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SINGAPORE, Sept 18 (Reuters) - Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and by optimism about a recovery in demand in China. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, as well as key economic data out of China. Saudi Arabia and Russia extended supply cuts to the end of the year as part of the OPEC+ group's plans. Global oil demand growth is on track to hit 2.1 million bpd, ANZ said, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Florence Tan and Sudarshan Varadhan; Editing by Stephen Coates and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tina Teng, Brent, WTI, Edward Moya, Florence Tan, Sudarshan, Stephen Coates, Sonali Paul Organizations: Brent, West Texas, CMC, Traders, U.S . Federal Reserve, Saudi, ANZ, OANDA, International Energy Agency, Organization of, Petroleum, Thomson Locations: SINGAPORE, Saudi Arabia, Russia, China, OPEC, Ukraine, Russian

SINGAPORE, Sept 18 (Reuters) - Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Brent crude futures rose 39 cents, or 0.4%, to $94.32 a barrel by 0253 GMT while U.S. West Texas Intermediate crude futures were at $91.30 a barrel, up 53 cents, or 0.6%. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, and key economic data out of China. Global oil demand growth is on track to hit 2.1 million bpd, ANZ said, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Florence Tan and Sudarshan Varadhan; Editing by Stephen Coates and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Oil inches higher on supply concerns, China demand recovery
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Traders will be watching decisions by central banks, including the Federal Reserve, this week on interest rate policies. "The Fed is expected to pause rate hikes this time but is likely to stay hawkish," CMC's Teng said. A pause in U.S. rate hikes could weaken the greenback which makes dollar-denominated commodities such as oil more affordable for holders of other currencies.

Persons: Tina Teng, WTI, CMC's Teng Organizations: Brent, West Texas, CMC, ANZ, International Energy Agency, Organization of, Petroleum, Traders, Federal Reserve Locations: Yantai Port, Shandong Province, China, Saudi Arabia, Russia, OPEC, Ukraine

CALGARY, Alberta, Sept 18 (Reuters) - The CEOs of top Saudi Arabian and U.S. oil producers Aramco (2222.SE) and Exxon Mobil (XOM.N) on Monday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas. Speaking at the World Petroleum Congress in Calgary, Aramco CEO Amin Nasser said talk of peak oil demand had come up often before. Current demand is around 100 million bpd. The Organization of the Petroleum Exporting Countries, which has also dismissed the IEA peak oil estimate, is more upbeat about demand, expecting growth of 2.44 million bpd this year to 102.1 million bpd, compared with the IEA's forecast of 2.2 million bpd of growth. This year's conference theme is the energy transition.

Persons: Amin Nasser, Nasser, Prince Abdulaziz bin Salman, Prince Abdulaziz, Julia Levin, Darren Woods, Woods, Nia Williams, Rod Nickel, Christina Fincher, Marguerita Choy Organizations: Saudi Arabian, Aramco, Exxon Mobil, Monday, International Energy Agency, World Petroleum Congress, of, Petroleum, Congress, Saudi Arabia's Energy, IEA, Environmental Defence, Exxon, Thomson Locations: CALGARY, Alberta, Saudi, U.S, Calgary, Environmental Defence Canada

The heat is about to be turned up on fossil fuels, the United States and President Joe Biden. It features a special U.N. summit and a week of protests and talk-heavy events involving leaders from business, health, politics and the arts. Guterres has repeatedly aimed his criticism at fossil fuels, calling them “incompatible with human survival.” He and scientific reports out of the United Nations have emphasized that the only way to curb warming and meet international goals is to “phase out” fossil fuels. “We know the use of fossil fuels is the main cause of the climate crisis, coal, oil and gas,” Hart said Friday. “We need to accelerate the global transition away from fossil fuels.

Persons: Joe Biden, — William —, ”, Jean Su, Antonio Guterres, won’t, Biden, Guterres, ” Su, Bill Hare, he’s, Hare, Mohamed Adow, “ We’ve, Selwin Hart, ” Hart, Thomas Pyle, Brandon Wu, Su, Seth Borenstein Organizations: United Nations, General Assembly, Center for Biological Diversity, Ambition, United Arab, International Energy Agency, American Energy Alliance, Environmental, United, Biden, ActionAid USA, Twitter, AP Locations: United States, China, United Kingdom, Russia, France, New York, Dubai, United Arab Emirates, Paris, Canada, Australia, Norway, America

☆ Oil prices rise to 10 month-high on China reserve ratio cut
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. No one is doubting the OPEC+ (oil-producing nations) decision at the end of last month will keep the oil market very tight in the fourth quarter," said analyst Edward Moya at OANDA. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter. Prices briefly pulled back on a bearish U.S. inventories report, but soon resumed their ascent as supply worries prevailed.

Persons: Brent, Tina Teng, Edward Moya Organizations: U.S . West Texas, CMC, International Energy Agency, Saudi Locations: China, U.S, OANDA

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Sept 15 (Reuters) - Oil prices rose on Friday and are set for a third weekly gain, as better-than-expected Chinese economic data and reports of record oil consumption bolstered the view that demand in the world's second-largest crude consumer will continue to surge. Brent crude futures rose 62 cents, or 0.7%, to $94.32 as of 0249 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 71 cents, or 0.8%, at $90.87. China's industrial output and retail sales grew at a faster-than-expected rate in August, suggesting that the recovery of the world's second-largest economy from the COVID-19 pandemic is stabilising. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter.

Persons: Agustin Marcarian, Edward Moya, Brent, WTI, Sudarshan Varadhan, Christopher Cushing Organizations: REUTERS, Rights, Brent, U.S . West Texas, National, International Energy Agency, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, U.S, OANDA, China, Russia, Saudi Arabia

Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday retained its forecasts for robust growth in global oil demand in 2023 and 2024. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," said analysts at ANZ Research. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Priyanka Sachdeva, Phillip Nova, refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Kyodo, REUTERS Acquire, Rights, Brent, . West Texas, International Energy Agency, Organization of, Petroleum, ANZ Research, Reserve, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Saudi Arabia, Houston, Singapore

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Both benchmarks climbed to 10-month highs on Wednesday before data showed a surprise build in U.S. crude and fuel inventories that worried markets about demand. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Fuel inventories also rose more than expected as refiners stepped up activity. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Brent, U.S, West Texas, International Energy Agency, of, Petroleum, Reserve, Thomson Locations: Saudi Arabia, Houston

☆ Oil hits 2023 highs on tight supply outlook
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: +2 min

The tightening oil balance will remain the dominant price driver for the rest of 2023, he added. Both benchmarks had slipped on Wednesday after a U.S. supply report showing rising crude and refined product stocks. Priyanka Sachdeva, senior market analyst at Phillip Nova, said supply fears are underpinning oil prices as producers "adamantly stick to restricted production". A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," ANZ Research analysts said.

Persons: Tamas Varga, Brent, Priyanka Sachdeva, Phillip Nova Organizations: Oil, Brent, International Energy Agency, . West Texas, Organization of, Petroleum, ANZ Research, European Central Bank, Reuters, ECB Locations: Cromarty Firth, Invergordon, Scotland, Saudi Arabia, U.S

☆ Russia is getting richer again, thanks to soaring oil prices
▼ + stars: | 2023-09-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Oil prices are surging again – and that's making Russia a lot richer. Higher prices offset the potential impact of Russia's total output falling by around 150,000 barrels a day, the IEA added. West Texas Intermediate crude has climbed 26% to around $96 a barrel since the end of June, while the Urals crude gauge of Russian prices has jumped 33% over the same period. Rising oil revenues are likely to give Russia a much-needed economic boost as the Kremlin presses ahead with its ongoing war in Ukraine. AdvertisementAdvertisementWestern countries imposed a $60-a-barrel cap on Russian crude in December 2022 but Moscow has excelled at evading those sanctions, according to multiple think tanks.

Organizations: International Energy Agency, Service, IEA, West Texas, Kremlin Locations: Russia, Wall, Silicon, OPEC, Saudi Arabia, Moscow, Ukraine

☆ Stock Market Today: Dow Closes More Than 300 Points Higher; Arm IPO in Focus
▼ + stars: | 2023-09-14 | by ( ) www.wsj.com time to read: +1 min

Stocks finished Thursday higher, with the Dow rising more than 300 points, after investors shrugged off a slate of hot economic data. Thursday's producer inflation and retail sales reports —along with the CPI yesterday—showed gas prices are driving much of the latest inflationary pulses. The S&P 500, Dow industrials and tech-heavy Nasdaq Composite all rose after a modest performance Wednesday. Bond yields rose as prices fell, pricing in a tad of the hotter-than-expected economic data. Eurozone bond yields and the euro currency fell after the ECB raised rates.

Persons: Stocks, shrugged, Dow Organizations: Dow, CPI, Federal, Overseas, European Central Bank, Officials, Nasdaq, Brent, International Energy Agency, Cruise Lines, ECB Locations: British

BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

Still, oil demand at the world's biggest oil importer has so "far remained remarkably unaffected by its economic downturn", the IEA said. Estimates of global demand and supply this year and next differ markedly depending on the forecaster. The IEA estimates 2023 global demand to grow by 2.2 million bpd, while OPEC expects growth of 2.44 million bpd. The IEA expects growth to slow sharply to 1 million bpd, while OPEC has a far rosier estimate of 2.25 million bpd. Meanwhile, the U.S government's Energy Information Administration has forecast demand growth at 1.81 million bpd for 2023 and 1.36 million bpd next year.

Persons: Jean, Paul Pelissier, Tamas Varga, PVM, Natalie Grover, Alex Lawler, Louise Heavens, Jason Neely Organizations: REUTERS, Rights Companies, Rights Companies Danang Petroleum Machinery Technology JSC, International Energy Agency, OPEC, Brent, IEA, U.S government's Energy, Administration, Thomson Locations: Marseille, France, Rights Companies Danang, Saudi Arabia, Russia, OPEC, United States, Brazil, Iran, China, Asia, Africa, Latin America, London

November Brent crude futures rose 28 cents to $90.92 a barrel at 0300 GMT, while U.S. West Texas Intermediate crude futures for October edged 35 cents higher to $87.64. The U.S. Federal Reserve is widely expected to leave interest interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will raise rates or pause again in November. The European Commission on Monday forecast the euro zone to grow more slowly than previously expected in 2023 and 2024. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

Persons: Nathan Frandino, Brent, Tina Teng, Teng, OPEC's, Jeslyn Lerh, Stephanie Kelly, Jamie Freed Organizations: Phillips, American West, REUTERS, bbl, Brent, U.S, West Texas, Traders, CMC, U.S . Federal Reserve, European Central Bank, European, Investors, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Rodeo , California, American, U.S, SINGAPORE, Europe, Saudi Arabia, Russia, China, OPEC, Singapore, New York

☆ Oil prices stable as market awaits data on inventories, economy
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +1 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Investors awaited industry data on U.S. crude stockpiles due at 2030 GMT on Tuesday. Crude inventories were expected to have fallen by about 2 million barrels in the week to Sept. 8, a preliminary Reuters poll showed on Monday. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

Persons: Haitham Al Ghais, Brent, OPEC's Organizations: Brent, U.S, West Texas, Investors, European Central Bank, European, International Energy Agency, Organization of, Petroleum, IEA Locations: OPEC, Europe, U.S, Saudi Arabia, Russia

☆ Gas markets are becoming 'extremely difficult' to predict. It's a big problem for Europe this winter
▼ + stars: | 2023-09-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Aerial view of the LNG storage and vaporization vessel "Höegh Esperanza" at the Wilhelmshaven LNG terminal. European gas markets have been constantly fluctuating in recent months, owing to extreme heat, maintenance at gas plants and, most recently, industrial action at major liquefied natural gas (LNG) facilities in Australia. "Gas markets are becoming riskier — gas and LNG prices are increasingly volatile and greatly affected by global factors," Jaller-Makarewicz said. The EU reached its target of filling gas storage facilities to a 90% capacity roughly 2 1/2 months ahead of its Nov. 1 deadline. It means that we've got a pretty good buffer," Malek said, referring to Europe's filling of its gas storage facilities.

Persons: Ana Maria Jaller, seesaw, Makarewicz, Christyan Malek, Malek, CNBC's, we've, Filippo Monteforte Organizations: Getty Images Energy, Workers, LNG, Makarewicz Energy, Institute for Energy Economics, Gas, EU, Gas Infrastructure, International Energy Agency, European Union, Eurasia Group, JPMorgan, Afp, Getty Locations: Wilhelmshaven, Australia, Western Australia, Japan, China, South Korea, Asia, Europe, U.S, skyrocketing, Gas Infrastructure Europe, wean, Ukraine, Eurasia, Tuscany

☆ Demand for oil, gas and coal will peak by 2030, but that's not fast enough to keep global warming within 1.5 degrees, says IEA chief
▼ + stars: | 2023-09-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

Demand for fossil fuels like oil, gas and coal will hit an all-time high before 2030, according to Fatih Birol, executive director of the International Energy Agency. "Despite recurring talk of peak oil and peak coal over the years, both fuels are hitting all-time highs, making it easier to push back against any assertions that they could soon be on the wane. The IEA is a global intergovernmental energy agency founded in 1974 after the oil crisis in 1973, and which now includes in its energy charter clean energy and the global energy transition. Also, China's slowing economy will decrease its use of coal, Birol said. The surge in adoption of electric vehicles, including in China, contributes to the IEA's forecast that oil demand will peak before 2030.

Persons: Fatih Birol, Birol Organizations: International Energy Agency, AFP, Africa Climate, Kenyatta International Convention, Financial Times, IEA, World Energy Locations: Africa, Nairobi, China

☆ It's the beginning of the end for global oil demand, IEA chief says
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

New projections from the International Energy Agency suggest global oil demand will peak this decade. A peak in energy demand also means a peak in greenhouse gas emissions, the executive explained. That, in addition to a slowing economy, point to softer coal demand for the world's largest coal consumer, according to the IEA. To be sure, the forecasted declines in oil, gas, and coal demand still won't be enough to limit global warming to 1.5 degrees Celsius, in the IEA's view. AdvertisementAdvertisementMeanwhile, last week Brent crude, the international oil benchmark, soared above $90 a barrel for the first time in 10 months.

Persons: Fatih Birol, Birol, Brent Organizations: International Energy Agency, Financial Times, IEA, Service, Energy Locations: Wall, Silicon, China, Ukraine

☆ Chevron buys world's biggest hydrogen storage plant in Utah
▼ + stars: | 2023-09-12 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

HOUSTON, Sept 12 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Tuesday said it has acquired a majority stake in the world's largest proposed storage facility for hydrogen from renewable energy. U.S. majors Chevron and Exxon Mobil (XOM.N) are rushing to lower production costs and bring scale to the technology as part of their lower carbon fuel strategy. Chevron wants to develop "a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy,” said Austin Knight, vice president of hydrogen, Chevron New Energies. Hydrogen can also be used to store energy and used to adjust seasonal supply and demand needs in power grids. It is spending an average of $1.25 billion per year through 2028 to reduce its own emissions and expand lower carbon fuels including hydrogen.

Persons: ”, Austin Knight, Sabrina Valle, Sourasis Bose, Pooja Desai, Sharon Singleton Organizations: Chevron Corp, Chevron, Exxon Mobil, ACES, Haddington Ventures, U.S . Department of Energy, Mitsubishi Power Americas, Magnum, International Energy, Hydrogen, Thomson Locations: ACES Delta, Haddington, Delta, Utah, Chevron, Houston, Bengaluru

☆ Putin lauds ‘excellent’ economic ties with China. Here’s how they’ve grown
▼ + stars: | 2023-09-12 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

“Relations between Russia and China in the sphere of economic cooperation have reached a very high level,” Vladimir Putin said, speaking at the Eastern Economic Forum in Vladivostok, Russia, according to Russian state-owned news agency TASS. Russian Prime Minister Mikhail Mishustin said in May that he expected trade with China would top $200 billion this year. As many Western banks have reduced their presence in Russia, China’s lenders swooped in to offer banking services. Between February 2022 and March this year, the assets of Chinese banks in the country more than quadrupled to $9.7 billion, according to data collected by KSE Institute at the Kyiv School of Economics. Of China’s four biggest banks, Bank of China and the Industrial and Commercial Bank of China saw the biggest increases in their Russian assets.

Persons: ” Vladimir Putin, Mikhail Mishustin, Putin, ”, Laura He, Josh Pennington, Alex Stambaugh, Mitch McCluskey, Anna Chernova Organizations: London CNN, “, Eastern Economic, Moscow, Russian, Organization of, Petroleum, International Energy Agency, China Association of Automobile Manufacturers, KSE Institute, Kyiv School of Economics, Bank of China, Industrial, Commercial Bank of China, European Central Bank Locations: Moscow, Beijing, Russia, China, Vladivostok, Ukraine, United States, Saudi Arabia, India, wean

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo Acquire Licensing RightsLONDON, Sept 11 (Reuters) - Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged. Among economic factors in the spotlight, the European Central Bank (ECB) is due to announce its monthly interest rate decision this week. Reporting by Robert Harvey, Natalie Grover, Florence Tan and Emily Chow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, OPEC's, Naeem Aslam, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, David Goodman Organizations: cnsphoto, REUTERS, Saudi, U.S, West Texas, International Energy Agency, Organization of, Petroleum, IEA, European Central Bank, European Commission, Zaye, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, United States

☆ Oil prices ease, supply cuts keep Brent above $90 per barrel
▼ + stars: | 2023-09-11 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel by 0022 GMT while U.S. West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9%. "Concerns about Chinese economic growth weighed on sentiment across commodities," ANZ analysts said in a note. "The move was exacerbated by a stronger USD, which kept investor appetite low," they added, referring to the greenback which has risen for eight straight weeks. The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are due to release their monthly reports this week. "Any sign of strong demand from oil market reports from IEA and OPEC will likely push oil prices higher," ANZ analysts said.

Persons: Brent, Baker Hughes, WTI, Tony Sycamore, Florence Tan Organizations: cnsphoto, REUTERS, Rights, West Texas, ANZ, International Energy Agency, Organization of, Petroleum, OPEC, Thomson Locations: Zhoushan, Zhejiang province, China, Rights SINGAPORE, Saudi Arabia, Russia, United States, Europe

☆ Oil prices ease but supply cuts keep Brent above $90/bbl
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +1 min

Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts. Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel by 0022 GMT while U.S. West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9%. "Concerns about Chinese economic growth weighed on sentiment across commodities," ANZ analysts said in a note. The International Energy Agency and the Organization of the Petroleum Exporting Countries, or OPEC, are due to release their monthly reports this week. "Any sign of strong demand from oil market reports from IEA and OPEC will likely push oil prices higher," ANZ analysts said.

Persons: Brent, Baker Hughes, WTI, Tony Sycamore Organizations: West Texas, ANZ, International Energy Agency, Organization of, Petroleum, OPEC Locations: China, Saudi Arabia, Russia, United States, Europe

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