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☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

Still, oil demand at the world's biggest oil importer has so "far remained remarkably unaffected by its economic downturn", the IEA said. Estimates of global demand and supply this year and next differ markedly depending on the forecaster. The IEA estimates 2023 global demand to grow by 2.2 million bpd, while OPEC expects growth of 2.44 million bpd. The IEA expects growth to slow sharply to 1 million bpd, while OPEC has a far rosier estimate of 2.25 million bpd. Meanwhile, the U.S government's Energy Information Administration has forecast demand growth at 1.81 million bpd for 2023 and 1.36 million bpd next year.

Persons: Jean, Paul Pelissier, Tamas Varga, PVM, Natalie Grover, Alex Lawler, Louise Heavens, Jason Neely Organizations: REUTERS, Rights Companies, Rights Companies Danang Petroleum Machinery Technology JSC, International Energy Agency, OPEC, Brent, IEA, U.S government's Energy, Administration, Thomson Locations: Marseille, France, Rights Companies Danang, Saudi Arabia, Russia, OPEC, United States, Brazil, Iran, China, Asia, Africa, Latin America, London

☆ Oil rises on China growth hopes
▼ + stars: | 2023-02-28 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures for April , due to expire on Tuesday, were up by 87 cents, or 1.1%, to $83.32 per barrel by 1059 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.18, or 1.6%, to $76.89 a barrel. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. The market will be looking to the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators. Distillate inventories, which include diesel and heating oil, were expected to have decreased by about 500,000 barrels last week.

Brent crude futures for April , due to expire on Tuesday, were up by 39 cents to $82.84 per barrel by 0718 GMT. Likewise, U.S. West Texas Intermediate (WTI) crude futures gained 61 cents to $76.29 a barrel. Brent and WTI futures were both on track, however, for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. Seven analysts polled also estimated that gasoline stocks rose by about 700,000 barrels.

Brent crude futures for April , due to expire on Tuesday, gained 14 cents to $82.59 per barrel by 0443 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 21 cents to $75.89 a barrel. Brent and WTI futures were both on track for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds.

☆ Oil steadies after fall on fear of rate hikes, rising inventories
▼ + stars: | 2023-02-28 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

"The stronger than expected inflation numbers raised concerns about further hikes in interest rates, which has already curbed demand in the U.S.," ANZ analysts said in a client note. The possibility that slower-growing wages might help limit inflation, however, kept crude from moving lower. The market will be looking out for the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds. Helping to put a floor on prices, distillate inventories, which include diesel and heating oil, were expected to have decreased by about 500,000 barrels last week.

☆ Oil down 1% on another surprise build in U.S. crude stocks
▼ + stars: | 2023-01-19 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 19 (Reuters) - Oil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand. Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. Nine analysts polled by Reuters had estimated on average that crude inventories fell by about 600,000 barrels. The big build marks the second consecutive week of large inventory increases. On a bullish note, however, distillate stockpiles, which include diesel and heating oil, fell by about 1.8 million barrels against analysts' expectations for a 120,000-barrel increase.

LONDON, Oct 26 (Reuters) - Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected, though supply concerns and a weaker dollar gave support. Brent crude futures for December were down 4 cents, or 0.04%, to $93.48 a barrel by 0849 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 25 cents, or 0.3%, to $85.57 a barrel. But ongoing supply constraints, highlighted by the International Energy Agency's head warning of the "first truly global energy crisis", gave prices a floor. Meanwhile Biden, facing criticism over high inflation, has warned that Saudi Arabia would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December were down 75 cents, or 0.9%, to $84.57, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, but losses were capped by supply worries. U.S. West Texas Intermediate (WTI) crude futures for December were down 48 cents, or 0.6%, to $84.84, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Oil falls on build in U.S. crude oil stocks, stronger dollar
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell in early trade on Wednesday as the dollar firmed and as industry data showing U.S. crude oil stockpiles rose more than expected reinforced fears of a global recession that would cut demand. U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group. However, gasoline inventories fell by about 2.3 million barrels, nearly double the decline that analysts had expected. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. U.S. President Joe Biden, worried that gasoline prices will jump ahead of Nov. 8 congressional elections, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

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