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☆ Apple Overhauls App Store in Europe, in Response to New Digital Law
▼ + stars: | 2024-01-25 | by ( Adam Satariano | Tripp Mickle | ) www.nytimes.com time to read: +1 min

Since Apple introduced the App Store in 2008, it has tightly controlled the apps and services allowed on iPhones and iPads, giving the company an iron grip on one of the digital economy’s most valuable storefronts. Now Apple is weakening its hold on the store, in one of the most consequential signs to date of how new European regulations are changing consumer technology. To comply with a European Union competition law taking effect on March 7, Apple on Thursday announced major changes to the App Store and other services for consumers in Europe. In Europe, customers will now have access to competing app stores and other services. In the United States, where there are fewer laws and regulations, Apple and other tech giants have more flexibility to operate as they please.

Organizations: Apple, European Union Locations: Europe, China, United States

☆ Spotify to begin in-app sales on iPhone in Europe after new EU law requires Apple to allow it
▼ + stars: | 2024-01-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Spotify said Wednesday it will update its iPhone app in Europe to allow users to buy in-app subscriptions and audiobooks. In most regions, Apple's App Store rules prohibit companies such as Spotify from billing users directly within the app. Apple says app makers should instead use Apple's App Store billing service, which takes a cut of up to 30%. Spotify said it will use the new regulation to allow users to subscribe to Spotify Premium, allow users to buy audiobooks, and run promotional campaigns, all within the app. The company will also allow iPhone users to directly download other Spotify apps from its website, such as Spotify for Artists, it said.

Persons: gatekeepers, Tim Cook, Morgan Stanley, Erik Woodring Organizations: Spotify, Apple, Markets, SEC, Artists, App Locations: Europe

☆ Don’t let this passport quirk upend your next vacation. It 'trips a lot of people up,' expert says
▼ + stars: | 2024-01-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

However, another common passport snafu threatens to upend your trip overseas — and it involves passports that haven't yet expired but are close to doing so. Many countries require that Americans have at least a few months of validity remaining on their U.S. passport in order to travel there, or to secure a visa to that country. Many countries in the Asia-Pacific and Middle East regions require at least six months of validity for permission to enter. What this means: Gatekeepers like border officials will deny travel if your passport doesn't have a certain amount of validity remaining. The requirement "trips a lot of people up," said Charles Leocha, president and co-founder of Travelers United, a nonprofit advocacy group.

Persons: Charles Leocha Organizations: Finance, State Department, Travelers United Locations: New Europe, Schengen, Asia, Pacific, Hong Kong

☆ This startup wants to be the leading clean energy provider to businesses. Check out the 12-slide pitch deck Reel used to raise $5.4 million.
▼ + stars: | 2024-01-22 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Businesses can currently purchase certificates or credits to say they have used renewable energy, representing the output from a renewable energy project that's already supplying the grid. The startup's platform aggregates smaller companies' energy demands so they can sign PPAs, which locks in a fixed price. It will also expand into new European markets and grow its 15-strong team across tech, energy, commercial, and operations. With its eye on becoming the leading B2B energy provider, the startup plans to build energy storage and demand response capabilities down the line.

Persons: —, David, Jon Sigvert, Sigvert, Daniel Nathan Organizations: Service, Business, Energy, International Energy Agency . Companies, Fortune, UVC Partners, Firm Locations: Copenhagen, Ukraine, Finland

☆ Will My Next Trip Be by Train Instead of Plane?
▼ + stars: | 2024-01-18 | by ( Paige Mcclanahan | ) www.nytimes.com time to read: +1 min

Train lovers and travelers concerned about their carbon footprint have a lot to choose from this year — especially in Europe. While some European governments are mulling short-haul flight bans, many passengers are already opting for rail, where new connections are numerous. Nightjet, part of the Austrian federal railway, ÖBB, started running a sleeper train between Berlin and Paris in December, while the French rail operator, S.N.C.F., started overnight service between Paris and Aurillac, in south-central France, the same month. And the Italian rail operator Trenitalia has recently started running a weekly high-speed connection between Rome and the station serving the Pompeii archaeological park. Other new European connections include a sleeper service between Brussels and Prague, coming in late March, and an overnight train between Brussels and Bratislava, Slovakia, expected late this year or early next.

Persons: Trenitalia Organizations: Orient, Accor Locations: Europe, Austrian, ÖBB, Berlin, Paris, Aurillac, France, Vienna, Nice, Rome, Brussels, Prague, Bratislava, Slovakia, Barcelona, Madrid, Milan, Ljubljana, Slovenia, Italy, Palermo, Portofino, Siena

The appeal stemmed from an antitrust lawsuit filed in 2020 by Epic Games, maker of the popular Fortnite video game. Epic lost its broader claim that Cupertino, California-based Apple was violating federal antitrust law, and the justices also rejected Epic's appeal Tuesday. That change would make it easier for developers to avoid paying Apple’s commissions ranging from 15% to 30%. Apple's shares declined by 2% in Tuesday's early afternoon trading, leaving the company with a market value of about $2.8 trillion. Apple ousted Epic from its app store after it tried to get around Apple's restrictions.

Persons: —, Apple, Apple didn't, Yvonne Gonzalez Rogers, Tim Sweeney Organizations: WASHINGTON, Epic Games, Apple, Microsoft, U.S, Google Locations: California, Cupertino , California, U.S, Apple's, Cary , North Carolina, San Ramon , California

☆ Amazon, Microsoft, Meta and others accused by rivals of not respecting new EU competition rules
▼ + stars: | 2024-01-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone with an EU flag shown in the background. A raft of major technology and media companies have signed an open letter accusing tech giants of failing to bring their businesses into full compliance with incoming European Union digital competition rules. The signatories say that companies defined by the EU as "gatekeepers," including Google , Amazon , Apple , Meta , Microsoft , and TikTok owner ByteDance, haven't done enough to engage effectively with them and others in their industry. They are required to, for example, make their messaging apps work with those of rivals, and let users decide which apps come pre-installed with their devices. Another EU requirement is that these platforms do not implement practices that lead to the "self-preferencing" of their services over others.

Persons: ByteDance, — Organizations: Apple, Facebook, Microsoft, Union, EU, Google, Meta, Big Tech Locations: EU

☆ Why own Apple stock when there are no near-term catalysts? Here are 3 key reasons
▼ + stars: | 2023-12-31 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

However, the reason Apple is designated an "own it, don't trade" stock is because near-term catalysts are less important than the longer-term trajectory. If 2023 taught us anything it's that the stock market will always surprise you. We think the best approach is to not worry too much about quarterly dynamics, and focus on the longer-term drivers of Apple stock. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Dave You, that's, Siri, it's, you've, Jim Cramer's, Jim, SeongJoon Cho Organizations: Club, Apple, EU, Nvidia, Apple Watch, Services, Apple Care, Jim Cramer's Charitable, CNBC, Apple Inc, Bloomberg, Getty Locations: spurts, India, Hanam, South Korea

The proposal to classify AI systems by four levels of risk — from minimal to unacceptable — was essentially intended as product safety legislation. That changed with the boom in generative AI, which sparked wonder by composing music, creating images and writing essays resembling human work. Foundation models give generative AI systems such as ChatGPT the ability to create something new, unlike traditional AI, which processes data and completes tasks using predetermined rules. Resistance to government rules for these AI systems came from an unlikely place: France, Germany and Italy. “The race should be for the best AI regulations, not the first AI regulations."

Persons: —, Bard chatbot, “ Rather, won’t, ”, Nick Reiners, “ there’s, Reiners, Sam Altman, Thierry Breton, ” Reiners, Kent Walker, Iverna McGowan, McGowan, Altman, OpenAI, Alpha, it's, ” Dragos, “, “ We’re Organizations: European Union, Eurasia Group, European Commission, Microsoft, Mistral, Elon, Center for Democracy and Technology, EU Locations: European, U.S, China, Brussels, France, Germany, Italy, Europe, German, Romanian

EU flag and TikTok logo are seen in this illustration taken, June 2, 2023. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBRUSSELS, Dec 1 (Reuters) - Chinese conglomerate ByteDance's TikTok has asked Europe's second highest court to suspend its designation as a gatekeeper under onerous new EU tech rules until judges rule on its challenge against the label. TikTok last month challenged the EU decision at the Luxembourg-based General Court, saying its designation risks undermining the DMA goal of protecting gatekeepers from newer competitors like itself. "We have applied for interim measures," a spokesperson said. The bar for the court to approve interim measures is very high.

Persons: Dado Ruvic, TikTok, Europe's, Foo Yun Chee, Barbara Lewis Organizations: REUTERS, Rights, Markets, Google, Apple, Microsoft, EU, Companies, Commission, Thomson Locations: Luxembourg

☆ War-Inflicted Slowdown Ends Robust Year for Tourism in Middle East
▼ + stars: | 2023-11-30 | by ( Christine Chung | More About Christine Chung | ) www.nytimes.com time to read: +2 min

The ongoing war between Israel and Hamas, which erupted in early October, has halted international tourism to Israel and severely blunted travel to neighboring countries in a ripple effect spreading across the entire Middle East. While the slowdown in international visitors is only one of the war’s economic repercussions in the region, it poses a significant threat to the economies of Egypt, Jordan and other nations heavily dependent on tourism and has swiftly reversed a banner year of travel in the Middle East. The war has affected all segments of the travel industry, with international travel operators scaling back or postponing excursions, cruise lines redeploying ships and airlines dramatically reducing service. And many travelers, heeding government warnings and their own worries, are increasingly wary about visiting the region, prompting waves of cancellations. “We foresaw the Middle East evolving into the ‘New Europe’ with the Iran-Saudi Arabia rapprochement and Saudi Arabia’s integration into the tourism system,” said Khaled Ibrahim, a Cairo-based consultant for Amisol Travel Egypt and a member of the Middle East Travel Alliance.

Persons: ”, Khaled Ibrahim, —, Hussein Abdallah, hasn’t Organizations: Amisol Travel, East Travel Alliance, UNESCO Locations: Israel, Egypt, Jordan, Europe, Iran, Saudi Arabia, Saudi, Cairo, Amisol Travel Egypt, Lebanon, Beirut, Baalbek

☆ Irish central bank: EU to adopt broader approach to boost capital market
▼ + stars: | 2023-11-30 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The bloc has introduced several "top down" reforms in a bid to boost its capital market, but progress has been modest and it continues to lag Wall Street in terms of breadth and depth, and company listings. Rowland said the push towards a deeper capital market would also focus on "bottom up" measures, such as steps taken at the national level, or initiatives by market participants. Speeding up EU capital market reforms has become more pressing since Brexit as Britain also eases capital market rules to become more globally competitive. They need to mobilise private capital," he said, adding that some bottom-up measures were already emerging, such as Italy's capital markets law, and a green industry law in France. Regulators in Britain and globally, however, have some concerns about whether assets in private markets have valuations that properly reflect the impact of higher interest rates and inflation.

Persons: Derville Rowland, Rowland, Huw Jones, Sharon Singleton, Bernadette Baum, Emelia Organizations: Central Bank of Ireland, European Commission, EU's, Markets Union, CMU, Publicly, EU, Regulators, Thomson Locations: Britain, France

☆ 700 Paintings, 45 Galleries: A Guide to the Met’s New European Wing
▼ + stars: | 2023-11-24 | by ( Jason Farago | More About Jason Farago | ) www.nytimes.com time to read: +2 min

Five years after the Metropolitan Museum of Art set off on a major renovation of its galleries for European painting, the super-prime real estate at the top of its grand staircase is open again. Down in the galleries, the Met’s designers have widened the rooms, rearranged the sightlines, shellacked the walls purple and blue. The curators have reassembled the whole painting collection for the first time since 2018, shuffled across 45 new galleries and bathed in beautifully tempered light. (When it comes to light, this New Amsterdam institution definitely leans more Dutch than Italian.) Duccio’s break-the-bank Madonna and Child, painted in Tuscany around 1300, now shares a case with Ingres’s painting of the same subject from 1852.

Persons: Beyer Blinder Belle, Truman, Bacon, Beckmann, Kerry James Marshall, You’ll Organizations: Metropolitan Museum of Art, Met Locations: New Amsterdam, Italy, France, Spain, zigzags, Tuscany

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsROME, Nov 23 (Reuters) - Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday. "This development does not immediately impact the feasibility assessment of the larger hub project," Glencore said in an emailed statement. This initiative is important for our recycling strategy and aligns with Italy's objectives for sustainable industry development," the group added. The Swiss group did not specify where it would build the pilot plant.

Persons: Arnd, Glencore, Li, Francesca Landini, Jan Harvey, Keith Weir Organizations: REUTERS, Rights, Union, Hub, Reuters, UIL, Thomson Locations: Baar, Switzerland, Italy, Sardinia, Swiss, Portovesme, Europe, North America, Sardinian, CISL

His party more than doubled in size in parliament to tower over mainstream parties that long specialized in marginalizing him. Suddenly on Thursday, there was hope in the air again for nationalist conservative populists, especially with an European Parliament election coming up in June. Earlier, Slovakia had already turned populist with Robert Fico’s Smer party winning a general election and setting up a coalition government with an ultranationalist party. Wilders calls for a “Nexit” referendum — a Dutch version of Brexit which saw the United Kingdom leave the EU. By nature, Dutch politics rely on coalitions between several parties and no other suitable party has followed Wilders on that.

Persons: Geert Wilders, firebrand Wilders, “, Alice Weidel, Wilders, Robert Fico’s Smer, Viktor Orbán, behemoth, Le Pen, ”, Hendrik Vos, Vos, Matteo Salvini Organizations: Party for Freedom, Law, European Union, EU, France, Inter, Ghent University, League Locations: BRUSSELS, Europe, Poland, Netherlands, Germany, Ukraine, Slovakia, Hungarian, France, United Kingdom, Italian, Italy

Wilders' win sent a warning shot to mainstream parties across Europe ahead of European Parliament elections next June, which will likely be fought on the same issues as the Dutch election: immigration, cost of living and climate change. A fan of former U.S. President Donald Trump and Hungary's eurosceptic Prime Minister Viktor Orban, Wilders is openly anti-Islam, and anti-EU and said "the Netherlands will be returned to the Dutch." "I would be very happy to become the Dutch prime minister, of course," Wilders told party members who welcomed him with champagne and cake, adding that he was willing to negotiate. "But the first thing is a significant restriction on asylum and immigration," Wilders said. "The high level of support for anti-European forces in the Netherlands is bitter," Germany's EU Minister Anna Luehrmann said.

Persons: Wilders, eurosceptics, Geert Wilders, We've, Herman Borcher, Donald Trump, Viktor Orban, Mark Rutte, Yves Herman Acquire, Rene Cuperus, It's, Cuperus, Anna Luehrmann, Muhsin Koktas, Bart Meijer, Charlotte van Campenhout, Anthony Deutsch, Johnny Cotton, Toby Sterling, Petra Wischgoll, Alvise Armellini, Dominique Vidalon, Sudip Kar, Ingrid Melander, Bernadette Baum, Toby Chopra Organizations: Freedom Party, Labour, Green, People's Party for Freedom and Democracy, Coalition, REUTERS, Statistics, Clingendael Institute, EU, Islamic, Thomson Locations: Europe, AMSTERDAM, Netherlands, Enschede, The Hague, Statistics Netherlands, Ukraine, Moroccan, Amsterdam

☆ Praise, fear after Dutch populist Wilders' election win
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Dutch far-right politician and leader of the PVV party, Geert Wilders reacts to the exit poll and early results in the Dutch parliamentary elections, in The Hague, Netherlands November 22, 2023. Congratulations to Geert Wilders on winning the Dutch elections!" BELGIAN FAR-RIGHT LEADER TOM VAN GRIEKEN:"I would like to congratulate Geert Wilders on this victory. ITALIAN FAR-RIGHT LEADER MATTEO SALVINI:"Congratulations to our friend Geert Wilders, leader of the PVV and historic ally of the League, for this extraordinary electoral victory. CONSERVATIVE, PRO-BUSINESS VVD PARTY LEADER DILAN YESILGOZ:"It is up to Wilders to show he can form a majority.

Persons: Geert Wilders, Yves Herman Acquire, VIKTOR ORBAN, Geerts Wilders, TOM VAN, SANTIAGO ABASCAL, MATTEO SALVINI, HABIB, KADDOURI, Wilders, FRANS TIMMERMANS, DILAN YESILGOZ, Charlotte Van Campenhout, Bart Meijer, John Irish, Jamie Freed Organizations: REUTERS, Rights, Freedom Party, MARINE, PEN, League, INTERNATIONAL, CONSERVATIVE, Thomson Locations: The Hague, Netherlands, EU, Europe, BELGIAN, Flanders, Paris

☆ EU stops advertising on X over hate speech. Fines could follow next year
▼ + stars: | 2023-11-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

“We have seen an alarming increase in disinformation and hate speech on several social media platforms in recent weeks,” Johannes Bahrke, a European Commission spokesperson, said Friday. That means, should the European Commission find that X has broken DSA rules, the company could be fined as much as $180 million. So far, only two states, Italy and Hungary, have done so, a commission spokesperson told CNN. The European Commission, which recently sounded the alarm on a sharp rise in antisemitism in Europe, has so far stopped short of criticizing Musk directly. A commission spokesperson declined to comment to CNN on Musk’s X post from last Wednesday.

Persons: ” Johannes Bahrke, Bahrke, X, TikTok, ”, Musk, hasn’t, Andrew Bates, “, Ferda, Ataman, Musk ”, Sandra Wachter, ” Wachter Organizations: London CNN, Elon Musk’s, Twitter, European Commission, Commission, Hamas, Facebook, Social, Digital Services, DSA, CNN, Disney, Paramount, Musk’s, White, European, Discrimination Agency, “, Oxford Internet Institute Locations: Israel, Italy, Hungary, Gaza, Pittsburgh, Europe, Germany, Spain, Austria, “, Federal

☆ EU official channels gloom over Russia's war in Ukraine
▼ + stars: | 2023-11-17 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

"Leaders... were realizing it's quite expensive," said the official, who is involved in preparing a Dec.14-15 summit in Brussels of the EU 27 member states' national leaders. But it's not easy," said the official, who spoke on condition of anonymity to discuss talks between EU leaders held behind closed doors. While Hungary was openly calling for a new EU strategy on Russia's war in Ukraine, the official said others in the bloc were also increasingly asking questions about the future of the war following failed hopes for Ukraine's counteroffensive. "Will we continue to support Ukraine financially, military? The consensus is to continue to provide support to Ukraine, but some of those questions are coming."

Persons: it's, Gabriela Baczynska, William Maclean Organizations: Union, Kyiv, European Commission, EU, Ukraine's, Thomson Locations: BRUSSELS, Ukraine, Kyiv, Brussels, Hungary, EU, U.S

☆ Senior EU Official Channels Increasing Gloom Over Russia's War in Ukraine
▼ + stars: | 2023-11-17 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

Persons: Gabriela Baczynska BRUSSELS, it's, Gabriela Baczynska, William Maclean Organizations: Union, Kyiv, European Commission, EU, Ukraine's Locations: Ukraine, Kyiv, Brussels, Hungary, EU, U.S

☆ China's not-so-special economic zone embodies a harsh new reality
▼ + stars: | 2023-11-16 | by ( David Kirton | ) www.reuters.com time to read: +9 min

REUTERS/David Kirton Acquire Licensing RightsSHENZHEN, China, Nov 16 (Reuters) - Tony Xiong is among the latest arrivals to the glitzy office towers in the newest part of Shenzhen, built to showcase China's economic miracle. Office workers are not the only ones grumbling about the unattractiveness of Qianhai, a special economic zone where Chinese dreams of global financial might and economic prosperity that once seemed inevitable are now darkened by half-empty skyscrapers and shopping malls as well as barely used motorways. And that's before China's tallest skyscraper of over 1,000 metres and a cluster of other towers are completed. With China entering a new era of sluggish growth, Qianhai may never reach the international status to which it aspires. The Qianhai Authority and China's State Council Information Office did not respond to Reuters requests for comment on the local and macro economic challenges.

Persons: David Kirton, Tony Xiong, Qianhai, Knight Frank, Antonio Fatas, Deng Xiaoping's, Xi Jinping, Xi, Zhiwu Chen, incentivised, Witman Hung, I've, Brian Miller, Klaus Zenkel, it's, Bill Deng, Zhang, James Pomfret, Marius Zaharia, David Crawshaw Organizations: REUTERS, Rights, Reuters, Authority, Communist Party, University of Hong, Qianhai Authority, HSBC, UBS, Standard Chartered, Chamber of Commerce, Greater, Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, Hong Kong, Beijing, Shanghai, China's, Qianhai, University of Hong Kong, Guangzhou, Hengqin, Macau, Nansha, South China, Greater Bay Area, . Hong Kong

LONDON (AP) — TikTok and Facebook owner Meta are filing legal challenges against new European Union rules designed to counter the dominance of digital giants and make online competition fairer by giving consumers more choice. The Digital Markets Act will take effect by March, with a list of dos and don'ts for big tech companies aimed at giving users more choices and threatening big penalties if they don't comply. Labeling TikTok a gatekeeper undermines the DMA’s goal by “protecting actual gatekeepers from newer competitors like TikTok,” the company said, adding that the video-sharing app is “arguably the most capable challenger” to bigger social media rivals. Political Cartoons View All 1250 ImagesAmazon, Apple, Google and Microsoft also were given the gatekeeper label in September, along with TikTok parent company ByteDance and Meta. Meta is not arguing with being designated a gatekeeper, but the company thinks the European Commission, the EU's executive arm, was wrong to specifically single out Marketplace and Messenger as core platform services.

Persons: — TikTok, Meta, TikTok, ” Meta Organizations: Facebook, Union, Digital Markets, Apple, Google, Microsoft, Meta, European Commission

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. Diesel inventories fell more than expected at 1.4 million barrels. The International Energy Agency on Tuesday joined OPEC in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. European Union diplomats said Russian oil tankers are not targeted in the European Commission's proposal for tightening implementation of a price cap on the country's crude oil.

Persons: Angus Mordant, Brent, John Kilduff, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Marguerita Choy, David Gregorio Our Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, Organization of, Petroleum, International Energy Agency, Tuesday, Financial Times, Thomson Locations: Loving County , Texas, U.S, contango, Asia, New York, Saudi Arabia, Russia, OPEC, Denmark, Houston, London

U.S. crude stocks rose by 3.6 million barrels in the last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. domestic crude production stayed at a record 13.2 million barrels per day, the data showed. In an indication of strong demand, gasoline stocks saw a surprise draw of 1.5 million barrels, while diesel stocks drew more than expected at 1.4 million barrels. American Petroleum Institute figures on Tuesday had showed rising crude oil and gasoline inventories last week, according to market sources. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of its oil data makes the investment situation more opaque, Evans said.

Persons: Agustin Marcarian, Brent, John Evans, PVM, Evans, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman, Emelia, Alexandra Hudson Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, American Petroleum Institute, International Energy Agency, Organization of, Petroleum, Financial Times, European Union, Alexandra Hudson Our, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, U.S, China, United States, Houston, London

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.

Persons: Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman Organizations: REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London

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