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REUTERS/Stringer Acquire Licensing RightsSept 25 (Reuters) - Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week. In a positive sign, China's oil demand increased 0.3 million barrels per day (bpd) to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.
Persons: Stringer, Tony Sycamore, Vandana Hari, Baker Hughes, Goldman Sachs, Mohi Narayan, Florence Tan, Sonali Paul, Christian Organizations: REUTERS, Brent, . West Texas, IG, Northern, Vanda Insights, Thomson Locations: Heilongjiang province, China, Moscow, Saudi Arabia, Russia, United States, Florence
Oct 17 (Reuters) - Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world's top crude importer. U.S. West Texas Intermediate crude was at $86.33 a barrel, up 72 cents, or 0.84%, after a 7.6% decline last week. China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday. Although its third-quarter GDP growth could rebound from the previous quarter, President Xi's stringent COVID-19 policy has the world's No. "Tighter inventories for oil and oil products along with looming supply risks should keep prices volatile," analysts at ANZ Research said in a note.
Oct 17 (Reuters) - Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world's top crude importer. Brent crude futures rose 66 cents, or 0.7%, to $92.29 a barrel by 0430 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was at $86.17 a barrel, up 56 cents, or 0.6%, after a 7.6% decline last week. China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday. "Tighter inventories for oil and oil products along with looming supply risks should keep prices volatile," analysts at ANZ Research said in a note.
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