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☆ Oil prices up on strong U.S. demand, Fed signals in focus
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Wednesday on expectations of strong global demand, including in the world's top consumer the United States, and as even somewhat sticky U.S. inflation did not dent expectations the Fed might start cutting rates soon. The Organization of the Petroleum Exporting Countries, or OPEC, stuck to its forecast of a strong oil demand growth globally of 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025 and raised its economic growth forecast for this year. In another indication of healthy demand, U.S. crude oil inventories and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures. Lower rates support oil demand. Oil prices were under pressure in the previous session after the U.S. Energy Information Administration raised domestic oil output forecast but declines were limited on expectations that OPEC+ output cuts will still slow global oil growth and on the recent wave of drone attacks on Russia, including refineries.

Persons: Brent Organizations: West Texas, of, Petroleum, American Petroleum Institute, Reserve, U.S . Energy, Administration Locations: Taft, Kern County , California, United States, Russia

☆ Oil prices fall on China demand worries
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

A view of oil wells at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices extended last week's losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. "Worries over weak demand in China outweighed the extension of supply cuts by OPEC+," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that mixed signs from U.S. jobs data prompted some traders to adjust positions. China last week set an economic growth target for 2024 of around 5%, which many analysts called ambitious without much more stimulus. Tension is also escalating in Russia and its neighbors, raising fear about a potential escalation in conflict outside of Ukraine, NS Trading's Kikukawa said.

Persons: Brent, Hiroyuki Kikukawa, Ismail Haniyeh, Kikukawa, Vladimir Putin Organizations: U.S, West Texas, NS, Nissan Securities, Organization of, Petroleum, Federal Reserve Locations: Jebel Dukhan, Bahrain, China, East, Russia, Hamas, Israel, OPEC, Gaza, Ukraine, France

☆ Oil fell slightly as China growth worries clash with output cuts
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell slightly on Wednesday as concerns about demand growth in China, the world's biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers. Oil prices fell slightly on Wednesday as concerns about demand growth in China, the world's biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers. The 'risk off' nature of recent trading was underscored by the fall in Treasury yields, which also pressured oil prices. "Crude oil futures edged lower amid the risk-off tone across markets. If the EIA reports a crude storage build, it will be the sixth straight week of rising oil stocks in the country.

Persons: Daniel Hynes Organizations: Brent, U.S, West Texas, Treasury, of, Petroleum, ANZ, American Petroleum Institute, U.S . Energy, Administration Locations: China, OPEC, Yemen, Saudi Arabia, Asia

☆ Oil extends fall as China's pledge to transform economy fails to impress
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: +2 min

Working pumpjacks are seen at the Montebello Oil Field in Montebello, California, on Sept. 18, 2023. Oil prices fell for a second day on Tuesday as pledges by China, the world's biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas Intermediate (WTI) fell 11 cents, to $78.63. The physical oil market has started to tighten, rising spot prices show, according to a note from ANZ analysts, owing in part to supply disruptions. U.S. crude oil inventories are expected to have increased last week, according to a preliminary Reuters poll on Monday, while distillates and gasoline stockpiles were forecast lower.

Persons: Brent, WTI Organizations: Montebello Oil, U.S, West Texas, National People's, of, Petroleum, ANZ, Reuters Locations: Montebello, Montebello , California, China, Israel, Gaza, OPEC

☆ OPEC to Extend Oil Production Cuts Through June
▼ + stars: | 2024-03-03 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, said Sunday that it would extend cuts in oil production through June, noting that it was acting “in coordination with some” other states. The decision to keep output cuts in place was expected and appears intended to bolster what might otherwise be weak oil prices. Some analysts forecast that the supply of oil will exceed demand in the first half of this year. Without continued cuts, prices might sink. Saudi Arabia described the move as “precautionary.” Holding back oil production has “the aim of supporting the stability and balance of oil markets,” the kingdom said in a statement carried by the official Saudi Press Agency.

Persons: ” Organizations: Organization of, Petroleum, United Arab Emirates, Saudi Press Agency Locations: Saudi Arabia, Saudi, Kuwait

☆ Oil prices rise as Gaza deaths complicate ceasefire talks
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday and were set to end the week modestly higher as talks over a potential ceasefire in Gaza were further complicated by the deaths of more than 100 Palestinians waiting for an aid delivery. Oil prices rose on Friday and were set to end the week modestly higher as talks over a potential ceasefire in Gaza were further complicated by the deaths of more than 100 Palestinians waiting for an aid delivery. President Joe Biden said the U.S. was checking reports of Israeli troops firing on people waiting for food aid in Gaza, saying he believed the deadly incident would complicate talks of a ceasefire. Israel has blamed the deaths on crowds surrounding the aid trucks, saying victims were trampled or run over. On the supply side, a Reuters survey showed the Organization of the Petroleum Exporting Countries, OPEC, pumped 26.42 million barrels per day (bpd) this month, up 90,000 bpd from January.

Persons: Brent, Joe Biden Organizations: U.S, West Texas, U.S . Federal, of, Petroleum, Reuters Locations: Gaza, WTI, Red, U.S, Israel, Qatar, Beijing, U.S ., Libyan

☆ Oil on pace for monthly gain as OPEC+ expected to extend production cuts
▼ + stars: | 2024-02-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. Crude oil futures are headed for a second consecutive monthly gain as OPEC+ is expected to extend its production cuts through at least the second quarter. U.S. and Brent have gained about 6% month to date with first month contracts trading at a premium to later months. OPEC+ is considering extending its production cuts through at least the second quarter, three sources told Reuters Wednesday. The cartel could keep the cuts in place for the rest of the year, two of the sources said.

Persons: Brent Organizations: Organization of, Petroleum, West Texas Intermediate, Reuters Locations: Algiers, Algeria, OPEC, U.S, Canada, Guyana, Brazil, Israel, Lebanon, Red, Iran

☆ Oil down in thin trade as U.S. gears up for Presidents' Day
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents' Day in the United States is set to keep trade relatively muted. Higher rates keep up the cost of buying oil, providing for a bearish market trend.

Persons: Brent, Alexei Navalny, Vladimir Putin's Organizations: del, del Peru SA Talara, U.S . Federal, . West Texas, Yemen's, of, Petroleum, ANZ Research, International Energy Agency, ANZ, United Nations Security Council Locations: del Peru, Piura, Peru, U.S, United States, China, Gaza, Yemen's Iran, India, Algerian, Israel, Europe, Russia, Ukrainian, Avdiivka, Moscow

☆ Oil prices roughly flat as unclear demand scenario weighed
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.

Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza

☆ Oil prices edge up on Middle East risk
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose slightly on Tuesday on fears Middle East tensions could disrupt supply, but uncertainty about the pace of potential U.S. interest rate cuts and the ensuing impact on fuel demand capped gains. Oil prices were near flat in Monday's trade, after gaining 6% last week. A move by the U.S. to tighten or step up enforcement of sanctions on Iran would impact oil market supplies. The Organization of the Petroleum Exporting Countries is also scheduled to release its monthly oil market report on Tuesday. OPEC and its allies including Russia, known as OPEC+, will decide in March whether to extend voluntary oil production cuts in place for the first quarter.

Persons: Houthis Organizations: Brent, . West Texas, New York Fed, Consumer, Reuters, of, Petroleum, OPEC, ING Locations: Huntington, Pier, Huntington Beach, Iran, Red, United States, Britain, Israel, U.S, Iraq, Russia, OPEC, Saudi Arabia

☆ Saudi energy minister pins Aramco's oil capacity halt on green transition
▼ + stars: | 2024-02-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi energy minister Abdulaziz bin Salman on Oct. 5, 2022. And transitioning means that even our oil company, which used to be an oil company, became a hydrocarbon company. The Saudi energy minister on Monday qualified the decision was not made hastily and was the product of a continuous review of market conditions. "Why should we be the last country to hold energy capacity, or emergency capacity, when it is not appreciated? the Saudi energy minister said.

Persons: Abdulaziz bin Salman Organizations: Bloomberg, Getty, Aramco, Energy, International Petroleum Technology, Monday, of, Petroleum Locations: Aramco, Saudi, Dhahran, Saudi Arabia, Riyadh, Moscow

☆ Oil prices headed for weekly gains as Israel rejects ceasefire offer
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early trade on Friday, on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas. Brent futures climbed 8 cents, or 0.1%, to $81.71 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $76.39 a barrel. Oil prices rose about 3% in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave. The tensions have kept oil prices elevated, with Brent and WTI both set to gain 5.7% for the week. It is also voluntarily cutting crude exports by 300,000 bpd and fuel exports by 200,000 bpd from the average May-June level.

Persons: Brent, Benjamin Netanyahu, WTI Organizations: U.S, West Texas, Hamas, Organization of, Petroleum Locations: East, Israel, Rafah, Gaza, Cairo, Egypt, Qatar, Ukraine, OPEC, Russia

☆ Oil prices gain after OPEC+ maintains output cuts
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack in Midland, Texas, US, on Thursday, March 2, 2023. Photographer: Sergio Flores/Bloomberg via Getty ImagesOil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas. Both contracts settled more than 2% lower on Thursday due to the unverified ceasefire reports between Israel and Hamas. On Thursday, two OPEC+ sources said the group has kept its oil output policy unchanged, and will decide in March whether or not to extend the voluntary oil production cuts in place for the first quarter. Lower interest rates would reduce consumer borrowing costs, which can boost economic growth and oil demand.

Persons: Sergio Flores, Brent, Yemen's, Jerome Powell Organizations: Bloomberg, Getty, OPEC, U.S, West Texas, Hamas, of, Petroleum, ANZ Research, U.S . Federal Locations: Midland , Texas, Israel, Iran, Red, Russia, OPEC, U.S .

☆ Saudi Arabia's economy contracts again, dragged by oil cuts
▼ + stars: | 2024-01-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi Arabia's fourth-quarter real GDP fell 3.7% year-on-year, according to flash estimates published by the General Authority for Statistics on Wednesday. The drop was attributed to a 16.4% decline in oil activities, while non-oil activities and government activities expanded by 4.3% and 3.1%, respectively, year-on-year. For the full year, Saudi Arabia's economy shrank 0.9%, according to government data. Throughout last year, the world's largest crude exporter has been implementing output cuts in a bid to push up prices. The kingdom's economy is heavily reliant on its petroleum sector, which accounts for 42% of its GDP.

Organizations: Saudi, General Authority, Statistics, Organization of, Petroleum Locations: That's, Saudi, Saudi Arabia

☆ Oil jumps 1% after Houthis attack on fuel tanker in Red Sea
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California. Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. "Disruptions to supply have been limited, but that changed on Friday after an oil tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen," ANZ analysts said in a note. "With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions."

Persons: Brent, Trafigura, Yemen's Organizations: . West Texas, Commodities, ANZ, Middle, Organization of, Petroleum Locations: Bakersfield, Kern County , California, Yemen, Middle East, Russia, OPEC

☆ Oil extends losses as economic headwinds weigh on demand outlook
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. "This morning's subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," IG analyst Tony Sycamore said. Russian producer Novatek aid on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire. In the Middle East, the Gaza war rages on while the U.S. struck another anti-ship missile preparing to launch into the Gulf of Aden by Yemen's Houthi militants on Saturday.

Persons: headwinds, Brent, Tony Sycamore, Yemen's, IG's Sycamore, Baker Hughes, JP Morgan Organizations: West Texas, U.S . Energy Information Administration, International Energy Agency, Organization of, Petroleum, Energy Locations: Red, Ras Behar, Egypt, Europe, Ukrainian, Russian, Gaza, U.S, Aden, Iran, China

☆ Red Sea crisis: Why escalating violence in the Middle East isn’t pushing up gas prices
▼ + stars: | 2024-01-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The prices of a barrel of Brent crude, the global oil benchmark, and West Texas Intermediate, the US oil benchmark, have barely moved. Now, however, analysts say economic factors — weaker demand in countries such as China and Germany, ample oil and gas supply — are superseding concerns about violence in the Middle East. Al Drago/Bloomberg/Getty ImagesGlobal oil demand growth is expected to almost halve this year, the International Energy Agency said in a report Thursday. At the same time, global oil supply is forecast to hit an all-time high, driven by record output from countries including the United States and Canada, the IEA said. Nan said relatively modest demand was also helping to prevent spikes in gas prices.

Persons: Brent, “, Homayoun, “ It’s, ”, Hope, Al Drago, That’s, Falakshahi, Xi Nan, Kpler, Wood Mackenzie, Nan Organizations: London CNN, Hamas, West Texas Intermediate, AAA, CNN, National Bureau of Statistics, Bloomberg, Getty, International Energy Agency, Organization of, Petroleum, Rystad Energy, Gas Infrastructure, LNG “ Locations: Red, Iran, Pakistan, Gaza, Ukraine, China, Germany, South Africa, Washington , DC, United States, Canada, Russia, OPEC, Europe, wean, Gas Infrastructure Europe, Africa, Qatar, United Kingdom

☆ Oil prices fall on China concerns, skepticism on OPEC+ cuts
▼ + stars: | 2023-12-06 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. Oil prices fell in Wednesday Asian morning trading as markets continue to doubt the impact of OPEC+ cuts and take cues from a worsening demand outlook in China. U.S. WTI crude futures were down 13 cents, or 0.2%, at $72.19 a barrel. China will release preliminary trade data, including crude oil import data, on Thursday. Gasoline stockpiles gained by 2.8 million barrels, while distillate inventories rose nearly 1.9 million barrels.

Persons: Alexander Novak, Vladimir Putin, Moody's Organizations: Brent, Organization of, Petroleum, United Arab Emirates, American Petroleum Institute Locations: Cushing , Oklahoma, China, Russia, OPEC, Saudi, Russian, Saudi Arabia, U.S

☆ Oil prices steady amid OPEC+ cut doubts, Mid-East tension
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: +1 min

Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern. Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets analyst Tina Teng. A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, told Bloomberg in an interview on Monday that OPEC+ oil production cuts can "absolutely" continue past the first quarter if needed. Those incidents followed a series of attacks in Middle-Eastern waters since war broke out between Israel and Palestinian militant group Hamas on Oct. 7.

Persons: Tina Teng, Prince Abdulaziz bin Salman Organizations: Brent, U.S, West Texas, of, Petroleum, Bloomberg, Hamas Locations: Russia, OPEC, Saudi Arabia, Saudi, Israel, Red, Palestinian

☆ Oil climbs as Mideast tension back in focus
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: +2 min

Oil futures rose on Monday as geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook. Brent crude futures climbed 28 cents, or 0.4%, to $79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at $74.36 a barrel, up 29 cents, or 0.4%. "A re-emergence of geopolitical tension over the weekend has come to the aid of an ailing crude oil price on the reopen this morning," IG markets analyst Tony Sycamore said. The resumption of the Israel-Hamas war fueled the bullish momentum for oil prices, CMC Markets analyst Tina Teng said. "However, oil prices may continue to be under pressure for the time being due to China's disappointing economic recovery and the ramp-up of U.S. production," Teng said.

Persons: Brent, Tony Sycamore, Israel's, Tina Teng, Teng, Baker Hughes, Mike Tran Organizations: Chevron Corporation, U.S, West Texas, IG, CMC, Organization of, Petroleum, RBC Capital, Washington Locations: San Ardo , California, Middle, Gaza, Israel, U.S, Russia, Moscow, Ukraine, Venezuela, India

☆ Europe stocks head for higher open as rally continues into December
▼ + stars: | 2023-12-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European markets are set to open higher Friday after closing out their best month since January amid a global rally in stocks and bonds. The Stoxx 600 index gained 6.45% in November, according to LSEG data, as equities pivoted from three straight monthly losses. Major bourses ended on an upbeat note after flash data estimated euro zone inflation has now fallen to 2.4%, down from 2.9% in October and significantly lower than expected. Cooling U.S. inflation and signs of continued economic resilience have also sent U.S. stocks and bonds on a tear. However, Saudi Arabia extended its 1 million barrel per day voluntary cut into the first quarter, and other members announced their own reductions.

Persons: Major bourses Organizations: European Central Bank, Cooling, Federal Reserve, Organization of, Petroleum Locations: OPEC, Saudi Arabia

What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.

Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India

☆ So, an Oil Cartel Walks Into a Climate Summit …
▼ + stars: | 2023-12-01 | by ( Jim Tankersley | More About Jim Tankersley | ) www.nytimes.com time to read: +1 min

In a far corner of the temporary village housing the United Nations climate summit, the world’s largest cartel of fossil fuel producers plied skeptical young activists with chocolate and free pens. A continent away, in Vienna, the cartel’s members were voting to give the summit what amounts to another very small climate treat: at least a temporary reduction in oil and gas drilling. That’s the opposite of what President Biden, who has made climate policy a top priority during his administration, is delivering from the United States. Those delegates are celebrating an accelerating global transition toward low-emission sources of energy like wind and solar power. But expanding renewables is not enough to save the planet, scientists warn, so many delegates are demanding that the world rapidly phase out its use of fossil fuels.

Persons: Biden Organizations: United Arab Emirates, Organization of, Petroleum Locations: United Nations, Vienna, United States, Dubai

☆ Britain's King Charles to push for global action on climate in COP28 speech
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Countries, however, are divided over the future of fossil fuel - the burning of which is the main cause of climate change. The monarchy has been under pressure to reduce its carbon footprint, though emissions have decreased under King Charles. King Charles will be among world leaders attending the climate talks, known as COP28, in Dubai, the United Arab Emirates. King Charles is attending on behalf of the British government and following an invitation from the host nation, the UAE. On Thursday, King Charles met with Gulf state's president, Sheikh Mohamed bin Zayed Al Nahyan, at the COP28 summit site.

Persons: Britain's King Charles, King Charles, Rishi Sunak, Narendra Modi, Sheikh Mohamed bin Zayed Al Nahyan, Charles, Alexander Cornwell, Josie Kao Organizations: Carbon, United Arab, Organization of, Petroleum, United, United Arab Emirates, Britain's, India's, Gulf state's, Thomson Locations: DUBAI, United Arab Emirates, Dubai, United Arab, UAE, United Kingdom, France

☆ CNBC Daily Open: A cooling economy does not mean it's falling off a cliff
▼ + stars: | 2023-12-01 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Headline inflation was flat on the month and at a 3% rate for the 12-month period, the release also showed. Energy prices fell 2.6% on the month, helping keep overall inflation in check, though food prices rose 0.2%.

Persons: Dow, Dow Jones, Nelson Peltz, Ike Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza Organizations: CNBC, Dow Jones Industrial, Nasdaq, Big Tech, Federal Reserve, Commerce Department, Energy, of, Petroleum, OPEC, Disney, Marvel, Sky, Peltz, United Arab Locations: OPEC, Saudi Arabia, Brazil, COP28, United Arab Emirates, COP27, Egypt

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