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Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again. Brent crude futures were down 4 cents to $75.37 a barrel by 0800 GMT after settling up 0.8% on Friday. "Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. Oil demand is set to jump to its highest level ever in the second half of the year," PVM analyst Tamas Varga said.

Persons: Brent, WTI, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Sonali Paul, David Evans Organizations: PMI, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, Thomson Locations: China, Saudi, U.S, Saudi Arabia, London, Singapore

☆ Oil prices ease on fears of weaker demand
▼ + stars: | 2023-07-03 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. "OPEC+'s multi-output-cuts have kept oil prices above key levels, which may see a further production reduction by the cartel to keep the crude market's stability," said Tina Teng, an analyst at CMC Markets. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Tina Teng, Baker Hughes, Florence Tan, Emily Chow, Sonali Paul Organizations: PMI, SINGAPORE, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, CMC, Organization of, Petroleum, U.S . Energy, Administration, Thomson Locations: China, Saudi, U.S, Saudi Arabia, OPEC, Iraq, Nigeria

Hedge funds and other money managers sold the equivalent of 64 million barrels in the six most important petroleum-related futures and options contracts in the seven days ending June 27. Essentially all the sales were concentrated in crude contracts split evenly between Brent (-31 million barrels) and NYMEX and ICE WTI (-33 million barrels). Fund managers had accumulated 136 million barrels of gross short positions in NYMEX WTI, the most since 2017. The slump in WTI positions is likely being intensified by contract changes which have seen WTI crude grades added to the Brent futures contract. From a positioning perspective, extreme pessimism towards crude prices and lopsided positions are creating potential for an explosive rally in future.

Persons: Alexander Manzyuk, Brent, John Kemp, David Evans Organizations: REUTERS, OPEC ⁺, ICE, ICE WTI, Fund, Global, Thomson, Reuters Locations: Republic of Tatarstan, Russia, Saudi Arabia, Brent, NYMEX WTI, North America, Europe, China, U.S, Iran, Venezuela, distillates

It also defies protests from a minority of activist investors who want oil companies to be more closely aligned with global efforts to mitigate climate change. An oil and gas price rally driven by energy producer Russia's invasion of Ukraine translated into record profits for the energy majors. That has increased confidence in the most costly, high-risk offshore exploration that can also deliver the highest rewards. Wood Mackenzie analysts predict a continued increase in activity, forecasting offshore exploration and drilling activity to grow by 20% by 2025. Wood Mackenzie meanwhile predicts the commitment of up to $185 billion to develop 27 billion barrels of oil reserves, with international oil companies focused on the higher-cost, higher-return deepwater developments.

Persons: Olivier Le Peuch, Baker Hughes, Wood Mackenzie, Leslie Cook, TotalEnergies, Yujnovich, QatarEnergy, Shell, Graff, La Rona, Ron Bousso, Barbara Lewis Organizations: Shell, BP, SLB, Reuters, International Energy Agency, Barclays, West Africa –, Nambia's Petroleum, Thomson Locations: Namibia, Ukraine, Gulf of Mexico, South America, West Africa, NAMIBIA, Canada

Goldman Sachs said this week that rising interest rates would remain a "persistent drag" on oil. "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. Global oil demand is forecast to grow between 1 to 2 million barrels per day (bpd), as per the poll. "Once these deficits become visible in on-land oil inventories, we expect prices to trend higher," said UBS analyst Giovanni Staunovo. Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at $80.

Persons: Brent, Ole Hansen, Saxo, Goldman Sachs, There's, Ian Moore, Bernstein, Giovanni Staunovo, Seher, Arpan Varghese, Noah Browning, Elaine Hardcastle Organizations: bbl, International Energy Agency, Saudi, of, Petroleum, Thomson Locations: China, Saudi, OPEC, Saudi Arabia, Saudi Aramco, India, Moscow, Turkey, Bengaluru

U.S. West Texas Intermediate crude (WTI) fell 5 cents or 0.1% to $69.81. While it would be Brent's first monthly gain for 2023, it would mark a second for WTI after a gain in April. Despite the probable monthly gain, on a quarterly basis, Brent looks set for a loss of about 6% while WTI appears headed for a decline of about 7%. The oil price gains on Friday were, however, capped by weak Chinese economic data and fears of higher interest rates. U.S. oil rig count data, an indicator of future supply, will be released later in the day.

Persons: Brent, WTI, Yeap, Rong, Novorossiisk, Robert Carnell, Jerome Powell, Arathy Somasekhar, Muyu Xu, Edwina Gibbs, Robert Birsel Organizations: Brent, . West Texas, U.S . Energy Information Administration, IG, ING, Federal Reserve, Thomson Locations: U.S, Saudi Arabia, That's, OPEC, Primorsk, Ust, Houston, Singapore

☆ Oil ticks down on interest rate hike fears
▼ + stars: | 2023-06-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Summary Rate hike expectations boost fears of slow economic growthWeak economic data in China weighs on sentimentHOUSTON, June 29 (Reuters) - Oil prices edged lower on Thursday, as fears that rising interest rates could dent global economic growth and crude demand offset a bigger-than-expected fall in U.S. inventories. Brent crude futures fell 38 cents, or 0.5%, to $73.66 a barrel by 1127 a.m. Investors were concerned about rising interest rates and economic growth after Federal Reserve Chair Jerome Powell reiterated that he expects the moderate pace of interest rate decisions to continue in the coming months. "Crude traders remain torn between rising interest rates with fears of a global recession against elevated travel demand and shrinking crude supplies," said Dennis Kissler, senior vice president of trading at BOK Financial. "The lack of prospects for fuel demand growth has limited the gain in oil prices, even with supply curbs by oil producers," said Tetsu Emori, CEO of Emori Fund Management Inc.

Persons: Jerome Powell, Dennis Kissler, Christine Lagarde, Tetsu Emori, Ahmad Ghaddar, Yuka Obayashi, Jason Neely, David Evans, Barbara Lewis, David Gregorio Our Organizations: Brent, . West Texas, U.S . Energy Information Administration, Investors, Federal Reserve, BOK Financial, European Central Bank, Emori Fund Management Inc, Thomson Locations: China, HOUSTON, European, Saudi Arabia, OPEC, London

TOKYO, June 29 (Reuters) - Oil prices eased on Thursday, paring some of the previous day's gains, as investors took profits on concerns that further interest rate hikes by central banks could dampen economic growth and global fuel demand. "The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. Brent's six-month backwardation - a price structure whereby sooner-loading contracts trade at higher prices than later-loading ones - reached its lowest since December, indicating higher demand for immediate delivery.

Persons: paring, Hiroyuki Kikukawa, Jerome Powell, Christine Lagarde, Kikukawa, Yuka Obayashi, Sonali Paul Organizations: Brent, . West Texas, U.S . Energy Information Administration, NS, Nissan Securities, U.S . Federal, European Central Bank, Thomson Locations: TOKYO, U.S, Europe, China, United States

☆ Oil steadies after spiking on U.S. inventory fall
▼ + stars: | 2023-06-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures was up 10 cents, or 0.1%, to $74.13 a barrel by 1032 GMT. Nonetheless, the impact that stocks have on oil prices was on display yesterday on a smaller scale," PVM Oil analyst Tamas Varga said. Concerns about the impact that rising interest rates will have on economic growth came back to the fore, however, halting the rally. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. "The lack of prospects for fuel demand growth has limited the gain in oil prices, even with supply curbs by oil producers," said Tetsu Emori, CEO of Emori Fund Management Inc.

Persons: Tamas Varga, Jerome Powell, Christine Lagarde, Tetsu Emori, Yuka Obayashi, Jason Neely Organizations: Brent, . West Texas, U.S . Energy Information Administration, . Federal, European Central Bank, Emori Fund Management Inc, Thomson Locations: China, Saudi Arabia, OPEC

NEW YORK, June 28 (Reuters) - Oil prices climbed about 3% on Wednesday as the second straight weekly draw from U.S. crude stockpiles was bigger than expected, offsetting worries that further interest rate hikes could slow economic growth and reduce global oil demand. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56, narrowing Brent's premium over WTI to its lowest since June 9. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts forecast in a Reuters poll and also much bigger than the 2.8 million barrel draw a year earlier. This report could be a bottom (for oil prices)," said Phil Flynn, an analyst at Price Futures Group. Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand.

Persons: Brent, Phil Flynn, Jerome Powell, Flynn, Powell, Christine Lagarde, Gelber, Shariq Khan, Alex Lawler, Mohi Narayan, Emma Rumney, Mark Potter, David Gregorio, Cynthia Osterman Organizations: YORK, . West Texas, U.S . Energy Information Administration, Price Futures Group, Investors, . Federal, European Central Bank, Associates, Organization of, Petroleum, Thomson Locations: WTI, Russia, Saudi, China, Bengaluru, London, New Delhi

U.S. West Texas Intermediate (WTI) crude rose $1.63, or 2.45%, to $69.33. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts forecast in a Reuters poll and also much bigger than the 2.8 million barrel draw a year earlier. This report could be a bottom (for oil prices)," said Phil Flynn, an analyst at Price Futures Group. Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand. Analysts at energy consulting firm Gelber and Associates said that decline in backwardation suggested "diminishing worries over potential supply shortages."

Persons: Brent, Phil Flynn, Jerome Powell, Flynn, Powell, Christine Lagarde, Gelber, backwardation, Shariq Khan, Alex Lawler, Mohi Narayan, Emma Rumney, Mark Potter, David Gregorio Our Organizations: YORK, . West Texas, U.S . Energy Information Administration, Price Futures Group, Investors, . Federal, European Central Bank, Associates, Organization of, Petroleum, Thomson Locations: WTI, Russia, OPEC, Saudi, China, Bengaluru, London, New Delhi

NEW YORK, June 28 (Reuters) - Oil prices rose about 2% on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, putting stockpiles down for a second week in a row. That was much bigger than the 1.8 million barrel draw analysts forecast in a Reuters poll and compares with a decline of 2.8 million barrels in the same week last year and a five-year (2018-2022) average decrease of 7.8 million barrels. This report could be a bottom (for oil prices)," Flynn said. Oil prices rose despite worries about interest rate hikes that could slow economic growth and reduce oil demand.

Persons: Brent, Phil Flynn, Flynn, Christine Lagarde, Shariq Khan, Alex Lawler, Mohi Narayan, Emma Rumney, Mark Potter Organizations: YORK, U.S, West Texas, U.S . Energy Information Administration, American Petroleum Institute, Price Futures, European Central Bank, Thomson Locations: Bengaluru, London, New Delhi

☆ Oil pares gains as rate hike fears offset US inventory drop
▼ + stars: | 2023-06-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Benchmark Brent crude prices are down more than 15% this year as rising interest rates hit investor appetite, while China's economic recovery has faltered after several months of softer-than-expected consumption and other data. "For now, the market remains stuck with demand concerns weighing," said Ole Hansen, head of commodity strategy at Saxo Bank. "Overall, the commodity sector, including crude oil, is suffering from risk adversity amid China growth worries and U.S. data strength pointing to higher rates," he said. The Energy Information Administration's official supply report is due out at 1430 GMT. Higher interest rates can weigh on economic activity and oil demand.

Persons: Brent, Ole Hansen, Oil, Christine Lagarde, Tamas Varga, Mohi Narayan, Jason Neely, David Evans Organizations: Oil, Brent, U.S, West Texas, Saxo Bank, American Petroleum Institute, Energy, European Central Bank, ECB, PVM, Saudi, Thomson Locations: contango, China

☆ Oil rises on large US stock draws, but rate hike fears linger
▼ + stars: | 2023-06-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

June 28 (Reuters) - Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories, signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Both contracts had fallen by about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. "Tuesday's slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Higher interest rates can weigh on economic activity and oil demand. Analysts said that markets have struggled to shake off fears that higher interest rates will weigh on global growth and oil demand.

Persons: Brent, WTI, Vandana Hari, Hari, Christine Lagarde, Mohi Narayan, Arathy Somasekhar, Muralikumar Anantharaman, Jamie Freed, Gerry Doyle Organizations: Brent, U.S, West Texas, Vanda Insights, American Petroleum Institute, Analysts, European Central Bank, Federal Reserve, National Australia Bank, Thomson Locations: Saudi, China

☆ Oil ticks up as drop in US crude and gasoline stocks exceeds view
▼ + stars: | 2023-06-28 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Oil prices edged higher on Wednesday as markets worried about supply tightness in the U.S., the world's biggest oil consumer, after data showed a larger-than-expected draw in its crude and gasoline inventories. Both contracts had fallen about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. That comes after a clash between Moscow and Russian mercenary group Wagner led to concern about possible oil supply disruptions and as markets await Saudi Arabia's pledged oil output cut from July. A rise in U.S. consumer confidence in June also worried markets that the Federal Reserve will likely have to continue raising interest rates. Markets also awaited data due on Wednesday on China's industrial profits to gauge the strength of the world's second-biggest economy.

Persons: Wagner, Christine Lagarde, Arathy Somasekhar, Muralikumar Organizations: Brent, U.S, West Texas, American Petroleum Institute, Analysts, Saudi, European Central Bank, Federal Reserve, Thomson Locations: U.S, Moscow, Russian

☆ Oil higher on large US stock draws, but rate hike fears linger
▼ + stars: | 2023-06-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

June 28 (Reuters) - Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Both contracts had fallen by about 2.5% in the previous session on signals that central banks may not be done with interest rate hikes. "Tuesday's slump took Brent and WTI close to support levels that have held through the price dives of the past couple of months," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Higher interest rates can weigh on economic activity and oil demand. Analysts said that markets have struggled to shake off fears that higher interest rates will weigh on global growth and oil demand.

Persons: Brent, WTI, Vandana Hari, Hari, Christine Lagarde, Mohi Narayan, Arathy Somasekhar, Muralikumar Anantharaman, Jamie Freed Organizations: Brent, U.S, West Texas, Vanda Insights, American Petroleum Institute, Analysts, European Central Bank, Federal Reserve, National Australia Bank, Thomson Locations: Saudi, China

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

SummarySummary Companies Oil price structure implies demand bulls are retreating2-mth Brent spread in contango, implying oversupply concernECB poised for further rate hikesLONDON, June 27 (Reuters) - Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. U.S. inventory data from the American Petroleum Institute industry group is expected after 2000 GMT, followed by government data on Wednesday. For the two-month spread , the market is in shallow contango, the opposite price structure, indicating traders are factoring in a currently slightly oversupplied market. The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.

Persons: Brent, Craig Erlam, Christine Lagarde, Wagner, PVM's Tamas Varga, Saudi Arabia's, Premier Li Qiang, Trixie Yap, Jan Harvey, Louise Heavens Organizations: Brent, U.S, West Texas, Central Bank, American Petroleum Institute, Reuters, Saudi, Premier, Thomson Locations: contango, U.S, Moscow, Russian, China

Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 27 (Reuters) - Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season. Following the weekend's events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent. The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule. Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors. Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.

Persons: Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez Organizations: Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson Locations: Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S

U.S. West Texas Intermediate crude (WTI) was up 44 cents, or 0.6%, at $69.44. However, the challenge has raised questions about President Vladimir Putin's grip on power and concerns about possible disruption of Russian oil supply. Consultancy Rystad Energy said in a note late on Sunday that it did not expect to see a significant increase in oil prices as a result of the "short-lived event". Goldman Sachs analysts said markets could price a moderately higher probability of domestic volatility in Russia leading to supply disruptions. "China's economic growth has been a nightmare for commodity markets, particularly in oil and industrial metals," CMC Markets analyst Tina Teng said in a note.

Persons: Brent, Wagner, Vladimir Putin's, Rystad, Helima Croft, Putin, Goldman Sachs, Tina Teng, Florence Tan, Jamie Freed, David Goodman Organizations: SINGAPORE, . West Texas, Consultancy Rystad Energy, RBC Capital Markets, White, U.S . Federal, CMC, Thomson Locations: Moscow, Russian, Russia, Rostov, U.S

☆ Oil markets shrug off Russian political turmoil
▼ + stars: | 2023-06-26 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent crude futures were up 38 cents, or 0.5%, at $74.23 a barrel by 1040 GMT. U.S. West Texas Intermediate crude (WTI) was up 28 cents, or 0.4%, at $69.44. A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital. However, the challenge has raised questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply. "China's economic growth has been a nightmare for commodity markets, particularly in oil and industrial metals," CMC Markets analyst Tina Teng said in a note.

Persons: Brent, Wagner, Vladimir Putin's, Vandana Hari, Goldman Sachs, Tina Teng, Noah Browning, Florence Tan, David Goodman Organizations: . West Texas, Vanda Insights, U.S . Federal, CMC, Thomson Locations: Moscow, Russian, Rostov, Russia, U.S

Hedge funds and other money managers purchased the equivalent of 25 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 20. The combined position was 346 million barrels (12th percentile for all weeks since 2013) which was essentially unchanged from 350 million barrels on March 28 after the eruption of the U.S. regional banking crisis. Chartbook: Oil and gas positionsIn the most recent week, funds bought Brent (+16 million barrels), NYMEX and ICE WTI (+5 million) and European gas oil (+9 million) but sold U.S. gasoline (-2 million) and U.S. diesel (-4 million). The position in crude (268 million barrels, 8th percentile) is basically unchanged since late March and the position in middle distillates (22 million barrels, 29th percentile) is unchanged since early April. But economic growth is decelerating across North America, Europe and China, dampening expected consumption of oil.

Persons: John Kemp, Mark Potter Organizations: U.S, Brent, ICE, U.S . diesel, Funds, Saudi, Thomson, Reuters Locations: Saudi Arabia, distillates, OPEC, North America, Europe, China, U.S

☆ Oil climbs, markets on edge over darkening growth outlook
▼ + stars: | 2023-06-25 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

S&P 500 futures were 0.2% higher and currency markets were broadly steady. The private Wagner army then withdrew after striking a deal guaranteeing their safety and the exile of their leader, Yevgeny Prigozhin, to Belarus. The consequences for the Ukraine war were not clear, though the challenge to Russian President Vladimir Putin's authority was the starkest in decades of his leadership. "As such, we are likely to see a marginal uptick in oil prices in the coming days, if the situation does not deteriorate." Elsewhere markets were already on edge about a darkening growth outlook, as China's post-pandemic recovery stalls and global interest rates remain high, and traders were unwilling to take any new positions on the basis of Russian events.

Persons: Wagner, Yevgeny Prigozhin, Vladimir Putin's, Jorge Leon, Antony Blinken, Ray Attrill, Masato Kanda, Stephen Coates Organizations: Brent, Rystad Energy, National Australia Bank, Thomson Locations: SINGAPORE, Rostov, Moscow, Ukraine, Belarus, Russia, Sydney, Asia, China, steadied

☆ Oil up, stocks dip after short-lived Russian mutiny
▼ + stars: | 2023-06-25 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, June 26 (Reuters) - Oil nudged higher in early trade on Monday as an abortive weekend mutiny by Russian mercenaries raised questions about crude supply, though other financial markets started steadily with investors unsure of any further immediate implications. Russian mercenaries made a short-lived rebellion on Saturday, seizing the southern city of Rostov and advancing on Moscow demanding the removal of Russian military commanders in charge of the war in Ukraine. The private Wagner army then withdrew after striking a deal guaranteeing their safety and the exile of their leader, Yevgeny Prigozhin, to Belarus. The consequences for the Ukraine war were not clear, though the challenge to Russian President Vladimir Putin's authority was the starkest in decades of his leadership. "As such, we are likely to see a marginal uptick in oil prices in the coming days, if the situation does not deteriorate."

☆ Oil climbs on concerns Russia political issues may impact supply
▼ + stars: | 2023-06-25 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, June 26 (Reuters) - Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers. Brent crude futures rose 95 cents, or 1.3%, to $74.80 a barrel by 2300 GMT on Sunday. However, the challenge has raised questions about President Vladimir Putin's grip on power and concerns about possible disruption of Russian oil supply. Goldman Sachs analysts said markets may price a moderately higher probability that domestic volatility in Russia leads to supply disruptions or has a sizable negative impact on oil supply in the future. "China's economic growth has been a nightmare for commodity markets, particularly in oil and industrial metals," CMC Markets analyst Tina Teng said in a note.

Persons: Brent, Wagner, Vladimir Putin's, Helima Croft, Putin, Goldman Sachs, WTI, Tina Teng, Florence Tan, Jamie Freed Organizations: . West Texas, RBC Capital Markets, White, U.S . Federal, CMC, Thomson Locations: SINGAPORE, Russia, ., Moscow, Russian, Rostov

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