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☆ Oil dips on demand worries as more rate hikes likely
▼ + stars: | 2023-06-23 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

More U.S. interest rate hikes also seemed likelier. San Francisco Federal Reserve Bank President Mary Daly said two more rate hikes this year was a "very reasonable" projection. The Bank of England rate rise triggered fund liquidation and energy producers were moving to a "hedge now" mentality, Kissler added. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Risk-aversion among investors also boosted the value of the U.S. dollar, which pressures oil prices by making the commodity more expensive for other currency holders.

Persons: Brent, Mary Daly, Dennis Kissler, China's, Alex Lawler, Sudarshan, Philippa Fletcher, Kirsten Donovan, Louise Heavens, David Gregorio Our Organizations: Fed's Daly Bank of, HOUSTON, . West Texas, Bank of England, San Francisco Federal Reserve Bank, EU, BOK, The Bank of, U.S ., Thomson Locations: Norway, Switzerland, San, China, Saudi, OPEC

June 23 (Reuters) - Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. An increase in the value of the dollar, which has risen 0.3% this week, can weigh on oil demand by making the fuel more expensive for holders of other currencies. Federal Reserve Chair Jerome Powell said the central bank would move interest rates at a "careful pace" from here as policymakers edge towards ending their historic round of monetary policy tightening. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Fears of hikes by major central banks have clouded the fuel demand outlook for the rest of the year.

Persons: Brent, Tina Teng, Jerome Powell, Edward Moya, Arathy Somasekhar, Sonali Paul, Jamie Freed Organizations: U.S, West Texas, CMC, Bank of England, Energy Information Administration, Energy, OANDA, Thomson Locations: Britain, U.S

☆ Oil eases on uncertain demand, market eyes US inventory data
▼ + stars: | 2023-06-22 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand. Oil prices held on to most of the previous session's gains as the market kept a lookout for fresh drivers, including signs of Chinese demand optimism and the latest U.S. inventory data. "China's economic rebound is still the focus of oil traders. More stimulus measures by the Chinese government could improve the oil demand outlook," said Tina Teng, markets analyst at CMC, adding that data next week on Chinese factory activity could steer oil price moves. Meanwhile, official inventory data from the U.S. Energy Information Administration is due later on Thursday.

Persons: Brent, Jerome Powell, Tina Teng, Jeslyn Lerh, Arathy Somasekhar, Sonali Paul Organizations: Inc, SINGAPORE, Federal, U.S, West Texas, CMC, U.S . Energy, Administration, American Petroleum Institute, Thomson

The Fed's fight to lower inflation "has a long way to go" Powell said on Wednesday in testimony prepared for delivery to the House Financial Services Committee. Providing some support for prices earlier, analysts polled by Reuters said they expected U.S. crude oil and product inventories to have declined last week. However, an expanded poll now predicts a small build in crude oil stockpiles. Official U.S. oil inventory data from the American Petroleum Institute will be released later on Wednesday and the Energy Information Administration's report will follow on Thursday. Price gains were also capped as British inflation defied expectations of a slowdown, data showed on Wednesday.

Persons: Jerome Powell, Brent, Powell, Price, Craig Erlam, Shariq Khan, Rowena Edwards, Katya Golubkova, Trixie Yap, Emelia Sithole, David Goodman, Chris Reese Organizations: . West Texas, Financial Services Committee, Analysts, Reuters, American Petroleum Institute, Energy, Bank of England, OANDA, Thomson Locations: BENGALURU, U.S

☆ Oil holds steady ahead of Powell's congressional testimony
▼ + stars: | 2023-06-21 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, June 21 (Reuters) - Oil prices stabilised on Wednesday ahead of Federal Reserve Chair Jerome Powell's congressional testimony later in the day and as data showing British inflation remained sticky raised the possibility of a hawkish Bank of England policy decision this week. The main market focus is on Fed officials due to speak later in the day, with Chair Powell's congressional testimony on the economy on Wednesday and Thursday the highlight. However, should Powell prompt a hawkish return of rate cut expectations, the U.S. dollar could see some support, ING strategist Francesco Pesole said in a note. A stronger U.S. dollar is bearish for oil as it makes commodities more expensive for holders of other currencies. Oil prices drew some support from a possible drawdown in U.S. crude stocks, with Reuters poll among five analysts estimating that crude stockpiles fell by about 400,000 barrels on average in the week to June 16.

Persons: Jerome, Brent, Craig Erlam, Powell, Francesco Pesole, Rowena Edwards, Katya Golubkova, Trixie Yap, Emelia Sithole, Louise Heavens Organizations: Federal, hawkish Bank of, . West Texas, Bank of England, U.S, ING, Reuters, American Petroleum Institute, Energy, Administration, Thomson Locations: bank's Washington, U.S, Tokyo, Singapore

June 21 (Reuters) - Oil prices rebounded early on Wednesday, recovering after two straight sessions of losses, as expectations of hawkish Fed talk later in the afternoon and possible U.S. crude stock draws in outweighed China demand worries. Concerns about demand recovery in China, the world's top oil importer, limited price gains as its economy struggles. "The only reason why I think prices are not climbing (steadily) yet is because the data from China is still unclear. "As for the Fed (meeting), that is also uncertain but with latest inflation data coming in a 4%, they have room to be dovish," Galimberti added. Looking to boost growth, China on Tuesday cut its benchmark loan prime rates (LPR) for the first time in 10 months, with a smaller-than-expected 10-basis-point reduction in the five-year LPR.

Persons: Brent, Powell, Jerome Powell, Claudio Galimberti, Galimberti, Katya Golubkova, Trixie Yap, Sonali Paul, Kim Coghill Organizations: Fed, . West Texas, ANZ Research, Market Committee, U.S . Federal, Federal Reserve, Reuters, American Petroleum Institute, Energy, Administration, Thomson Locations: China, Washington, U.S, Tokyo, Singapore

NEW YORK, June 20 (Reuters) - Oil futures fell about 2% in choppy trading on Tuesday on forecasts for slower growth of oil demand in China, the world's second-biggest oil consumer, and disappointment with the size of cuts in China's key lending rates. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng at CMC Markets in Auckland. Higher interest rates ultimately increase borrowing costs for consumers, which could reduce oil demand by slowing economic growth. A stronger dollar makes crude more expensive for holders of other currencies, which can reduce oil demand. On the supply side, Iran's crude exports and oil output have hit new highs this year despite U.S. sanctions.

Persons: Brent, Edward Moya, Tina Teng, Thomas Barkin, Scott DiSavino, Noah Browning, Katya Golubkova, Andrew Hayley, David Goodman, Matthew Lewis Organizations: YORK, . West Texas, CMC Markets, China, Administration, Customs, . Federal Reserve, Richmond Fed, U.S ., Organization of, Petroleum, Thomson Locations: China, U.S, Auckland, Russia, New York, London, Tokyo, Beijing

☆ Oil rises as Chinese economic indicators offer mixed picture
▼ + stars: | 2023-06-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude for July was down 3 cents from Friday's close at $71.75. The more active WTI crude contract for August delivery was up 10 cents from Friday at $72.03 per barrel. There was no settlement in the WTI contract on Monday due to a public holiday in the United States. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng, a markets analyst at CMC Markets in Auckland. Higher interest rates reduce appetite for spending and can drive down oil demand.

Persons: Brent, Tina Teng, Katya Golubkova, Andrew Hayley, Kim Coghill, Jason Neely, Louise Heavens Organizations: . West Texas, CMC Markets, China National Petroleum, Organization of, Petroleum, Thomson Locations: China, United States, Auckland, Russia, Moscow, Tokyo, Beijing

TOKYO/BEIJING, June 20 (Reuters) - Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world's largest crude importer. U.S. West Texas Intermediate (WTI) crude for July was down 99 cents from Friday's close at $70.79. The more active WTI crude contract for August delivery was down 71 cents from Friday at $71.22 per barrel. "The rate cuts ... were widely expected, hence it did not offer a bullish push to the oil markets," said Tina Teng, a markets analyst at CMC Markets in Auckland. "Oil traders may need to see a materialized strong economic rebound in China to improve their outlook on oil demand," Teng said.

Persons: Brent, Tina Teng, Teng, Jerome Powell, Katya Golubkova, Andrew Hayley, Jamie Freed, Tom Hogue Organizations: . West Texas, CMC Markets, European Central Bank, . Federal, Organization of, Petroleum, OPEC, JPMorgan, Thomson Locations: TOKYO, BEIJING, China, United States, Auckland, Russia, Moscow, OPEC, Nigeria, Iran, Venezuela, Tokyo, Beijing

Companies NK Rosneft' PAO FollowJune 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. "(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga. In recent weeks global road traffic has been declining, said Jorge Leon, Rystad Energy's senior vice president, which may also point to slowing growth and drag on oil prices. Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia this month agreed on a new oil output deal and the group's biggest producer, Saudi Arabia, also pledged to make a deep cut to its output in July.

Persons: Brent, Tamas Varga, Jorge Leon, Rystad Energy's, Leon, Nia Williams, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman, Kirsten Donovan Organizations: NK Rosneft, West Texas, of, Petroleum, Thomson Locations: United States, U.S, China, Europe, Russia, Saudi Arabia, British Columbia, London, Tokyo, Singapore

☆ Oil falls on China growth uncertainties
▼ + stars: | 2023-06-19 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies NK Rosneft' PAO FollowLONDON, June 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude fell 17 cents, or 0.2%, to $76.44 a barrel by 0944 GMT while U.S. West Texas Intermediate (WTI) crude lost 31 cents, or 0.4%, to $71.47. "(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga. The oil and gas rig count, an early indicator of future output, fell by eight to 687 in the week to June 16 for the lowest total since April 2022. , , . Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output.

Persons: Brent, Tamas Varga, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman Organizations: NK Rosneft, West Texas, Reuters, of, Petroleum, Thomson Locations: United States, China, U.S, Russia, Saudi Arabia, Tokyo, Singapore

Hedge funds and other money managers sold the equivalent of 21 million barrels of crude oil options and futures but purchased 18 million barrels of products, including 14 million of distillates, over the week ending on June 13. The biggest rotation has been from U.S. crude to European gas oil, reflecting the rise in crude inventories in the United States while stocks of distillates, used heavily in Europe, remain well below normal around the world. The most recent weekly increase in gas oil positions was the largest for almost two years since August 2021 and before that November 2020. Funds had already built a fairly sizeable position in U.S. diesel and now bullishness is starting to spill over into European gas oil. U.S. commercial crude oil inventories were 16 million barrels (+4% or +0.28 standard deviations) above the prior ten-year seasonal average on June 9.

Persons: ”, John Kemp, Kirsten Donovan Organizations: ICE, Funds, diesel, Saudi, Thomson, Reuters Locations: United States, Europe, NYMEX, U.S, Freeport LNG, Saudi

U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Capping oil price gains was the prospect of rising interest rates, which could slow economic growth. The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Investors have been closely watching interest rates and commentary from Fed members.

Persons: Brent, Nikolai Shulginov, Shulginov, Baker Hughes, Phil Flynn, Stephanie Kelly, Alex Lawler, Sudarshan, David Goodman, Louise Heavens, David Evans, David Gregorio, Nick Macfie Organizations: bbl Bank of England, . West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Russian Energy, Bank of England, European Central Bank, U.S . Federal, Price Futures, U.S . Commodity Futures Trading Commission, Thomson Locations: Russia, U.S, OPEC, Saudi Arabia, Russian, Iran

☆ Oil heads for weekly gain as supply cuts balance demand concerns
▼ + stars: | 2023-06-16 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Rising interest rates could slow economic growth and reduce oil demand. However, both oil benchmarks were heading for a small weekly gain after declines in the past two weeks. Oil gained about 3% on Thursday on hopes of increasing Chinese demand. China's refinery throughput rose in May to its second-highest total on record and Kuwait Petroleum Corp's CEO expects Chinese demand to keep climbing during the second half.

Persons: Ole Hansen, Alex Lawler, Sudarshan Varadhan, Stephanie Kelly, David Goodman Organizations: Bank of England, European Central Bank, U.S . Federal, Saxo Bank, Brent, West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Thomson Locations: Bank, OPEC, Brent, Saudi Arabia

Data on Thursday showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. In the United States, data released on Thursday showed retail sales unexpectedly rose in May, along with higher-than-expected jobless claims last week. A weaker dollar makes oil cheaper for holders of other currencies, which could boost demand. Still, a weak economic outlook looms over market sentiment, as China's industrial output and retail sales growth in May missed forecasts. Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

Persons: Edward Moya, OANDA, Stephanie Kelly, Leslie Adler, Jamie Freed Organizations: Brent, U.S, West Texas, Kuwait Petroleum, Organization of, Petroleum, European Central Bank, U.S . Federal Reserve, Thomson Locations: China, Kuwait, United States, Saudi Arabia, New York, Singapore

☆ Oil up on strong China refinery data
▼ + stars: | 2023-06-15 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Companies United States of America FollowLONDON, June 15 (Reuters) - Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs in top crude importer China though a weak economic backdrop capped gains. The market saw support after data on Thursday showed China's oil refinery throughput in May rising 15.4% from a year earlier, hitting its second highest total on record. Also capping price gains were fears that higher interest rates would slow economies in the United States and Europe, and lower oil demand. Analysts, however, expect oil prices to see support later in the year as voluntary cuts by OPEC+ countries implemented in May, and from Saudi Arabia in July, coincide with robust demand. "Once these deficits become visible in on-land oil inventories, we expect oil prices to trend higher," the bank said in a note on Thursday.

Persons: Rowena Edwards, Jeslyn Lerh, Emelia Sithole, Jason Neely Organizations: Brent, . West Texas, Kuwait Petroleum, U.S . Federal Reserve, European Central Bank, Bank of England, UBS, Thomson Locations: States, America, China, Kuwait, United States, Europe, Saudi Arabia, London, Singapore, Houston

☆ Oil prices tick up as markets look to key Chinese economic data
▼ + stars: | 2023-06-15 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Companies United States of America FollowJune 15 (Reuters) - Oil prices edged higher on Thursday, recovering some ground from the previous day's plunge on worries about future U.S. interest rate hikes, with markets now looking to key Chinese economic data for demand indications. Both benchmarks fell 1.5% on Wednesday after the U.S. Federal Reserve projected more rate hikes this year, triggering fears a higher interest rate environment would slow the economy and lower oil demand. Attention on Thursday turned to China, the world's top oil importer, set to announce key May economic data, including retail sales and industrial production. Investors are looking for signs of improvement in the country's patchy economic recovery or further stimulus from Beijing. In another bearish sign on oil demand, U.S. crude oil stocks rose by about 8 million barrels in the week ended June 9, according to data from the Energy Information Administration.

Persons: Brent, Arathy Somasekhar, Sonali Paul Organizations: . West Texas, U.S . Federal Reserve, U.S, European Central Bank, Bank of England, Energy Information Administration, Analysts, Thomson Locations: States, America, U.S, China, Beijing

☆ Oil prices dip after unexpected rise in US crude stocks
▼ + stars: | 2023-06-14 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

SummarySummary Companies U.S. crude oil stocks rise by 1 mln barrels last week -APIMarkets watching Federal Reserve meetingOPEC+ grants Russia slightly higher oil production baselineComing up: EIA data on U.S. stockpiles at 1430 GMTJune 14(Reuters) - Oil prices inched lower on Wednesday after industry data showed an unexpected rise in U.S. crude stocks, signalling weak demand to markets already worried about recession and disappointing Chinese economic data. Prices fell by 4% on Monday on concerns about the Chinese economy after disappointing economic data last week. U.S. crude oil stocks rose by about 1 million barrels in the week ended June 9, according to market sources citing American Petroleum Institute figures on Tuesday, contrary to the average estimate for a 510,000 million barrel decline according to analysts polled by Reuters. Market participants were also closely watching a Federal Reserve meeting, which has no pre-determined interest rate hike on the table. Meanwhile, OPEC+ has granted Russia a slightly higher oil production baseline, meaning Russia can produce more under the latest quotas than previously agreed.

Persons: Arathy Somasekhar, Stephen Coates Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, Government, Federal Reserve, Bank of Canada, European Central Bank, Bank of Japan, Thomson Locations: Russia, U.S, OPEC

☆ Oil drops 1.5% as Fed projects more rate hikes this year
▼ + stars: | 2023-06-14 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

SummarySummary Companies Federal Reserve leaves interest rates unchangedFed projects more 2023 rate risesU.S. crude stocks rise unexpectedly - EIAIEA upgrades 2023 oil demand growth to 2.4 mln bpdHOUSTON, June 14(Reuters) - Oil prices fell 1.5% on Wednesday after the U.S. Federal Reserve projected more interest rate hikes this year, worrying markets about demand just hours after government data showed an unexpected, large build in U.S. crude oil stocks. "Markets fear that a higher interest rate environment is going to lower oil demand. U.S. crude oil stocks rose by about 8 million barrels in the week ended June 9, according to data from the Energy Information Administration. The IEA, meanwhile, increased its oil demand growth forecast for this year by 200,000 barrels per day (bpd) to 2.4 million bpd, lifting the projected total to 102.3 million bpd. The IEA's 2023 oil demand growth figure is slightly above that of the Organization of the Petroleum Exporting Countries (OPEC).

Persons: Phil Flynn, Brent, Arathy Somasekhar, Ahmad Ghaddar, Andrew Hayley, Elaine Hardcastle, Kirsten Donovan Organizations: Reserve, HOUSTON, U.S . Federal Reserve, Brent, U.S, West Texas, Federal Reserve, Price, Wall, Energy Information Administration, Analysts, Organization of, Petroleum, JPMorgan, Thomson Locations: U.S, Houston, London, Beijing

Companies United States of America FollowJune 13 (Reuters) - Oil prices traded up on Tuesday on bargain hunting, recovering some ground from the previous day's plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the U.S. Federal Reserve and other central banks. Oil prices could fall further because of China's faltering economic recovery, he added, predicting WTI would trade in the range of $62.50 to $75 a barrel during the summer, but mainly below $70 a barrel. Most market participants expect the U.S. central bank to leave interest rates unchanged at its policy meeting. The Fed's rate hikes have strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices. "In our view, the latest fall in oil prices increases the probability Saudi Arabia will at least extend supply cuts currently in place for July," said National Australia Bank analysts in a note.

Persons: Tatsufumi Okoshi, Nomura's Okoshi, Yuka Obayashi, Emily Chow, Jamie Freed, Sonali Paul Organizations: U.S . Federal Reserve, . West Texas, Nomura Securities, European Central Bank, Bank of Japan, of Petroleum Exporting, International Energy Agency, National Australia Bank, Thomson Locations: States, America, Saudi Arabia, U.S, China, Saudi, Tokyo, Singapore

Brent crude futures fell $2.95, or 3.9%, to settle at $71.84 a barrel, their lowest since Dec. 2021. Goldman Sachs cut its oil price forecasts early on Sunday, citing higher-than-expected supplies later this year and through 2024. The bank's December crude price forecast now stands at $86 a barrel for Brent, down from $95, and at $81 a barrel for WTI, down from $89. "The Fed meeting and inflation pressures remain key issues for the market this week," said Rob Haworth, senior investment strategist at U.S. Bank Asset Management. Also weighing on investors' minds, oil demand recovery has been muted in China, the top importer of crude oil and refined products.

Persons: Brent, Goldman Sachs, Goldman capitulating, Matt Smith, Robert Yawger, Rob Haworth, Haworth, Yawger, WTI, Shariq Khan, Noah Browning, Florence Tan, Mohi Narayan, Emelia Sithole, Jason Neely, Paul Simao, Sharon Singleton, Deepa Babington, David Gregorio Our Organizations: U.S, Federal Reserve, Brent, West Texas, U.S . Federal Reserve, Bank Asset Management, of Petroleum, International Energy Agency, Saudi, Thomson Locations: BENGALURU, U.S, China

SummarySummary Companies WTI futures fall to lowest since May 4Goldman Sachs cuts price forecasts, sees Brent at $86 in Dec. Brent crude futures fell $2, or 2.7%, to $72.79 a barrel by 11:50 a.m. EDT (15:50 GMT), while West Texas Intermediate crude futures fell $2.16, or 3.1%, to $68.01 a barrel. Goldman Sachs cut its oil price forecasts on higher-than-expected supplies from Russia and Iran. Also weighing on investors' minds, demand growth is yet to materialize in China, the top importer of crude oil and refined products. There are definitely fears that these guys (OPEC and IEA) will cut their demand forecasts," Yawger said.

Persons: Goldman Sachs, Brent, Goldman capitulating, Matt Smith, Robert Yawger, Yawger, WTI, Shariq Khan, Noah Browning, Florence Tan, Mohi Narayan, Emelia Sithole, Jason Neely, Paul Simao, Sharon Singleton Organizations: Fed, U.S, Federal Reserve, Brent, West Texas, U.S . Federal Reserve, Organization of Petroleum, International Energy Agency, Thomson Locations: BENGALURU, Russia, Iran, U.S, China, Saudi Arabia

☆ Oil edges lower ahead of Fed meeting
▼ + stars: | 2023-06-12 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, June 12 (Reuters) - Oil prices edged lower on Monday ahead of a Federal Reserve meeting as investors try to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market. U.S. West Texas Intermediate (WTI) crude was at $69.93 a barrel, down 24 cents, or 0.3%. "The bearish allocators will maintain the upper hand for now, as oil prices struggle to rally until the Fed eases money supply," Blanch said. Goldman Sachs cut its oil price forecasts on higher-than-expected supplies from Russia and Iran and raised 2024 supply forecasts for the two producers and Venezuela by a total 800,000 bpd. The bank's December crude price forecast now stands at $86 a barrel for Brent, down from $95, and at $81 a barrel for WTI, down from $89.

Persons: Francisco Blanch, Blanch, Brent, Saudi Arabia's, Goldman Sachs, Florence Tan, Tom Hogue Organizations: Reserve, Brent, . West Texas, Bank of America Global, Saudi, Thomson Locations: SINGAPORE, China, Saudi Arabia, 2H23, U.S, India, Russia, Iran, Venezuela

"The Saudi cut lifted prices slightly, and then the chatter of the potential return of Iranian barrels saw a large drop. Oil prices had risen early in the week, buoyed by Saudi Arabia's pledge over the weekend to cut more output on top of the cuts agreed earlier with the Organization of the Petroleum Exporting Countries and its allies. However, a rise in U.S. fuel stocks and weak Chinese export data have weighed on the markets. Some analysts expect oil prices to rise if the U.S. Federal Reserve pauses hiking interest rates at its next meeting over June 13-14. The Fed's decision may also influence Saudi Arabia's next move, analysts said.

Persons: Brent, Giovanni Staunovo, Saudi Arabia's, Rob Haworth, Craig Erlam, Shariq Khan, Shadia Nasralla, Yuka Obayashi, Marguerita Choy, Richard Chang Organizations: Saudi, Brent, U.S . West Texas, Organization of, Petroleum, Northern, U.S, Bank Asset Management, U.S . Federal, Thomson Locations: China, BENGALURU, U.S, Iran, Saudi, US

"Oil prices are expected to stay in a range of about 3 dollars above and below $70 for WTI in the near term," Satoru Yoshida, a commodity analyst with Rakuten Securities. Oil prices had risen early in the week following Saudi Arabia's pledge over the weekend for deep output cuts, but they pared gains after rising U.S. fuel stocks and weak Chinese export data. Yoshida said factors such as fears over tighter supply and higher demand as the United States enters driving season which could drive prices higher were being offset by worries over a slow pickup in China's fuel demand. "Crude prices didn't get any favours from China as their economic recovery has disappointed," OANDA analyst Edward Moya said. While a Reuters poll of economists showed the U.S. Federal Reserve could skip a rate hike at its June 13-14 meeting, the absence of similar signals from other major central banks was weighing on the oil demand outlook, Moya added.

Persons: Satoru Yoshida, Saudi Arabia's, Yoshida, Edward Moya, Moya, Yuka Obayashi, Shri Navaratnam Organizations: Saudi, Brent, U.S . West Texas, WTI, Rakuten Securities, U.S . Federal, Thomson Locations: SINGAPORE, United States, Iran, U.S, United, China

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