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[ad_1] Last Updated: May 24, 2023, 23:55 IST The U.S. Memorial Day holiday on May 29 marks the beginning of the peak summer travel season and higher fuel demand. (Image: Reuters File) Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT (1629 GMT) Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT (1629 GMT). U.S. West Texas Intermediate crude (WTI) gained 97 cents, or 1.3%, to $73.88. U.S. crude inventories posted a massive surprise weekly drawdown of 12.5 million barrels to 455.2 million barrels, the Energy Information Administration said. Analysts had expected an 800,000-barrel rise. [EIA/S] U.S. gasoline stocks dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles f...

[ad_1] U.S. shares struck new highs for the year on Friday, setting world stocks up for gains for the week, as rising bets that the Federal Reserve will skip a rate hike next week overshadowed worries about U.S. markets being drained of cash. Helped by a surge in Tesla Inc, which jumped as much as 5.7%, the S&P 500 rose to levels last seen in August before receding by mid-day to be little changed. The Nasdaq Composite and the Dow Jones Industrial Average also pared earlier gains to stand flat. Over in Europe, the STOXX 600 index lost 0.13%, but MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.74% overnight. Combined with gains on Wall Street, the MSCI’s broadest index of world stocks added 0.14% to hover under a 13-month high. For the week, the index for world stocks might notch a 0.4% rise. “As of today, the S&P 500 is back in a bull market," said Arthur Hogan, chief market strategist at Briley Wealth, noting that the index finished Thursday with a...

[ad_1] Last Updated: July 11, 2023, 01:20 IST United States of America (USA) The U.S. Labor Department reported last Friday the smallest monthly job gain in 2-1/2 years along with strong wage growth. (Photo: Reuters) Oil prices ease on US interest rate hike concerns, but supply cuts from Saudi Arabia and Russia limit losses. CPI data and China reports to impact market Oil prices eased 1% on Monday on the increasing likelihood of more U.S. interest rate hikes, but crude supply cuts from top oil exporters Saudi Arabia and Russia limited the losses. Brent crude futures settled down 78 cents, or 1%, at $77.69 a barrel after touching their highest level in more than two months earlier in the session. US West Texas Intermediate crude fell 87 cents, or 1.2%, at $72.99. “Traders are very nervous about higher interest rates, which could kill demand very quickly," said Dennis Kissler, senior vice president of trading at BOK Financial, adding that some investors were also engaging in ...

[ad_1] Last Updated: July 07, 2023, 01:53 IST New York, United States of America (USA) OPEC ministers and executives from oil companies told a two-day conference in Vienna that governments needed to turn their attention from supply to demand. (Photo: Reuters) Brent crude futures settled 13 cents lower at $76.52 a barrel, after a 0.5% gain the previous day Oil prices were near flat on Thursday as the market weighed tighter U.S. crude supplies with the higher likelihood of a U.S. interest rate hike that could dent energy demand. Brent crude futures settled 13 cents lower at $76.52 a barrel, after a 0.5% gain the previous day. U.S. West Texas Intermediate crude gained 1 cent to $71.80 a barrel, after rising 2.9% in post-holiday trade on Wednesday to catch up with Brent’s gains earlier in the week. The market has been expecting interest rates in the U.S. and Europe to rise further to tame stubborn inflation. Fears of a global recession mounted after recent surveys showing slower fac...

[ad_1] Last Updated: July 05, 2023, 02:07 IST New York, United States of America (USA) U.S. markets were closed on Tuesday for the Independence Day holiday. (Photo: Reuters) Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August while Russia and Algeria volunteered to lower their August output and export levels by 500,000 bpd and 20,000 bpd, respectively. If fully implemented, that would bring a combined reduction of 5.36 million bpd from August 2022 - possibly even more because several countries in the OPEC+ producer group are unable to fulfil their output quotas, said PVM analyst Tamas Varga. The total cuts now stand at more than 5 million bpd, or 5...