Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak US fuel demand.
Brent crude futures rose 53 cents, or 0.6 percent, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6 percent gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session.
US crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.
On the supply side, ministers for the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to a small increase in the group’s output target, equal to about 0.1 percent of global oil demand.
While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up production at the expense of Russia, hit by sanctions over the Ukraine invasion that Moscow calls “a special operation.”
Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates told Reuters.
Supporting prices, the Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said that supplies were significantly down, without providing figures.
Oil prices rebound after dropping to lowest in months on weak US demand
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Oil prices rebound after dropping to lowest in months on weak US demand
- US crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs
Egypt-born Dina Powell McCormick appointed Meta president and vice chairman
- The former Goldman Sachs partner and White House official previously served on Meta’s board of directors
- Powell McCormick, who was born in Cairo and moved to the US as a child, joins the management team and will help guide overall strategy and execution
LONDON: Meta has appointed Egypt-born Dina Powell McCormick as its new president and vice chairman.
The company said on Monday that the former Goldman Sachs partner and White House official, who previously served on Meta’s board of directors, is stepping up into a senior leadership role as the company accelerates its push into artificial intelligence and global infrastructure.
Powell McCormick, who was born in Cairo and moved to the US as a young girl, will join the management team and help guide its overall strategy and execution. She will work closely with Meta’s Compute and infrastructure teams, the company said, overseeing multi-billion-dollar investments in data centers, energy systems and global connectivity, while building new strategic capital partnerships.
“Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company’s president and vice chairman,” Meta founder and CEO Mark Zuckerberg said.
Powell McCormick has more than 25 years of experience in finance, national security and economic development. She spent 16 years as a partner at Goldman Sachs in senior leadership roles, and served two US presidents, including stints as deputy national security adviser to Donald Trump, and a senior State Department official under George W. Bush.
Most recently, she was vice chair and president of global client services at merchant bank BDT & MSD Partners.
