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☆ Stocks close lower as Wall Street struggles to stage a comeback
▼ + stars: | 2024-08-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks wavered Wednesday, giving back earlier gains as investors tried to recover from the week’s bruising losses. The Dow fell 234 points, or 0.6%, after gaining more than 400 points earlier in the day. CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed in “extreme fear” territory. The Cboe Volatility Index — Wall Street’s fear gauge — which measures bets on expected stock market volatility, fell to 27. The Magnificent Seven companies lost $615.6 billion in value on Monday, according to S&P Global data.

Persons: Dow, ”, Sean Frank Organizations: New, New York CNN, Nasdaq, . West Texas, Brent, Dow, Cloud Equity Group Locations: New York, Japan

Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. The Bank of Japan raising rates to their highest level since 2008 on July 30 caused the yen to strengthen to a seven-month high, pressurizing stocks. Markets globally were also spooked by fears of a U.S. recession stoked by a weaker-than-expected jobs report. Real wages in Japan also grew 1.1% in June compared with a year ago, the first time that wages have risen in 26 months. Strong wage growth offers more room for the Bank of Japan to tighten its monetary policy.

Persons: Topix, Korea’s Kospi, Hong, Australia’s, Brent, Dow Organizations: Nikkei, Bank of, Softbank Group Corp, U.S ., South Korean, Samsung Electronics, chipmaker SK Hynix, China’s CSI, . West Texas, Bank of Japan, Reserve Bank of Australia, Dow, Nasdaq Locations: Japan, Asia, Pacific, Bank of Japan, U.S

☆ Oil prices climb more than $1 on fear of spreading Middle East conflict
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer. Oil's slide was limited by worry that Iranian retaliation for the assassination of a Hamas leader in Tehran may lead to a wider war in the Middle East. "Increased fear of escalating Middle East conflict prompted fresh buying," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities . "The market has largely factored in a retaliatory attack by Iran so the focus is on its scale and Israel's counterattack," Kikukawa said. If the conflict escalates, oil prices will rise, but if it is contained in the short term - as it was in April amid similar escalation fear - gain will be limited, he said.

Persons: paring, Hiroyuki Kikukawa, Kikukawa, Antony Blinken, Masoud Pezeshkian, Vladimir Putin Organizations: Brent, U.S, West Texas, NS, Nissan Securities, State Department, Reuters, OPEC Locations: Fort Stockton , Texas, Tehran, Iran, Israel, U.S, Iraq, Russia, Venezuela

The upscale shopping district of Ginza in Tokyo, Japan, on Saturday, May 4, 2024. Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets also opened higher. Japan's Nikkei 225 — which saw its largest loss in the previous session since the 1987 Black Monday crash — and the broad-based Topix gained over 10%. The rebound comes after South Korean markets were halted temporarily on Monday after circuit breakers activated.

Persons: Topix, Korea's Kospi, Australia's, Brent Organizations: Nikkei, U.S ., Softbank Group Corp, South, South Korean, Samsung Electronics, chipmaker SK Hynix, . West Texas Locations: Ginza, Tokyo, Japan, Asia, Pacific

☆ Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region. The market had been expecting OPEC+ to delay the phase out of voluntary production cuts beyond the third quarter, ANZ analysts said. A Reuters survey showed on Friday that OPEC oil output rose in July despite production cuts by the group. Weak economic data across the globe weighed on oil prices, on concerns that a sluggish global economic recovery would dampen fuel consumption. Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, is weighing on global oil prices.

Persons: Ismail Haniyeh, Fuad Shukr, WTI, Baker Hughes Organizations: New Harmony Oil, Brent, U.S, West Texas, Hezbollah, ANZ, Organization of, Petroleum, Reuters Locations: Grayville , Illinois, United States, Gaza, Cairo, Israel, Iran, Lebanese, East, Brent, U.S, Russia, China, Europe

☆ U.S. crude oil falls below $72 per barrel, hits six-month low as market sells off
▼ + stars: | 2024-08-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A view of storage tanks and pipelines at the Shell Carson Distribution Complex, a distribution hub for petroleum products, in Carson, California, on March 11, 2022. U.S. crude oil futures tumbled to a six-month low on Monday, as equity markets sold off on fears the economy might be teetering on the brink of a recession. West Texas Intermediate has largely erased its gain for the year and Brent is now down for 2024, after trading higher for months on geopolitical risk in the Middle East and forecasts that the oil market would tighten in the third quarter. Here are Monday's energy prices:The sell-off comes after U.S. job growth disappointed in July, with the unemployment rising to 4.3%, the highest level since October 2021. The U.S. manufacturing sector also contracted in July for the fourth consecutive month.

Persons: Brent Organizations: Shell Carson, West Texas Locations: Carson , California, U.S

☆ Oil set to fall for fourth week as demand concerns weigh on sentiment
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures gained 33 cents, or 0.4%, to $79.85 a barrel by 0020 GMT, after falling 1.5% in the previous session, while U.S. West Texas Intermediate crude futures rose 38 cents, or 0.5%, to $76.69, after a 2.1% drop on Thursday. On a weekly basis, Brent futures are on track to fall 1.7%, while WTI futures are set to drop 1.1%. "Markets continue to remain wary of Chinese oil demand after June data came in weaker-than-expected," analysts at consultancy firm FGE said. Asia's crude oil imports dropped to the lowest in two years in July on weak demand in China and India, according to data compiled by LSEG Oil Research. Still, the outlook for Chinese crude oil imports is brightening, FGE analysts noted, citing an increase in strategic purchases and a recovery in refining rates in the country.

Persons: Brent, FGE Organizations: Brent, U.S, West Texas, LSEG Oil Research Locations: Long Beach , California, United States, Europe, Asia, China, India, Iran, Israel

☆ CNBC Daily Open: Fed signals possible rate cut; Wall Street soars; oil gains as Middle East tensions rise
▼ + stars: | 2024-08-01 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

Rate cut on horizonThe Federal Reserve expectedly kept its benchmark rate steady at 5.25% to 5.50% on Wednesday, but Chairman Jerome Powell signaled the U.S. central bank could cut the rate in its September meeting. U.S. stocks rallyU.S. stocks jumped after Powell said a rate cut in September was "on the table." Oil gainsU.S. crude oil futures rose 4% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran. Japan currency interventionJapanese authorities spent 5.53 trillion yen, or $36.8 billion, to support the yen in July, official data showed. [PRO] Rate cut beneficiariesCNBC Pro screened for stocks in the S&P 500 that tend to rise the most when short-term rates start to decline.

Persons: expectedly, Jerome Powell, Powell, Ismail Haniyeh, Israel, Oil Organizations: CNBC, Nasdaq, Dow Jones, Nvidia, Devices, Boeing, Treasury, Facebook, Google, Meta, Oil, West Texas Intermediate, U.S Locations: U.S, Tehran, Iran, Israel, Beirut, Japan

☆ CNBC Daily Open: Fed signals rate cut; U.S. stocks soar; oil gains as Middle East tensions rise
▼ + stars: | 2024-08-01 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

Rate cut on horizonThe Federal Reserve expectedly kept its benchmark rate steady at 5.25% to 5.50% on Wednesday, but Chairman Jerome Powell signaled the U.S. central bank could cut the rate in its September meeting. U.S. stocks rallyU.S. stocks jumped after Powell said a rate cut in September was "on the table." Oil gainsU.S. crude oil futures rose 4% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran. Asian stocks mixedAsian markets were mixed on Thursday with Japan stocks tumbling while Australia's S&P/ASX 200 touched a new all-time high. [PRO] Rate cut beneficiariesCNBC Pro screened for stocks in the S&P 500 that tend to rise the most when short-term rates start to decline.

Persons: expectedly, Jerome Powell, Powell, Ismail Haniyeh, Israel, Oil Organizations: New York Stock Exchange, Wall, CNBC, Nasdaq, Dow Jones, Nvidia, Devices, Boeing, Treasury, Facebook, Google, Meta, Oil, West Texas Intermediate, Nikkei, Developers, Bank of, Singapore Airlines, U.S Locations: New York City, U.S, Tehran, Iran, Israel, Beirut, Japan, Shanghai

☆ Oil rises on risk of broadening Middle East conflict
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: +2 min

The most active contracts on both benchmarks jumped about 4% in the previous session. The killings fueled concern that the 10-month-old war in Gaza between Israel and Hamas was turning into a wider Middle East war, which could potentially lead to disruptions in oil supply from the region. Also pushing up oil prices was a set of data releases from the U.S., the world's top oil consumer, and a weaker dollar. U.S. oil demand was at a seasonal record in May as gasoline consumption surged to its highest since before the pandemic, a separate data release from the EIA showed on Wednesday. A weaker dollar can boost oil demand from investors holding other currencies.

Persons: Ismail Haniyeh, Shino Mitsuko Organizations: Global, Brent, U.S, West Texas, United Nations, U.S . Energy, Administration, Federal Reserve Locations: Iran, U.S, Tehran, Lebanon, Beirut, Gaza, Israel, . U.S

☆ U.S. crude oil breaks $78 per barrel as fears of war between Iran and Israel grow
▼ + stars: | 2024-08-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures broke above $78 per barrel Thursday on fears that Israel and Iran are heading to a direct conflict after the assassination of a Hamas leader in Tehran. Iran Supreme Ayatollah Ali Khamenei has ordered a direct strike on Israel in response to the assassination of Hamas political leader Ismail Haniyeh, three Iranian officials told the New York Times. Khamenei ordered the direct strike at an emergency meeting of Iran's national security council Wednesday morning after Haniyeh was killed, the officials told The Times. Iran and Israel traded direct strikes in April, pushing oil prices to the highest point of the year, but they enemies ultimately pulled back from a full-scale war. The rising tensions come as an OPEC+ committee is meeting Thursday to review members' production quotas.

Persons: Ali Khamenei, Ismail Haniyeh, Haniyeh, Khamenei, Yemen's, Helima Croft, Croft Organizations: New York Times . West Texas, Times, Reuters, RBC Capital Markets Locations: Israel, Iran, Tehran, Iraq, Gaza

☆ CNBC Daily Open: Tech retreats; Starbucks same-store sales decline for second straight quarter
▼ + stars: | 2024-07-31 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia pulled back 7% and Microsoft fell 0.9% during the normal session before reporting earnings after the bell. Still, Microsoft beat estimates as quarterly revenue increased 15% from a year ago to $64.73 billion and net income rose to $22.04 billion. Starbucks missStarbucks' quarterly revenue slid 1% to $9.11 billion, missing forecasts as same-store sales declined for the second straight quarter. Net income fell to $1.05 billion from $1.14 billion a year ago, though it met analysts' expectations.

Persons: Tamas Varga, PVM, Tom Lee Organizations: New York Stock Exchange, CNBC, Big Tech, Nasdaq, megacaps Meta, Apple, Dow Jones, Nvidia, Microsoft, Fed, Microsoft Microsoft, West Texas Intermediate, Brent Locations: New York City, U.S, China

☆ Oil claws back some losses after Israel retaliates against Hezbollah
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +2 min

Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. U.S. West Texas Intermediate crude futures rose 52 cents, or 0.7%, to $75.25 a barrel. "While (WTI) crude oil remains below the 200-day moving average at $78.66, downside risks remain towards trendline support in the $74.20/00 area," Sycamore said, adding that a sustained break below $74 would open up a move towards $70. Slowing fuel demand in China, the world's largest crude oil importer and the biggest contributor to global demand growth, is also weighing on oil markets.

Persons: Israel, Brent, WTI, Hezbollah's, Tony Sycamore, Sycamore Organizations: Brent, . West Texas, Saturday's, U.S, UN, Organization of, Petroleum, Reuters Locations: China, Beirut, Israel, Gaza, OPEC, Russia

☆ Oil prices rise on fears of wider Middle East conflict after rocket strike in Golan Heights
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Monday, paring last week's loss, on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights, which Israel and the United States blamed on Lebanese armed group Hezbollah. Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 GMT. Last week, Brent lost 1.8% while WTI fell 3.7% on sagging Chinese demand and hopes of a Gaza ceasefire agreement. On Sunday, Israel's security cabinet authorized Prime Minister Benjamin Netanyahu's government to decide on the "manner and timing" of a response to the Saturday's rocket strike in the Golan Heights that killed 12 teenagers and children. That conflict has spread to several fronts and risks spilling into a wider regional conflict.

Persons: paring, Brent, Benjamin Netanyahu's, Toshitaka Tazawa, Baker Hughes Organizations: . West Texas, Hamas, Fujitomi Securities Locations: Golan, Israel, United, Gaza, Iran, Lebanon, China

☆ Oil edges up on strong U.S. GDP data but Asia economic woes limit gains
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer. But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains. At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand. Still, continued signs of trouble in parts of Asia limited oil price gains.

Organizations: Brent, . West Texas, Commerce Department, Reuters, Federal Reserve Locations: Fort Stockton , Texas, China, Japan, U.S, Asia

☆ Stock market today: Stocks waffle after sell-off as traders mull tech weakness and GDP data
▼ + stars: | 2024-07-25 | by ( Max Adams | ) www.businessinsider.com time to read: +4 min

Second-quarter GDP data showed the economy grew at 2.8% in the second quarter, much more than expected. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Traders were assessing tech weakness and hotter-than-expected GDP data for the second quarter. Investors' top concern is slowing tech earnings growth after Tesla and Alphabet both reported disappointing results on Tuesday. Here's where US indexes stood shortly after the opening bell on Thursday:AdvertisementMeanwhile, investors are digesting second-quarter GDP data, which showed the US economy grew by 2.8%.

Persons: Stocks, —, Mike Owens, Dan Ives, Chris Zaccarelli, Brent Organizations: Nasdaq, Service, Traders, Investors, Federal Reserve, Saxo, Microsoft, Google, Apple, Securities, West Texas Locations: China, Here's

☆ The US will be an oil production powerhouse through at least 2026, Goldman Sachs says
▼ + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US oil production will be "robust" for at least the next 18 months, Goldman Sachs said. AdvertisementAmerica's oil production boom will last for at least the next 18 months, according to Goldman Sachs. Analysts said they expect oil production in the Permian Basin to remain strong through the end of 2026, despite crude oil production slowing slightly from its rapid pace in 2023. Oil production will keep growing, just at a slower clip in the coming years, the bank said. Oil prices have risen this year as markets took in supply cuts from OPEC+ and escalating geopolitical tension in the Middle East.

Persons: Goldman Sachs, —, Yulia Grigsby Organizations: Service, Analysts, US, US Energy Information Administration, West Texas, Goldman Sachs Research, International Energy Agency Locations: —, East

☆ Oil prices ease on concerns over weak China demand, Mideast ceasefire talks
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Brent crude futures for September fell 38 cents, or 0.5%, to $81.33 a barrel by 0129 GMT. This year, China's oil imports and refinery runs have trended lower than in 2023 on lower fuel demand amid sluggish economic growth, according to government data. "If Middle East ceasefire talks progresses, U.S. equities continue to slide, and China's economy remains sluggish, oil prices could fall to early June levels," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

Persons: Hiroyuki Kikukawa, Kikukawa, Joe Biden, Benjamin Netanyahu, Satoru Yoshida Organizations: Brent, . West Texas, Energy Information Administration, NS, Nissan Securities, Hamas, U.S, Congress, Rakuten Securities Locations: China, Israel, Gaza, Egypt, Qatar

☆ Oil prices rise as U.S. crude and fuel inventories seen shrinking
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +1 min

Falling U.S. crude inventories caused oil prices to rebound on Wednesday after several days of decline, while expectations for a nearing ceasefire deal in the Middle East kept prices from continuing to climb. U.S. crude oil, gasoline and distillate inventories fell last week, according to market sources citing the American Petroleum Institute, a trade organization. Gasoline inventories fell by 2.8 million barrels and distillates shed 1.5 million barrels. That would be the first time crude stocks in the United States fell for four weeks in a row since September 2023. Prices also suffered on continued concern that economic softening in China, which is the world's biggest crude importer, would weaken global oil demand.

Persons: pumpjack, WTI, Brent, Joe Biden Organizations: Brent, . West Texas, American Petroleum Institute, Hamas, U.S Locations: Bakersfield, Kern County , California, USA, United States, Israel, Egypt, Qatar, China

☆ Oil prices rise as investors look for signs U.S. rate cuts to begin
▼ + stars: | 2024-07-22 | by ( ) www.cnbc.com time to read: +1 min

An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States. Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September. "Since the June FOMC meeting, inflation and labor market data have signaled that disinflation and labor market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September," ANZ Research said in a note. Slower-than-expected economic growth of 4.7% for China in the second quarter sparked concerns last week over the country's demand for oil and continues to weigh on prices. The 60-point document's publication follows last week's closed-door meeting of the Communist Party's Central Committee that takes place roughly every five years.

Persons: Phillips, Joe Biden, Kamala Harris, Republican Donald Trump Organizations: Brent, U.S . West Texas, Fed, ANZ Research, U.S . Federal Reserve, Market, Republican, Communist Party's Central Committee Locations: Linden , New Jersey, United States, U.S, China

☆ Oil drops on weak sentiment, set for weekly decline
▼ + stars: | 2024-07-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Oil prices fell on Friday, setting up for a second weekly decline, as mixed economic signals weighed on investor sentiment and boosted the dollar. Brent crude prices fell by 51 cents, or 0.6%, to $84.50 a barrel by 0035 GMT. "Crude oil was under pressure amid a broader risk-off tone across markets," Hynes said. Oil prices found some support in the prior two sessions after the U.S. government reported a bigger-than-expected weekly decline in oil stockpiles.

Persons: Daniel Hynes, Hynes, Brent, WTI, FGE Organizations: Brent, . West Texas, U.S, ANZ, Reuters

☆ Oil prices rise on bigger-than-expected drop in U.S. crude stocks
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Brent futures rose 13 cents, or 0.2%, to $85.21 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude rose 31 cents, or 0.4%, to $83.16. Lower interest rates often spark buying and boost oil demand. The European Central Bank, meanwhile, is all but certain to keep interest rates unchanged on Thursday, but signaled that its next move is likely to be a cut. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.

Persons: Brent Organizations: U.S, West Texas, U.S . Energy, Administration, American Petroleum Institute, Federal, European Central Bank Locations: Brent, United States, Europe, China

☆ U.S. oil holds to gains after three weeks of crude inventory declines
▼ + stars: | 2024-07-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. oil futures edged slightly lower on Thursday after jumping 2.6% in the previous session as crude inventories fell for the third week in a row. U.S. commercial crude inventories fell by 4.9 million barrels last week, though gasoline stocks rose by 3.3 million barrels and motor fuel demand weakened by 615,000 barrels per day. Here are today's energy prices:Falling oil inventories, geopolitical tensions in the Middle East, seasonal demand and expectations of lower interest rates have all coincided to push oil prices higher in recent weeks, Bart Melek, head of commodity strategy at TD Securities, told clients in a note late Wednesday. "However, we don't expect the current rally to be sustained," Melek said. But the market will be volatile as hurricanes, uncertainty in the Middle East, policy in China, and statements from OPEC all have the to potential to move prices, according to Melek.

Persons: Bart Melek, Melek, Brent Organizations: TD Securities, West Texas Intermediate Locations: China

☆ WTI gains more than 2% on big U.S. storage withdrawal, weaker dollar
▼ + stars: | 2024-07-17 | by ( ) www.cnbc.com time to read: +2 min

West Texas oil prices climbed about 2.4% on Wednesday on a bigger-than-expected weekly drop in U.S. crude stockpiles and as a weaker U.S. dollar overshadowed signs of slower economic growth in China. On Tuesday, Brent closed at its lowest since June 14 and WTI at its lowest since June 21. A weaker U.S. dollar also helped support oil prices after it fell to a 17-week low against a basket of other major currencies. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies. Also supporting crude prices was rising geopolitical risk, said George Khoury, global head of education and research at CFI, adding that tensions in the Middle East and Europe could continue to fuel risks.

Persons: Brent, WTI, George Khoury, Rystad, Svetlana Tretyakova Organizations: Huntington Beach , California ., U.S, West Texas, Energy Information Administration, American Petroleum Institute, CFI Locations: Huntington Beach , California, Huntington Beach , California . West Texas, China, Brent, United States, East, Europe, Liberia, Red Sea, Iran, Yemen, Beijing

☆ Oil prices tick down on worries about Chinese demand
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell 9 cents, or 0.1%, to $84.76 a barrel by 12:21 GMT, while U.S. West Texas Intermediate crude dropped 13 cents, or 0.2%, to $81.78. China's economy grew much slower than expected in the second quarter, hamstrung by a protracted property downturn and job insecurity. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand. While crisis in the Middle East has not impacted supply, attacks on ships in the Red Sea has forced vessels to take longer routes, meaning oil remains on the water for longer.

Persons: Brent, Jerome Powell, Alexander Novak Organizations: U.S . Federal Reserve, U.S, West Texas, Organization of, Petroleum Locations: Yemen, Gaza, Russian, OPEC

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