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Search resuls for: "Amarpreet Singh"


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U.S. crude oil prices are on pace for a third monthly loss in a row in September as rising supplies from OPEC+ and weak demand in China haunt the market. The U.S. benchmark has declined more than 7% for the month, while global benchmark Brent has fallen about 9%. "Oil markets are experiencing a panic attack," Amarpreet Singh, energy analyst at Barclays, told clients in a Friday note. Here are Monday's energy prices:Oil prices remain under pressure in part because OPEC+ plans to begin increasing production in December, and as demand in China, the world's largest crude importer, remains soft. The Netanyahu government is pummeling the Iran-backed militia group, with concerns growing that Israel might launch a ground operation in Lebanon.
Persons: Amarpreet Singh, Brent, Israel, Hassan Nasrallah, Netanyahu, Daan Struyven, Goldman Sachs Organizations: Brent, Barclays Locations: China, U.S, OPEC, Beirut, Iran, Israel, Lebanon, Libya, Saudi Arabia
An oil pump jack is shown in a field on June 27, 2024 in Stanton, Texas. Crude oil futures fell more than 1% on Thursday as concerns about the health of China's economy grow after the country's central bank cut rates twice in a week. The People's Bank of China slashed interest rates in a unexpected move Monday, followed by a surprise cut to its medium term facility lending rate on Thursday. Here are today's energy prices:Oil prices are down despite declining U.S. crude and gasoline inventories indicating an uptick in demand and second quarter economic growth coming in at a 2.8% rate for the second quarter. The possibility of a cease-fire in the Israel-Hamas is raising hopes that tensions in the Middle East will de-escalate.
Persons: China's, Amarpreet Singh Organizations: People's Bank of China, Barclays Locations: Stanton , Texas, Israel
Crude oil futures rose for a second day Thursday as weak jobs data has boosted investor that the Federal Reserve will cut interest rates this year. Separately, the European Central Bank trimmed its interest rates for the first time since 2019. Lower interest rates bring the hope of more robust economic growth and stronger oil demand. Moreover, rising oil inventories are expected to shift to draws in the third quarter with the OPEC+ cuts remaining in place at least until October, according to JPMorgan. "We think oil markets have overreacted to the mildly negative OPEC+ meeting outcome," Barclays analyst Amarpreet Singh told clients in a Thursday note.
Persons: payrolls, Tamas Varga, PVM, Amarpreet Singh Organizations: Federal Reserve, European Central Bank, JPMorgan, Barclays Locations: West, Iraan , Texas, U.S, OPEC, Saudi Arabia, Russia
An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023. U.S. crude oil was little changed Thursday but is on pace for its worst month of the year and a second consecutive monthly loss. U.S. crude oil is down 3.2% in May, its worst performance since December. Brent has lost nearly 5% this month, putting the global benchmark on pace for its first negative month in five. Demand in China appears to have softened in the first quarter, Singh told clients in a note.
Persons: Brent, Amarpreet Singh, Singh, Tamas Varga Organizations: Barclays, Demand Locations: New Mexico, China
BANGKOK (AP) — Asian shares have climbed after Wall Street advanced on potentially encouraging news about interest rates, which have been dragging markets lower since the summer. Oil prices, which had climbed Monday on worries about the violence in the Middle East, fell back. Oil prices already were volatile. Interest rates, and expectations for where they will go, have been driving Wall Street's swings more than anything since the start of last year. Investors dislike higher interest rates because they knock down prices for stocks and other investments.
Persons: Kospi, Brent, Amarpreet Singh, JPMorgan Chase Organizations: Wall, Nikkei, Federal Reserve, Fed, Dow Jones Industrial, Nasdaq, New York Mercantile Exchange, Brent, Barclays, Wall Street's, Halliburton, U.S . Treasury, Delta Air Lines, JPMorgan, UnitedHealth Group, U.S . Locations: BANGKOK, Gaza, Hong Kong, Australia, Bangkok, China's, Israel, Saudi Arabia, Wall, U.S
Oil prices were volatile Monday as traders considered the possibility of weakening Chinese demand and a growing view that world could have sufficient supplies even with a European ban on Russian oil. The firm cited China's Covid restrictions and a lack of clarity on G-7 price caps on Russian crude for the new outlook. The European Union's ban on seaborne Russian oil starts Dec. 5. "Every fundamental signal in the crude market right now is bearish," she said. At least for now, the market expects there will be sufficient supplies even with Russian sanctions, Babin said.
Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."
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