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☆ Oil prices edge higher after U.S. stocks build less than expected
▼ + stars: | 2024-03-07 | by ( ) www.cnbc.com time to read: +1 min

Oil prices ticked higher on Thursday after U.S. crude inventories rose less than expected last week and fuel stocks saw large draws. Oil prices ticked higher on Thursday after U.S. crude inventories rose less than expected last week and fuel stocks saw large draws. Brent crude futures rose 15 cents to $83.11 a barrel by 0021 GMT, while U.S. West Texas Intermediate crude futures rose 18 cents to $79.31 a barrel. The benchmarks edged up about 1% on Wednesday after crude inventories rose for a sixth week in a row, building by 1.4 million barrels, about two-thirds of the 2.1 million-barrel rise analysts had forecast in a Reuters poll. Gasoline and distillate stocks fell more-than-expected, the EIA data also showed.

Persons: Jerome Powell Organizations: Brent, U.S, West Texas, U.S . Federal Locations: U.S ., U.S, Beijing, Saudi Arabia, Asia, Oman, Dubai

☆ Oil fell slightly as China growth worries clash with output cuts
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell slightly on Wednesday as concerns about demand growth in China, the world's biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers. Oil prices fell slightly on Wednesday as concerns about demand growth in China, the world's biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers. The 'risk off' nature of recent trading was underscored by the fall in Treasury yields, which also pressured oil prices. "Crude oil futures edged lower amid the risk-off tone across markets. If the EIA reports a crude storage build, it will be the sixth straight week of rising oil stocks in the country.

Persons: Daniel Hynes Organizations: Brent, U.S, West Texas, Treasury, of, Petroleum, ANZ, American Petroleum Institute, U.S . Energy, Administration Locations: China, OPEC, Yemen, Saudi Arabia, Asia

☆ Oil prices rise ahead of Fed chair testimony, U.S. inventory data
▼ + stars: | 2024-03-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area near Long Beach, California July 30, 2013. Crude oil futures rose Wednesday ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress and the release of U.S. inventory data. The West Texas Intermediate contract for April gained 86 cents, or 1.10%, to $79.01 a barrel. May Brent futures added 66 cents, or 0.80%, to $82.70 a barrel. Traders will be closely watching Powell's testimony before the House Financial Services Committee for more detail on the possible timing of interest rate cuts that the market is expecting this year.

Persons: Jerome Powell's, Brent Organizations: Federal, West Texas Intermediate, Financial Locations: Wilmington, Long Beach , California

☆ Oil prices fall as market shrugs off China growth pledge, OPEC+ production cuts
▼ + stars: | 2024-03-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. Crude oil futures fell for a second consecutive day Tuesday as China's pledge to boost economic growth and OPEC+ production cuts failed to lift prices. The West Texas Intermediate contract for April dropped 72 cents, or 0.91%, to $78.02 a barrel. May Brent futures shed 57 cents, or 0.69%, to $82.83 a barrel. The Beijing government on Tuesday set an economic growth target of about 5% for 2024 and announced the issuance of $138.9 billion in "ultra-long" special Treasury bonds to fund major projects.

Persons: Brent Organizations: West Texas Intermediate Locations: Mangystau, Kazakhstan, Beijing

☆ Oil extends fall as China's pledge to transform economy fails to impress
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: +2 min

Working pumpjacks are seen at the Montebello Oil Field in Montebello, California, on Sept. 18, 2023. Oil prices fell for a second day on Tuesday as pledges by China, the world's biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas Intermediate (WTI) fell 11 cents, to $78.63. The physical oil market has started to tighten, rising spot prices show, according to a note from ANZ analysts, owing in part to supply disruptions. U.S. crude oil inventories are expected to have increased last week, according to a preliminary Reuters poll on Monday, while distillates and gasoline stockpiles were forecast lower.

Persons: Brent, WTI Organizations: Montebello Oil, U.S, West Texas, National People's, of, Petroleum, ANZ, Reuters Locations: Montebello, Montebello , California, China, Israel, Gaza, OPEC

☆ European markets set for mixed open at the start of the new trading week
▼ + stars: | 2024-03-04 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are expected to start the new trading week in mixed territory Monday. Last week, regional markets ended the week higher as investors assessed fresh inflation data out of the euro zone that showed the headline consumer price index fell to 2.6% in February, from January's 2.8%. Economists polled by Reuters had forecast a headline reading of 2.5%. In Asia-Pacific markets Monday, Japan's Nikkei 225 crossed the 40,000 mark, gaining 0.46% and setting a record high after the S&P500 and the Nasdaq Composite hit fresh all-time highs on Friday. U.S. stock futures were little changed Sunday night after the tech-heavy Nasdaq Composite posted a record-high Friday, breaking its 2021 record, as stocks attempt to continue their weeks-long rally.

Organizations: Reuters, Nikkei, Nasdaq, West Texas Locations: January's, Asia, Pacific, Saudi Arabia, Russia

☆ Oil prices slip after OPEC+ extends voluntary oil output cuts until mid-year
▼ + stars: | 2024-03-04 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

Oil prices edged lower Monday after oil cartel OPEC+ agreed to extend voluntary output reductions until the second quarter, in an effort to support the short-term stability of crude markets. Global benchmark Brent slipped 0.05% to $83.52 a barrel Monday, while U.S. West Texas Intermediate futures traded down 0.19% at $79.82 per barrel. OPEC+ announced on Sunday that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter. OPEC+ kingpin and de facto leader Saudi Arabia said it will prolong its voluntary cut of 1 million barrels per day until the end of the second quarter, state-owned Saudi Press Agency said Sunday. Riyadh's crude production will stand at approximately 9 million barrels per day until the end of June.

Persons: Brent Organizations: OPEC, Global, U.S, West Texas Intermediate, Saudi Press Agency Locations: OPEC, Saudi Arabia

☆ Oil prices rise as Gaza deaths complicate ceasefire talks
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday and were set to end the week modestly higher as talks over a potential ceasefire in Gaza were further complicated by the deaths of more than 100 Palestinians waiting for an aid delivery. Oil prices rose on Friday and were set to end the week modestly higher as talks over a potential ceasefire in Gaza were further complicated by the deaths of more than 100 Palestinians waiting for an aid delivery. President Joe Biden said the U.S. was checking reports of Israeli troops firing on people waiting for food aid in Gaza, saying he believed the deadly incident would complicate talks of a ceasefire. Israel has blamed the deaths on crowds surrounding the aid trucks, saying victims were trampled or run over. On the supply side, a Reuters survey showed the Organization of the Petroleum Exporting Countries, OPEC, pumped 26.42 million barrels per day (bpd) this month, up 90,000 bpd from January.

Persons: Brent, Joe Biden Organizations: U.S, West Texas, U.S . Federal, of, Petroleum, Reuters Locations: Gaza, WTI, Red, U.S, Israel, Qatar, Beijing, U.S ., Libyan

☆ Oil prices rise more than 1% as signs indicate tightening market ahead of OPEC+ decision
▼ + stars: | 2024-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Lone pumpjack located in the middle of large solar array outside of Bakersfield, Kern County, California, USA. Crude oil futures rose more than 1% on Friday as signs point to a tightening market ahead of an OPEC+ decision on production cuts. U.S. crude and the global benchmark booked a second consecutive monthly gain as front month contracts trade at a premium to later months, which is typically a sign of a tightening oil market. OPEC+ is considering rolling over its production cuts through the second quarter and possibly the end of the year, three sources in the organization told Reuters this week. The cartel and its allies are expected to make a decision on the cuts in the first week of March, sources told Reuters.

Persons: pumpjack, Brent Organizations: West Texas Intermediate, Reuters Locations: Bakersfield, Kern County , California, USA, OPEC

☆ Oil on pace for monthly gain as OPEC+ expected to extend production cuts
▼ + stars: | 2024-02-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. Crude oil futures are headed for a second consecutive monthly gain as OPEC+ is expected to extend its production cuts through at least the second quarter. U.S. and Brent have gained about 6% month to date with first month contracts trading at a premium to later months. OPEC+ is considering extending its production cuts through at least the second quarter, three sources told Reuters Wednesday. The cartel could keep the cuts in place for the rest of the year, two of the sources said.

Persons: Brent Organizations: Organization of, Petroleum, West Texas Intermediate, Reuters Locations: Algiers, Algeria, OPEC, U.S, Canada, Guyana, Brazil, Israel, Lebanon, Red, Iran

☆ 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 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 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 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 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

☆ 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 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

☆ 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 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

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