenback Locations: Russia, U.S, Paris, China, India, United States

☆ Oil prices rise by over $1 on OPEC+ output hike delay
▼ + stars: | 2024-11-04 | by ( ) www.cnbc.com time to read: 1 min

A pumpjack pumps oil in the Inglewood Oil Field as seen from the Kenneth Hahn State Recreation Area on July 13, 2022 in Los Angeles, California. Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month. Brent futures rose by $1.14 per barrel, or 1.56%, to $74.24 a barrel. U.S. West Texas Intermediate crude also rose by $1.14 a barrel, or 1.64%, to $70.63. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, was due to increase output by 180,000 barrels per day in December.

Persons: Kenneth Hahn, Brent Organizations: Inglewood Oil, Recreation Area, . West Texas, Organization of, Petroleum Locations: Inglewood, Los Angeles , California, Russia

☆ Oil prices rise on optimism over solid U.S. fuel demand
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Nine analysts polled by Reuters had expected an increase in gasoline and crude inventories. "Expectations of a potential delay in the OPEC+ production increase were also supportive... A decision to postpone the increase could come as early as next week, two OPEC+ sources told Reuters.

Persons: Toshitaka Tazawa Organizations: Brent, . West Texas, Energy Information Administration, Reuters, Fujitomi Securities, Organization of, Petroleum, OPEC Locations: U.S, OPEC, Russia, Israel

☆ Oil slips more than 4% after Iran downplays Israeli strikes
▼ + stars: | 2024-10-28 | by ( ) www.cnbc.com time to read: +2 min

A pump jack operates in an oil field in Midland, Texas U.S. August 22, 2018. Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said. In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December.

Persons: Brent, WTI, Saul Kavonic, Tim Evans Organizations: Midland , Texas U.S, U.S . West Texas, Evans Energy, Organization of, Petroleum Locations: Midland , Texas, Iran, U.S, Tehran, OPEC

☆ Oil edges up, but on track for biggest weekly loss in over a month
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: +2 min

Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. Both contracts settled higher on Thursday for the first time in five sessions after data from the Energy Information Administration showed that U.S. crude oil, gasoline and distillate inventories fell last week. "Speculative positioning across the ICE Brent complex strengthened from historically low levels, on heightened geopolitical risk of a potential Israeli strike on Iran's oil infrastructure," Citi analysts said in a note. Citi expects global oil demand to slow to 900,000 bpd in 2025 from 1 million bpd this year on an economic slowdown and as more electric vehicles hit the road. The "potential impact of China's emerging economic stimulus plans on oil demand is uncertain, and more robust support may only result in a limited boost," it added.

Persons: Brent, WTI Organizations: Brent, West Texas, Energy, Administration, of, Petroleum, International Energy Agency, ICE, Citi Locations: San Joaquin Valley, McKittrick , California, OPEC, Israel, Iran

☆ Oil inches up after surprise drop in U.S. crude stockpiles
▼ + stars: | 2024-10-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week. It's coming, we know that but we don't know when," Sycamore said, adding that both factors bring upside risks for crude oil. In the U.S., crude oil and fuel stocks fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, against expectations of a build-up in crude stockpiles. Crude stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources said on condition of anonymity. Gasoline inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said.

Persons: Tony Sycamore, Sycamore Organizations: Brent, U.S, West Texas, Organization of, Petroleum, International Energy Agency, China NPC, IG, Investors, American Petroleum Institute, Reuters, Energy Information Administration, U.S . Department of Energy, European Central Bank Locations: Almetyevsk, Tatarstan, Russia, Israel, Iran, China, Sydney, Beijing, U.S

☆ Oil steadies after sharp falls as Middle East uncertainty persists
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: +1 min

Oil rose in early Asian trade on Wednesday on continued uncertainty over conflict in the Middle East, after falling as much as $5 this week to the lowest levels since early October on demand concerns. Brent crude oil futures rose 24 cents, or 0.3%, to $74.49 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures dropped 27 cents, or 0.4%, to $70.85 per barrel. On the oil demand side, both the Organization of the Petroleum Exporting Countries and the International Energy Agency this week cut their forecasts for global oil demand growth in 2024, with China accounting for the bulk of the downgrades. Analysts polled by Reuters expected crude stockpiles rose by about 1.8 million barrels in the week to Oct. 11.

Persons: Brent Organizations: . West Texas, U.S, Organization of, Petroleum, International Energy Agency, Reuters Locations: Israel, Iran, Beirut, China

☆ Oil market faces a rude awakening if Iran’s energy infrastructure is targeted, analysts say
▼ + stars: | 2024-10-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

It comes amid speculation that Israel could be planning to launch a retaliatory attack on Iran targeting its oil infrastructure — a prospect which would likely deliver a rude awakening to bearish energy market participants. Iran, which is a member of the Organization of the Petroleum Exporting Countries (OPEC), is a major player in the global oil market. So much so, it is estimated that as much as 4% of the world's supply could be at risk if Iran's oil infrastructure becomes a target for Israel. That, of course, would add a significant risk premium to oil," Schieldrop said. Situated between Iran and Oman, the Strait of Hormuz is a narrow but strategically important waterway that links crude producers in the Middle East with key markets across the world.

Persons: Bjarne Schieldrop, SEB, Schieldrop Organizations: CNBC, Organization of, Petroleum, Israel Locations: Isfahan Refinery, Iran, Isfahan, Israel, Strait, Hormuz, Oman

☆ Oil prices rise on escalating attacks in the Middle East
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices rose on Wednesday on fears conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel. Iran's oil output rose to a six-year high of 3.7 million barrels per day in August, ANZ added. "Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted." "Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East," ANZ's note said.

Persons: Brent, Israel, Benjamin Netanyahu, Joe Biden Organizations: U.S, West Texas, Organization of, Petroleum, ANZ Research, ANZ, Israel, . Security, American Petroleum Institute Locations: Saudi, Ras Tanura, Saudi Arabia, Iran, Israel, Lebanon, Tehran, OPEC, Russia, U.S

☆ Yale's Stephen Roach: Markets are in danger of being 'whipsawed' by Middle East conflict, U.S. unemployment
▼ + stars: | 2024-10-02 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +3 min

Ilia Yefimovich/dpa | Picture Alliance | Getty ImagesMarkets are in danger of being "whipsawed" by the combination of regional conflict in the Middle East and rising unemployment in the United States, says Stephen Roach, senior fellow at Yale Law School's Paul Tsai China Center. Most Asian markets fell on Wednesday, tracking losses on Wall Street overnight, as investors fretted over rising tensions in the Middle East. A higher-than-expected unemployment rate could prompt the Fed to accelerate the easing cycle to achieve a soft landing. The unemployment rate in September is expected to come in at 4.2%, according to data of a Reuters poll on LSEG, unchanged from the August figure. The unemployment rate had jumped to near a three-year high of 4.3% in July, a dramatic rise from the five-decade low of 3.4% in April 2023.watch now

Persons: Ilia Yefimovich, Stephen Roach, Yale Law School's Paul Tsai, Hassan Nasrallah, Roach, CNBC's, Stephen Stanley, Kelvin Tay Organizations: Missiles, Getty, Yale Law, Yale Law School's Paul Tsai China Center, Wall, Israel Defense Forces, Santander, Organization of, Petroleum, Energy Information Administration, UBS Global Wealth Management, U.S . Federal Reserve, Traders, U.S, U.S . Federal Locations: Israel, Tel Aviv, Iran, United States, Iranian, Lebanon, U.S .

☆ Oil prices rise on Middle East supply risks as Israel steps up attacks
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: +2 min

An oil platform in the Red Sea in Ras Behar region, Egypt on January 29, 2023. Oil prices edged higher on Monday on increasing concerns of potential supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces. Brent crude futures for November delivery increased 16 cents, or 0.22%, to $72.14 a barrel as of 0043 GMT. That contract expires on Monday and the more-active contract for December delivery gained 10 cents, or 0.14%, to $71.64. "The recent escalation of attacks in the Middle East is increasing the likelihood of Iran being directly dragged into the conflict, putting a significant risk around supply disruptions at the OPEC producer," ANZ Research said in a note.

Persons: Brent, WTI, Israel, Iran's, Sayyed Hassan Nasrallah, Lloyd Austin, Jerome Powell Organizations: . West Texas, Organization of, Petroleum, Hezbollah, ANZ Research, Lebanon . U.S . Defense Locations: Red, Ras Behar, Egypt, Israel, China, Iran, OPEC, Yemen, Lebanon . U.S, Washington, Libya

☆ Oil prices flat as lower demand signs outweigh U.S. hurricane impact
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: +1 min

Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer. But with the storm set to eventually dissipate after making landfall, the oil market's attention again turned to lower demand. U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday. The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.

Persons: Hurricane's, Brent Organizations: Hurricane, Energy Information Administration, Organization of, Petroleum, International Energy, ANZ Research Locations: Nolan , Texas, U.S, U.S . Gulf, Mexico, Louisiana

☆ Oil prices rebound on fears of supply disruption from tropical storm
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack in the Inglewood Oil Field, seen from the Kenneth Hahn State Recreation Area, on July 13, 2022, in Los Angeles, California. Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand. OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd. But the U.S. Energy Information Administration said on Tuesday global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts. Meanwhile, China's daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, as shipments staged a tentative recovery on lower crude oil prices and improving refining margins.

Persons: Kenneth Hahn, Brent, Hiroyuki Kikukawa, Storm Francine Organizations: Inglewood Oil, Recreation Area, Brent, NS, Nissan Securities, U.S, National Hurricane Center, U.S . Bureau of Safety, Environmental, Organization of, Petroleum, OPEC, U.S . Energy, Administration Locations: Inglewood, Los Angeles , California, Louisiana, Gulf, Mexico, U.S . Gulf, U.S

☆ Why investors are on edge ahead of Friday’s jobs report
▼ + stars: | 2024-09-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Wall Street is eyeing what could be the most consequential economic data report in months due out Friday. At the same time, Wall Street is looking for signs that the job market is cooling steadily, rather than plummeting into conditions for a recession. That uncertainty has been palpable in recent days as Wall Street parsed several economic reports before Friday’s main event. Big Tech shares gained Thursday, but suffered steep losses earlier this week. Tesla, the only Magnificent Seven tech stock up for the week, has jumped 7.5%.

Persons: That’s, Jerome Powell, “, ”, Christopher Larkin, Morgan, Stocks, Dow, BeiChen Lin, Tesla Organizations: New, New York CNN, Federal Reserve, Nasdaq, Institute for Supply Management, “, Russell Investments, Big Tech, Apple, Meta, Microsoft, Organization of, Petroleum Locations: New York, China

☆ OPEC+ extends oil output cuts again through November
▼ + stars: | 2024-09-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

This isn’t the first time OPEC+ has extended output cuts in a bid to boost crude prices. That same month, OPEC+ extended a cut of 1.65 million barrels per day announced in April 2023 until the end of 2025. Oil prices rose initially but settled slightly lower Thursday. Oil prices have declined this year despite continued output cuts and ongoing geopolitical tension in the Middle East. In June, the International Energy Agency said that a glut of oil supply could weaken the sway OPEC+ has over oil prices.

Persons: — Organizations: New, New York CNN, of, Petroleum, West Texas, Brent, International Energy Agency, IEA Locations: New York, OPEC, China, United States

☆ Oil prices ease as markets refocus on demand worries
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures dipped 41 cents, or 0.5%, lower to $81.89 a barrel at 0005 GMT. U.S. West Texas Intermediate crude futures fell to $79.63 a barrel, down 43 cents, or 0.5%. Brent had gained more than 3% on Monday, while U.S. crude futures had risen more than 4%.

Persons: Brent, John Kirby, CME's Organizations: Brent, . West Texas, of, Petroleum, White House, Wednesday's, U.S Locations: China, Iran, United States

☆ Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region. The market had been expecting OPEC+ to delay the phase out of voluntary production cuts beyond the third quarter, ANZ analysts said. A Reuters survey showed on Friday that OPEC oil output rose in July despite production cuts by the group. Weak economic data across the globe weighed on oil prices, on concerns that a sluggish global economic recovery would dampen fuel consumption. Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, is weighing on global oil prices.

Persons: Ismail Haniyeh, Fuad Shukr, WTI, Baker Hughes Organizations: New Harmony Oil, Brent, U.S, West Texas, Hezbollah, ANZ, Organization of, Petroleum, Reuters Locations: Grayville , Illinois, United States, Gaza, Cairo, Israel, Iran, Lebanese, East, Brent, U.S, Russia, China, Europe

☆ Oil claws back some losses after Israel retaliates against Hezbollah
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +2 min

Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. U.S. West Texas Intermediate crude futures rose 52 cents, or 0.7%, to $75.25 a barrel. "While (WTI) crude oil remains below the 200-day moving average at $78.66, downside risks remain towards trendline support in the $74.20/00 area," Sycamore said, adding that a sustained break below $74 would open up a move towards $70. Slowing fuel demand in China, the world's largest crude oil importer and the biggest contributor to global demand growth, is also weighing on oil markets.

Persons: Israel, Brent, WTI, Hezbollah's, Tony Sycamore, Sycamore Organizations: Brent, . West Texas, Saturday's, U.S, UN, Organization of, Petroleum, Reuters Locations: China, Beirut, Israel, Gaza, OPEC, Russia

☆ Abu Dhabi is an oil powerhouse, but it also wants to be a climate tech hub
▼ + stars: | 2024-07-25 | by ( Amy Gunia | ) edition.cnn.com time to read: +6 min

Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake. “Abu Dhabi is starting to forge ahead as a leading tech cluster for climate in the region,” she said. That Abu Dhabi has thrown its weight and oil wealth behind climate tech is a key attraction for Graphmatech. “To scale up climate tech you need financial support,” Dr Mamoun Taher, its founder and CEO, told CNN. His company has engaged in discussions with key stakeholders in Abu Dhabi, including oil and gas companies.

Persons: Abu, ” Ahmad Ali Alwan, Abu Dhabi, Abu Dhabi’s, Patricia Keating, Karim Sahib, Dr Mamoun Taher, “, “ Abu Dhabi, Taher, ” Organizations: CNN, Mubadala Investment Company, United, Organization of, Petroleum, OPEC, P, PwC, Companies, Sweden’s Uppsala University, Getty, UAE, Emirates Steel, Adnoc, Siemens Energy, Abu, Abu Dhabi National Energy Company Locations: Abu Dhabi, wean, UAE, United Arab Emirates, Dubai, Abu, AFP, “ Abu, United States, Australia, Masdar

☆ Oil prices tick down on worries about Chinese demand
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell 9 cents, or 0.1%, to $84.76 a barrel by 12:21 GMT, while U.S. West Texas Intermediate crude dropped 13 cents, or 0.2%, to $81.78. China's economy grew much slower than expected in the second quarter, hamstrung by a protracted property downturn and job insecurity. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand. While crisis in the Middle East has not impacted supply, attacks on ships in the Red Sea has forced vessels to take longer routes, meaning oil remains on the water for longer.

Persons: Brent, Jerome Powell, Alexander Novak Organizations: U.S . Federal Reserve, U.S, West Texas, Organization of, Petroleum Locations: Yemen, Gaza, Russian, OPEC

☆ 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

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