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☆ Oil prices inch up, but China COVID surge limits gains
  + stars: | 2022-12-20 | by ( Sonali Paul Isabel Kua | Sonali Paul | Isabel Kua | ) www.reuters.com   time to read: +2 min
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 prices ease on U.S. inventory build, China COVID worries
  + stars: | 2022-11-09 | by ( Sonali Paul Isabel Kua | Sonali Paul | Isabel Kua | ) www.reuters.com   time to read: +2 min
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.
☆ Oil prices rise on demand optimism after U.S. crude stocks drawdown
  + stars: | 2022-11-02 | by ( Sonali Paul Isabel Kua | Sonali Paul | Isabel Kua | ) www.reuters.com   time to read: +3 min
SINGAPORE, Nov 2 (Reuters) - Oil prices rose more than 1% on Wednesday after industry data showed a surprise drop in U.S. crude inventories, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures rose $1.13, or 1.2%, to $95.78 a barrel at 0441 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.26, or 1.4%, to $89.63 a barrel. In a further positive sign for demand, data on Tuesday from the American Petroleum Institute showed crude oil stocks fell by about 6.5 million barrels for the week ended Oct. 28, according to market sources. Eight analysts polled by Reuters had on average expected crude inventories to rise by 400,000 barrels. China's zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world's second-largest economy.
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