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Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo Acquire Licensing RightsLONDON, Sept 11 (Reuters) - Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged. Among economic factors in the spotlight, the European Central Bank (ECB) is due to announce its monthly interest rate decision this week. Reporting by Robert Harvey, Natalie Grover, Florence Tan and Emily Chow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, OPEC's, Naeem Aslam, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, David Goodman Organizations: cnsphoto, REUTERS, Saudi, U.S, West Texas, International Energy Agency, Organization of, Petroleum, IEA, European Central Bank, European Commission, Zaye, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, United States

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

☆ A key global oil price zoomed past $90 a barrel for the first time in 2023 — and analysts say it could keep inflation high
▼ + stars: | 2023-09-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Saudi Arabia and Russia said they will extend oil supply cuts of 1.3 million barrels a day through December 2023. Analysts think inflation could stay at higher levels for longer due to the higher oil prices. US West Texas Intermediate, or WTI, crude oil futures also hit a 10-month high. Higher oil prices are bad news for the world's central banks, which have been trying to tame high inflation since last year. Energy is a key input for economic activities, so higher oil prices generally lead to inflation.

Persons: Brent, Jorge Leon, Leon, Naeem Aslam, Aslam Organizations: Service, West Texas, Organization of, Petroleum, Rystad Energy, Energy, Zaye, International Energy Agency, IEA Locations: Saudi Arabia, Russia, Wall, Silicon, OPEC

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Weekly products supplied, a proxy for demand, rose to the highest since December. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Dennis Kissler, Naeem Aslam, OANDA's Moya, Arathy Somasekhar, Natalie Grover, Katya Golubkova, David Goodman, Christina Fincher, David Gregorio Our Organizations: REUTERS, Rights, Brent, . West Texas, BOK Financial, Travel, Energy, Zaye, Markets, Thomson Locations: Zhoushan, Zhejiang province, China, Independence, U.S, China's, Houston, London, Singapore

☆ Oil edges up as China seeks to calm economic fears
▼ + stars: | 2023-08-17 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/file photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Oil prices crept up on Thursday after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Naeem Aslam, Edward Moya, John Evans, OANDA's Moya, Natalie Grover, Katya Golubkova, David Goodman Organizations: REUTERS, Brent, . West Texas, Zaye, U.S, U.S . Federal, Thomson Locations: Zhoushan, Zhejiang province, China, U.S .

☆ Oil prices dip on profit-taking despite tighter U.S. supplies
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter U.S. crude supplies and China's pledge to reinvigorate its economic growth. Prices pared gains late in the session after both contracts had risen by over $1 a barrel. Market participants took advantage of the higher prices and took profits, said Phil Flynn, an analyst at Price Futures Group. ... Any improvement in the inflation data also means an improvement in oil demand," said Naeem Aslam of Zaye Capital Markets.

Persons: Phil Flynn, Flynn, We're, Klaas, Naeem Aslam Organizations: U.S, West Texas, Price Futures, Energy, Strategic Petroleum Reserve, Federal Reserve, European Central Bank, Traders, Zaye, Markets Locations: Yantai, Shandong province, China, Russia

July 12 (Reuters) - Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world's biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Brent futures settled up 71 cents, or 0.9%, to $80.11 a barrel. Forecasts from the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) point to the market tightening into 2024.

Persons: Naeem Aslam, Brent, Tamas Varga, Phil Flynn, Natalie Grover, Trixie Yap, Sonali Paul, Barbara Lewis, Emelia, David Gregorio Our Organizations: Zaye, . West Texas, U.S . Energy Information Administration, International Energy Agency, IEA, Saudi, U.S . Energy, Administration, Price Futures, Thomson Locations: China, Saudi Arabia, Russia, U.S, London

☆ Oil drops as economic growth concerns offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. "The failure to reach more solid ground above $80.50 in Brent points to continued selling interest amid the well known growth/demand concerns," said Ole Hansen, head of commodity Strategy at Saxo Bank. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said Baden Moore, head of commodity and carbon strategy at National Australia Bank. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Asia wary, US stock futures up on SVB reports
▼ + stars: | 2023-03-27 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Helping nerves were reports First Citizens BancShares Inc (FCNCA.O) was in advanced talks to acquire Silicon Valley Bank (SIVB.O) from the Federal Deposit Insurance Corp.S&P 500 futures firmed 0.5% in early trade while Nasdaq futures added 0.4%. "The current level of credit default swaps for European banks is just a little lower than it was during the height of the European financial crisis in 2013," noted Naeem Aslam Chief Investment Officer at Zaye Capital Markets. "If these CDS do not normalise, it is highly likely stock market may continue to suffer for many days." Over in the United States, depositors have been fleeing smaller banks for their larger cousins or to money market funds. Flows to money market funds have risen by more than $300 billion in the past month to a record atop $5.1 trillion.

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