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☆ Oil prices steady, on track for second straight week of losses
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: +1 min

A view from the oil company Tatneft in Tatarstan, Russia on June 04, 2023. Oil prices were little changed on Friday, heading for their second straight week of losses as the U.S. central bank left the door open for possible future rate hikes and worries that the Middle East conflict would disrupt supply eased. Brent crude futures rose 6 cents to $86.91 a barrel by 0010 GMT, while U.S. West Texas Intermediate crude futures gained 12 cents, or 0.2%, to $82.58 a barrel. Brent was on track to fall about 4% in the week, while WTI looked set to close down 3.5%. Meanwhile, the U.S. Federal delivered a "dovish" pause to its rate hikes on Wednesday, while the BoE delivered a "hawkish" pause on Thursday.

Persons: Brent, WTI, BoE Organizations: Brent, U.S, West Texas, Palestinian, U.S . Federal Locations: Tatarstan, Russia, Tatneft, U.S, Gaza, Israel, Saudi Arabia

☆ Oil heads for weekly loss as geopolitical risk premium wanes
▼ + stars: | 2023-11-03 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +3 min

Both benchmarks gained more than $2 a barrel on Thursday, but were on track to lose about 4% on the week. The report could bolster the view that the U.S. Federal Reserve need not raise interest rates further. The Fed held interest rates steady on Wednesday, while the Bank of England held rates at a 15-year peak. The stable policies kept oil prices supported as some risk appetite returned to markets. "The oil market will be watching for an escalation of tensions, particularly on the Lebanese border, as Hezbollah attacks increase," City Index Fiona Cincotta said.

Persons: Jussi Rosendahl, Brent, Fiona Cincotta, Sayyed Hassan Nasrallah, Israel, Jeslyn Lerh, Mark Potter Organizations: REUTERS, U.S, West Texas, National Bureau, Statistics, U.S . Labor Department, U.S . Federal, Fed, Bank of, Palestinian, Thomson Locations: Porvoo, Finland, China, Bank of England, Gaza, Lebanese, Saudi Arabia, Singapore

☆ Rouble soars vs dollar as market gauges impact of latest US sanctions
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Nov 3 (Reuters) - The Russian rouble soared on Friday as the market gauged the impact of Washington's latest sanctions against Moscow over the war in Ukraine, heading back towards a three-month high on the support of foreign currency sales and soaring interest rates. By 1455 GMT, the rouble was 1% stronger against the dollar at 92.39 , not too far from 91.6225, its strongest point since Aug. 1, hit on Wednesday. The rouble has now lost support from month-end tax payments, which were due on Monday and usually see exporters convert foreign exchange revenues to pay domestic liabilities. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. "Sanctions may play a stabilising role for the rouble, helping the central bank fight inflation," Polevoy said.

Persons: Vladimir Putin's, Dmitry Polevoy, Polevoy, Alexander Marrow, Jacqueline Wong Organizations: Moscow, Brent, Reuters, Thomson Locations: MOSCOW, Russian, Ukraine, United States, Russia, Locko

☆ Stocks jump, dollar and yields fall after US jobs market softens
▼ + stars: | 2023-11-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/2] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The job growth slowdown underscored views that the Federal Reserve may be done hiking interest rates. The data also showed the increase in annual wages was the smallest in nearly 2-1/2 years, pointing to an easing in labor market conditions. The pan-European STOXX 600 index (.STOXX) rose 0.17% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.44%. The U.S. dollar index dropped to a six-week low after the jobs data.

Persons: Brendan McDermid, Detroit's, Brad McMillan, Jerome Powell, Caroline Valetkevitch, Harry Robertson, Chibuike Oguh, Jacqueline Wong, Miral Fahmy, Alison Williams, Mark Heinrich, Rod Nickel Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Federal, United Auto Workers, Commonwealth Financial Network, Bank of England, U.S . Treasury, Dow Jones, Nasdaq, Apple, Brent, Thomson Locations: New York City, U.S, Waltham , Massachusetts, Central, New York, London

☆ Stock Market News, Nov. 3, 2023: U.S. Indexes Log Best Week of 2023 After Jobs Report
▼ + stars: | 2023-11-03 | by ( ) www.wsj.com time to read: +1 min

All three major U.S. indexes climbed Friday, helping them to their best weeks of the year. The U.S. added 150,000 jobs in October, below economists' projections, while the unemployment rate was slightly higher than expected. The stock market's most valuable company, Apple, disappointed investors with an anemic growth outlook after the bell yesterday. The broad S&P 500 rose nearly 6% this week. FTX founder Sam Bankman-Fried was convicted of fraud Thursday and crypto exchange Coinbase Global reported a seventh quarter of losses.

Persons: Dow, Bitcoin, Sam Bankman, Fried, Brent Organizations: Apple, Dow industrials, Nasdaq, Treasury, Global Locations: U.S

HONG KONG (AP) — Asian shares advanced on Friday after Wall Street roared higher on bets that market-rattling interest rate hikes are coming to an end. On Wall Street, the S&P 500 leaped 1.9% Thursday to 4,317.78 for its fourth straight winning day. Starbucks jumped 9.5% after reporting stronger profit and revenue for the latest quarter than Wall Street forecast. On the losing end of Wall Street was Moderna, which sank 6.5% after reporting a much worse loss for the latest quarter than analysts expected. More swings could be coming for Wall Street.

Persons: Seng, Australia’s, Korea’s Kospi, Sensex, It’s, Jerome Powell, Eli Lilly's, Brent Organizations: Shanghai, Federal Reserve, Dow Jones Industrial, Nasdaq, Big U.S, Starbucks, Fair, Moderna, Wall, New York Mercantile Exchange, U.S . Locations: HONG KONG, Tokyo, China, U.S

☆ Bank of England governor says Israel-Hamas conflict poses risks to inflation fight
▼ + stars: | 2023-11-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Bank of England Governor Andrew Bailey said Thursday that the ongoing Israel-Hamas war poses a potential risk to the bank's efforts to bring down inflation. "So far, I would say, we haven't seen a marked increase in energy prices, and that's obviously good," Bailey told CNBC's Joumanna Bercetche. The World Bank warned in a quarterly update Monday that crude oil prices could rise to more than $150 a barrel if the conflict escalates. On Thursday, the bank held interest rates steady once again but said that monetary policy would need to remain tight for an "extended period of time." U.K. inflation came in at 6.7% in September, slightly ahead of expectations and unchanged from the previous month.

Persons: Andrew Bailey, Bailey, CNBC's Joumanna, Brent, It's Organizations: England, CNBC, World Bank, Bank of England, Bank Locations: Israel, London

☆ Asia shares, bonds rally as Powell feeds hopes of end to rate hikes
▼ + stars: | 2023-11-02 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) surged 1.7% to the highest level in one week. Tokyo's Nikkei (.N225) gained 1.4% to cross the 32,000 level for the first time in two weeks. EUROSTOXX 50 futures rose 0.8% early in Asia, while S&P 500 futures added 0.3% and Nasdaq futures increased 0.5%. While Chair Jerome Powell did not rule out another hike, markets judged he was not quite as hawkish as he might have been. Brent crude futures climbed 1.2% to $85.61 a barrel while U.S. West Texas Intermediate futures were at $81.43 a barrel, up 1.2%.

Persons: nonfarm payrolls, Hong, HSI, Jerome Powell, Treasuries, Tiffany Wilding, Seema Shah, Stella Qiu, Edwina Gibbs Organizations: Apple, SYDNEY, Tokyo's Nikkei, Stock, Nasdaq, Fed, Treasury, PIMCO, Global, Asset Management, Bank of Japan, East, Brent, West Texas, Thomson Locations: Cupertino California, Asia, Pacific, Japan, Europe, U.S, 4Q24

TOKYO (AP) — Asian shares were mostly higher Thursday after the U.S. Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy. Longer-term Treasury yields have in turn been rising rapidly, with the 10-year Treasury yield topping 5% last month to reach its highest level since 2007. He also said the Fed is not considering cuts to interest rates, which can act like steroids for financial markets. On Wall Street, the S&P 500 rose 1.1% to 4,237.86 and the Dow Jones Industrial Average gained 0.7% to 33,274.58. Big Tech stocks were winners Wednesday, along with other high-growth stocks typically seen as the biggest beneficiaries of easier interest rates.

Persons: Australia's, Korea's Kospi, Seng, It’s, ” Stephen Innes, Fumio Kishida, Stocks, Jerome Powell, Powell, ” Powell, Powell’s, Yung, Yu Ma, “, Ma, Brent Organizations: TOKYO, U.S . Federal, Nikkei, Federal Reserve, Management, Fed, Treasury, BMO Wealth Management, Dow Jones Industrial, Nasdaq, Big Tech, U.S Locations: Hong, Shanghai, Japan

☆ Stock Market News Today: Dow Gains 400 Points; Apple, Starbucks Earnings in Focus
▼ + stars: | 2023-11-02 | by ( ) www.wsj.com time to read: +1 min

Bond yields fell significantly for a second day. Major stock indexes jumped. Shares jumped after the coffee shop chain's earnings topped estimates. Roku shares rose some 30%. Benchmark 10-year Treasury yields fell below 4.7%, after trading near 5% last week.

Persons: Stocks, Jerome Powell, Dow, Brent Organizations: Federal, Novo Nordisk, Fed, Bank of England, Starbucks

☆ Oil prices edge higher Middle East conflict stokes supply concerns
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +1 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, United States on November 27, 2022. Oil prices edged higher in early trade on Thursday as the conflict in the Middle East kept investors on edge about whether it could disrupt oil supplies around the region. Brent crude futures rose 38 cents at $85.01 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude futures gained 46 cents at $80.90 a barrel. Iran's Supreme Leader Ayatollah Ali Khamenei called on Muslim states to cease oil and food exports to Israel, demanding an end to its bombardment of the Gaza Strip, state media reported. Iran, a member of the Organization of the Petroleum Exporting Countries, produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data.

Persons: Ayatollah Ali Khamenei Organizations: East, Brent, U.S, West Texas, Iran's, Organization of, Petroleum, Hamas, Bank of England, European Central Bank Locations: Bakersfield, California, United States, Israel, Gaza, Iran, Egypt, Europe

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Oil's rally comes along with gains across financial assets after the Fed maintained its benchmark interest rate unchanged at 5.25%-5.50% at its latest meeting on Wednesday. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data. Data from U.S. Energy Information Administration (EIA) showed that the country's crude stocks increased as refiners undergoing seasonal maintenance restarted units more slowly than expected. But despite lower refining runs, U.S. gasoline stocks (USOILG=ECI) rose by 0.1 million barrels in the week to 223.5 million barrels, the EIA said.

Persons: Tatiana Meel, Jon Maier, Ayatollah Ali Khamenei, Stephanie Kelly, Muyu Xu, Lincoln Organizations: REUTERS, Oil, U.S . Federal Reserve, Brent, U.S, West Texas, Fed, Global, Iran's, Organization of, Petroleum, Bank of England, European Central Bank, U.S . Energy Information Administration, Thomson Locations: Nakhodka, Russia, Israel, Gaza, Iran, Europe, U.S

☆ Stock Market Today: Dow Closes 500 Points Higher; Apple, Starbucks Earnings in Focus
▼ + stars: | 2023-11-02 | by ( ) www.wsj.com time to read: +1 min

Bond yields fell significantly for a second day. Major stock indexes jumped. Its shares jumped after the coffee shop chain's earnings topped estimates. The vaccine maker fell more than 6% after reporting a sharp drop in profits. Benchmark 10-year Treasury yields fell below 4.7%, settling at 4.668%, after trading near 5% last week.

Persons: Stocks, Jerome Powell, Dow, Brent Organizations: Federal, Novo Nordisk, Fed, Bank of England, Starbucks

☆ Shell’s shrinking green pledge risks backfiring
▼ + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).

Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE

☆ Stagflation and a possible world war: Here's how to trade it, according to one hedge fund manager
▼ + stars: | 2023-11-01 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Livermore Partners is a long/short special situations hedge fund with a focus on energy, financials and industrials. The hedge fund manager named French fashion house Louis Vuitton and Italian sports car manufacturer Ferrari as the "best and brightest of the market." Although high rates mean banks earn more interest from borrowers, they can also mean higher loan losses as customers struggle with the economic environment. The U.S. Federal Reserve put a pause on hikes in September, after raising rates to a 22-year high. "Banks I think are just still going to be in for a world of hurt on a go-forward basis," the hedge fund manager said.

Persons: David Neuhauser, Neuhauser, CNBC's, Brent, Louis Vuitton, Aston, Banks Organizations: Livermore Partners, Hamas, Ferrari, Aston Martin, Burberry, U.S . Federal Reserve Locations: Israel, British

BANGKOK (AP) — Asian shares were mostly higher Wednesday after Wall Street advanced to claim back some of the ground it gave up in another losing month. The overwhelming expectation is that the Fed will keep its overnight interest rate steady. Pinterest jumped 19% after reporting stronger profit for the latest quarter than analysts expected. Most big U.S. companies have reported stronger profit for the summer than expected, and Caterpillar also joined them. The Fed has already pulled its main overnight interest rate above 5.25% to its highest level since 2001.

Persons: Pinterest, It's, Brent Organizations: Wall, Federal Reserve, Nikkei, Bank of Japan, European Central Bank, Dow Jones, Nasdaq, Arista Networks, Caterpillar, VF Corp, Vans, Treasury, Fed Locations: BANGKOK, U.S, Hong Kong, Shanghai

☆ Russian rouble gives up gains after soaring to 3-month high
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A view shows the newly designed Russian 1000-rouble banknote inside a currency detector during a presentation in Moscow, Russia October 16, 2023. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Oct 31 (Reuters) - The Russian rouble weakened on Tuesday, pulling back after soaring to a three-month high past 92 to the dollar earlier in a volatile session, supported by high interest rates, but facing a month-end reduction in foreign currency sales. By 1324 GMT, the rouble was 0.5% weaker against the dollar at 93.28 . "But at the same time, growth in the money supply is continuing and this will definitely result in rouble weakening." The rouble has strengthened from beyond 100 to the dollar since the decree was announced.

Persons: Maxim Shemetov, Alexei Antonov, Vladimir Putin's, Brent, Alexander Marrow, Christina Fincher, Mark Potter Organizations: REUTERS, Rights, Bank of Russia, Financial Times, Reuters, Thomson Locations: Moscow, Russia, Russian

☆ Oil rises ahead of key central bank meetings amid heightened Mideast tensions
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Tuesday ahead of global central bank meetings and as tensions in the Middle East remained high. Israeli troops and tanks attacked Gaza's main northern city from the east and west on Monday, three days after it began ground operations in the Palestinian enclave. Traders were also keeping a close eye on global monetary policy, with rate-setting meetings of major central banks scheduled for this week. The U.S. Federal Reserve will meet on Wednesday and the Bank of England on Thursday to discuss monetary policy and decide on potential future inflation-busting interest rate hikes. Investors are also expecting Chinese purchasing managers index data and third quarter gross domestic products figures from Hong Kong and Taiwan.

Organizations: Brent, West Texas, Traders, Bank of Japan, Nikkei, U.S . Federal Reserve, Bank of England, Investors Locations: Gaza, Israel, Hong Kong, Taiwan

December Brent crude futures , set to expire on Tuesday, rose 36 cents, or 0.41%, to stand at $87.81 a barrel by 0305 GMT. "If this evolves into a full-scale invasion and there is involvement from Iran, tighter supply worries could resurface." In a note, ING analysts said, "Disruptions to Iranian oil flows remain the most obvious risk to the market." Such lost supply could range between 500,000 barrels per day (bpd) and 1 million bpd if the United States strictly enforces sanctions once again, they added, although Middle East developments had yet to affect oil supply. Weaker-than-expected manufacturing and non-manufacturing activity data from China stoked fears of slowing fuel demand from the world's No.

Persons: Eric Gaillard, Brent, Leon Li, China stoked, CME's, Laura Sanicola, Trixie Yap, Clarence Fernandez Organizations: REUTERS, . West Texas, Federal Reserve, Markets, ING, U.S, Thomson Locations: Nice, France, China, Wednesday's U.S, Gaza, Iran, Shanghai, Israel, United States, Venezuela, riven

TOKYO (AP) — Asian shares were trading mixed Tuesday as investors looked ahead to a week that could see more swings in financial markets, including key reports on U.S. consumer confidence and the job market. In currency trading, the U.S. dollar rose to 150.16 Japanese yen from 149.04 yen. On Wall Street, the S&P 500 rose 49.45 points, or 1.2%, to close at 4,166.82 on Monday. Because it’s the most valuable stock on Wall Street, it is also the most influential stock on the S&P 500. Big Tech soared much more than the rest of the market early this year, which helped to lift the S&P 500 but also meant big expectations for continued growth.

Persons: Australia's, Korea's Kospi, Brent, Stan Choe, Damian J, Troise Organizations: TOKYO, Nikkei, Bank, Bank of Japan, U.S . Federal Reserve, U.S, Dow Jones, Nasdaq, Apple, Big Tech, Treasury, Fed, Workers, U.S ., CVS Health, Pfizer, Starbucks, Traders, Benchmark Locations: Hong, Shanghai, Japan’s, Israel, Iran

HONG KONG (AP) — Asian shares were mixed on Monday ahead of a Federal Reserve decision this week on interest rates. U.S. futures gained while oil prices fell more than $1 a barrel. That’s particularly concerning for the Fed, which fears such expectations could lead to a vicious cycle that worsens high inflation. The Shanghai Composite index rose 0.3% to 3,025.76. As one of the most massive companies on Wall Street, Amazon’s stock movements carry huge weight on the S&P 500 and other indexes.

Persons: Netanyahu, Australia’s, Stocks, Russell, Ford, Brent Organizations: Federal, Federal Reserve, U.S, Nikkei, Bank of Japan, China, Dow Jones, Nasdaq, Wall, Intel, United Auto Workers, Treasury, New York Mercantile Exchange, U.S . Locations: HONG KONG, Israel, Israeli, Gaza, China, Shanghai, Hong Kong, Bangkok

☆ Oil dips as caution about data-heavy week offsets Mid-East war boost
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped $1 a barrel on Monday as investors adopted caution ahead of the Fed policy meeting and China's manufacturing data later this week, offsetting support from geopolitical tensions in the Middle East. "Despite an escalation in the Hamas-Israel war, the ground invasion was widely expected," Teng said. "The weekend playout signals no further expansion into a wider regional war, which caused a retreat in oil prices." Last week, Brent and WTI marked their first weekly fall in three weeks as developments in the Middle East keep investors on edge and prices volatile. 2 oil consumer after Beijing launched a burst of supportive policy measures.

Persons: Tina Teng, Brent, WTI, Israel, stoking, Teng Organizations: Raffles, Brent, West Texas, Federal Reserve, Apple Inc, CMC Locations: Yantai, East China's Shandong province, Gaza, Hamas, Israel, China, Beijing

☆ Oil prices are falling even as Israel steps up its war on Hamas. A spike could still happen
▼ + stars: | 2023-10-30 | by ( Olesya Dmitracova | Anna Cooban | ) edition.cnn.com time to read: +4 min

Brent crude, the global oil benchmark, fell 1.1% to $89 a barrel, and West Texas Intermediate (WTI) crude, the US benchmark, dropped 1.3% to trade at $84 a barrel by 7.51 a.m. The World Bank said Monday that a ratcheting up in the fighting in Gaza could push global commodity markets, including oil markets, into “uncharted waters,” and laid out three scenarios under which oil prices could surge. In that instance, the level of disruption would be comparable to that caused by the Arab oil embargo in 1973. The World Bank said a smaller disruption, equivalent to that resulting from the Libyan civil war in 2011, could send oil prices to $103 a barrel. Prices for Brent have risen 5.7% since Hamas attacked Israel on October 7, killing more than 1,400 people, mostly civilians.

Persons: Brent, Susannah Streeter, Hargreaves Lansdown, ”, Germany —, ” Indermit Gill, Benjamin Netanyahu, ” Israel, Daniel Hagari, Jake Sullivan, Ebrahim Raisi, — Rob North Organizations: London CNN, West Texas, Hargreaves, Bank, Hamas, Sunday, CBS Locations: Gaza, Germany, Ukraine, Iraq, Israel, Israeli, Iran, Lebanese, Tehran

SINGAPORE, Oct 27 (Reuters) - Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Though the strike did not directly impact supply, it increases fears that the conflict in the Gaza Strip between Israel, backed by the U.S., and Hamas may spread and disrupt supply from major crude producer Iran, which backs Hamas. A wider war could also impact shipments from Saudi Arabia, the world's largest oil exporter, and other large producers in the Gulf. Both Brent and WTI are on track to post their first weekly drop in three weeks as the geopolitical premium built on these fears has ebbed as there has been no disruption of oil supply outside of the immediate region of the fighting. Israeli forces carried out their biggest Gaza ground attack in their 20-day-old war with Hamas overnight, angering the Arab world.

Persons: Brent, WTI, Kelvin Yew, Benjamin Netanyahu, Helima Croft, Goldman Sachs, Florence Tan, Sam Holmes, Christian Organizations: U.S, Brent, U.S . West Texas Intermediate, Islamic Revolutionary Guard Corps, Pentagon, Ocean, Investments, RBC Capital, Thomson Locations: SINGAPORE, Syria, Israel, U.S, Iraq, Gaza, Iran, Saudi Arabia, United States, Hormuz, Russia

☆ Oil set for first weekly drop in three as Mideast situation holds
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks are shown at the Enterprise Sealy Station on August 28, 2023 in Sealy, Texas. Oil prices rose on Friday, regaining ground after tumbling more than $2 a barrel in the previous session as concerns of a wider Middle East conflict eased while the United States, the world's biggest oil consumer, showed signs of weakening demand. Both contracts are on track to post their first weekly drop in three weeks as the geopolitical premium built on fears that the Israel-Gaza conflict could involve more countries in the Middle East and disrupt oil supply has eased. Israeli forces carried out their biggest Gaza ground attack in their 20-day-old war with Hamas overnight, angering the Arab world. Prices could jump 20% in the less likely scenario of an interruption of trade through the Strait of Hormuz where 17% of global oil production transit, they said in a note.

Persons: Kelvin Yew, Benjamin Netanyahu, Helima Croft, Goldman Sachs, Brent Organizations: Enterprise, Brent, West Texas, Ocean, Investments, RBC Capital Locations: Sealy , Texas, United States, Israel, Gaza, Hormuz, Saudi Arabia, Russia

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