Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Brent C"


25 mentions found


Oil prices fell 6% on Wednesday as worries grow about lower demand and a slowing economy. Reports surfaced that Russia might end its ban on diesel exports, and oil inventories rose in some areas. AdvertisementAdvertisementUS and Brent oil prices both fell as much as 6% on Wednesday, representing a sharp reversal of an uptrend that began in July. According to JPMorgan, oil could be suffering from demand destruction as a result of the sharp rise in prices this summer, especially as the peak travel season winds down. "Demand destruction has begun (again)," JPMorgan's Natasha Kaneva said in a Wednesday note, adding that "global oil stock draws have ended."
Persons: Natasha Kaneva, , Brent, Platts, Kaneva Organizations: Service, Brent, West Texas Intermediate, Energy Department, JPMorgan Locations: Russia, Saudi Arabia
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were up 55 cents to $91.26 a barrel by 1:01 p.m. EDT (1701 GMT), after falling to a session low of $89.50, the lowest price since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, a day after Turkey said operations would start again this week after nearly a six-month stoppage. U.S. crude inventories were expected to have fallen by about 500,000 barrels last week, a preliminary Reuters poll showed on Monday.
Persons: Alexander Manzyuk, Phil Flynn, Alexander Novak, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter, Paul Simao Organizations: REUTERS, Brent, . West Texas, U.S ., Federal Reserve, Price Futures Group, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, OPEC, Asia, Turkey, Gulf, Iraq
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were down 10 cents to $90.61 a barrel by 11:15 a.m. EDT (1515 GMT), after falling to a session low of $89.50, the lowest since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, one day after Turkey said operations would start again this week after a near six-month stoppage. U.S. crude inventories were expected to have fallen by about 100,000 barrels last week, a preliminary Reuters poll showed on Monday.
Persons: Alexander Manzyuk, Phil Flynn, Craig Erlam, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter Organizations: REUTERS, Wednesday, Brent, . West Texas, U.S ., U.S, Reserve, Futures, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Saudi Arabia, Asia, Turkey, Gulf, Iraq, .
If oil prices stay high — and especially, if they breach $100 a barrel — the companies are well positioned. However, should oil prices fall and debt levels continue to rise, some companies have boxed themselves into a corner with very generous dividends and share repurchase programs. At the same time, operating cash flow has been declining. "What we're looking at is companies trying to bridge a little gap while operating cash flow is going down," said Mark Young, senior analyst at Evaluate Energy. "Since the end of 2020, operating cash flow has been able to cover all capital spending, dividend payments and share buybacks by itself.
Persons: Mark Young, Young, Conoco Phillips, Noah Barrett, Warren, Barrett, We're, Matt Smith, Smith, Jason Mountford, Brent, Goldman Sachs, Mike Wirth, Mountford, unprofitably, there's, that's Organizations: Energy, CNBC, Civitas Resources, Chevron, Exxon Mobil, Janus, Federal, Warren Pies, 3Fourteen Research, Investors, Conocophillips, Devon Energy, Exxon, Organization of Petroleum, Kplgr, Bank of America, Citigroup Locations: U.S, Wall, Saudi Arabia, Russia, Chevron
MUMBAI, Oct 3 (Reuters) - The Indian rupee is likely to open weaker on Tuesday as U.S. treasury yields rose to fresh multi-year highs after the United States averted a partial government shutdown. Non-deliverable forwards indicate the rupee will open at around 83.25 to the U.S. dollar compared with a close of 83.04 in Friday's session. Buoyed by higher U.S. yields, the dollar index also climbed to 107.13 in Asia, its highest level since November 2022. While the rupee has come close to testing its record low levels in recent weeks, likely dollar sales from the RBI have managed to keep some of the weakness at bay. The rupee could see an intraday fall to a fresh record low if the dollar index continues to strengthen, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.
Persons: Loretta Mester, Dilip Parmar, Jaspreet Kalra, Sonia Cheema Organizations: U.S, . Federal Reserve, Reserve Bank, Cleveland, Reserve Bank of India, Brent, HDFC Securities, Thomson Locations: MUMBAI, United States, Asia
NEW YORK (AP) — Wall Street is sinking sharply Tuesday as it focuses on the downside of a surprisingly strong job market. Stocks fell as the pressure on them cranked even higher from rising Treasury yields in the bond market. Tuesday's report on the U.S. job market could give the Fed more reason to keep rates high. They and other high-growth stocks are seen as some of the biggest victims of high interest rates. The resumption of student-loan repayments could drag on spending by U.S. households, which has been strong enough to help keep the economy out of a recession despite high interest rates.
Persons: Stocks, Michelle Bowman, , Yung, Yu Ma, McCormick, China Evergrande, Eli Lilly, Brent, Matt Ott, Elaine Kurtenbach Organizations: Dow Jones, Nasdaq, Treasury, Federal Reserve, Fed, BMO Wealth Management, Big Tech, Microsoft, Nvidia, Nikkei, AP Business Locations: Wall, China, South Korea, Europe
We're talking about this year's rise in bond yields, oil prices and the dollar — all at the time same. Nevertheless, bond yields, oil prices and the dollar always have far-reaching implications for the stock market. "The higher yields, that's what's been pressuring the equity market," Wharton School professor Jeremy Siegel said Monday on CNBC. In early September, the two countries announced their supply cuts would extend through year-end, a surprise decision that added upward pressure on oil prices. The picture is less clear-cut when considering the impact higher oil prices can have on consumers and non-energy companies.
Persons: , what's, Jeremy Siegel, Brent, WTI, It's, Siegel, Wharton's Siegel, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, U.S, multiweek United Auto Workers, General Motors, Club, Ford, Wharton, CNBC, Federal, Fed, Dow Jones, West, Brent, Natural Resources, Coterra Energy, Consumers, JPMorgan, Procter, Gamble, Apple, New York Stock Exchange, Getty Locations: U.S, Ukraine, West Texas, Saudi Arabia, Russia, tailwind, headwind
By 1150 GMT, the rouble was 0.6% stronger against the dollar at 99.17, having hit 100.2550 in early trade, a more than seven-week low. "There is still no cause for concern," Kremlin spokesman Dmitry Peskov told reporters. "Expensive oil and an increase in the key rate are improving the outlook for the rouble, but in the medium-term," Promsvyazbank analysts said. They expected the rouble to make a short-lived move beyond 100 to the dollar in the absence of new support measures from the authorities. "This level (100) is not a technical resistance, it's an important psychological barrier," said Alor Broker's Alexei Antonov.
Persons: Maxim Shemetov, Dmitry Peskov, Brent, Vladimir Putin's, Alexei Antonov, Lidia Kelly, Alexander Marrow, Andrew Heavens, Alison Williams Organizations: REUTERS, Bank of Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Ukraine, Melbourne, London
Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. On its first day as the front-month, Brent futures for December delivery settled $1.49, or 1.6%, lower at $90.71 a barrel, or down about 5% from where the November contract expired on Friday. Analysts said some traders took profits after crude prices rose nearly 30% to 10-month highs in the third quarter. Higher interest rates along with a stronger dollar, which makes oil more expensive for holders of other currencies, could dent oil demand. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia.
Persons: Agustin Marcarian, Brent, Gelber, Edward Moya, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio Our Organizations: REUTERS, U.S ., . West Texas, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading Commission, Associates, U.S, . Federal Reserve, World Bank, ING, Organization of, Petroleum, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, U.S, Europe, Germany, Britain, China, Iraq, Saudi Arabia, OPEC, Russia, New York, London, Tokyo
Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. U.S. West Texas Intermediate (WTI) crude fell $1.90, or 2.1%, to $88.89 per barrel. Energy analysts cited profit taking after crude prices rose nearly 30% in the third quarter to 10-month highs. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia. In Europe, manufacturing data showed the euro zone, Germany and Britain remained mired in a downturn in September, pressuring oil demand.
Persons: Agustin Marcarian, Brent, Jerome Powell, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Kim Coghill, Kirsten Donovan, Sharon Singleton Organizations: REUTERS, U.S ., . West Texas, Energy, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading, U.S, U.S . Federal Reserve, Treasury, ING, Organization of, Petroleum, Reuters, Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Friday's, U.S, Iraq, Saudi Arabia, OPEC, Russia, Europe, Germany, Britain, China, New York, London, Tokyo
Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023. Asked about the impact of high oil prices on consumers, al-Ghais said this "depends on the state of the global economy" and noted increases in oil demand. We're seeing historically high, phenomenally high growth figures for oil demand," he said. An OPEC+ technical committee convenes digitally on Wednesday to review market fundamentals and the individual production compliance of member countries. Three OPEC+ delegates, speaking anonymously because of the sensitivity of the discussions, told CNBC it is unlikely this week's JMMC meeting will lead to policy adjustments.
Persons: Haitham, CNBC's Dan Murphy, Ghais Organizations: Organization of Petroleum Exporting, Energy Asia Summit, Bloomberg, Getty, OPEC, Organization of, Petroleum, Abu Dhabi International Progressive Energy Congress, European Union, Brent, International Energy Agency, CNBC, COP28 Locations: OPEC, Europe, Ukraine, Paris
Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, which brings together the largest players in the oil and gas industries. And al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap. Though all smiles at Monday's conference, al-Jaber has acknowledged the withering criticism he's faced. Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq's oil minister has said it was anticipated, without elaborating.
Persons: Sultan al, Jaber, al, Al, , he's, it’s, ” al, Haitham, Ghais, Alparslan Bayraktar, , Bayraktar Organizations: United, United Arab Emirates, Abu Dhabi Oil Co, Abu, Abu Dhabi International Petroleum Exhibition, Conference, Brent, United Arab, Turkish Energy, Kurdish Locations: ABU DHABI, United Arab, United Nations, Abu, Abu Dhabi, Russia, United Arab Emirates, Jaber, OPEC, Iraqi, Turkish, Turkey, Ceyhan
The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. Rate-sensitive utilities (.GSPTTUT) fell nearly 3%, leading declines amid a dramatic run-up in 10-year U.S. Treasury yields that hit 16-year highs. "U.S. Treasury yields continue to march higher and that's just crushing the dividend-paying stocks like utilities in Canada," said Douglas Porter, chief economist of BMO Capital Markets. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.5 last month, from 48.0 in August. Reporting by Siddarth S in Bengaluru; Editing by Shailesh Kuber and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
Persons: Chris Helgren, Douglas Porter, Eric Provost, Siddarth, Shailesh Kuber, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, TSX, Treasury, Toronto Stock, Materials, Brent, U.S . West Texas, BMO Capital Markets, Data, P Global Canada Manufacturing, Laurentian Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, Bengaluru
London CNN —The head of the Organization of the Petroleum Exporting Countries — a group of the world’s major oil producers — told CNN Monday that a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel. “By underinvesting, we are actually endangering energy security… Without this [investment], I think there are serious possibilities that prices, the volatility, will be increasing as demand grows,” he said. “We have to make sure that the world has enough energy — stable, affordable, reliable, not intermittent sources of energy,” he added. The comments come just a week after the International Energy Agency predicted that global demand for oil, natural gas and coal was likely to peak by 2030. Al Ghais said hitting that reduction target would be a “monumental challenge” given that fossil fuel consumption as a proportion of global energy demand had barely budged in 30 years.
Persons: , Haitham Al Ghais, CNN’s Becky Anderson, , Brent, Al Ghais, ” Al Ghais, Fatih Birol Organizations: London CNN, Organization of, Petroleum, CNN, International Energy Agency, IEA Locations: Abu Dhabi, Underinvestment, Saudi Arabia, Russia
Experts predict oil prices will continue to rise heading into the fourth quarter, driven by tighter supply and production cuts. Despite some profit-taking in the last week of September, crude oil prices have rallied since the summer. That means U.S. crude oil reserves will remain under pressure amid the Saudi production cuts. And questions still remain as to the strength of a resurgence from the Chinese economy and how that will support higher oil prices. Goldman also recently published its list of buy-rated stocks to play higher oil prices, which included Chevron and Baker Hughes .
Persons: Goldman Sachs, Brent, Viktor Katona, Katona, Stephen Ellis, Ellis, Ole Hansen, " Hansen, Brian Mulberry, Mulberry, Goldman, Baker Hughes, Neil Mehta, Mehta Organizations: Brent, West, West Texas, Bank of America, Chevron, ExxonMobil, Morningstar, Saxos Bank, Zacks Investment Management, Federal Reserve, ConocoPhillips, XOM Locations: West Texas, Saudi Arabia, Saudi, Russia, OPEC, U.S, Cushing , Oklahoma, East, Kuwait, Iraq, Ukraine, Iran
The world's top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August's 25.22 million bpd, according to data complied by LSEG. September's imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. China imported 11.53 million bpd in September, down from August's 12.49 million bpd, according to LSEG data. Russia was China's top supplier in September, providing 1.81 million bpd, eclipsing the 1.44 million bpd from Saudi Arabia. The main question for Asia's oil demand in the fourth quarter is just how hard the recent price rally will bite demand.
Persons: Vietnam's, China doesn't, Asia's, Jamie Freed Organizations: LSEG, Imports, Reliance Industries, SK Energy's Ulsan, Taiwan's CPC, Brent, U.S, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, August's, Jamnagar, India, South Korea, Saudi Arabia, Asia, CHINA, China, Russia, Iran
BANGKOK (AP) — Asian shares were mostly higher in thin trading Monday with many markets closed for holidays. Japan’s Nikkei 225 index slipped after a central bank survey showed business confidence on the rise. The Bank of Japan’s “tankan” quarterly survey measured business sentiment among major manufacturers at plus 9, up from plus 5 in June. After easing earlier in the day on encouraging signals about inflation, Treasury yields got back to rising as the day progressed. Postponements of such reports could complicate things for the Fed, which has insisted it will make upcoming decisions on interest rates based on what incoming data say about the economy.
Persons: Australia's, Taiwan's Taiex, It's, it's, Brent Organizations: Japan’s Nikkei, Japan’s, Nikkei, Dow, Nasdaq, Treasury, Federal Reserve, New York Mercantile Exchange Locations: BANGKOK, China, South Korea, U.S, Tokyo, Bangkok
Beware the bears: Why it's too easy to be a seller right now
  + stars: | 2023-10-01 | by ( Jim Cramer | ) www.cnbc.com   time to read: +6 min
Now that we are almost back to normal via de-inversion, what does that say to the billionaire class? The stock sellers show no fortitude. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: , Jerome Powell, Brent, didn't, Jim Cramer's, Jim Cramer, Jim, Kai Pfaffenbach Organizations: Treasury, Costco, Organization of Petroleum, Club, Costco Wholesale, Nike, Honeywell, Nvidia, Fed, Jim Cramer's Charitable, CNBC Locations: Saudi Arabia, Frankfurt, Germany
Oil prices surging to the brink of $100 per barrel and the specter of higher for longer inflation have renewed concern about stagflation risks, however. Kashkari reaffirmed this message when speaking to CNBC on Wednesday, saying that he was not sure if interest rates have been raised enough to successfully fight price growth. Market participants are worried that surging oil prices could keep inflation higher for longer, amplifying the risk of stagflation. "The price pressure reflects a shortage of supply, after OPEC+ cut production targets, under the leadership of Saudi Arabia and Russia. This must be seen in the context of a moving geopolitical environment, with Saudi Arabia recently joining the BRICS group," they added.
Persons: Mel Lagomasino, CNBC's, Lagomasino, Neel Kashkari, Kashkari, Jerome Powell, Chip Somodevilla, Stagflation, , South Africa — Organizations: WE, CNBC, Federal Reserve, Getty, Brent, . West Texas Intermediate, Organization of, Petroleum, OPEC, Generali Investments, United Locations: Minneapolis, Washington ,, Saudi Arabia, Russia, OPEC, stagflation, Brazil, India, China, South Africa, Argentina, Egypt, Iran, Ethiopia, United Arab Emirates
boonchai wedmakawand | Moment | Getty ImagesSupply cuts from heavyweight crude producers have helped drive oil prices near $100 per barrel — fueling some to consider the potential for future demand destruction. Seven European refiners and traders, who spoke under anonymity because of contractual obligations, told CNBC that local buyers can withstand oil prices veering into triple digits without lowering their output runs. Some European market participants polled by CNBC doubted triple-digit oil prices are sustainable in the long term, with three pointing to possible demand destruction — where customers gradually answer persistently high prices with fewer purchases. "Sometimes high oil prices can become a self-fulfilling prophecy," Indian Energy Minister Hardeep Singh Puri warned in August. The oil price hike has benefitted Moscow despite sanctions.
Persons: boonchai, Sushant Gupta, Wood Mackenzie, Topping, Ukraine —, refiner, Hardeep Singh Puri, Giovanni Staunovo Organizations: Brent, ING, Organization of, Petroleum, CNBC, U.S . Energy, Administration, Indian Energy, UBS Locations: London, Asia, Wood, OPEC, Saudi Arabia, Russia, China, Europe, Ukraine, U.S, Moscow, Washington, Israel, East, Riyadh, Iran, Beijing
Stocks broadly got a boost after yields in the Treasury market eased further off their highest levels in more than a decade. Yields fell after a report showed the measure of inflation that the Federal Reserve prefers to use was a smidgen cooler last month than economists expected. It charged this week to its highest level since 2007, up from 3.50% in May and just 0.50% in 2020. The latest monthly update on the U.S. jobs market is due next week, with a couple of important reports on inflation coming the following week. Big Tech stocks were helping to lead the market, as they're seen as some of the biggest beneficiaries from easier yields in the bond market.
Persons: it’s, , Brian Jacobsen, doesn’t bode, it's, Brent, Schlumberger, Matt Ott, Elaine Kurtenbach Organizations: Dow Jones, Nasdaq, Nike, Federal Reserve, Treasury, Annex Wealth Management, Wonder Group, Big Tech, Microsoft, Nvidia, Exxon Mobil, AP Business Locations: North America, U.S, Europe, Asia
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Oct. 4. The panel, called the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Four OPEC+ sources who declined to be named said the committee would probably not make any changes to existing policy during Wednesday's online meeting. With oil rallying, some analysts have cited an increasing probability the Saudi voluntary cuts will be reduced. The next full OPEC+ meeting is not until November.
Persons: Leonhard Foeger, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Maha El, Olesya Astakhova, Alex Lawler, Dmitry Zhdannikov, Emelia Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi Energy Ministry, Saudi Energy, Saudi, OPEC, Thomson Locations: Vienna, Austria, Saudi, Russia, DUBAI, MOSCOW, OPEC, Saudi Arabia
Russia and Saudi Arabia have made billions in additional oil revenue after their production cuts lifted prices. Meanwhile, Saudi Arabia has likely pulled in about $2.6 billion in extra revenue. AdvertisementAdvertisementRussia and Saudi Arabia have likely pulled billions in additional oil revenue after steep oil production cuts lifted crude prices. Then, Saudi Arabia and Russia implemented their own voluntary production cuts this summer, with Saudi Arabia slashing production by 1 million barrels a day while Russia slashed production by half a million barrels a day. Analysts have said crude prices could quickly be on track to notch $100 a barrel next year, thanks to underinvestment and chronic undersupply in the industry.
Persons: Organizations: Service, Wall Street Journal, UAE, Brent, West Texas Intermediate, Saudi Locations: Russia, Saudi Arabia, OPEC, Ukraine
The S&P 500 index (SPX) has risen 11% since the start of the year, the tech-heavy Nasdaq (NDX) 33%, and the Stoxx Europe 600 (STOXX) 5%. The Stoxx Europe 600 has fallen 3.3%. ‘Higher for longer’ interest ratesThe world’s major central banks have spent the past two years hiking borrowing costs in a bid to control runaway inflation. High interest rates typically put pressure on stocks, since investors tend to favor bonds when they offer comparable returns as they are safer. An ailing ChinaA slew of disappointing economic data out of China has also put pressure on stocks.
Persons: Michael Hewson, , Cushing, Strategic Petroleum Reserve —, Goldman Sachs, Giovanni Staunovo, Brent, stoking Organizations: London CNN —, CMC, CNN, Nasdaq, Federal Reserve, Brent, Strategic Petroleum Reserve, UBS, country’s National Bureau of Statistics, Evergrande Group Locations: United States, Europe, Saudi Arabia, Russia, OPEC, Cushing , Oklahoma, Ukraine, Saudi, China, Hong Kong
US oil jumps $1 on crude draw, tight global supply
  + stars: | 2023-09-28 | by ( Florence Tan | ) www.reuters.com   time to read: +3 min
U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November. U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll. Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed. "We expect as near-term oil prices continue to push higher a reduction of current supply cuts is increasingly likely," National Australian Bank's analysts said in a note.
Persons: WTI, Stefano Grasso, Cushing, Grasso, Vladimir Putin, Florence Tan, Laura Sanicola, Jacqueline Wong Organizations: Kyodo, U.S . West Texas, Brent, Cushing, Organization of, Petroleum, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, United States, Saudi Arabia, U.S, 8VantEdge, Singapore, Oklahoma, Russia, OPEC, Australian, Saudi
Total: 25