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☆ Oil prices steady on Gaza ceasefire talks even as US plans Middle East strikes
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices stabilized in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the U.S. planned new strikes on Iran-backed groups. Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while U.S. West Texas Intermediate futures were flat at $72.28 a barrel. However, investors remained wary of any escalation in the Middle East conflict, after the U.S. signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on U.S. troops in Jordan. "Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East," he said in a client note on Monday, adding that would likely keep Brent futures below $80 a barrel. Iran exported between 1.2 million and 1.6 million barrels per day of crude oil through most of 2023, representing 1%-1.5% of global oil supply.

Persons: Vivek Dhar, Brent Organizations: Brent, U.S, West Texas, Commonwealth Bank, U.S . Department of Justice, Islamic Revolutionary Guard Corps Locations: Ras Behar, Egypt, Israel, Iran, U.S, Jordan, The U.S, Yemen, China

☆ Oil edges up as geopolitical concerns support prices
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early trade on Tuesday as escalating geopolitical tensions in the Middle East continued to fuel supply concerns. "If U.S.-Iran tensions escalate, particularly through a direct confrontation, the risk rises that Iran's oil supply is adversely impacted. Iran exported 1.2-1.6 million barrels per day of crude oil through most of 2023, Dhar added, representing 1-1.5% of global oil supply. The key concern is Iran threatening a blockade of the Strait of Hormuz, which sees the transit of 15-20% of global oil supply," he added. Meanwhile, U.S. crude oil and distillates inventories were expected to have fallen last week while gasoline stocks were seen rising, a Reuters poll showed.

Persons: Brent, Vivek Dhar, Dhar Organizations: . West Texas, Commonwealth Bank of Australia, U.S, ANZ, Traders, Federal, Market, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy Locations: Hong Kong, China, Washington, Jordan, Iran, Israel, Gaza, Hormuz, Red, U.S

☆ Oil prices fall as stronger dollar offsets Red Sea disruptions risks
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell on Wednesday as a stronger U.S. dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses. U.S. West Texas Intermediate crude futures , or WTI, fell 43 cents, or 0.59%, to $71.97 a barrel. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies. British oil major Shell suspended shipments through the Red Sea after the U.S. and UK strikes began, but U.S. producer Chevron is maintaining its Red Sea routes. "While oil benchmarks may not reflect the Red Sea attacks, the realized price for oil and oil products for consumers has increased given the disruption to trade flows through the Red Sea and Suez Canal," Vivek Dhar, director of mining and energy commodities strategist at the Commonwealth Bank of Australia, said in a note.

Persons: Brent, WTI, Daniel Hynes, Vivek Dhar Organizations: greenback, Global, Brent, . West Texas, U.S, U.S . Federal Reserve, ANZ Bank, Shell, Chevron, Commonwealth Bank of Australia Locations: U.S, Iran, Yemen, Red, Suez

☆ 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

☆ 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

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. In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul, Lincoln Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

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. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

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. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand. The U.S. has imposed sanctions on oil exports from Venezuela since 2019 and while sanctions relief is expected to boost oil supply oil flow, analysts expect any increases from the country to take time due to a lack of investment.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Arathy Somesekhar, Muyu Xu, Sonali Paul Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Palestinian, Jihad, Hamas, American Petroleum Institute, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, U.S, Venezuela

☆ Asia stocks hit 2-week high as Fed talk turns dovish
▼ + stars: | 2023-10-11 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. The S&P 500 (.SPX) gained overnight and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.3% to a two-week high in morning trade. "I actually don't think we need to increase rates anymore," Atlanta Fed President Raphael Bostic told the American Bankers Association, to applause, in Nashville on Tuesday. On Wednesday the Australian and New Zealand dollars hit their highest levels on the dollar since the end of September, while sterling hit a three-week peak. European gas prices, which had jumped on news of the Middle East violence, surged further on Tuesday on concern a gas pipe in Finland was sabotaged.

Persons: Tyrone Siu, Raphael Bostic, Peter Dragicevich, Brent, Vivek Dhar, Sam Rines, Sam Holmes Organizations: REUTERS, Federal Reserve, paring, Japan's Nikkei, Atlanta Fed, American Bankers Association, Treasury, New Zealand, U.S, CPI, Fed, Bloomberg, HK, Benchmark, Samsung, Pepsi, Thomson Locations: Exchange, Hong Kong, China, SINGAPORE, paring U.S, Asia, Pacific, Japan, Nashville, Tuesday's, Israel, Finland, Estonia, Europe, Texas

☆ Oil dips on investor caution as market eyes Middle East turmoil
▼ + stars: | 2023-10-10 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said on Monday. "If the U.S. finds evidence directly implicating Iran, then the immediate reduction in Iran's oil exports becomes a reality," said Vivek Dhar, an energy analyst at CBA. In a more positive sign for supply, Venezuela and the U.S. have progressed in talks that could provide sanctions relief to Caracas by allowing at least one additional foreign oil firm to take Venezuelan crude oil under some conditions.

Persons: Brent, Israel, Vivek Dhar, Dhar, Jeslyn Lerh, Arathy Somasekhar, Jamie Freed, Kim Coghill Organizations: Kyodo, Rights, U.S, West Texas, Hamas, ING, CBA, bbl, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Israel, Palestinian, Gaza, Iran, Ashkelon, United States, U.S, Palestine, Venezuela, Caracas, Singapore, Houston

"Increasing geopolitical risk in the Middle East should support oil prices ... higher volatility can be expected" analysts from ANZ Bank said in a client note. An increase in Saudi output would have helped to relieve supply tightness after months of supply cuts from key producers Saudi Arabia and Russia. A normalisation of Saudi-Israeli relations would likely freeze recent moves toward detente between Saudi Arabia and Iran. "For this conflict to have a lasting and meaningful impact on oil markets, there must be a sustained reduction in oil supply or transport," Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note. "If Western countries officially link Iranian intelligence to the Hamas attack, then Iran’s oil supply and exports face imminent downside risks," Dhar said.

Persons: Agustin Marcarian, Brent, WTI, Iran's, Vivek Dhar, Dhar, Andrew Hayley, Jamie Freed, Sonali Paul Organizations: REUTERS, Rights, Hamas, Brent, U.S, West Texas, Saturday, ANZ Bank, Israel, White, Commonwealth Bank of Australia, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights BEIJING, Palestinian, Israel, Gaza, Saudi Arabia, Washington, Riyadh, Saudi, Russia, Iran, Lebanon

☆ Oil prices jump 4% in wake of Hamas attack on Israel
▼ + stars: | 2023-10-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesOil prices jumped 4% as the Israel-Hamas conflict extended into its third day following a surprise attack on Israel by Palestinian militants Hamas. At dawn on Saturday during a major Jewish holiday, Palestinian militant group Hamas launched a multi-pronged infiltration into Israel — by land, sea and air using paragliders. Stock Chart Icon Stock chart icon Oil prices jump following Hamas attack on IsraelWhile there is a surge in crude prices, analysts believe it will be a knee-jerk reaction, and likely temporary. Neither side is a major oil player. "If western countries officially link Iranian intelligence to the Hamas attack, then Iran's oil supply and exports face imminent downside risks," Dhar said.

Persons: Vivek Dhar, Mohammed Abed, Dhar, Donald Trump Organizations: Persian Gulf Star Co, Bloomberg, Getty, Hamas, Global, Brent, U.S . West Texas, NBC News, Palestinian Health Ministry, Israel, U.S . Energy Information Administration, Palestinian, Citi Locations: Bandar Abbas, Iran, Israel, U.S, Gaza, Commonwealth, Gaza City, Tehran

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBEIJING, Oct 9 (Reuters) - Oil prices jumped more than $3 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. "Increasing geopolitical risk in the Middle East should support oil prices... higher volatility can be expected" analysts from ANZ Bank said in a client note. "For this conflict to have a lasting and meaningful impact on oil markets, there must be a sustained reduction in oil supply or transport," Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note. "If Western countries officially link Iranian intelligence to the Hamas attack, then Iran’s oil supply and exports face imminent downside risks," Dhar said.

Persons: Agustin Marcarian, Iran's, Vivek Dhar, Dhar, Andrew Hayley, Jamie Freed Organizations: REUTERS, Rights, Hamas, Brent, U.S, West Texas, Saturday, Israel, ANZ Bank, Commonwealth Bank of Australia, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights BEIJING, Palestinian, Israel, Gaza, Saudi Arabia, Washington, Riyadh, Saudi, Iran, Lebanon

☆ Australia gas strike threat: What happens has 'massive ramifications' for Europe, says economist
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralia gas strike threat: What happens has 'massive ramifications' for Europe, says economistVivek Dhar, director of mining and energy economist at Commonwealth Bank of Australia, says the "whipsawing effect" in markets will exist "until we see some deal or some closure."

Persons: Vivek Dhar Organizations: Australia, Commonwealth Bank of Australia Locations: Europe

☆ Oil prices edge up as production cuts keep market supported
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: +2 min

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. Oil prices rose in early trade on Tuesday as supply concerns arising from production cuts by Saudi Arabia and Russia supported the market. But Saudi and Russia's production cut could remain a bullish factor to oil markets," said CMC Markets analyst Tina Teng in a note. "Saudi Arabia's decision to extend production cuts into September despite Brent futures rising above $80 per barrel suggests that the kingdom may be targeting a higher price than $80 per barrel." It maintained oil output cuts of 3.66 million barrels per day for 2023, and extended and deepened cuts from January 2024 by a further 1.4 million barrels per day.

Persons: Tina Teng, Vivek Dhar, Brent Organizations: Saudi Aramco, Brent, U.S, West Texas, Saudi, Commonwealth Bank of Australia, Organization of, Petroleum, OPEC Locations: Manifa, Saudi Arabia, Russia, China, United States, OPEC, Saudi

☆ There will be enough lithium to meet demand over the next couple of years, says Commonwealth Bank
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere will be enough lithium to meet demand over the next couple of years, says Commonwealth BankVivek Dhar from Commonwealth Bank of Australia says lithium demand is sufficient for now, but will surge significantly later in the decade as countries set ambitious climate goals.

Persons: Vivek Dhar Organizations: Commonwealth Bank of Australia

☆ Shares steady on June hike hiatus hopes
▼ + stars: | 2023-06-05 | by ( Lawrence White | ) www.reuters.com time to read: +4 min

Japan's Nikkei (.N225) had earlier surged 2.1% to stand above 32,000 for the first time since July 1990. "With Saudi Arabia protecting oil prices from sliding too low ... we think oil markets are now more prone to a shortfall later this year," said Vivek Dhar, a mining and energy commodities strategist at Commonwealth Bank of Australia. The greenback also rose 0.1% on the Japanese yen to 140.26 while the euro eased 0.1% to $0.1069. Markets see a sizeable chance - about 40% - that the RBA could surprise with a quarter-point hike on Tuesday, after a minimum wage hike that economists feared could further stoke inflationary pressures. Additional reporting by Stella Qiu, Editing by Sam Holmes, Kim Coghill, Ed Osmond and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Brent, Vivek Dhar, Fitch, Stella Qiu, Sam Holmes, Kim Coghill, Ed Osmond, Chizu Organizations: Nikkei, REUTERS, LONDON, Federal Reserve, Saudi, Japan's Nikkei, Nasdaq, Commonwealth Bank of Australia, Treasury, AAA, U.S, Bank of Canada, Reuters, BOC, Thomson Locations: Tokyo, Japan, Saudi Arabia, Asia, Pacific, China, U.S, United States, Australia, Canada

☆ Asian shares extend global rally
▼ + stars: | 2023-06-05 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06. Oil prices have recently come under pressure amid heightened concerns about China's slowing economic recovery. "With Saudi Arabia protecting oil prices from sliding too low ... we think oil markets are now more prone to a shortfall later this year," said Vivek Dhar, a mining and energy commodities strategist at Commonwealth Bank of Australia. S&P 500 futures dipped 0.1% and Nasdaq futures dropped 0.3% in Asian hours, after a strong rally on Friday, driven by a mixed U.S. jobs report, a resolution to the debt-ceiling issue and the prospect of a U.S. rate pause this month. The U.S. dollar remained elevated on Monday at 104.14 against its major peers, after gaining 0.5% on Friday on the jobs report.

Persons: Brent, Vivek Dhar, Hong, Fitch, Himani Sarkar, Sam Holmes Organizations: Nikkei, Saudi, Commonwealth Bank of Australia, bbl, Japan's Nikkei, Nasdaq, Treasury, AAA, U.S, Bank of Canada, Reuters, BOC, Thomson Locations: SYDNEY, U.S, Saudi Arabia, OPEC, China, Asia, Pacific, Japan, United States, Australia, Canada

☆ Brent may rise toward $100/bbl as Saudi output cut could worsen supply gap - analysts
▼ + stars: | 2023-06-05 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

"Saudi Arabia has a track record of delivering on material cuts," RBC Capital's Helima Croft said in a note. "Hence, we would expect the full 1 million bpd unilateral cut to hit the market in July, nearly doubling the true physical reduction we have seen from the producer group since October." "With Saudi Arabia protecting oil prices from sliding too low by cutting production, we think oil markets are now more prone to a shortfall later this year," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. "We think Brent futures will rise to $85/bbl by Q4 2023 even with a tepid demand recovery in China factored in." "Affording it the 200,000 bpd quota adjustment for 2024 seems to settle the issue of its OPEC membership for now."

Persons: Brent, Helima Croft, Vivek Dhar, Goldman Sachs, Daan Struyven, Callum Bruce, Daniel Hynes, Soni Kumari, RBC's Croft, Florence Tan, Sonali Paul Organizations: Saudi, Organization of, Petroleum, RBC, Commonwealth Bank of Australia, bbl, ANZ, U.S . Federal, United Arab, Thomson Locations: SINGAPORE, Saudi Arabia, Saudi, Russia, China, Iran, Venezuela, OPEC, United Arab Emirates

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

☆ Oil prices jump in blow to global inflation hopes
▼ + stars: | 2023-04-03 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by around 1.16 million barrels per day, while U.S. crude climbed $4.17 to $79.84. The change comes before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia. "That means that oil markets may potentially see around 1% of global oil supply or more being curtailed from May." The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. The rise in oil prices is bad news for Japan's trade balance given it imports most of its energy.

The slide in oil comes despite a historic deal which will see UBS, Switzerland's largest bank, buying the country's No. "The market focus is on current banking sector volatility and the potential for further rate hikes by the Fed," said Baden Moore, National Australia Bank's head of commodity research. A slowdown in interest rate hikes could depress the greenback, making dollar-denominated commodities like crude oil more affordable for holders of other currencies. "The U.S. Fed will be most important institution to watch this week," said Commonwealth Bank of Australia analyst Vivek Dhar in a note. Separately, Goldman Sachs cut its forecasts for Brent crude after prices plunged on banking and recession fears.

☆ Oil falls 3% on U.S. rate hike expectations, strong U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $2.35, or 2.7%, to $83.83 a barrel by 1:05 p.m. EST (1805 GMT) . U.S. West Texas Intermediate crude dropped by $2.48 a barrel, or 3%, at $77.98. Prices sank after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. More pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with U.S. Energy Information Administration data following at 1530 GMT on Wednesday.

☆ Oil falls 2% on U.S. rate hike expectations, stronger U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $1.46, or 1.7%, to $84.72 a barrel by 11:06 a.m. EST (1606 GMT). Prices declined after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. The remarks pushed up the U.S. dollar , which rose 0.70% on the day at 104.97. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Further pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions.

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