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☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

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

☆ Evergrande stock crashes again as fears of collapse grow
▼ + stars: | 2023-09-27 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of Evergrande Group crashed again on Wednesday as fears grew of a potential liquidation of the company, the poster child of China’s property crisis. Evergrande’s woes deepened this week, after it warned that its offshore debt restructuring plan may be in trouble because of a regulatory probe into its main subsidiary in mainland China. That was thanks to a rise in revenue because of a “short boom” in China’s property market earlier this year, the company said then. Evergrande has been trying to implement a government-supervised restructuring of its debts, which stood at $328 billion at the end of June. Evergrande was forced to cancel meetings with creditors scheduled for this week, in part because recent sales have been weaker than it expected.

Persons: Evergrande, ”, Jun Rong Yeap, Frederic Neumann, ” — Marc Stewart Organizations: Hong Kong CNN —, Evergrande Group, Hong, Hong Kong, IG Group, HSBC, CNN Locations: Hong Kong, China, Evergrande, United States, Asia, Beijing

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsBEIJING, Aug 23 (Reuters) - Oil prices ticked up in Asian trade on Wednesday, as markets weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness. "Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term." China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll. "Following the massive draw of 6.2 million barrels a week earlier, overall supplies conditions still lean on the tighter end," said Jun Rong Yeap, a market strategist at IG in Singapore.

Persons: Lucy Nicholson, Brent, Jackson, Hiroyuki Kikukawa, Rong Yeap, Yuka Obayashi, Andrew Hayley, Sonali Paul, Clarence Fernandez Organizations: REUTERS, Rights, China, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, Organization of, Petroleum, American Petroleum Institute, IG, Energy Information Administration, Thomson Locations: Bakersfield , California, Rights BEIJING, Jackson Hole , Wyoming, China, Saudi Arabia, Russia, OPEC, United States, Singapore, U.S, Tokyo, Beijing

Summary U.S. dollar falls to 15-month low against basket of currenciesU.S. oil output to decline in August - EIA outlookUpcoming - U.S. oil inventory data from API and EIANEW YORK, July 18 (Reuters) - Oil prices climbed more than 1% on Tuesday as a weaker U.S. dollar and expected decline in U.S. output outweighed softer-than-expected Chinese economic data. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. CRUDE DEMAND STILL A CONCERNComments that global economic growth activity is slowing helped keep crude price gains in check. In the U.S., shale oil production will likely decline in August for the first time since December, projections from the EIA show. Global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Kristalina Georgieva, Jun Rong Yeap, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes, Jan Harvey Organizations: U.S, West Texas, U.S ., . Federal, American Petroleum Institute, U.S . Energy Information Administration, Monetary Fund, IG, Thomson Locations: China, U.S, Singapore, London, New York, Beijing

☆ Oil steadies as investors eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude was up 26 cents at $78.76 a barrel by 1151 GMT, while U.S. West Texas Intermediate (WTI) crude rose 28 cents to $74.43 a barrel in relatively muted trading, with the contract set to expire on Thursday. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes Organizations: Investors, U.S, West Texas, Energy, Administration, IG, Thomson Locations: China, U.S, Singapore, Saudi Arabia, London, New York, Beijing

☆ Oil steadies as investors digest China gloom, eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was down 1 cent at $78.49 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude edged up 1 cent to $74.16 a barrel. Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Lincoln, Jason Neely Organizations: Investors, U.S, West Texas, IG, Energy, Administration, Saudi, Thomson Locations: China, Singapore, U.S, London, New York, Beijing

☆ Asian shares rise as investors cheer US debt ceiling agreement
▼ + stars: | 2023-05-28 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asian stocks mostly rose on Monday as investors cheered an agreement in principle between the White House and House Republicans to raise the US debt ceiling that could avert a cataclysmic default. The index has rallied more than 20% this year, outpacing global benchmark indexes including the S&P 500 and the Stoxx 600. WTI crude, a US benchmark, rose 0.9% to $73.32 a barrel. The agreement seems to mark “a significant progress in the US debt ceiling situation,” said Jun Rong Yeap, an analyst at IG. China and Japan are the largest foreign holders of American debt, owning a combined $2 trillion in US Treasuries.

☆ Oil ticks up, but set for third week of losses over demand concerns
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose slightly in Asian morning trade on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. For the week, Brent was set to close down 8.5%, while WTI was set to close 10.3% lower. "It has been a double whammy for oil prices," said Jun Rong Yeap, a market strategist at IG in Singapore. In China, factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector. Service activity in China grew through April, though the rate of this expansion has slowed, data showed on Friday.

☆ Oil trims losses as softer dollar offsets Chinese demand fears
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices pared losses after falling by over $2 earlier in the session, as a weaker dollar partially offset demand fears resulting from surging COVID-19 cases in China. U.S. West Texas Intermediate crude futures fell $1.07, or 1.36%, to $77.89 a barrel, after reaching session lows of $76.79. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

☆ Oil falls as China COVID spike dampens demand outlook
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices fell by over 2% on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply. Russian oil pipeline operator Transneft said Kazakhstan's KazTransOil had requested an additional 1.2 million tonnes of capacity on the Druzhba pipeline for 2023 to facilitate extra oil shipments to Germany, the RIA Novosti news agency reported.

SINGAPORE, Dec 29 (Reuters) - Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. Brent futures for February fell 26 cents, or 0.3%, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, or 0.3%, to $78.70 a barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. However, that comes as an Arctic freeze has forced some oil refining facilities offline, backing up crude supplies. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

☆ Oil rebounds on optimism over China's revamp of COVID protocols
▼ + stars: | 2022-12-08 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

Brent crude futures rose $1 or 1.3% at $78.17 per barrel by 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1 or 1.4% to $73.01 per barrel. Brent settled on Wednesday below the year's previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude fell to its lowest for the year. While U.S. crude stocks fell last week, gasoline and distillate inventories surged, adding to concerns about easing demand. Gasoline stocks grew by 5.3 million barrels in the week to 219.1 million barrels, and distillate stockpiles, including diesel and heating oil, swelled by 6.2 million barrels, the Energy Information Administration said on Wednesday. U.S. crude production also trended higher, rising to 12.2 million barrels per day last week, its highest level since August, the EIA said.

SINGAPORE, Dec 8 (Reuters) - Oil prices rebounded in Asian trade on Thursday after slumping to their lowest level this year in the previous session, though concerns of economic slowdowns weakening fuel demand continued to cap gains. He added that worries about demand would remain a key overhang for oil prices, while positive catalysts including the supply-demand imbalance and China's reopening hopes have been short-lived. While U.S. crude stocks fell last week, gasoline and distillate inventories surged, adding to concerns about easing demand. Helping to lift oil prices was data showing that Japan's economy shrank less than initially estimated in the third quarter. read moreLoosening COVID-19 restrictions in China, among the biggest crude oil consumers in the world, also aided in steadying oil prices.

Oct 13 (Reuters) - Oil prices struggled to find a footing on Thursday after easing in the previous session on a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap said. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

Oct 13 (Reuters) - Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap added. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

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