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If elected, Thurmond, the state superintendent of public instruction, would be the first Black person to become California's governor. California Lieutenant Governor Eleni Kounalakis and former state Controller Betty Yee, both Democrats, also announced their 2026 bids for governor. Democratic State Treasurer Fiona Ma, who previously said she would run for governor, announced earlier this year that she is running for lieutenant governor. California Attorney General Rob Bonta sued the Chino Valley district over the policy, saying it discriminated against students. The school board later reversed course.

Persons: —, Tony Thurmond, Thurmond, ”, Eleni Kounalakis, Betty Yee, Fiona Ma, Gavin Newsom, Rob Bonta, Newsom, Harvey Milk Organizations: Tuesday, Democratic, Democratic California Gov, West Contra Costa School Board, Richmond City Council, Politico Locations: SACRAMENTO, Calif, “ California, California, Richmond, Philadelphia, Southern California, Chino Valley, San Francisco

☆ Barnes foot injury substantial, says Newcastle manager Howe
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Sept 26 (Reuters) - Newcastle United's Harvey Barnes could be set for a lengthy spell on the sidelines, as his manager Eddie Howe confirmed on Tuesday that the foot injury is a serious one. Barnes, who signed from Leicester City in July, was forced off with the injury in the 12th minute of Newcastle's 8-0 win at Sheffield United on Sunday. I think it's quite a substantial injury," Howe told reporters ahead of Newcastle's League Cup game against Manchester City. Anthony Gordon replaced Barnes in the thumping of Sheffield United, and was one of eight different scorers in that game. Newcastle, who lost to Manchester United in last season's League Cup final, host Manchester City in the third round of the competition on Wednesday.

Persons: Newcastle United's Harvey Barnes, Eddie Howe, Barnes, Howe, We've, Anthony Gordon, He's, What's, Gordon, Trevor Stynes, Christian Radnedge Organizations: Newcastle, Leicester City, Sheffield United, Newcastle's League, Manchester City, Everton, Manchester United, League, Thomson Locations: Newcastle

Retail fuel prices in the U.S. and Europe have risen to multi-month highs as crude prices have rallied. "If energy prices increase and stay high, that'll have an effect on spending, and it may have an effect on consumer expectations for inflation, things like that. High interest rates are already curbing demand across Western economies, including for oil. The U.S. Federal Reserve on Wednesday pressed pause on interest rates, but did not rule out one more hike this year. President Joe Biden has already promised to cut prices, though has not said how, and in the short term the impact of autumn refinery maintenance on supplies could keep prices high.

Persons: Mike Segar, Brent, Jerome Powell, Morgan Stanley, Goldman Sachs, Goldman, PVM's Tamas Varga, I'm, Craig Erlam, Ajay Parmar, Joe Biden, Gordon Balmer, Natalie Grover, Robert Harvey, Mark John, Balazs Koranyi, Dan Burns, Simon Webb, Barbara Lewis Organizations: Exxon, REUTERS, . West Texas Intermediate, Reuters, Retail, Federal, International Energy Agency, Organization of, Petroleum, U.S . Federal Reserve, HSBC, Energy Information Administration, U.S, Diesel, Energy, Petrol Retailers, Thomson Locations: Edgewater , New Jersey, U.S, OPEC, Europe, Brazil, Guyana, United States, Russia, Saudi Arabia, Ukraine, Britain, France, London, Frankfurt, New York

Gavin Newsom signed a bill Monday to ban school boards from rejecting textbooks based on their teachings about the contributions of people from different racial backgrounds, sexual orientations and gender identities. Many of the new restrictions enacted by conservative-dominated school boards have been over textbook representations of sexuality and LGBTQ+ history. A 2011 state law requires schools to teach students about the historical contributions of gay, bisexual and transgender Americans. After it was blocked, Newsom weighed in with his disapproval of the bill's failure to advance, and lawmakers revived it. Republican state Sen. Shannon Grove, who authored the bill, later amended the bill to protect victims from being criminalized.

Persons: Gavin Newsom, Newsom, ” Newsom, —, Harvey Milk, Sen, Shannon Grove Organizations: —, Public, Republican Locations: SACRAMENTO, Calif, — California, Temecula, Tallahassee, U.S, California, Southern California, San Francisco

☆ Stocks making the biggest moves midday: Alcoa, Nio, Williams-Sonoma, Chefs' Warehouse and more
▼ + stars: | 2023-09-25 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Alcoa — Shares of the aluminum stock slipped 6.1% after the company said executive vice president William Oplinger would succeed Roy Harvey as CEO and president. Li Auto — U.S.-traded shares of the Chinese EV company dropped 10% following news that Huawei made moves in the increasingly competitive space. GE HealthCare Technologies — Shares of the medical technology gained 3.3%. JD.com — U.S.-listed shares of the Chinese e-commerce stock slid 2.1% as concerns over the state of the country's economy grew. Chefs' Warehouse — The specialty food distributor popped 1.6% after UBS initiated coverage of the stock at a buy.

Persons: William Oplinger, Roy Harvey, Oplinger, Nio, Li, Leonard Green, Canaccord Genuity, Yun Li, Jesse Pound, Pia Singh, Brian Evans, Hakyung Kim Organizations: Alcoa Inc, Davenport, Alcoa —, U.S, Li Auto, EV, Huawei, GE HealthCare Technologies, GE HealthCare, Williams, Sonoma —, Green Equity Investors, Partners, Dow Inc, JPMorgan, Technologies, Citi, Chefs, UBS, Hudson Technologies Locations: Riverdale , Iowa, Williams, Sonoma, —

☆ Aluminum producer Alcoa names new president and CEO
▼ + stars: | 2023-09-25 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

Aluminum producer Alcoa announced Monday that the company has named William Oplinger as its new president and CEO, effective immediately. Oplinger had served as Alcoa's executive vice president and chief operations officer since February. "Our Board believes Bill's extensive experience with Alcoa makes him well-positioned to carry the company forward." The Pittsburgh-based producer split into two publicly traded companies and created the current iteration of Alcoa in 2016. Before that, Oplinger had served as chief financial officer and oversaw the mining, refining, smelting and energy businesses.

Persons: William Oplinger, Roy Harvey, Oplinger, Roy, Steven Williams, Harvey, We've Organizations: Alcoa Locations: Pittsburgh, Alcoa

☆ Newcastle thrash Sheffield United 8-0 away with eight different goal scorers
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +3 min

SHEFFIELD, England, Sept 24 (Reuters) - Newcastle United ruthlessly put Sheffield United to the sword with a dazzling 8-0 victory at Bramall Lane on Sunday, with eight different players scoring, to leave the home side bottom of the Premier League standings. "It's the second half that I'm upset with. A lot of things I saw in the second half, I've never seen here. While there are huge things we have to learn from, we also have to keep a calm head about this sort of game." Reporting by Rohith Nair in Bengaluru Editing by Toby Davis and Clare FallonOur Standards: The Thomson Reuters Trust Principles.

Persons: Bramall, Eddie Howe's, Howe, Maddy Cusack, Anthony Gordon, Harvey Barnes, Sean Longstaff, Dan Burn, Kieran Trippier's, Trippier, Sven Botman, Callum Wilson, Gordon, Miguel Almiron, Bruno Guimaraes, Guimaraes, Alexander Isak, Paul Heckingbottom, Heckingbottom, I've, Rohith Nair, Toby Davis, Clare Fallon Organizations: SHEFFIELD, Newcastle United, Sheffield United, Premier League, Blades, Newcastle, Champions League, AC Milan, Sky Sports, Thomson Locations: England, Bengaluru

ROME, Sept 23 (Reuters) - Italy plans to revisit its contested windfall tax on banks by giving lenders the option to boost their reserve buffers instead of paying the levy, a draft amendment seen by Reuters showed on Saturday. Bank shares tumbled before the economy ministry clarified that it would not collect more than 0.1% of lenders' total assets. More importantly, instead of paying the tax, banks can boost their non-distributable reserves by earmarking an amount equivalent to two and a half times the levy. Such an option is expected to exempt cooperative banks from the tax, as they usually put aside a large part of their profits as reserves. In the current version, the tax would apply if NIM grows by 5% in 2022 and 10% in 2023 from 2021 levels.

Persons: Giorgia Meloni, NIM, Jan Harvey Organizations: Reuters, European Central Bank, Bank, Treasury, Thomson Locations: Italy, Rome, Frankfurt

☆ Five Eyes intelligence informed Trudeau's India allegation: CTV
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

Ambassador to Canada David Cohen confirmed that "shared intelligence among Five Eyes partners" had informed Canadian Prime Minister Justin Trudeau of the possible involvement of Indian agents in the murder of a Canadian citizen in June, CTV News reported. Intelligence-sharing network Five Eyes includes the U.S., Britain, Canada, Australia and New Zealand. Trudeau said on Monday that Ottawa had credible intelligence linking Indian agents to the murder of Sikh separatist leader Hardeep Singh Nijjar in Vancouver, prompting an angry reaction from New Delhi, which denies the allegation. Cohen did not comment to CTV News on the type of intelligence that had informed the Canadian government. "It would be important that India work with the Canadians on this investigation.

Persons: David Cohen, Justin Trudeau, Trudeau, Hardeep Singh, Cohen, Hardeep Singh Nijjar, Nanak, Chris Helgren, Antony Blinken, Gokul, Jan Harvey Organizations: Canadian, CTV News, Intelligence, Ottawa, REUTERS, CBC News, Thomson Locations: Britain, Canada, Australia, New Zealand, Vancouver, New Delhi, United States, Surrey, British Columbia, U.S, Delhi, India, Bengaluru

MADISON, Wis. (AP) — The Great Lakes’ frigid fresh water used to keep shipwrecks so well preserved that divers could see dishes in the cupboards. Quagga mussels, native to Russia and Ukraine, were discovered in the Great Lakes in 1989, around the same time as their infamous cousin species, zebra mussels. Scientists believe the creatures arrived via ballast dumps from transoceanic freighters making their way to Great Lakes ports. They consume so many nutrients at such high rates they can render portions of the murky Great Lakes as clear as tropical seas. After 30 years of colonization, quaggas have displaced zebra mussels as the dominant mussel in the Great Lakes.

Persons: Tamara Thomsen, Wayne Lusardi, ”, they're, quaggas, Harvey Bootsma, Edmund Fitzgerald, Gordon Lightfoot, Daniel J, Carl D, Bradley, Frank H, Moody, Brendon Baillod, Bob Jaeck, Baillod, Milwaukee's Bootsma, “, ” Baillod Organizations: Tuskegee, “, University of California, Riverside’s, Species Research, Biologists, University of Wisconsin, Milwaukee's, Freshwater Sciences, Tuskegee Airmen, Tuskegee Army Air Field, UW Locations: MADISON, Wis, Canadian, Ontario, ” Wisconsin, Superior, Lake Huron, Swiss, Russia, Ukraine, Great, Great Lakes, Lake Michigan, Lake Superior, Cedarville, Straits, Mackinac, Alabama, Madison, Trinidad, Algoma , Wisconsin, Michigan, Milwaukee, Detroit, Chicago, Toledo , Ohio

☆ California governor vetoes bill banning robotrucks without safety drivers
▼ + stars: | 2023-09-23 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

A veto by the governor can still be overturned if the legislature chooses to vote in favor of the bill with a two-thirds majority in each house. While many states, including Texas and Arkansas, have allowed the testing and operation of self-driving trucks, California - home to Alphabet (GOOGL.O), Apple (AAPL.O) and some of the most cutting-edge tech startups - bars autonomous trucks weighing more than 10,001 pounds. Developing autonomous technology has proved harder and more expensive than expected, leading to job cuts and even companies shutting shop. But labor unions led by the International Brotherhood of Teamsters have been calling for Governor Newsom to sign the bill, saying autonomous trucks - some of which weigh over 80,000 pounds - were unsafe and would lead to job losses. Governor Newsom in his veto message said any regulations framed by the department of motor vehicles would be transparent, with inputs from stakeholders and experts to ensure safety.

Persons: Tina Bellon, Gavin Newsom, Bill, Newsom, Abhirup Roy, Jan Harvey Organizations: REUTERS, FRANCISCO, U.S, Apple, Reuters, Daimler, Kodiak Robotics, International Brotherhood of Teamsters, Thomson Locations: Palmer, Dallas , Texas, U.S, California, Texas, Arkansas, Aurora, Southern California, San Francisco

☆ Shared intelligence from Five Eyes informed Trudeau's India allegation, CTV News reports
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

Ambassador to Canada David Cohen confirmed that "shared intelligence among Five Eyes partners" had informed Canadian Prime Minister Justin Trudeau of the possible involvement of Indian agents in the murder of a Canadian citizen in June, CTV News reported. Trudeau said on Monday that Ottawa had credible intelligence linking Indian agents to the murder of Sikh separatist leader Hardeep Singh Nijjar in Vancouver, prompting an angry reaction from New Delhi, which denies the allegation. The Canadian government amassed intelligence from both human and electronic sources in a months-long investigation into the murder, CBC News reported separately on Thursday. Cohen did not comment to CTV News on the type of intelligence that had informed the Canadian government. "It would be important that India work with the Canadians on this investigation.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, David Cohen, Justin Trudeau, Trudeau, Hardeep Singh, Cohen, Antony Blinken, Gokul, Jan Harvey Organizations: REUTERS, Canadian, CTV News, Intelligence, Ottawa, CBC News, Thomson Locations: Surrey, British Columbia, Canada, Britain, Australia, New Zealand, Vancouver, New Delhi, United States, U.S, Delhi, India, Bengaluru

☆ Even China's 1.4 billion population can't fill all its vacant homes, former official says
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres. "How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people," said He Keng, 81, a former deputy head of the statistics bureau. "All sorts of comments predicting the collapse of China's economy keep surfacing every now and then, but what has collapsed is such rhetoric, not China's economy," a spokesperson at the foreign ministry said at a recent news conference.

Persons: Keng, Albee Zhang, Ryan Woo, Jan Harvey Organizations: China Evergrande, HK, Garden Holdings, National Bureau of Statistics, China News Service, Thomson Locations: BEIJING, China, Dongguan

It fell 0.3% in the week, breaking a three week streak of gains. U.S. West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5%, to $90.03 a barrel, as U.S. oil rig counts fell. U.S. Federal Reserve officials warned of further rate hikes, even after voting to hold the benchmark federal funds rate steady at a meeting this week. U.S. oil rig counts, an indicator of future production, also fell by eight to 507 this week, their lowest since February 2022, energy services firm Baker Hughes said. Offline refinery capacity was expected to reach 1.4 million barrels per day (bpd) this week according to IIR Energy versus 800,000 bpd offline last week.

Persons: Nick Oxford, Dennis Kissler, Michelle Bowman, Russia's Transneft, Baker Hughes, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio, Josie Kao Organizations: REUTERS, U.S . West Texas, BOK, U.S . Federal, RBC, St . Petersburg International Mercantile Exchange ., IIR Energy, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, HOUSTON, Brent, U.S, Primorsk, Novorossiysk, St, United States, Houston, New York, Tokyo, Singapore

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. In the previous three weeks, they rose more than 10% on concerns about tight supply. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. Meanwhile, markets worried about Russia's temporary ban on exports of gasoline and diesel to most countries would tighten supplies. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange.

Persons: Nick Oxford, Brent, Dennis Kissler, Russia's Transneft, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Jan Harvey, Jason Neely, David Gregorio Our Organizations: REUTERS, . West Texas, BOK Financial, . Federal, RBC, St . Petersburg International Mercantile Exchange, IIR Energy, Thomson Locations: Cushing , Oklahoma, HOUSTON, U.S, Primorsk, Novorossiysk, St, Houston, New York, Tokyo, Singapore

☆ Oil prices rise as Russia fuel export ban stokes supply concerns
▼ + stars: | 2023-09-22 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

REUTERS/Nick Oxford//File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - Oil prices rose on Friday as renewed global supply concerns from Russia's fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Both benchmarks were relatively flat on the week, having gained more than 10% in the previous three weeks amid concerns about tight global supply. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange. But macroeconomic headwinds continue to weigh on oil demand sentiment. "It is signals on the demand side that are mainly likely to affect oil prices in the short term," Commerzbank analysts said in a note.

Persons: Nick Oxford, Brent, WTI, Transneft, Robert Harvey, Yuka Obayashi, Emily Chow, Jan Harvey, Jason Neely Organizations: REUTERS, U.S, West Texas, RBC, St . Petersburg International Mercantile Exchange, U.S . Federal Reserve, IIR Energy, Thomson Locations: Cushing , Oklahoma, Primorsk, Novorossiysk, Russia, St, Tokyo, Singapore

☆ France's Eramet and Suez pick Dunkirk for EV battery recycling
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsPARIS, Sept 22 (Reuters) - Eramet (ERMT.PA) and Suez have chosen Dunkirk as the location for a planned electric vehicle (EV) battery recycling facility as the partners look to tap into a battery production belt being developed around the northern French port, they said on Friday. A pilot plant to test the refining process is about to be launched at Eramet's research centre near Paris, they added. Several gigafactories are due to produce batteries in the Dunkirk area as the French government encourages the emergence of a "battery valley" to support EV manufacturing. Eramet and Suez's battery dismantling plant will have a processing capacity of 50,000 tons of battery modules per year, the equivalent of 200,000 EV batteries, they said.

Persons: Phil Noble, Eramet, Gus Trompiz, Jan Harvey Organizations: REUTERS, Rights, Suez, European Union, BPI, Thomson Locations: Manchester, Britain, Dunkirk, Suez, French, Paris, Argentina

☆ Poland investigates OpenAI over privacy concerns
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Openai LLC FollowMicrosoft Corp FollowWARSAW, Sept 21 (Reuters) - A Polish watchdog is investigating Microsoft-backed (MSFT.O) OpenAI over a complaint that its ChatGPT chatbot breaks European Union data protection laws known as the GDPR, it said. OpenAI has already faced at least its second class action lawsuit in San Francisco federal court for allegedly breaking privacy laws. "The case concerns the violation of many provisions on the protection of personal data, so we will ask Open AI to answer a number of questions," said Jan Nowak, President of Poland's Personal Data Protection Office (UODO). The complainant said they were unable to find out which of their personal data was processed by the company, and received evasive and misleading answers to questions.

Persons: Dado Ruvic, OpenAI, Jan Nowak, UODO, ChatGPT, Alan Charlish, Jan Harvey Organizations: REUTERS, Microsoft, Google, Thomson Locations: WARSAW, San Francisco federal

☆ There's a false Fed narrative that inflation is well above its comfort level: Duke's Campbell Harvey
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a false Fed narrative that inflation is well above its comfort level: Duke's Campbell HarveyCampbell Harvey, Duke University professor of finance, joins 'Squawk box' to discuss the inverted yield curve, why he believes investors are misreading the indicator when predicting a looming recession, the Fed's rate hike campaign, and more.

Persons: Duke's Campbell Harvey Campbell Harvey Organizations: Duke University

☆ The bond market's notorious indicator is correctly signaling a coming recession, and the Fed has made a major mistake, the economist who coined the inverted yield curve says
▼ + stars: | 2023-09-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The gauge has never flashed a false positive - and it's likely saying the Fed made a big mistake, Harvey said. The curve officially inverted on October 26 last year, Fed data shows, meaning the recession signal is just a few days shy of the 11-month milestone. So it's way too early to say this is a false signal. Maybe it does turn out to be a false signal, but you can't say it's a false signal when you're not even at the average," Harvey said. The 10-year Treasury yield rose 13 basis points on Thursday to 4.478%, the highest level since 2007.

Persons: Campbell Harvey, Duke, Harvey, Powell Organizations: Treasury, Service, Federal, Duke University, CNBC, , New York Fed Locations: Wall, Silicon, ,

☆ Bulgarian nationalists protest against NATO bases, want government out
▼ + stars: | 2023-09-21 | by ( Stoyan Nenov | ) www.reuters.com time to read: +2 min

SOFIA, Sept 21 (Reuters) - Bulgarian police on Thursday scuffled with supporters of the ultra-nationalist Vazrazhdane (Revival) party protesting against the policies of the pro-Western government, calling for the government to resign and for the closure of NATO military bases. Many shouted "Resignation", while fully equipped riot police protected the government buildings, including the defence ministry at which some protesters threw eggs. Bulgaria, which has sent arms to Ukraine, lifted its ban on Ukrainian grains last week. [1/5]Protesters scuffle with police as they try to remove construction fences surrounding the Soviet army monument, during an anti-government demonstration organised by the ultranationalist Vazrazhdane (Revival) party, in Sofia, Bulgaria, September 21, 2023. Bulgaria is a zone of peace", referring to the opening of a new military base in the NATO member.

Persons: Neli Tyulekova, Stoyan, Neli Balabanska, Stoyan Nenov, Daria Sito, Jan Harvey Organizations: SOFIA, Bulgarian, NATO, EU, Ukraine, REUTERS, State Agency for National Security, Thomson Locations: Russia, Russian, Bulgaria, Ukraine, Sofia, U.S, Soviet

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTNEW YORK, Sept 20 (Reuters) - Oil prices eased on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. WTI crude futures for November , which will soon be the U.S. front-month, was up about 18 cents to $90.30. Investors were awaiting the Fed's interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates steady, but the focus will be on its projected policy path. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.

Persons: Pedro Nunes, Brent, WTI, Edward Moya, refiners, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Nicole Jao, Kim Coghill, Jason Neely, Louise Heavens, David Gregorio Our Organizations: REUTERS, U.S, U.S . Energy Information Administration, . West Texas, U.S . Energy, Administration, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, WTI, ., Japan, London, Tokyo, Singapore, New York

☆ Oil falls ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Robert Harvey | ) www.reuters.com time to read: +3 min

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTLONDON, Sept 20 (Reuters) - Oil prices fell on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Investors are awaiting the Fed's interest rate decision at 1800 GMT on Wednesday to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its projected policy path, which is unclear. Prices fell despite U.S. crude oil stockpiles falling last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Goldman Sachs said it expects the Bank of England to keep interest rates unchanged on Thursday as a result of the fall.

Persons: Pedro Nunes, Edward Moya, Tamas Varga, Brent, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Kim Coghill, Jason Neely, Louise Heavens Organizations: REUTERS, U.S, Brent, . U.S . West Texas, American Petroleum Institute, bbl, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, ., London, Tokyo, Singapore

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Earlier, it hit a session peak of $95.96 a barrel, their highest since November. U.S. West Texas Intermediate crude futures dropped 28 cents to $91.20 after earlier reaching $93.74 a barrel, also the highest since November. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Brent, Analysts, Amin Nasser, Prince Abdulaziz bin Salman, Stephanie Kelly, Andrew Hayley, Paul Carsten, Kirsten Donovan, Jason Neely, David Goodman, David Gregorio, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, UBS, Reuters, U.S . Energy, Administration, American Petroleum Institute, Nasdaq, U.S, Thomson Locations: Midland , Texas, U.S, Saudi Arabia, Russia, Saudi Aramco, Saudi, OPEC, Britain, Japan, Sweden, Switzerland, Norway, U.S . Federal, New York, Beijing

LONDON, Sept 19 (Reuters) - Saudi Arabia’s oil minister denied the kingdom’s recent production cuts have been intended to boost prices, in remarks at the World Petroleum Congress in Calgary on Sept. 18. jacking up prices, it’s about making the decisions that are right when we have the data,” he said (“Saudi Arabia’s energy minister says oil cuts not about jacking up prices”, Financial Times, Sept. 18). Relative contributions from production cuts and faster economic growth are impossible to establish with any certainty. Even after the rise in crude prices, however, they remain moderate compared with periods of high prices in 2007-2008 and 2011-2014 once inflation is taken into account. Related columns:- Oil prices surge as stocks drain away from Cushing (Sept. 15, 2023)- Depleting U.S. crude stocks draw in hedge funds (Sept. 11, 2023)- Depleting U.S. crude inventories lift oil prices (Aug. 31, 2023)John Kemp is a Reuters market analyst.

Persons: “ It’s, ”, Prince Abdulaziz bin Salman, It’s, ‘, Brent, John Kemp, Jan Harvey Organizations: World Petroleum Congress, Financial, . Energy, Reuters, International Energy Agency, Thomson Locations: Saudi, Calgary, China, Europe, North America, Saudi Arabia, Russia, U.S, Cushing

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