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☆ Oil set for 2nd weekly fall on firm dollar as supply worries ebb
▼ + stars: | 2023-08-25 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Brent crude rose 30 cents, or 0.4%, to $83.66 a barrel by 0434 GMT, while U.S. West Texas Intermediate crude was up 31 cents, also 0.4%, at $79.36 a barrel. Crude prices are set to fall between 1.5%-2.5% for the week, a second consecutive week of decline. A strong dollar makes oil more expensive for holders of other currencies, denting demand. Further weighing on market sentiment, U.S. officials are drafting a proposal that would ease sanctions on Venezuela's oil sector, allowing more companies and countries to import its crude oil. Analysts estimated that the top oil exporter will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further.

Persons: Chen Aizhu, Jerome Powell, Brent, Jun Rong, Powell's, Laura Sanicola, Muyu Xu, Jacqueline Wong Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Companies United, Federal, U.S, West Texas, IG, Haitong Futures, Analysts, Thomson Locations: China, Dalian, Liaoning province, Companies United States, America, Turkey, Kurdistan, Iraq, Saudi Arabia

March 21 (Reuters) - Oil drifted lower on Tuesday as more than a week of banking turmoil kept weighing on market confidence. U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 1.1%, to $66.90 a barrel. "Oil prices now mainly depend on influences on investor confidence at the macro-level," said analysts from Haitong Futures. "If the banking crisis does not spread further, market sentiment may stabilise and oil prices will have a chance to recover." A preliminary Reuters survey showed that crude oil and product inventories in the U.S were estimated to have fallen last week.

Companies Credit Suisse Group AG FollowMarch 16 - Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse (CSGN.S) was thrown a financial lifeline by Swiss regulators. As of 0427 GMT, Brent crude futures were up 58 cents or 0.8% to $74.27 per barrel. West Texas Intermediate crude futures (WTI) rose 51 cents, also 0.8%, to $68.12 a barrel. OPEC's rosier outlook for China oil demand also supported oil prices, said Lim Tai An, analyst at Phillip Nova Pte. Higher interest rates can lead to depressed demand for oil as economic growth slows, but concerns about a widenening financial crisis for the banking sector could also weigh on oil demand.

SummarySummary Companies API shows U.S. crude stocks rise - market sourcesOPEC raises 2023 oil demand growth forecastFeb 15 (Reuters) - Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and expectations of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession. U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Gasoline stocks rose by about 846,000 barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity. "The API data put mounting pressure on the oil market as this would be the eighth week of stocks building ... Tepid demand in the U.S. market would continue to depress oil prices in the near term," said analysts from Haitong Futures. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, OPEC said, raising the forecast from February by 100,000 bpd.

☆ Oil prices steady amid China demand revival, high U.S. inventories
▼ + stars: | 2023-02-09 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

"U.S. crude oil ... inventories have continued to exceed expectations, which to some extent erodes the bullish sentiments brought from China's demand recovery hopes," said analysts from Haitong Futures. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said on Wednesday. U.S. gasoline and distillate inventories also rose last week as demand remained weak. read moreBut the prospect of stronger demand from China lent support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy involving city-wide lockdowns and mass testing in December. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan.

☆ Oil edges higher as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Goldman Sachs expects that the growing ability of the Organization of the Petroleum Exporting Countries (OPEC) to raise prices without hurting demand too much will limit downside risks to its bullish oil forecast for 2023. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Oil rises 1% as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices climbed marginally on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Thursday's data "could easily clarify the direction of the financial and oil markets for weeks to come", said Tamas Varga of oil broker PVM. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

Jan 10 (Reuters) - Oil edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world's biggest oil user, will slow economic growth and limit fuel demand. Brent futures for March delivery fell 43 cents to $79.22 a barrel, a 0.5% drop, by 0522 GMT. U.S. West Texas Intermediate crude fell 36 cents, or 0.5%, to $74.27 per barrel. But analysts warned that China's demand revival may play limited role to drive up oil prices under the global economic downward pressure. Separately, U.S. crude oil stockpiles likely fell 2.4 million barrels, with distillate inventories also seen slightly down, a preliminary Reuters poll showed on Monday.

The Chinese government increased export quotas for refined oil products in the first batch for 2023, signalling expectations of poor domestic demand. read more"The market remains worried about the impact of macro factors such as the economic downward pressure," said analysts from Haitong Futures. Lending oil some support, the dollar weakened on Wednesday after posting big gains in the previous session. A weaker dollar typically boosts demand for oil as dollar-denominated commodities become cheaper for holders of other currencies. U.S. crude oil stockpiles likely rose 2.2 million barrels, with distillate inventories also seen down, a preliminary Reuters poll showed on Monday.

China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. "Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said. An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve for delivery in February next year also supported the outlook for stronger prices. This will be the United States' first purchase since this year's record 180 million barrel release from the stockpile.

China held a news conference on COVID prevention and control measures at 3 p.m. (0700 GMT) on Tuesday amid record COVID infections and protests in Shanghai and Beijing. read moreAsian shares also rallied as unsubstantiated rumours swirled that the unrest might prompt a loosening of the COVID restrictions. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, are set to hold a meeting on Dec. 4. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. read moreMarkets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

☆ Oil rises as supply fears overtake recession worries
▼ + stars: | 2022-09-22 | by ( ) www.cnbc.com time to read: +2 min

Oil rebounded on Thursday after sliding 1% in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession. Oil rebounded on Thursday after sliding 1% in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession. Brent crude futures rose 50 cents, or 0.6%, to $90.33 per barrel by 0319 GMT, recouping their losses in early Asia trade. U.S. West Texas Intermediate crude rose 45 cents to $83.39. Meanwhile, some Chinese refineries are considering increasing runs in October, eyeing stronger demand and a potential reversal of Beijing's fuel export policy, which could boost crude oil demand.

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