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Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong delivers the Singapore Energy Lecture during the 15th Singapore International Energy Week, in Singapore October 25, 2022. REUTERS/Isabel Kua/File Photo Acquire Licensing RightsSINGAPORE, Nov 5 (Reuters) - Singapore Prime Minister Lee Hsien Loong on Sunday said he will hand leadership of the ruling People's Action Party to Deputy Prime Minister Lawrence Wong as soon as the party's 70th anniversary in November 2024, a year before an election is due. He has served as party secretary-general and prime minister since 2004 and last year chose Wong, who is also finance minister, as his successor. Therefore, I intend to hand over to DPM Lawrence before the next general election," Lee said at an annual party conference. He served as Lee's principal private secretary from 2005 to 2008 and led the education and national development ministries before becoming finance minister in 2021 and deputy prime minister last year.

Persons: Finance Lawrence Wong, Isabel Kua, Lee Hsien Loong, Lawrence Wong, Wong, Lee, Lee Kuan Yew, DPM Lawrence, Walid Jumblatt Abdullah, Chong Ja Ian, Chen Lin, Michael Perry, Christopher Cushing Organizations: Finance, Singapore Energy, Singapore International Energy, REUTERS, Rights, Singapore Prime, Party, Monetary Authority of, Nanyang Technological University, Still, National University of Singapore, Thomson Locations: Singapore, Rights SINGAPORE, Lawrence, Monetary Authority of Singapore

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

☆ Oil settles lower in light trading on China demand concerns
▼ + stars: | 2022-12-28 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

China has said it will stop requiring inbound travellers to quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. Market participants noted that trading volumes this week are expected to be lighter than usual as the end of the year approaches, creating more volatility in oil prices. "My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity," said UBS analyst Giovanni Staunovo. "Next year brings immense uncertainty and plenty of potential upside risk for prices from the China reopening to lower Russian output and further OPEC+ cuts," Erlam said. U.S. crude oil inventories fell last week while gasoline and distillate stocks rose surprisingly, according to market sources citing American Petroleum Institute figures on Wednesday.

☆ Oil hits three-week high as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A weaker dollar makes oil cheaper for holders of other currencies and tends to support risk assets. Oil also drew support from worries over supply disruption because of winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities. "But the U.S. weather is forecast to improve this week, which means the rally may not last too long," he said. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

Like many residents, he's been on a spree - because on Jan. 1 Singapore's sales tax goes up for the first time in 15 years. From next year, the sales tax on everything from groceries to diamond rings goes from 7% to 8%. By buying everything now before the hike, Soif said he's saving S$250 ($185) on his purchases, now in storage at retailers' facilities. The upbeat spending comes against a backdrop of concern, and some opposition, among the population about the tax hike. It has also said it would review the second step of the tax hike if there was a major global downturn next year.

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

Brent crude futures were up 93 cents, or 1.15%, at $80.92 a barrel by 1040 GMT. U.S. crude inventories fell by about 3.1 million barrels in the week to Dec. 16, said market sources, citing data from the American Petroleum Institute. Worries about surging COVID-19 cases in China as the country begins dismantling its zero-COVID policy kept oil prices from moving higher. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported. Reporting by Shadia Nasralla and Dmitry Zhdannikov; Additional reporting by Isabel Kua in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices little changed as U.S. crude drawdown offsets China COVID worries
▼ + stars: | 2022-12-21 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Companies United States of America FollowSINGAPORE, Dec 21 (Reuters) - Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. "A larger-than-expected draw in U.S. inventories, coupled with U.S. plans to refill their Strategic Petroleum Reserve have supported oil prices," said Serena Huang, head of APAC analysis at Vortexa. Oil prices were boosted by these comments which suggest that OPEC+ may continue to keep supply tight to support oil prices, CMC Markets analyst Tina Teng said. Growing worries about a surge in COVID-19 cases in China as the country begins dismantling its strict zero-COVID policy kept oil prices from moving higher.

U.S. West Texas Intermediate (WTI) crude futures rose $1, or 1.31%, to $76.19 after climbing 90 cents on Monday. Oil prices have been buoyed by U.S. plans announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve after this year's record release of 180 million barrels. A weaker dollar has also supported prices, making oil cheaper for those holding other currencies. "The oil demand outlook will be key for how high crude prices can go," he said, adding that clarity on that could prove elusive given mixed signals on the reopening of China's economy. While China has been relaxing pandemic restrictions, a surge in COVID-19 cases has been bearish for oil markets because of uncertainty over the country's economic recovery, said CMC Markets analyst Tina Teng.

☆ Oil prices edge higher; China COVID surge limits gains
▼ + stars: | 2022-12-20 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 20 (Reuters) - Oil prices inched higher on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. U.S. West Texas Intermediate (WTI) crude futures rose 32 cents, or 0.4%, to $75.51 a barrel, after climbing 90 cents in the previous session. Oil prices have been buoyed by a U.S. plan announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve following this year's record release of 180 million barrels from the stock. A weaker greenback has also supported prices, making oil cheaper for those holding other currencies. U.S. crude oil stocks were expected to have dropped last week by about 200,000 barrels, while gasoline and distillates inventories were seen higher, a preliminary Reuters poll showed on Monday.

SINGAPORE, Dec 20 (Reuters) - Oil prices edged up on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. Oil prices have been buoyed by a U.S. plan announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve following this year's record release of 180 million barrels from the stock. A weaker greenback has also supported prices, making oil cheaper for those holding other currencies. While China has been relaxing pandemic restrictions, the surge in COVID-19 cases has been bearish for the oil markets due to uncertainties about the country's economic recovery, said Tina Teng, an analyst at CMC Markets. U.S. crude oil stocks were expected to have dropped last week by about 200,000 barrels, while gasoline and distillates inventories were seen higher, a preliminary Reuters poll showed on Monday.

☆ Oil slides over 3% on Russian price cap talks, U.S. gasoline build
▼ + stars: | 2022-11-23 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. gasoline stocks rose by 3.1 million barrels, according to the Energy Information Administration, far exceeding the 383,000 barrel build that analysts had forecast. Prices were hit further by reports that the G7 price cap on Russian oil could be above the level it is trading. G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official on Wednesday. A senior U.S. Treasury official said on Tuesday that the price cap will probably be adjusted a few times a year. The news added to concerns about demand from top crude oil importer China, which has been grappling with a surge in COVID-19 cases, with Shanghai tightening rules late on Tuesday.

☆ Oil rises as Saudi comments outweigh recession concerns
▼ + stars: | 2022-11-22 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"Crude oil prices are trying to recover their losses," said Avatrade analyst Naeem Aslam. "That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today." On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices. Concerns over oil demand in the face of the U.S. Federal Reserve's interest rate hikes and China's strict COVID lockdown policies limited the upside. Additional reporting by Laura Sanicola and Isabel Kua Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices edge up as softer dollar outweighs China demand concerns
▼ + stars: | 2022-11-22 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 22 (Reuters) - Oil prices inched higher on Tuesday as the dollar eased, but global recession worries and concerns about China's rising COVID-19 case numbers denting demand from the world's top crude oil importer weighed on sentiment. Brent crude futures rose 44 cents, or 0.5%, to $87.89 by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 30 cents, or 0.4%, to $80.34 a barrel. In the United States, crude oil stocks were estimated to have dropped by about 2.2 million barrels in the week to Nov. 18, a preliminary Reuters poll showed on Monday. The front-month Brent crude futures spread narrowed sharply last week, while WTI flipped into contango, which suggests supply concerns are easing.

☆ Oil prices steady as China COVID worries outweigh supply concerns
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE (Reuters) - Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply. Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. That has dampened oil demand growth outlook with the International Energy Agency (IEA) forecast demand growth slowing to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

☆ Oil prices slip as China COVID worries, firmer dollar outweigh supply concerns
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. U.S. President Joe Biden’s comments that the missile was probably not fired from Russia also helped to ease immediate escalation worries, Innes said. That has dampened the oil demand growth outlook, with the International Energy Agency (IEA) forecasting demand growth to slow to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

☆ Oil prices ease as China COVID concerns outweigh supply woes
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. “From all accounts, China is persisting with its zero-COVID policy, which is a natural dampener for oil market sentiment,” said Vandana Hari, founder of Vanda Insights in Singapore. That has dampened the oil demand growth outlook, with the International Energy Agency (IEA) forecasting demand growth to slow to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

ETNEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday along with major stock indexes, after U.S. data signaled that inflation could be starting to subside, which would be a positive for oil demand. U.S. West Texas Intermediate crude rose $1.18, or 1.4%, to $87.05. "The inflation data was positive in a way. In U.S. supply, crude oil stocks are expected to have dropped by about 300,000 barrels in the week to Nov. 11, a Reuters poll showed on Monday ahead of reports from the American Petroleum Institute due at 4:30 p.m. Investment bank JPMorgan cut its quarterly and full-year forecasts for economic growth in China.

SummarySummary Companies Russia's Transneft: notified by Ukraine of oil supply suspension to Hungary via Druzhba - RIASlower U.S. producer price growth prompts inflation optimismChina reports increase in COVID-19 infectionsComing up: API data on US crude stocks at 4:30 p.m. ETNEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday more than 1% after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose $1.38, or 1.5%, to $94.52 a barrel at 2:22 p.m. EST (1922 GMT). U.S. West Texas Intermediate crude rose $1.60, or 1.9%, to $87.47. Russia's state-owned pipeline monopoly Transneft (TRNF_p.MM) has been notified by Ukraine that oil supply to Hungary via the Druzhba oil pipeline is temporarily suspended due to a fall in pressure, the RIA news agency quoted Transneft as saying on Tuesday.

☆ Sanctioned oil tanker floating free after stranding in Indonesia
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 10 (Reuters) - U.S.-sanctioned oil supertanker Young Yong is moving away from shallow waters in Indonesia after more tugboats were deployed on Thursday to free the stranded vessel, shipping data showed. The ten tugboats that had surrounded the ship were also dispersing, data on Refinitiv Eikon and MarineTraffic website showed. The United States has allowed some transactions necessary to dock and anchor the Young Yong safely and make repairs as part of the efforts to free the vessel. The Young Yong was among the vessels sanctioned through its ownership. The supertanker is filled with about 2 million barrels of Venezuelan fuel oil after receiving the cargo through ship-to-ship operations last month, according to vessel monitoring services.

☆ Oil prices dip on U.S. inventory build, China COVID worries
▼ + stars: | 2022-11-09 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Brent crude futures fell 9 cents, or 0.1%, to $95.27 a barrel by 0727 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.2%, to $88.71 a barrel. CMC Markets analyst Tina Teng said despite tight supply in the physical markets, China's slowdown in demand has a major impact on the oil futures markets. In another bearish sign, API data showed gasoline inventories rose by about 2.6 million barrels, against analysts' forecasts for a 1.1 million drawdown. "In addition to ongoing OPEC+ supply cuts, Russian oil supply should fall as the EU ban on Russian crude and refined products comes into effect," ING commodities strategists said in a note. The EU will ban Russian crude imports by Dec. 5 and Russian oil products by Feb. 5, in retaliation to Russia's invasion of Ukraine.

Brent crude futures fell 44 cents, or 0.5%, to $94.92 a barrel by 0454 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 53 cents, or 0.6%, to $88.38 a barrel. CMC Markets analyst Tina Teng said despite tight supply in the physical markets, China's slowdown in demand has a major impact on the oil futures markets. In another bearish sign, API data showed gasoline inventories rose by about 2.6 million barrels, against analysts' forecasts for a 1.1 million drawdown. Meanwhile, supply concerns remain as a European Union ban on Russian crude looms and the Organization of the Petroleum Exporting Countries and allies, or OPEC+, cuts output. The EU will ban Russian crude imports by Dec. 5 and Russian oil products by Feb. 5, in retaliation to Russia's invasion of Ukraine.

The Indonesian navy has been trying to free the Djibouti-registered ship, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26 near a gas pipeline. The Young Yong was among the vessels sanctioned. Capable of carrying 2 million barrels of crude oil, the stranded tanker is almost full, according to shipping data on Refinitiv Eikon. allows transactions to free sanctioned oil tanker, Young Yong, which has been stranded in Indonesian waters since Oct. 26CHALLENGESThere are operational challenges in refloating the ship like the risk of an oil spill and strong currents in the surrounding waters, said Jacob Hogendorp, managing partner of Global Salvage Consultancy. He added that part of the cargo onboard Young Yong would likely have to be transferred to another ship before refloating commences.

☆ Oil prices slide $2 on China demand worries, U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Diamondback Energy Inc FollowNov 8 (Reuters) - Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. U.S. crude fell $2.88, or 3.14%, to $88.91 per barrel. It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. U.S. stocks also gyrated as market participants bided their time waiting to see whether Capitol Hill is in for a power shift, with Republican gains expected in the midterm elections. The ICE exchange, home to the Brent benchmark, has increased the initial margin rates for front-month Brent crude futures by 4.92%, making maintaining a futures position more expensive from the close of business on Tuesday.

☆ Oil prices dip 1% on China demand worries, U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Diamondback Energy Inc FollowNov 8 (Reuters) - Oil prices edged 1% lower on Tuesday on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. Brent futures for January delivery fell $1.14 to $96.78 a barrel, a 1.2% loss, by 13:02 p.m. EST (18:02 GMT). It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. The ICE exchange, home to the Brent benchmark, has increased the initial margin rates for front-month Brent crude futures by 4.92%, making maintaining a futures position more expensive from the close of business on Tuesday. U.S. crude oil stocks were expected to have risen by about 1.1 million barrels last week, a preliminary Reuters poll showed on Monday.

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