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☆ Brent slips toward $80/bbl ahead of OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSINGAPORE, Nov 27 (Reuters) - Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. Ahead of the OPEC+ meeting, estimated exports by OPEC countries have declined to 1.3 million barrels per day below levels in April, Goldman Sachs analysts said in a note, in line with the group's supply targets. The International Energy Agency said it expects a slight surplus in global oil markets in 2024 even if the OPEC+ nations extend their cuts into next year.

Persons: Angus Mordant, Brent, Goldman Sachs, Vivek Dhar, Florence Tan, Sonali Paul Organizations: REUTERS, Rights, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Friday, ING, OPEC, United, International Energy Agency, Commonwealth Bank, IEA, Thomson Locations: Loving County , Texas, U.S, Rights SINGAPORE, OPEC, Saudi Arabia, Russia, Saudi, United Arab Emirates, Gaza

☆ Brent holds above $80 a barrel ahead of OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Monday, with Brent holding above $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Brent crude futures edged up 12 cents, or 0.2%, to $80.70 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude futures were at $75.64 a barrel, up 10 cents, or 0.1%. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. "We still expect an extension of the unilateral Saudi and Russia cuts through at least 2024 Q1, and unchanged group cuts, although a deeper group insurance cut is likely on the table," Goldman Sachs analysts said in a note. Ahead of the OPEC+ meeting, estimated exports by OPEC countries have declined to 1.3 million barrels per day below levels in April, they added, in line with the group's supply targets.

Persons: Brent, Goldman Sachs, Vivek Dhar Organizations: Brent, U.S, West Texas, Organization of, Petroleum, Reuters, OPEC, United, International Energy Agency, Commonwealth Bank, IEA Locations: OPEC, Saudi Arabia, Russia, Saudi, United Arab Emirates, Gaza

☆ Asia stocks snap winning streak, await RBA
▼ + stars: | 2023-11-07 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsSINGAPORE, Nov 7 (Reuters) - Asian stocks snapped a three-day winning streak on Tuesday, slipping as the bond market's rally paused and investors reined in enthusiasm about a possible peak in global interest rates. Focus is on whether Australia's central bank turns odd man out and raises rates, with a policy decision due at 0330 GMT. Overnight the dollar had rallied with a rise in U.S. Treasury yields, leaving the Australian dollar under gentle pressure at $0.6495 in morning trade in Asia. Aussie government bond futures fell slightly and the ASX200 (.AXJO), which had gained five sessions in a row, slipped 0.4%. Ten year yields rose 10 bps on Monday, but had fallen almost 30 bps last week.

Persons: Kim Kyung, Ben Bennett, Alan Ruskin, George Saravelos, Commonwealth Bank analyst Carol Kong, Gold, bitcoin, Ankur Banerjee Organizations: Tokyo Stock Exchange, REUTERS, Rights, Reserve Bank of Australia, Treasury, Japan's Nikkei, U.S . Federal Reserve, Nasdaq, Legal, General Investment Management, U.S, Deutsche Bank, Commonwealth Bank analyst, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, U.S, Asia, Pacific, Taiwan, East, Russia, Australia, Saudi Arabia, Singapore

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.3%, after U.S. stocks ended the previous session with gains. Australian shares (.AXJO) were up 0.7%, with most gains coming from mining and resources giants as a result of higher oil prices. Case numbers in Beijing and Shanghai are steadily rising, prompting authorities to close some facilities. "The biggest story for investors in Asia is still the China reopening," said Suresh Tantia, Credit Suisse's senior investment strategist in Singapore. While the FTX exchange collapse continues to roil cryptocurrency markets, Bitcoin was 0.33% higher in Asian trading hours to $16,184.

☆ Oil falls for a fourth day as China COVID concerns grow
▼ + stars: | 2022-11-10 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Nov 10 (Reuters) - Oil prices fell for a fourth day on Thursday on concerns that new COVID curbs in China, the world's biggest crude importer, will impact fuel demand. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents at $85.52 a barrel. Adding to market gloom was a big build in U.S. crude inventories reported on Wednesday. However, gasoline inventories fell by 900,000 barrels to their lowest since November 2014 and distillate stockpiles fell by 500,000 barrels. Bearishness around the rise in U.S. crude oil stockpiles may have been overdone, Commonwealth Bank analyst Vivek Dhar said.

☆ Oil claws back some losses but strong dollar caps gains
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS/Dado Ruvic/IllustrationMELBOURNE, Sept 26 (Reuters) - Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. "It's still going to be challenging for the market to find that oil to replace Russian supply," Dhar said. Data last week showed OPEC+ fell short of its output target by 3.58 million barrels per day in August, a bigger shortfall than in the previous month.

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