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☆ Oil ticks down on interest rate hike fears
▼ + stars: | 2023-06-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Summary Rate hike expectations boost fears of slow economic growthWeak economic data in China weighs on sentimentHOUSTON, June 29 (Reuters) - Oil prices edged lower on Thursday, as fears that rising interest rates could dent global economic growth and crude demand offset a bigger-than-expected fall in U.S. inventories. Brent crude futures fell 38 cents, or 0.5%, to $73.66 a barrel by 1127 a.m. Investors were concerned about rising interest rates and economic growth after Federal Reserve Chair Jerome Powell reiterated that he expects the moderate pace of interest rate decisions to continue in the coming months. "Crude traders remain torn between rising interest rates with fears of a global recession against elevated travel demand and shrinking crude supplies," said Dennis Kissler, senior vice president of trading at BOK Financial. "The lack of prospects for fuel demand growth has limited the gain in oil prices, even with supply curbs by oil producers," said Tetsu Emori, CEO of Emori Fund Management Inc.

Persons: Jerome Powell, Dennis Kissler, Christine Lagarde, Tetsu Emori, Ahmad Ghaddar, Yuka Obayashi, Jason Neely, David Evans, Barbara Lewis, David Gregorio Our Organizations: Brent, . West Texas, U.S . Energy Information Administration, Investors, Federal Reserve, BOK Financial, European Central Bank, Emori Fund Management Inc, Thomson Locations: China, HOUSTON, European, Saudi Arabia, OPEC, London

☆ Oil steadies after spiking on U.S. inventory fall
▼ + stars: | 2023-06-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures was up 10 cents, or 0.1%, to $74.13 a barrel by 1032 GMT. Nonetheless, the impact that stocks have on oil prices was on display yesterday on a smaller scale," PVM Oil analyst Tamas Varga said. Concerns about the impact that rising interest rates will have on economic growth came back to the fore, however, halting the rally. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. "The lack of prospects for fuel demand growth has limited the gain in oil prices, even with supply curbs by oil producers," said Tetsu Emori, CEO of Emori Fund Management Inc.

Persons: Tamas Varga, Jerome Powell, Christine Lagarde, Tetsu Emori, Yuka Obayashi, Jason Neely Organizations: Brent, . West Texas, U.S . Energy Information Administration, . Federal, European Central Bank, Emori Fund Management Inc, Thomson Locations: China, Saudi Arabia, OPEC

☆ Oil prices fall on concerns of slow fuel demand, weak China data
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment. "The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. Brent's six-month backwardation - a price structure whereby sooner-loading contracts trade at higher prices than later-loading ones - reached its lowest since December, but still indicated higher demand for immediate delivery. "Behind the backwardation is the expectation that the immediate demand for fuels will stay firm as the United States has entered the driving season, but the global economy will slow down toward the second half of this year, reducing oil demand," NS Trading's Kikukawa said.

Persons: paring, Brent, Hiroyuki Kikukawa, Jerome Powell, Christine Lagarde, Tetsu Emori, Kikukawa Organizations: TotalEnergies, . West Texas, U.S . Energy Information Administration, NS, Nissan Securities, U.S . Federal, European Central Bank, Emori Fund Management Inc Locations: Leuna, Germany, China, U.S, Europe, Saudi Arabia, OPEC, United States

It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, will meet on Dec. 4. read moreInvestors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil falls over $2 a barrel as China's Covid protests fuel demand fears
▼ + stars: | 2022-11-28 | by ( ) www.cnbc.com time to read: +3 min

Oil futures fell more than $2 a barrel on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict Covid-19 curbs fueled demand concerns. WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. Investors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

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