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☆ U.S. crude oil falls below $85 as traders discount Iran-Israel war risk
▼ + stars: | 2024-04-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. U.S. crude oil fell for the third consecutive trading session on Wednesday, dipping below $85 a barrel as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies. The West Texas Intermediate contract for May delivery fell 46 cents, or 0.55%, to $84.89 a barrel. June Brent futures were down 51 cents, or 0.57%, at $89.51 a barrel. U.S. oil and the global benchmark are down just under 1% this week.

Persons: Brent, John Evans, PVM Organizations: U.S, The West Texas Intermediate Locations: Gaza, Israel, Iran, The, U.S

☆ Oil prices slipped as traders wait for more insight on when Fed might cut rates
▼ + stars: | 2024-02-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Crude oil futures fell slightly Wednesday as the market waits for further indication of when the Federal Reserve might cut interest rates. The minutes could provide further insight on when the central bank plans to cut interest rates. Lower interest rates typically stimulate economic growth which fuels crude oil demand. White House Middle East envoy Brett McGurk is heading to Cairo Wednesday to continue talks on a temporary Gaza ceasefire in exchange for Hamas releasing hostages.

Persons: Brent, John Evans, PVM, Brett McGurk, Biden, Israel, Benny Gantz, Ramadan Organizations: West Texas Intermediate, Federal Reserve, Federal, White Locations: Cushing , Oklahoma, East, U.S, Israel, Lebanon, Iran, Islamic Republic, Cairo, Gaza, Rafah

☆ Oil prices gain $1 on strong U.S. economic growth
▼ + stars: | 2024-01-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices gained steam Thursday on stronger than expected U.S. economic growth, stimulus in China and falling domestic crude stockpiles. The U.S. economy grew 3.3% in the fourth quarter of 2023, soundly beating the Wall Street consensus estimate of 2%. Commercial crude oil stockpiles in the U.S. declined by 9.2 million barrels during the week ended Jan. 19, according to the Energy Information Agency. The stockpile decline is due to U.S. production taking a hit from a winter storm earlier this month, according to John Evans with PVM Oil Associates. U.S. production declined by 1 million barrels per day to 12.3 million bpd last week, according to estimates from the EIA.

Persons: Brent, John Evans, Ida, Ryan Grabinski, Grabinski, Evans Organizations: West Texas Intermediate, Energy Information Agency, PVM Oil Associates, Strategas Securities, Wednesday, CNBC PRO Locations: China, U.S, North Dakota, North America, Aden, Yemen, Iran, Iraq

☆ Oil prices fall as investors monitor supply threats, Libya production restart
▼ + stars: | 2024-01-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices fell on Tuesday as investors monitored the war in Ukraine, the conflict in the Middle East and the restart of production at a major oilfield in Libya. The West Texas Intermediate contract for March fell $1.27, or 1.61%, to trade at $73.56 a barrel. Oil prices rallied about 2% on Monday after a suspected Ukrainian drone strike against a major Russian fuel terminal on the Baltic Sea highlighted the geopolitical threats to crude supplies. The potential threats to crude supplies have been tempered by Libya restarting production at the Sharara oilfield, which was shut down for about two weeks due to protests.

Persons: Brent, John Evans Organizations: Operations, The West Texas Intermediate, PVM Oil Associates, Houthi Locations: El, Sharara, Libya, Ukraine, The, Ukrainian, Baltic, U.S, Britain, Yemen, Red

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

☆ What to expect from OPEC meeting as traders digest recent price 'carnage'
▼ + stars: | 2023-11-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

"The oil suite remains rather stunned after the cancellation of Saudi Sunday," wrote John Evans of PVM Oil Associates in a note Friday. U.S. crude recovered most of Wednesday's intraday losses and trading has been relatively muted amid the Thanksgiving holiday with investors trying to digest the recent volatility. Europe demand headache for OPEC With the meeting delayed, investors are left with more bearish news on the demand side. "The likelihood of new demand coming from the continent is tantamount to zero giving more reason to be wary for oil investors and another layer of headache for OPEC," Evans wrote. "It's undermining the Saudi efforts to get the price really back to $100 a barrel plus," Kilduff told CNBC's " Power Lunch " on Wednesday.

Persons: John Evans, Brent, Evans, John Kilduff, PVM's Evans, Kilduff, CNBC's, PVM, Goldman Sachs, Michael Hsueh, Russia's Organizations: Organization of Petroleum, —, PVM Oil Associates, West Texas Intermediate, JPMorgan, Deutsche Bank, Bank of America Locations: China, Europe, Angola, Nigeria, Saudi, Riyadh, U.S, Russia, Moscow, Saudi Arabia

☆ Oil edges lower in choppy trade as OPEC+ delays meeting
▼ + stars: | 2023-11-22 | by ( Nicole Jao | ) 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. The delay stoked concerns that more production could come online from oil producers in the coming months, said Dennis Kissler, senior vice president of trading at BOK Financial. A rise in inventories also pressured prices lower on Wednesday morning, he said. U.S. crude oil inventories rose by 8.7 million barrels last week on higher imports, the Energy Information Administration (EIA) said. To support prices, OPEC and its allies will need to not only extend, but increase cuts, said John Evans of oil broker PVM in a note.

Persons: Angus Mordant, Dennis Kissler, John Evans, Nicole Jao, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely, Marguerita Choy, David Gregorio, Deepa Babington Organizations: REUTERS, . West Texas, U.S, Organization of, Petroleum, BOK, Energy Information Administration, U.S ., greenback, Reuters, International Energy, Thomson Locations: Loving County , Texas, U.S, Brent, OPEC, Saudi Arabia, Russia

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 RightsSummaryCompanies OPEC+ meeting delayed to Nov. 30Brent falls below $80Eyes on whether OPEC+ cuts will be rolled over or deepenedLONDON, Nov 22 (Reuters) - Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts. OPEC+ delayed its ministerial meeting to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement, a surprise development that gave no reason for the postponement. Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers. Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.

Persons: Angus Mordant, Brent, Rong Yeap, John Evans, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely Organizations: REUTERS, Brent, . West Texas, OPEC, Wednesday, Bloomberg News, Reuters, Organization of, Petroleum, IG, International Energy, Thomson Locations: Loving County , Texas, U.S, Saudi Arabia, Russia, OPEC, London

U.S. crude stocks rose by 3.6 million barrels in the last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. domestic crude production stayed at a record 13.2 million barrels per day, the data showed. In an indication of strong demand, gasoline stocks saw a surprise draw of 1.5 million barrels, while diesel stocks drew more than expected at 1.4 million barrels. American Petroleum Institute figures on Tuesday had showed rising crude oil and gasoline inventories last week, according to market sources. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of its oil data makes the investment situation more opaque, Evans said.

Persons: Agustin Marcarian, Brent, John Evans, PVM, Evans, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman, Emelia, Alexandra Hudson Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, American Petroleum Institute, International Energy Agency, Organization of, Petroleum, Financial Times, European Union, Alexandra Hudson Our, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, U.S, China, United States, Houston, London

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.

Persons: Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman Organizations: REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London

☆ Oil spikes as Middle East strife heightens supply concerns
▼ + stars: | 2023-10-18 | by ( Natalie Grover | ) www.reuters.com time to read: +4 min

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Brent crude futures were up $1.33, or about 1.5%, to $91.23 a barrel at 1231 GMT. West Texas Intermediate crude (WTI) futures were up $1.28, or roughly 1.5%, at $87.94 a barrel. "This turn of diplomatic fortunes again garners fear of conflict spread and therefore the leap in oil," said John Evans of oil broker PVM. Elsewhere in the Saudi city of Jeddah, Iranian Foreign Minister Hossein Amirabdollahian urged members of the Organisation of Islamic Cooperation to impose an oil embargo on Israel.

Persons: Nick Oxford, Brent, Jordan, Biden, Joe Biden, John Evans, Hossein Amirabdollahian, Vivek Dhar, Harry Murphy Cruise, Natalie Grover, Arathy, Muyu Xu, Lincoln, Jason Neely, Elaine Hardcastle, Louise Heavens Organizations: REUTERS, Brent, West Texas, U.S, Hamas, Iranian, of Islamic Cooperation, Reuters, Israel Hamas, Commonwealth Bank of Australia, American Petroleum Institute, Golden, Thomson Locations: Cushing , Oklahoma, Iran, Israel, OPEC, U.S, Gaza, Gaza City, Saudi, Jeddah

☆ Oil falls below $90 a barrel on report of US-Venezuela deal
▼ + stars: | 2023-10-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude fell by 0.29 cents, or 0.37%, to $87.30 a barrel. Easing sanctions on Venezuela's oil industry could result in increased oil supply. "It's more of the same on Monday in terms of the conflict in the Middle East being contained from affecting crude oil supplies," said John Kilduff, partner with Again Capital LLC. Both oil benchmarks had climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020.

Persons: Israel, Brent, John Kilduff, Antony Blinken, Benjamin Netanyahu, Vladimir Putin, Putin, John Evans, Robert Harvey, Yuka Obayashi, Emily Chow, Susan Fenton, David Evans, Deepa Babington, David Gregorio Our Organizations: Monday HOUSTON, . West Texas, Traders, Brent, REUTERS, U.S, Israeli, United, US, Thomson Locations: Venezuela, Gaza, Israel, U.S, Barbados, Palestinian, Cushing , Oklahoma, Rafah, Egypt, Israel's, Russia, Iran, Syria, United States, Moscow, Russian, Saudi, London, Tokyo

☆ Oil prices steady above $90 as investors assess Israel-Hamas war
▼ + stars: | 2023-10-16 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.14%, to $87.81 a barrel. Both benchmarks climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%. The war between Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia's invasion of Ukraine last year, analysts say. With fears of the conflict escalating, U.S. Secretary of State Antony Blinken will return to Israel on Monday to talk "about the way forward".

Persons: Israel, Brent, Antony Blinken, Hiroyuki Kikukawa, Putin, John Evans, Alexander Novak, Robert Harvey, Yuka Obayashi, Emily Chow, Susan Fenton, David Evans Organizations: REUTERS, Monday LONDON, Brent, . West Texas, Hamas, US, Thomson Locations: Cushing , Oklahoma, U.S, Gaza, Israel, Ukraine, Trading, United States, Moscow, Russian, Saudi, Russia, London, Tokyo

☆ Oil falls more that $1 a barrel on Venezuela deal hopes
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +3 min

"The reported deal ... would help to raise the country's oil output from very depressed levels," said William Jackson, chief emerging markets economist for Capital Economics. Monday's falling prices appeared to "a breather to take in events in the Middle East" as opposed to expected production increases in Venezuela, said Andrew Lipow, president of Lipow Oil Associates. "Negotiations with Venezuela could lead to a surge in exports of crude oil that is already in inventory," Lipow said. "It's more of the same on Monday in terms of the conflict in the Middle East being contained from affecting crude oil supplies," said John Kilduff, partner with Again Capital LLC. Heightened tensions in the Middle East may have compounded other risk factors to push prices higher last week, market sources said.

Persons: William Jackson, Jackson, Andrew Lipow, Lipow, John Kilduff, Vladimir Putin, Putin, John Evans Organizations: U.S . West Texas, Capital Economics, Brent, Lipow Oil Associates, Traders, Hamas, LLC, U.S Locations: U.S, Venezuela, Israel, Venezuelan, Gaza, Russia, Iran, Syria, Egypt, Moscow, Russian, Saudi

☆ Oil falls over $2 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel. Russian Deputy Prime Minister Alexander Novak said joint voluntary cuts by Russia and Saudi Arabia have helped to balance oil markets. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, Alexander Novak, Novak, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Oil falls over $1 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ In Renaming of Mount Evans, Colorado Grapples With Its Violent Territorial Past
▼ + stars: | 2023-09-12 | by ( Matt Whittaker | ) www.usnews.com time to read: +8 min

An hour-and-a-half drive away from the museum – and roughly 9,000 feet above it – stands Mount Evans, a popular tourist destination and towering testament to a key figure behind the massacre. It can be replaced with a name that brings healing.”Now, yearslong efforts to rename Mount Evans are tantalizingly close to fruition. JoyHeart emphasizes that the ongoing conversation about changing the name of Mount Evans highlights the enduring influence of historical events on present-day Native communities. But in March, the board deferred a vote on the name change after the Montana-based Northern Cheyenne tribe requested a consultation on the new name. I look at it as a process that’s continuing.”The Mount Evans debate comes amid a broader national push to rename places that use titles offensive to Indigenous Americans.

Persons: birdsong, John Evans, ” –, Mount Evans, Evans, ”, MorningStar Jones, Rhyia JoyHeart, Jimena Peck, Sam Bock, Bock, Sarah Ortegon Highwalking, “ Evans ”, Matthew Makley, Jared Polis, William Walksalong, ” Walksalong, “, Reggie Wassana, Deb Haaland, Cris Stainbrook, Stainbrook, Jones, ” Ortegon Highwalking, hasn’t Organizations: DENVER, History Colorado Center, Gov, Denver, Northern Cheyenne Nation, U.S . Board, Geographic, Northern Arapaho, United Indigenous, USN, North, North Art District, Mount, Metropolitan State University of Denver, Capitol, Blue, Arapaho, Sky, U.S . Interior Department, Cheyenne, Southern, Arapaho Tribes, Southern Cheyenne and, Mount Blue, Arapaho Tribes Gov, Interior Department, Sec, Tenure Foundation, Eastern Shoshone Locations: Cheyenne, Arapaho, Colorado, Mount, Eastern Shoshone, Northern, Lakewood , Colorado, Sand, North Art, Denver, ”, Creek County, U.S, Montana, Arapaho . Colorado, Southern Cheyenne, Southern Cheyenne and Southern Arapaho, Oklahoma, Wyoming, American, United States, Alaska, Eastern

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs this week after Riyadh and Moscow extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Brent crude futures were up 57 cents to $90.49 a barrel by 1112 GMT while U.S. West Texas Intermediate crude (WTI) futures were up 47 cents to $87.34 a barrel. On the demand side, a key concern is China, the world's largest oil importer. Demand for crude could also benefit from workers going on strike at projects in Australia which produce about 5% of the world's supply of liquefied natural gas (LNG).

Persons: Nick Oxford, Naeem Aslam, Brent, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Muyu Xu, Ros Russell, Jason Neely Organizations: Midland , Texas U.S, REUTERS, Traders, Zaye, Markets, Brent, West Texas, PVM, Thomson Locations: Midland , Texas, Riyadh, Moscow, Saudi Arabia, China, Australia, United States, Europe

Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. Saudi Arabia's previous announcements have come ahead of its official selling prices, which typically emerge in the first week of the month. Russian Deputy Prime Minister Alexander Novak, meanwhile, has said that Moscow had agreed with OPEC+ partners on the parameters for continued export cuts in October. Saudi Arabia and Russia could withdraw the cuts at any point, said OANDA analyst Craig Erlam, "but I can't imagine they'll be in any rush and risk sending the price tumbling again." The oil market is vulnerable to price spikes due to low inventories and underinvestment in new oilfields, a senior official at global commodities trading firm Trafigura (TRAFGF.UL) said on Monday.

Persons: Alexander Novak, Craig Erlam, Brent, Russell Hardy, Xi, John Evans, Stephanie Kelly, Paul Carsten, Natalie Grover, Mohi Narayan, Yousef Saba, Andrew Hayley, Jason Neely, David Goodman, Mike Harrison Organizations: Companies, U.S . Federal, of, Petroleum, Saudi, . West Texas, . U.S, Federal, Thomson Locations: Companies Saudi Arabia, Russia, Saudi Arabia, OPEC, Moscow, India, Kuwait, Jizan, Oman, China, ., New York, London, New Delhi, Dubai, Beijing

REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana. Brent futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83. Diesel futures soared about 5% to a near seven-month high, boosting the diesel crack spread , a measure of refining profit margins, to its highest since January 2023. "The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance," said Phil Flynn, an analyst at Price Futures Group. He added prices also drew support from a fire at a Louisiana refinery and a drop in U.S. oil rigs.

Persons: Chen Aizhu, Phil Flynn, Brent, WTI, Baker Hughes, Jerome Powell, Morgan Stanley, John Evans, Natalie Grover, Laura Sanicola, Muyu Xu, David Goodman, Jason Neely, David Gregorio, Cynthia Osterman Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, Diesel, Price Futures Group, U.S ., Federal, Thomson Locations: China, Dalian, Liaoning province, Louisiana, Brent, , Louisiana, U.S, Germany, Europe's, Norwegian, London, Washington, Singapore

Markets await hints on the outlook for interest rates when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for an annual meeting later this week. Earlier on Wednesday, Japan posted shrinking factory activity for a third straight month in August, and the euro zone, France, Germany, Britain and the United States are set to release their own purchasing managers' index (PMI) data later in the day. Crucial to shoring up oil demand over the rest of the year is China, the world's second-largest economy. Crude stocks in the United States continued to fall, dropping by about 2.4 million barrels in the week ended Aug. 18, according to market sources citing American Petroleum Institute figures on Tuesday. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll.

Persons: Jackson, Brent, Hiroyuki Kikukawa, John Evans, Paul Carsten, Yuka Obayashi, Andrew Hayley, Clarence Fernandez, Mark Potter Organizations: Danang Petroleum Machinery Technology JSC, U.S, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, PVM, Organization of, Petroleum, American Petroleum Institute, Energy Information Administration, Thomson Locations: Danang, United States, Jackson Hole , Wyoming, Japan, France, Germany, Britain, China, Saudi Arabia, Russia, U.S, London, Tokyo, Beijing

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and U.S. West Texas Intermediate crude was up 65 cents at $81.90. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman, Mark Potter Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, London, Florence Tan, Singapore, New Delhi

☆ Oil up 1% on tighter supplies and heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices rose more than 1% on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said. "Unless there's a recession and demand slows or drops, OPEC+ is in control," said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

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