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☆ Oil rises on cooling U.S. inflation but heads for weekly dip
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Indications of strong summer fuel demand in the U.S. also kept prices buoyed. Jet fuel demand on a four-week average basis was at its strongest since January 2020. The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles.

Persons: Brent, stoking, Jerome Powell, Jun Rong, Emril Jamil Organizations: Brent, . West Texas, Federal Reserve, Fed, IG, Jet, Gulf Locations: United States, U.S

☆ Oil prices tick up as crude, gasoline inventories ease
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signaling stronger demand. U.S. West Texas Intermediate (WTI) crude rose 36 cents, or 0.5%, to $82.47 a barrel. U.S. crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, far exceeding analysts' expectations in a Reuters poll for a 1.3 million-barrel draw. Gasoline stocks fell by 2 million barrels to 229.7 million barrels, much bigger than the 600,000-barrel draw analysts expected during the U.S. Fourth of July holiday week. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.

Persons: Brent, Beryl, Price, CME's, Jerome Powell Organizations: . West Texas, U.S, of, Petroleum, Federal Locations: Los Angeles , California, U.S, CME's FedWatch

☆ Oil rebounds as U.S. stockpiles drop, interest rate cut outlook brightens
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. U.S. West Texas Intermediate (WTI) crude rose 26 cents to $81.67 a barrel, after falling 1.1% in the previous session. Following Powell's comments investors continued to put a nearly 70% probability on a Fed rate cut in September. The outlook for higher oil prices was also supported by a U.S. Energy Information Administration (EIA) report on Tuesday showing global oil demand will outpace supply next year, reversing a prior forecast for a surplus. In Texas, oil and gas companies restarted some operations on Tuesday after Hurricane Beryl lashed the state, while some facilities sustained damage and power had not been fully restored.

Persons: WTI, Hurricane Beryl, Brent, Jerome Powell, Beryl Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Federal, ANZ, U.S . Energy Information Administration Locations: Maricopa, Kern County , California, Texas, Hurricane, U.S

☆ Oil little changed as investors eye impact of storm Beryl on Texas
▼ + stars: | 2024-07-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed as investors eyed energy supply disruption, with the largest ports in Texas shut before Tropical Storm Beryl likely strengthens into a hurricane and makes landfall on Monday. Brent crude futures inched up 11 cents, or 0.1%, to $86.65 a barrel as at 0042 GMT after closing down 89 cents on Friday. U.S. West Texas Intermediate crude was at $83.08 a barrel, down 8 cents, after settling down 72 cents in the previous session. Lower interest rates can boost economic activity and increase crude oil demand. Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies.

Persons: Beryl, Corpus Christi, Tony Sycamore, Baker Hughes BKR.O, Sycamore, Masoud Pezeshkian Organizations: Tropical, Brent, . West Texas, Texas City, Energy, Administration, Sunday Locations: Texas, Corpus Christi, Houston, Galveston, Freeport, Corpus, Sydney, U.S, France, Iran

☆ Earnings growth is the 'name of the game' right now, says CIO, naming 3 stocks to buy
▼ + stars: | 2024-07-08 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Though CIO Michael Landsberg of Landsberg Bennett Private Wealth Management says the conditions don't justify a cut, he says there might be one. "I think if Chairman Powell had not said, we're gonna get a rate cut, we wouldn't be having these discussions because earnings growth has been really strong. Against that backdrop, Landsberg says, investors should focus on companies generating strong earnings growth. "The major indices are continuing to rally based on strong earnings growth. Earnings growth is the name of the game for this stock market right now," he said in additional notes to CNBC.

Persons: Michael Landsberg, Landsberg Bennett, Powell, we're, CNBC's, he's, Landsberg, They've, Stryker Organizations: U.S . Federal, Wealth Management, Fed, West Texas, CNBC, Trade Locations: Landsberg, China, U.S

☆ Brent crude trades above $87, sets highest levels since April
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Oil prices for Brent crude hit their highest level since April on Thursday, holding above $87 after data the previous day showed a decline in U.S. inventories. Brent crude futures were up 21 cents, or 0.2%, at $87.55 a barrel by 1922 GMT. In the previous session, Brent gained 1.3% to settle at $87.34 for its highest close since April 30. Those gains followed a larger than expected decline in U.S. crude stocks.

Persons: Brent, WTI, Martin King, King, Tamas Varga, Rosneft Organizations: Brent, . West Texas, U.S, Independence, U.S . Energy Information Administration, Reuters, RBN Energy, U.S . Federal Reserve, Saudi Aramco, OPEC, UBS Locations: Gaza, France, United Kingdom, Novorossiisk, Saudi, Asia, Oman, Dubai, OPEC, Swiss

☆ Oil prices slip after data points to cooling U.S. economy
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation. Separately, the ADP Employment report showed private payrolls increased by 150,000 jobs in June, below a consensus predicting an increase of 160,000, and after rising by 157,000 in May. However, weaker economic data may add to the Federal Reserve's arguments to start cutting rates, analysts said, a move that would be supportive for the oil markets as lower rates could boost demand. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Organizations: Brent, U.S, West Texas, ADP, ISM, ANZ Research, Fed Locations: United States

☆ Oil holds near two-month high on higher demand outlook, possible rate cut
▼ + stars: | 2024-07-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. Still, signs of less-than-expected demand growth have limited gains in oil prices. This was mainly because of lower imports into China, the world's biggest oil importer and the second-largest consumer.

Persons: Beryl Organizations: Brent, . West Texas, Independence, American Automobile Association, ANZ, U.S, National Hurricane Center, Federal, Commerce Department Locations: U.S, Mexico's Bay, Campeche, Caribbean, Asia, China

☆ Oil inches higher on summer demand outlook
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: +2 min

That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said. In the U.S., oil production and demand rose to a four-month high in April, according to the Energy Information Administration's (EIA) Petroleum Supply Monthly report published on Friday. Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas. In China, the latest manufacturing data did not bode well for oil demand in the world's no.2 consumer and top crude importer.

Persons: Brent, Tony Sycamore, Hurricane Beryl, Beryl, bode Organizations: Brent, U.S, West Texas, Organization of, Petroleum, U.S . Federal, Hezbollah, Energy, Petroleum Supply, Traders, Atlantic, National Hurricane Center Locations: OPEC, Europe, Israel, U.S, Americas, Windward, China

☆ Oil prices edge higher as supply risks mount
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Oil prices have shrugged off signs of weak demand in the United States, the biggest oil consuming nation, and rallied higher as cross-border strains between Israel and Lebanon's Hezbollah escalated. On the demand front, rising U.S. crude stockpiles and weak gasoline consumption has kept a ceiling above oil prices. Government data this week showed an unexpected jump in crude inventories in the country as fuel demand weakened.

Persons: Brent Organizations: Brent, . West Texas, FGE Energy, U.S, National Hurricane Center Locations: United States, Israel, Iran, Lebanon, Turkey, U.S, Gulf Coast, Brent

☆ Oil prices slide on fears of slow U.S. demand after surprise inventory build
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fueled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. Oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fueled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. Brent crude oil futures fell 30 cents, or 0.4%, to $84.17 a barrel by 0028 GMT. "An expected increase in U.S. inventories of crude oil and gasoline are weighing on the market due to fears of weakening demand," said Tsuyoshi Ueno, senior economist at NLI Research Institute. The U.S. Energy Information Administration reported a 3.6 million barrel jump in the country's crude oil stocks last week, surprising analysts polled by Reuters who had expected a 2.9 million-barrel drawdown.

Persons: Tsuyoshi Ueno Organizations: Brent, . West Texas, NLI Research, U.S . Energy Information Administration, Reuters Locations: Gaza, Israel

☆ Asian shares shaky as investors wary before US inflation data
▼ + stars: | 2024-06-26 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Risk sentiment was also capped as hawkish comments from Federal Reserve officials kept near-term U.S. rate cut expectations in check in a boost to the dollar. The comments along with data showing a stable housing market kept expectations in check over when and by how much the Fed will cut rates. Markets are pricing in 47 basis points of easing this year, with a rate cut in September pegged at 66% probability, CME FedWatch tool showed. In the currency market, the dollar index , which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715. The yen touched a 34-year low of 160.245 per dollar on April 29, prompting Tokyo to spend roughly 9.8 trillion in late April and early May to support the currency.

Persons: Androniki, Lisa Cook, Cook, Michelle Bowman, Selena Ling, OCBC, OCBC's Ling, Shri Navaratnam Organizations: Nikkei, REUTERS, Federal Reserve, . Federal, Reuters, Bank of Japan's, Brent, U.S, West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, U.S, Asia, Pacific

☆ Oil edges lower after industry group reports jump in U.S. stockpiles
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +1 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Oil prices fell in early Asian trade on Wednesday after an industry group reported a surprise jump in U.S. stockpiles, fueling concerns about weaker-than-expected demand in the top oil consuming nation. Brent crude oil futures fell 19 cents, or 0.2%, to $84.82 a barrel by 0023 GMT. The American Petroleum Institute reported U.S. crude oil stocks rose by 914,000 barrels in the week ended June 21, according to market sources briefed on the data. API reported a 3.84 million barrel jump in U.S. gasoline stocks last week, the sources said, compared with analysts' expectation of a 1 million barrel decline.

Persons: Brent Organizations: . West Texas, American Petroleum Institute, Reuters, U.S, Federal Reserve, ANZ Bank Locations: Cushing , Oklahoma

☆ Oil extends losses as strong dollar weighs on commodities markets
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors' risk appetite. Brent crude futures slid 40 cents, or 0.5%, to $84.84 a barrel by 0036 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.34 a barrel, down 39 cents, or 0.5%. In Ecuador, state oil company Petroecuador has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains, sources said on Friday. In the U.S., operating oil rigs fell three to 485 last week, their lowest since January 2022, Baker Hughes said in its report on Friday.

Persons: Brent, Tony Sycamore, Petroecuador, Baker Hughes Organizations: Midland, . West Texas, U.S, PMI, IG, greenback, ANZ Locations: Odessa, Texas, Sydney, U.S, Gaza, Ecuador

☆ Oil prices start last week of June higher, on pace for monthly gain as Israel-Lebanon tensions simmer
▼ + stars: | 2024-06-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices pulled back Friday, snapping a recent winning streak, but closed out the week nearly 3% higher. West Texas Intermediate and Brent are on pace for a monthly gain of 5.3% and 4.7%, respectively. U.S. crude oil booked its worst month of the year in May, but prices have bounced back on hopes that the market will tighten on summer fuel demand. Ryan McKay, senior commodity strategist at TD Securities, said supply risks are now back in focus as tensions are building on the Israel-Lebanon border. Israel and the Iran-backed militia group Hezbollah have traded threats of war in recent weeks.

Persons: Brent, Tamas Varga, Ryan McKay, Benjamin Netanyahu, Israel, McKay, WTI Organizations: West Texas Intermediate, TD Securities, Hezbollah Locations: East, Israel, Lebanon, Iran, Gaza

☆ Consumer spending, inflation, and housing are 3 things to watch in the market next week
▼ + stars: | 2024-06-22 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Nvidia had some strong moves in the days after its 10-for-1 stock split traded in the market on June 10. Tuesday brought weaker-than-expected May retail sales , which the stock market took in stride, perhaps on the view that softness helps the view that the Federal Reserve will indeed cut interest rates later this year. Ultimately, the economic readings this past week signal that while U.S. growth remains resilient, things are slowing, which is an ideal setup for stock market bulls. The Fed's favorite inflation gauge and the tail end of earning season will be drivers of the market in the week ahead. ET: New Home Sales Before the bell: General Mills (GIS), Paychex (PAYX), UniFirst (UNF) After the bell: Micron (MU), BlackBerry (BB), Levi Strauss (LEVI) Thursday, June 27 8:30 a.m.

Persons: we're, Levi Strauss, Mills, LEVI, McCormick, Jim Cramer's, Jim Cramer, Jim, Emily Elconin Organizations: Nasdaq, Dow, Nvidia, Microsoft, Apple, Broadcom, Energy, West Texas, Utilities, Federal, Juneteenth, FedEx, Nike, Micron, UniFirst, UNF, BlackBerry, Walgreens Boots Alliance, Outdoor Brands, Jim Cramer's Charitable, CNBC, Shoppers, Getty Locations: U.S, Oaks, Novi , Michigan

☆ Brent rises on Middle East war, while WTI dips ahead of inventories report
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: +1 min

Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while U.S. crude futures dipped on the prospect of swelling oil inventories. Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. WTI crude, meanwhile, slipped ahead of the U.S. government's oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is due to release last week's oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday. An industry report release on Tuesday showed U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell.

Organizations: del, del Peru SA Talara, Brent, . West Texas, U.S, Energy Information Administration, American Petroleum Institute Locations: del Peru, Piura, Peru, Gaza, Rafah

☆ Oil steady amid US stock build but jitters abound
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday, staying close to their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected rise in U.S. crude inventories. U.S. West Texas Intermediate crude was down 20 cents to $81.37 per barrel. U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said on Tuesday, citing American Petroleum Institute figures. However, gasoline inventories fell by 1.077 million barrels, while distillates rose by 538,000 barrels, the sources said, speaking on condition of anonymity. China data this week showed May industrial output lagged expectations, but retail sales, a gauge of consumption, marked their quickest growth since February.

Persons: Ricardo Evangelista, Israel Katz, Jun Rong Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, U.S . Energy, Administration, Hezbollah, U.S, IG Locations: Ukrainian, Russian, East, Israel, Iran, China, Singapore

☆ Oil prices inch down on weaker U.S. consumer demand ahead of China data
▼ + stars: | 2024-06-17 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped in early Asian trading on Monday after a survey on Friday showed weaker U.S. consumer demand and as traders awaited the release of key economic data from China, the world's biggest crude importer. That followed prices slipping on Friday after a survey showed U.S. consumer sentiment fell to a seven-month low in June, with households worried about their personal finances and inflation. Economic data from China on Monday will set the tone for commodity markets this week, ANZ analysts said in a note. Producer and consumer data last week showed the country is still grappling with deflation. Markets in key oil trading hub Singapore and other countries in the region were closed for a public holiday on Monday.

Organizations: Global, Brent, . West Texas, ANZ Locations: Houston, Houston , Texas, China, Singapore

☆ Oil prices on track for weekly gain on solid demand outlook
▼ + stars: | 2024-06-14 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Friday but were on track for their first weekly gain in four weeks as markets assessed the impact of higher-for-longer U.S. interest rates versus solid outlooks for crude and fuel demand this year. Brent crude futures were down 72 cents, or 0.87%, to $82.04 a barrel at 0100 GMT. In a see-saw week, oil prices rallied after the Organization of Petroleum Exporting Countries stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid U.S. fuel demand this summer. Further buoying the market, Russia pledged to meet its output obligations under the OPEC+ pact, after saying it exceeded its quota in May. This should see the crude oil market remain well supported over the next 18 months," ANZ analysts said in a client note.

Persons: Goldman Sachs Organizations: Brent, West Texas, Organization of Petroleum, OPEC, ANZ, U.S . Federal Reserve, Fed Locations: Russia, OPEC, China

☆ Oil prices edge up on optimistic demand outlook
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. U.S. crude oil stocks fell by 2.428 million barrels in the week ended June 7, according to market sources citing American Petroleum Institute figures. Inventories were expected to have fallen by slightly over one million barrels last week, a preliminary Reuters poll showed. Data from the EIA, the U.S. government's statistics arm, is expected later on Wednesday.

Organizations: U.S . Energy Information Administration, OPEC, Brent, U.S, West Texas, EIA, of, Petroleum, ANZ, American Petroleum Institute, Investors, Consumer, Federal Locations: China, U.S, Friday's

☆ Oil prices extend rally on potential U.S. crude purchase for reserve
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +2 min

An offshore oil platform is seen at sunset on February 9, 2024 near Huntington Beach, California. Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05. "Since WTI is near its 200-day average, we expect oil prices to remain close to current levels for a while," he said. U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.

Persons: WTI, Hiroyuki Kikukawa, Jennifer Granholm, Goldman Sachs, Brent Organizations: Brent, . West Texas, . Federal Reserve, NS, Nissan Securities, Strategic Petroleum Reserve, Energy, Reuters, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, U.S . Energy Information Administration, International Energy Agency Locations: Huntington Beach , California, U.S, .

☆ Oil slips on dollar's strength from U.S. jobs data
▼ + stars: | 2024-06-10 | by ( ) www.cnbc.com time to read: +3 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dollar to rally. In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said on Friday.

Persons: Emmanuel Macron, Le, Tony Sycamore, Sycamore, Brent, WTI, FGE, Washington, Baker Hughes, Hayan Abdel, Ghani Organizations: Brent, . West Texas, greenback, European Union, IG, U.S . Federal Reserve, Bank of Japan, Organization of, Petroleum, bbl, Strategic Petroleum Reserve, Iraq's Oil Locations: Bakersfield, California, U.S, European, Sydney, OPEC, Kurdistan, Iraq, Turkey

☆ Oil slips for sixth consecutive day on big builds in U.S. oil, fuel stocks
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +1 min

U.S. crude oil, gasoline and distillate stocks rose last week, according to sources citing American Petroleum Institute figures. API figures showed crude stocks rose by more than 4 million barrels in the week ended May 31, against analysts' forecasts for a 2.3 million-barrel decline in a Reuters poll. Gasoline stocks also rose more than 4 million barrels, which was a much bigger build than the 2 million-barrel increase analysts had expected. Rising U.S. stocks could weigh heavily on investor sentiment around oil demand. Data for last week reflects fuel usage around the Memorial Day holiday, closely watched as it marks the start of U.S. driving season.

Persons: Tim Evans Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Energy, Administration Locations: OPEC, U.S

☆ What slumping oil prices mean for our stake in Coterra Energy
▼ + stars: | 2024-06-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. crude prices fell for the fifth straight day Tuesday, but we remain committed to our lone oil-and-gas stock in Coterra Energy . Elevated oil prices have, as a result, pressured discretionary spending and corporate margins. If we get that, then we should see lower oil prices and sustained buying power along with a healthy environment for business investments. And yet we still see reason to stick with Coterra Energy. Indeed, analysts at Citigroup published a research note Tuesday exploring potential takeover targets for Devon Energy, another ex-Club oil stock.

Persons: Goldman Sachs, we've, Coterra, It's, Jim Cramer's, Jim Cramer, Jim, Brandon Bell Organizations: Coterra, West Texas, Organization of, Petroleum, Coterra Energy, ConocoPhillips, Exxon Mobil, ex, Natural Resources, Citigroup, Devon Energy, CNBC, Getty Locations: Coterra Energy, U.S, Gaza, OPEC, Devon, Grandfalls , Texas

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