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☆ Oil prices slip despite OPEC+ production cut extension
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. This includes 3.66 million bpd of cuts that were due to expire at the end of 2024, and voluntary cuts by eight members of 2.2 million bpd to expire by the end of June 2024. But on Sunday, the group agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025. It will also prolong the cuts of 2.2 million bpd by three months until end-September 2024, before phasing it out over a year from October 2024 to September 2025. "The communication of a gradual unwind reflects a strong desire to bring back production of several members given high spare capacity."

Persons: Brent, Goldman Sachs, Joe Biden, Israel, Benjamin Netanyahu Organizations: . West Texas, of, Petroleum, U.S Locations: Russia, OPEC, East, Gaza, Israel, Iran

☆ Oil prices little changed after OPEC+ extends output cuts
▼ + stars: | 2024-06-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The OPEC logo on the building of the Organization of the Petroleum Exporting Countries. Crude oil futures were little change on Monday as investors tried to parse what impact OPEC's weekend decision on production policy will have on the market. OPEC+ agreed to extend 3.6 million barrels per day in production cuts through the end of 2025. But JPMorgan analysts said the decision by OPEC+ Sunday is largely neutral for global oil prices in 2024. The production cuts combined with summer driving should increase Brent prices by $10 to the $90-per-barrel range by September, according to the investment bank.

Persons: Wells, Roger Read, Brent Organizations: Organization of, Petroleum, JPMorgan, OPEC Locations: OPEC, Saudi Arabia, Russia, Q4'24

☆ OPEC Plans a Gradual Unwinding of Production Cuts
▼ + stars: | 2024-06-02 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

When officials from major oil-producing countries met on Sunday, they had a tricky task before them: To reassure shaky markets that they would continue to restrain oil supplies. The group known as OPEC Plus, which is led by Saudi Arabia and includes Russia, also wanted to offer some hope to discontented producers like the United Arab Emirates that they might soon get the go-ahead to pump more oil. It aims to bolster oil prices by promising that deep production cuts will extend through next year. But it also spells out a gradual phase out of a portion of the cuts. Beginning in October, oil output for eight countries, including Saudi Arabia, the United Arab Emirates and Iraq, may gradually rise in monthly increments through 2025.

Organizations: United Arab Locations: OPEC, Saudi Arabia, Russia, United Arab Emirates, Riyadh, Saudi, Iraq

☆ OPEC+ wants concrete rate cuts before factoring impact on oil demand, Saudi energy minister says
▼ + stars: | 2024-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The prominent OPEC+ oil producers' alliance is awaiting concrete central bank action on interest rates before factoring in the potential impact on the energy demand landscape, according to Saudi Arabia's energy minister. The production strategy decisions come at a time when OPEC's own forecasts show a 2.25 million barrel-per-day increase in demand, according to the Monthly Oil Market Report of May. Energy costs spiked worldwide in the wake of Russia's full-fledged invasion of Ukraine, aggravating the economic downturn that followed the Covid-19 pandemic. Global institutions have previously mentioned energy prices as underpinning inflationary concerns. In turn, the piled-on inflation has muzzled oil demand.

Persons: Prince Abdulaziz bin Salman, — Organizations: Organization of, Petroleum, Monthly Locations: OPEC, Saudi, China, Ukraine

☆ Oil alliance OPEC+ extends crude production cuts into 2025
▼ + stars: | 2024-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy. The influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Sunday agreed to extend their official crude output agreement into 2025. The coalition will produce a combined 39.725 million barrels per day next year, according to a table published by the OPEC Secretariat. Speaking to CNBC, analysts and OPEC+ delegates had previously signaled a high likelihood that the oil producers' alliance would extend its existing supply cuts. Until the end of June, OPEC+ producers are performing a combined 5.86 million barrels per day of supply cuts, of which 2 million barrels per day represented unanimous commitments under OPEC group policy that span this year.

Organizations: of, Petroleum, Sunday, CNBC, Institution, OPEC's, Energy Locations: Saudi Arabia, Russia, OPEC, Angola, UAE, China, Paris

☆ OPEC+ to extend deep oil production cuts into 2025
▼ + stars: | 2024-06-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

CNN —The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025. The group also released its 2025 production requirements for member and nonmember countries, which were essentially the same as this year’s. Despite the OPEC+ cuts, equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 10% since hitting a five-month high in early April. The IEA expects global supply to increase by just 580,000 barrels per day this year. Sunday’s OPEC+ decision coincides with Saudi Arabia selling some more shares in its oil company Aramco.

Persons: —, Russia —, Brent Organizations: CNN, of, Petroleum, United, Emirates, Brent, West Texas, International Monetary Fund, International Energy Agency, IEA, Saudi, Aramco Locations: OPEC, Saudi Arabia, Russia, United States, ”, Syria, China, Europe, Paris, Riyadh

☆ Oil alliance OPEC+ could extend production cuts this weekend as focus shifts away from Middle East tensions, sources say
▼ + stars: | 2024-05-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Thomas Coex | Afp | Getty ImagesThe oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand. OPEC+ producers are currently implementing a combined 5.86 million barrels per day of supply cuts. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, told CNBC. "However, I think that the market right now has priced in a full extension of the voluntary cuts. A high-inflation environment and tight monetary policy in turn reined in oil demand, but central banks have signaled readiness to lower interest rates in the second half of the year.

Persons: Thomas Coex, Viktor Katona, overproducers, Jorge Leon, Yemen's, Tamas Varga Organizations: Organization of, Petroleum, Afp, Getty, CNBC, Energy, Market Research, PVM Oil Associates, United Arab Emirates Locations: OPEC, Vienna, China, Iraq, Kazakhstan, Paris, Ukraine, Gaza, Red, Saudi Arabia, Russia, Guyana, Brazil, Canada

☆ Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, US, on Sunday, June 19, 2022. Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market. "I think it's too soon to really be thinking about rate cuts." Meanwhile, U.S. crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration said on Thursday, compared with expectations in a Reuters poll for a 1.9 million-barrel draw. Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw.

Persons: Lorie Logan, Logan, Stocks Organizations: New Harmony Oil, Fed, Brent, U.S, West Texas, Dallas Federal, Energy Information Administration, EIA, of, Petroleum Locations: Grayville , Illinois, U.S, El Paso , Texas, OPEC, Saudi Arabia, Russia

☆ U.S. crude oil on pace for worst month of year ahead of weekend OPEC+ meeting
▼ + stars: | 2024-05-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An offshore oil platform is seen at sunset near Huntington Beach, California, on Feb. 9, 2024. U.S. crude oil was on pace Friday for its worst month of the year, ahead of an OPEC+ meeting this weekend during which the cartel will review its production levels. Here are today's energy prices:OPEC+ members on Sunday are expected to review voluntary output cuts of 2.2 million barrels per day. Oil market analysts generally agree that the group will likely keep those cuts in place. Chinese refiners' output has also slumped, and European refiners have been slow to return from spring maintenance, which has also pressured demand, according to the investment bank.

Persons: Helima Croft Organizations: Brent, Sunday, RBC Capital Markets, JPMorgan Locations: Huntington Beach , California, U.S

☆ Inflation seems to be cooling again. Americans aren’t buying it
▼ + stars: | 2024-05-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

A slew of big-box retailers have lowered prices on items in recent weeks, citing moderating inflation and frugal customers. Recent economic data has also suggested that inflation is cooling, after data earlier this year spurred fears that progress had stalled. Yet Americans don’t seem convinced that inflation is moderating or that the economy is as healthy as indicators suggest. Mortgage rates have declined in recent weeks but remain near 7%. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets.

Persons: aren’t, Charles Schwab’s, ”, James Kostulias, Charles Schwab, Joe Raedle, Jerome Powell, Powell, Neel Kashkari, “ I’m, Schumer, Chuck Schumer, General Merrick Garland, “, Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Read, Matt Egan, Mat Ishbia, homebuyers, refinances Organizations: CNN Business, Bell, New York CNN, Walmart, Target, Ikea, Aldi, CPI, “ Traders, Minneapolis Federal, CNBC, Democrats, Justice Department, Oil, Big Oil, DOJ, Big, Federal Trade Commission, United Wholesale Mortgage, Phoenix Suns NBA Locations: New York, Miami , Florida, Minneapolis, Texas, Sens

☆ OPEC to Meet Amid Signs of Waning Influence on Oil Prices
▼ + stars: | 2024-05-31 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.

Persons: That’s, ”, Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi

☆ Schumer and Senate Democrats call for Justice Department to probe Big Oil for alleged collusion
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Senate Majority Leader Chuck Schumer and nearly two dozen Democrats pressed the Justice Department on Thursday to launch an industry-wide investigation into Big Oil for alleged collusion and price fixing. The lawmakers urged the DOJ to investigate the oil industry, “hold accountable any liable actors” and halt illegal activity. Last week, congressional Democrats launched an investigation into whether other US oil companies colluded with each other and OPEC. Regulators cited hundreds of text messages Sheffield exchanged with OPEC officials discussing pricing, production and oil market dynamics. “The strategy appears to have worked,” Schumer and his colleagues wrote to the DOJ.

Persons: Chuck Schumer, General Merrick Garland, Schumer, “, ”, Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Sheffield “, ” Schumer, Sherman, Sheffield, ” Sheffield Organizations: CNN, Justice Department, Big Oil, Democrats, DOJ, Big, Federal Trade Commission, FTC, Sheffield, Pioneer Natural Resources, OPEC, Pioneer Locations: Texas, Sens

☆ Oil prices down on demand woes as markets await U.S. crude stockpiles data
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. This comes against analysts projection of U.S. energy firms pulling 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline. "Any sign of strong demand in EIA's weekly inventory report should support crude oil prices," ANZ Research said in a note. Oil markets have been under pressure recently over expectation the Federal Reserve will keep interest rates higher for longer. Higher borrowing costs tend to tie down funds and consumption, a negative for crude demand and prices.

Persons: Brent, distillates Organizations: U.S, West Texas, American Petroleum Institute, U.S . Energy, Administration, ANZ Research, of, Petroleum, Reserve Locations: Russia, OPEC, U.S

☆ U.S. crude oil falls 3.2% in May, on pace for worst month of the year
▼ + stars: | 2024-05-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023. U.S. crude oil was little changed Thursday but is on pace for its worst month of the year and a second consecutive monthly loss. U.S. crude oil is down 3.2% in May, its worst performance since December. Brent has lost nearly 5% this month, putting the global benchmark on pace for its first negative month in five. Demand in China appears to have softened in the first quarter, Singh told clients in a note.

Persons: Brent, Amarpreet Singh, Singh, Tamas Varga Organizations: Barclays, Demand Locations: New Mexico, China

☆ CNBC Daily Open: Nasdaq tops 17,000; Exxon faces shareholder revolt
▼ + stars: | 2024-05-29 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.

Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission

☆ Oil rises as major producers expected to keep output cuts in place
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. The Memorial Day holiday on Monday signals the start of the peak demand season in the U.S., the world's biggest oil consumer, and keeping the production cuts in place should keep prices supported as consumption rises. The data was delayed by a day by the Memorial Day holiday on Monday. Investors also awaited U.S. inflation data this week that could sway expectations for Federal Reserve interest rate cuts that could be positive for oil prices.

Persons: Daniel Hynes, Investors Organizations: Brent, . West Texas, Traders, of, Petroleum, ANZ Bank, American Petroleum Institute, Federal Reserve Locations: Russia, OPEC, U.S, Gaza, Rafah, .

☆ Nasdaq closes at record high, Fed's Kashkari seeks more inflation data for rate cuts, GameStop soars
▼ + stars: | 2024-05-29 | by ( Abid Ali | ) 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. The Dow Jones Industrial Average fell more than 200 points after hawkish comments from Minneapolis Federal Reserve President Neel Kashkari. Fed's Kashkari seeks more inflation dataThe Federal Reserve should wait for significant progress on inflation before cutting interest rates, Kashkari told CNBC on Tuesday. GameStop soarsShares of GameStop jumped more than 20% after the video game retailer announced it raised $933 million from a share offering. [PRO] Riding the AI boomCNBC's Todd Gordon analyzes a cybersecurity company that could benefit from investor enthusiasm for artificial intelligence-related stocks.

Persons: Neel Kashkari, Fed's Kashkari, Kashkari, Vasu Raja, Raja, Korea's, Hang Seng, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, Federal, American Airlines, GameStop, Japan's Nikkei, China's CSI, International Monetary Fund Locations: Minneapolis, Asia, Pacific

☆ U.S. crude oil gains more than 1% as market looks to OPEC+ meeting on production levels
▼ + stars: | 2024-05-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil gained more than 1% on Tuesday after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting. OPEC+ will hold a virtual meeting on Sunday to review its production policy. Deutsche Bank analyst Michael Hsueh said OPEC+ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel. Tamas Varga, analyst with oil broker PVM, said he expects "no changes in production will be forthcoming" because the meeting is virtual. And the stabilization of U.S. production since September has given OPEC some room to maneuver, he said.

Persons: Michael Hsueh, Brent, Tamas Varga, Hsueh Organizations: Deutsche Bank Locations: OPEC, Saudi Arabia

☆ OPEC+ meeting: Here's what to expect
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ meeting: Here's what to expectFrancisco Blanch, BofA Securities head of global commodity and derivatives research, joins 'Squawk on the Street' to discuss what to expect from OPEC this weekend, if Chinese oil demand is rising, and more.

Persons: Francisco Blanch Organizations: BofA Securities

☆ Oil prices steady as investors await inflation data, OPEC+ meeting
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The U.S. personal consumption expenditures index expected this week will be in the spotlight for further signals about interest rate policy. The index, due to be released on May 31, is viewed as the U.S. Federal Reserve's preferred measure of inflation. German inflation data on Wednesday and euro zone readings on Friday will also be watched for signs of a European rate cut that traders have penciled in for next week. All eyes are also be on the upcoming online meeting of the OPEC+ on June 2.

Persons: Brent, Satoru Yoshida, U.S . Federal Reserve's, Goldman Sachs Organizations: . West Texas, Rakuten Securities, Organization of, Petroleum, U.S, U.S . Federal Locations: New Mexico, U.S, Friday's, Britain, United States, OPEC, U.S .

☆ Oil prices little changed as markets look to OPEC+ meeting
▼ + stars: | 2024-05-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. Combined with another 3.66 million bpd of production cuts valid through the end of the year, the output cuts are equivalent to nearly 6% of global oil demand. Markets will also be watching the U.S. personal consumption expenditures index this week for more signals about interest rate policy. The prospect of higher-for-longer interest rates has strengthened the U.S. dollar, making oil more expensive for holders of other currencies.

Persons: Brent, U.S . Federal Reserve's, WTI Organizations: . West Texas, Organization of, Petroleum, OPEC, International Energy Agency, ANZ, Northern, U.S, U.S . Federal, Federal Reserve, U.S . Locations: OPEC, U.S, U.S .

☆ European stocks follow global markets lower as interest rate outlook weighs on sentiment
▼ + stars: | 2024-05-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. OPEC countries will hold a separate videoconference meeting that same day. OPEC+ was previously set to meet on June 1 in Vienna. The influential oil producers' alliance is currently slated to continue cutting 2 million barrels per day of crude output until the end of this year, under its formal policy. Market participants are closely watching whether these second-quarter voluntary cuts will be extended, while supply security concerns linger amid ongoing conflict in the oil-rich Middle East.

Persons: Nymex Organizations: Organization of, Petroleum, of, Coalition, CNBC, Saudi, Brent Locations: Vienna, Austria, OPEC, Saudi Arabia, Russia, London

☆ Oil prices hit three-month lows, head for weekly loss as summer driving season kicks off
▼ + stars: | 2024-05-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures fell to three-month lows on Friday and are heading to a weekly loss as the summer driving season gets underway with the Memorial Day holiday. U.S. crude oil hit an intraday low of $76.15, the lowest level since Feb. 26. Global benchmark Brent fell to $80.65, the lowest level since Feb. 8. The two benchmarks are on pace for a weekly loss of about 4% and 3%, respectively. Here are today's energy prices:"Macroeconomic developments have been failing to provide meaningful support for oil, which has its own problems to deal with," said Tamas Varga, analyst at oil broker PVM, pointing to Russia overproducing in April despite commitments to slash production along with other OPEC+ members.

Persons: Brent, Tamas Varga Organizations: Russia overproducing Locations: Russia

☆ Biden's gasoline sale likely won't have a major impact on summer pump prices
▼ + stars: | 2024-05-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Gas prices trending lowerOil prices surged last month as Israel and OPEC member Iran stood on the brink of war, raising concern at the White House that gasoline prices could jump heading into the summer. When adjusting for inflation, pump prices are about 2% lower compared to last year, according to the Energy Information Administration. Even in costly California, gasoline prices are down about 27 cents over the past four weeks, he said. But de Haan said gasoline prices will likely edge lower through the Fourth of July holiday as refiners increase output, which should keep downward pressure on pump prices. "Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher," said Gross, the AAA spokesperson.

Persons: Kevin Carter, Biden, Patrick de Haan, It's, de Haan, Andrew Gross, De Haan, Superstorm Sandy, Donald, Trump, Brent, Gross Organizations: Getty, The Department of Energy, Northeast Gasoline Supply, AAA, Energy Information Administration, Congress, Reserve Locations: San Diego, San Diego , California, Israel, Iran, California

☆ Oil steady as investors weigh U.S. rate fears, firmer seasonal demand
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were stable on Friday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support. Brent crude futures rose 2 cents at $81.38 a barrel at 0315 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $76.86. Both benchmarks settled at multi-month lows on Thursday, with Brent crude futures closing at their weakest point since January and U.S. crude futures hitting a three-month low. Gasoline demand in the U.S. reached its highest level since November, the Energy Information Administration (EIA) said on Wednesday. That helped support the market as U.S. drivers account for around a tenth of global oil demand, "making the upcoming driving season a pillar of the recovery in global demand growth", ANZ analysts said in a note.

Persons: Priyanka Sachdeva, Phillip Nova, Jerome Powell Organizations: U.S . Federal Reserve, Brent, U.S, West Texas, Energy Information Administration, ANZ, Organization of, Petroleum, OPEC Locations: Fort Stockton , Texas, U.S

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