DIRS.INFO The most relevant business & tech news

☆ Oil moves slightly higher as crude prices struggle to break out
▼ + stars: | 2024-02-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Oil futures edged slightly higher on Tuesday after falling flat in the previous session as crude prices struggle to break out amid uncertainty over the future course of the Middle East conflict and an unclear supply and demand picture. The West Texas Intermediate contract for March added 53 cents, or 0.69%, to trade at $77.45 a barrel in morning trading. The Brent contract for April gained 58 cents, or .71%, to trade at $82.45 a barrel. Oil prices have struggled to break out of a $10 range amid uncertainty in the Middle East and an unclear supply and demand outlook for the year.

Persons: Brent Organizations: West Texas Intermediate Locations: Loving County , Texas, U.S, Gaza

That may relieve pressure on the central bank to alter its longstanding ultra-lax monetary policy and raise its benchmark interest rate from minus 0.1%. Inflation has been cooling enough that the Federal Reserve has hinted it may cut its main interest rate several times this year. Reports showing the U.S. economy and job market remain remarkably solid, along with some comments from Fed officials, have been forcing the delays. In energy trading, benchmark U.S. crude rose 27 cents to $77.19 a barrel in electronic trading on the New York Mercantile Exchange. In currency trading, the U.S. dollar rose to 149.67 Japanese yen from 149.34 yen.

Persons: Germany's DAX, Australia's, Korea's Kospi, ” Yeap Jun Rong, that’s Organizations: TOKYO, CAC, FTSE, Dow Jones, Nikkei, Bank of Japan, IG, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: Asia, China , Hong Kong, Taiwan, United States

☆ Oil starts week lower after Israel says 'concluded' Gaza strikes
▼ + stars: | 2024-02-12 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Monday after Israel said it had "concluded" a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East. Geo-political risks including a feared broadening of the Israel-Palestinian conflict across the region and potential oil supply disruption in the Middle East pushed prices up by about 6% last week. The Israeli military said on Monday it had conducted a "series of strikes" on southern Gaza that have now "concluded," days after Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas. While supply concerns in the Middle East remained relatively heightened, news from the U.S. eased some worries. Mainland China's financial markets are closed for the Lunar New Year holiday and will resume trade on Monday, Feb 19.

Persons: Israel, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Federal Reserve Locations: Gaza, Israel, U.S, Asia, China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, Malaysia

☆ Oil prices hang on to last week's gains after rally on Middle East tensions
▼ + stars: | 2024-02-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

An emission comes out of a smoke stack at the Infineum oil refinery on February 6, 2024, in Linden, New Jersey. Oil prices were largely flat Monday after rallying more than 6% last week on escalating Middle East tensions. The West Texas Intermediate contract for March gained 8 cents to settle at $76.92 a barrel. The Brent contract for April settled at $82 a barrel, down 19 cents or .23%. U.S. crude and the global benchmark popped last week after Israel rejected Hamas' proposal for a ceasefire and vowed to press on with its Gaza offensive to the southern city of Rafah, which is located on the border with Egypt.

Persons: Brent, Israel Organizations: West Texas Intermediate, Hamas Locations: Linden , New Jersey, Gaza, Rafah, Egypt

BANGKOK (AP) — Asian shares were mixed on Monday, with most regional markets closed for holidays, while U.S. futures edged lower after the S&P 500 ended last week above 5,000. Thailand's SET was up 0.1% and in Jakarta, the benchmark gained 0.6% ahead of an election to be held on Wednesday. With mainland Chinese markets closed for the week for the Lunar New Year, there was a dearth of market moving news. Photos You Should See View All 21 ImagesOn Friday, the S&P 500 rose 0.6%, finishing above 5,000 for the first time, at 5,026.61. Nvidia, Microsoft and Amazon were the three strongest forces lifting the S&P 500 after each rose by at least 1.6%.

Persons: Australia's, SET, ” Stephen Innes, Wall, they’ve, Cloudflare, it’s, Brent Organizations: Federal Reserve, Management, Nasdaq, Dow Jones, Big Tech, Nvidia, Microsoft, Amazon, Bank of America, New York Mercantile Exchange, U.S Locations: BANGKOK, India, Jakarta, United States, Japan, U.S

Japan's benchmark Nikkei 225 rose nearly 0.1% to 36,897.42, slipping back from earlier gains that took it briefly to a 34-year high. In prior months, such a report may have hurt the stock market because of concerns that it would mean a longer wait for cuts to interest rates from the Federal Reserve. The latest set of earnings reports from big U.S. companies also kept the stock market mixed overall. It gave a forecast for expected profit across 2024 that fell short of analysts’. In other trading, benchmark U.S. crude lost 6 cents to $76.16 a barrel in electronic trading on the New York Mercantile Exchange.

Persons: Shinichi Uchida, Australia's, ”, Ryan Detrick, Ralph Lauren Organizations: TOKYO, Nikkei, Investors, Bank of Japan, SoftBank Group Corp, Nissan, Dow Jones, Nasdaq, Carson Group, Federal Reserve, Walt Disney Co, Arm Holdings, PayPal, Global, New York Community Bancorp, Traders, New York Mercantile Exchange, Brent, U.S . Locations: U.S, Asia, U.K

☆ Japan set for fresh 34-year highs; most Asian markets are closed for Lunar New Year holiday
▼ + stars: | 2024-02-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Crude oil futures prices rose for the fourth day in a row afte Israel rejected a ceasefire proposal by Hamas. The West Texas Intermediate futures contract added $2.14, or 2.90%, to trade at $75.98 a barrel. The Brent contract for April gained $2.16, or 2.73%, to trade at $81.37 a barrel. Blinken met Israel Prime Minister Benjamin Netanyahu Wednesday to discuss a counterproposal by Hamas that demands a permanent end to the fighting. Netanyahu rejected the Hamas' proposal, vowing to press on to the southern city of Rafah on the border with Egypt and achieve "total victory" in Gaza.

Persons: Israel, Brent, Antony Blinken, Blinken, Benjamin Netanyahu, Netanyahu, — Spencer Kimball Organizations: The West Texas Intermediate, U.S, Israel Locations: Gaza, Rafah, Egypt

☆ Oil to post weekly gain as Israel bombs southern Gaza city after rejecting Hamas ceasefire offer
▼ + stars: | 2024-02-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A picture taken from southern Israel near the border with the Gaza Strip on December 21, 2023, shows smoke billowing following Israeli bombardment in the Palestinian territory amid ongoing battles with the Palestinian Hamas militant group. Oil prices are poised to post a weekly again as hopes for a ceasefire in the Israel-Hamas war appeared to fade. Crude prices inched higher Friday with the West Texas Intermediate contract for March last up 7 cents to trade at $76.29 a barrel. Israel is pressing ahead with its war in Gaza, bombarding the southern city of Rafah on the Egyptian border after Prime Minister Benjamin Netanyahu rejected Hamas' proposed terms for a ceasefire. And the U.S. killed a senior militant leader in a drone strike in Baghdad this week, raising tensions with the government of Iraq, a major oil producer.

Persons: Brent, Benjamin Netanyahu Organizations: Hamas, West Texas Intermediate Locations: Israel, Gaza, Rafah, Baghdad, Iraq

☆ Oil edges up with slim progress in Gaza peace talks
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 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 rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar. On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the U.S. reported on Wednesday continued to buoy the market. The U.S. Energy Information Administration reported U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts' estimates for a build of 140,000 barrels.

Persons: Israel, Benjamin Netanyahu, Antony Blinken, Khalil Al, Hayya Organizations: del, del Peru SA Talara, Brent, . West Texas, Hamas, U.S . Energy Information Administration, ANZ Research Locations: del Peru, Piura, Peru, Gaza, Palestinian, Cairo, Egypt, Qatar, U.S

BANGKOK (AP) — Share were mostly higher in Asia on Thursday after the S&P 500 neared the 5,000 level for the first time. Hong Kong’s benchmark fell while Shanghai advanced after China replaced its top stock market regulator. Late Wednesday, China's top stock regulator was replaced by a former chairman of the Shanghai Stock Exchange as part of those efforts. On Thursday, the Shanghai Composite index gained 1.3% to 2,865.90 and the Shenzhen Components index in China's smaller main market also added 1.3%. The S&P 500 gained 0.8%, coming within a fraction of a point of the 5,000 level before ending the day at 4,995.06.

Persons: Wu Qing, Yi Huiman, Hang Seng, Australia's, SET, Snapchat Organizations: Shanghai Stock Exchange, China Securities Regulatory Commission, Communist Party, Nikkei, Ford, Dow Jones, Nasdaq, . New York Community Bancorp, Signature Bank, Ford Motor, Enphase Energy, CVS Health, Corp, Vans, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, China, Tokyo, Beijing, Shenzhen, Seoul, India, Wall

☆ JPMorgan says oil could rise to the high $80s by May
▼ + stars: | 2024-02-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Brent crude oil futures are poised to rise $10 a barrel over the next three months even without any geopolitical risk premium built in, according to JPMorgan's commodity analysts. That would put the global benchmark just below $90 a barrel by May based on Wednesday's settlement of $79.21. Oil prices are expected to rise as the market tightens due to falling global crude inventories, Kaneva wrote. Crude inventories are falling around the world as the economy remains resilient with the U.S., Europe and China maintaining stable growth, which is positive for oil demand, according to JPMorgan. "Near-term dynamics aside, our Brent outlook continues to project a tightening market with prices rising from here by another $10 by May," Kaneva told clients.

Persons: Natasha Kaneva, Kaneva Organizations: Brent, U.S, JPMorgan, OPEC Locations: Saudi Arabia, Russia, Europe, China

☆ Oil rises for a fourth day after U.S. kills militant commander in Iraq, Israel rejects Hamas proposal
▼ + stars: | 2024-02-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures prices rose for the fourth day in a row Thursday after the U.S. killed a militant commander in Iraq and Israel rejected a ceasefire proposal by Hamas. The West Texas Intermediate futures contract added 86 cents, or 1.16%, to trade at $74.73 a barrel. Blinken met Israel Prime Minister Benjamin Netanyahu Wednesday to discuss a counterproposal by Hamas that demands a permanent end to the fighting. Netanyahu rejected the Hamas' proposal, vowing to press on to the southern city of Rafah on the border with Egypt and achieve "total victory" in Gaza. The drone strike Wednesday comes after the U.S. hit sites in Iraq and Syria used by Iranian forces and allied militants last weekend.

Persons: Brent, Antony Blinken, Blinken, Benjamin Netanyahu, Netanyahu Organizations: The West Texas Intermediate, U.S, Israel, Hezbollah, U.S . Central Command, U.S . Energy Department Locations: Gaza, U.S, Iraq, Israel, Rafah, Egypt, Baghdad, Syria

☆ Oil prices rise as U.S. crude production is seen growing more slowly this year
▼ + stars: | 2024-02-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil futures rose for a third day as U.S. production this year is expected to grow less than expected, easing worries that the market is oversupplied. The U.S. pumped a record 13.3 million barrels per day of crude oil in December, but output is not expected to surpass this level until early 2025, according to estimates from the Energy Information Agency. On balance, domestic oil output is expected to grow by 170,000 barrels per day this year, down significantly from the EIA's previous forecast of 290,000 bpd. U.S. oil output has raised worries among traders that the market is oversupplied as China's economy and crude demand softens. But the world will face a crude oil supply deficit of 120,000 barrels per day this year, according to EIA estimates.

Persons: Brent, Vicki Hollub, Hollub, Antony Blinken Organizations: The West Texas Intermediate, Energy Information Agency, Occidental Petroleum, CNBC, Iranian Locations: The, U.S, Gaza, Jordan

TOKYO (AP) — Asian shares were mostly higher Wednesday, tracking gains on Wall Street, although Tokyo's benchmark slipped slightly. Those developments had pushed Chinese shares, including those in Hong Kong, sharply higher on Tuesday. The mostly small cap stocks traded in the southern Chinese market of Shenzhen were up 1.4%, and the CSI 1000, an index that tracks highly volatile “snowball derivatives" was up 4.2%. Wall Street drifted higher through a quiet Tuesday as the bond market calmed following some sharp swings. In the bond market, the yield on the 10-year Treasury relaxed following its slingshot ride higher in recent days.

Persons: Xi Jinping, Seng, Australia's, Korea's Kospi, Brent Organizations: TOKYO, Hong, CSI, Nikkei, Toyota Motor Corp, Dow Jones Industrial, Nasdaq, Federal, GE Healthcare Technologies, Palantir Technologies, FMC, CVS Health, Walt Disney Co, PepsiCo, Treasury, U.S Locations: U.S, Shanghai, Shenzhen, Hong Kong, Asia, Brazil

☆ Oil edges up on smaller US output growth estimates
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 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 ticked higher on Wednesday, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply. The EIA also cut its forecast for domestic oil output growth in 2024 by 120,000 barrels per day (bpd) to 170,000 bpd, sharply lower than last year's output increase of 1.02 million bpd. U.S. government data on oil inventory will be released later on Wednesday. U.S. crude stocks are expected to have risen 1.9 million barrels in the last week as production recovered from a cold freeze and refiners started maintenance.

Organizations: del, del Peru SA Talara, Brent, U.S, West Texas, U.S . Energy Information Administration, EIA, Hamas, Traders Locations: del Peru, Piura, Peru, ., U.S, Israel, Gaza, Iranian, Suez, Asia, Europe

☆ Oil prices rise as traders weigh Gaza truce talks, U.S. tensions with Iran
▼ + stars: | 2024-02-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices rose Tuesday as investors weighed efforts to negotiate a truce in Gaza against a U.S. vow to take further action against militants in the Middle East. Blinken is consulting with allies in the region in an effort to secure a truce in Gaza and prevent the war from spilling over in to a broader regional conflict. Blinken's trip to the region comes after the U.S. again launched airstrikes against Iranian forces and allied militants in Iraq, Syria and Yemen over the weekend. White House National Security Advisor Jake Sullivan said Sunday that the U.S. will take additional, "further action" after the latest weekend strikes. "The heightened tension will undoubtedly entail renewed Houthi hostilities in the Red Sea ensuring persistent re-routing of oil traffic around the Cape of Good Hope," Varga wrote.

Persons: Brent, Antony Blinken, Blinken, Jordan, Jake Sullivan, Tamas Varga, Varga, Good Hope Organizations: Palestinian, Hamas, The West Texas Intermediate, Iranian, White, National Locations: Rafah, Gaza, Israel, The, Egypt, Saudi, U.S, Iraq, Syria, Yemen, Iran, Good

BANGKOK (AP) — Shares were mixed Tuesday in Asia, where Chinese stocks surged after a government investment fund said it would step up stock purchases and a report said leader Xi Jinping was set to meet with officials to discuss the markets. The fund periodically steps up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets. On Monday, benchmarks in Shanghai and the smaller market in Shenzhen bounced between small gains and big losses, while share prices of state-run banks and other big companies rose. The Fed has yanked the federal funds rate to its highest level since 2001 to bring down high inflation. But there's also an upside for stocks from the U.S. economy's blasting through worries about a possible recession.

Persons: Xi Jinping, Xi, Hong, Seng, Australia's, India's, Jerome Powell, there's Organizations: Bloomberg, CSI, Central Huijin Investment, Nikkei, Dow Jones, Nasdaq, Federal Reserve, Institute for Supply, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, Shenzhen, South Korea, Bangkok

☆ Oil prices mostly flat as Blinken's Middle East visit assessed
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

This image taken near Calgary, Alberta, where the oil industry is a major economic driver. Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region. Brent crude futures were down 2 cents at $77.97 a barrel as of 00:01 GMT, while U.S. West Texas Intermediate crude futures edged down 3 cents to $72.75. The United States continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes. In Russia, two Ukrainian drones struck the largest oil refinery in the country's south on Saturday, a source in Kyiv told Reuters.

Persons: Antony Blinken, Blinken, Saudi Arabia's Organizations: U.S, Brent, West Texas, United, Reuters Locations: Calgary , Alberta, East, Saudi, Rafah, Gaza, United States, Iran, Yemen, Russia, Ukrainian, Kyiv

☆ Oil prices steady as Fed moves carefully on rate cuts, U.S. pushes for pause in Gaza war
▼ + stars: | 2024-02-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices were largely flat Monday as the Federal Reserve moves carefully on interest rates cuts, and the U.S. pushes for an extended pause in the Israel-Hamas War. The West Texas Intermediate contract for March dropped 31 cents, or 0.46%, to trade at $71.95 a barrel Monday morning. Powell's comments came after a much stronger jobs report than expected Friday, with the labor market adding 353,000 jobs compared to 185,000 expected. "With the economy strong like that, we feel like we can approach the question of when to begin to reduce interest rates carefully," Powell told CBS' "60 Minutes." Lower interest rates typically boost economic growth which would imply stronger crude oil demand.

Persons: Brent, Jerome Powell, Powell's, Powell, Antony Blinken, Blinken Organizations: Safeway, Federal Reserve, West Texas Intermediate, Federal, CBS, West Bank, Iran's Islamic Revolutionary Guard Corps, U.S, Houthi Locations: Hercules , California, U.S, Israel, Gaza, East, Saudi Arabia, Egypt, Qatar, Iran, Strait, Hormuz, The U.S, Iraq, Syria, Yemen, Red

Last week, Chinese stocks capped their worst week in five years. On Friday, Big Tech stocks once again carried Wall Street to a record, even though the majority of stocks fell due to renewed worries about risks of a hot economy. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%. But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3% to 38.654.42. They’re both members of a small group of Big Tech stocks known as the “Magnificent Seven” responsible for the majority of Wall Street’s run to a record.

Persons: Donald Trump, Hang Seng, Australia’s, it’s, Stocks, Jerome Powell, They’re Organizations: China Securities Regulatory Commission, Nikkei, Big Tech, Meta, Dow Jones, Nasdaq, Federal Reserve, Facebook, Amazon, Apple, Charter Communications, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, Beijing, Shenzhen, Shanghai, U.S, China, Hong, Asia

☆ Oil prices steady on Gaza ceasefire talks even as US plans Middle East strikes
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices stabilized in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel. However, investors remained wary of any escalation in the Middle East conflict, after the U.S. signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on U.S. troops in Jordan. "Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East," he said in a client note on Monday, adding that would likely keep Brent futures below $80 a barrel. Iran exported between 1.2 million and 1.6 million barrels per day of crude oil through most of 2023, representing 1%-1.5% of global oil supply.

Persons: Vivek Dhar, Brent Organizations: Brent, U.S, West Texas, Commonwealth Bank, U.S . Department of Justice, Islamic Revolutionary Guard Corps Locations: Ras Behar, Egypt, Israel, Iran, U.S, Jordan, The U.S, Yemen, China

☆ 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 .

TOKYO (AP) — Asian shares mostly rose Friday, helped by optimism about technology shares following a Wall Street rally led by big tech stocks. On Wall Street, U.S. stocks bounced back in a widespread rally following their worst day since September. Such data could give the Federal Reserve more of the evidence it wants of a slowdown in inflation before it will deliver the cuts to interest rates that investors crave. Traders are increasingly betting the Federal Reserve will begin cutting interest rates in May, after pushing back expectations from March. High interest rates intentionally slow the economy, and they undercut prices for investments.

Persons: Australia's, Korea's Kospi, Merck, Etsy Organizations: TOKYO, Nikkei, Dow Jones, Nasdaq, Microsoft, Big Tech, Apple, Meta, Facebook, Federal, crave, Elliott Investment Management, , New York Community Bancorp, Valley Bank, Signature Bank, New York Community Bancorp, Institute for Supply Management, Traders, Federal Reserve, Fed, New York Mercantile Exchange, Brent, U.S . Locations: Shanghai, U.S, ,

☆ Oil edges up on U.S. Fed rate signals, China property sector support
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: +2 min

The Equinor ASA offshore oil drilling platform on Johan Sverdrup oil field in the North Sea off the coast of Norway. Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Lower rates and economic growth are supportive for oil demand. China, the world's second biggest economy, unveiled new property support measures amid concerns about the fallout from the liquidation of developer Evergrande and as the country ended last year with the worst declines in new home prices in nearly nine years. In the Middle East, worries about attacks by Yemen-based Houthi forces on shipping in the Red Sea are now driving up costs and disrupting global oil trading.

Persons: Johan Sverdrup, Jerome Powell, JPMorgan Organizations: ASA, U.S . Federal, Brent, . West Texas, Federal, JPMorgan, ANZ Research Locations: North, Norway, Global, China, Yemen, Jordan, Red

☆ Oil edges higher as market digests OPEC, Fed decisions
▼ + stars: | 2024-02-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday as the market digested the outcome of an OPEC committee meeting and the Federal Reserve's decision on interest rates. The OPEC committee said Thursday the group's members were adhering to production cuts after reviewing data from November and December of 2023. The committee proposed no change to OPEC's decision to slash 2.2 million barrels per day from the market this quarter. The Federal Reserve on Wednesday held benchmark interest rates steady and indicated that rates had likely topped out. Lower interest rates typical boost economic growth which buoys oil demand.

Persons: Brent, Jerome Powell Organizations: Federal, West Texas Intermediate, Federal Reserve

Search resuls for: "Brent C"

25 mentions found