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☆ Oil prices rise as Saudi output cuts outweigh weak demand signals
▼ + stars: | 2023-06-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. crude stocks fell by about 450,000, according to data from the Energy Information Administration, compared with estimates for a 1 million build. Diesel inventories rose by 5.1 million barrels, while markets had estimated a build of 1.33 million. Gasoline inventories also rose more-than-expected at 2.8 million barrels, compared with estimates for a build of 880,000 barrels. Wednesday's data also showed that crude oil imports into China, the world's largest oil importer, rose to their third-highest monthly level in May as refiners built up inventories. A weaker greenback helps demand as oil becomes cheaper for foreign buyers.

Persons: Dennis Kissler, refiners, Morgan, Arathy Somasekhar, Ahmad Ghaddar, Yuka Obayashi, Muyu Xu, David Goodman, Mark Potter, Bernadette Baum, Sharon Singleton Organizations: Brent, U.S, West Texas, Saudi, OPEC, BOK Financial, Energy Information Administration, Federal, Organisation for Economic Cooperation, Development, Thomson Locations: HOUSTON, Saudi, China, Houston, London

TOKYO, June 7 (Reuters) - Oil prices steadied on Wednesday after the previous session's losses, as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia's pledge to deepen output cuts. Meanwhile, the U.S. Energy Information Administration (EIA) said on Tuesday that U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations. A reduction in the U.S. crude stocks also lent support to the oil market, NS Trading's Kikukawa said. U.S. crude oil inventories fell by about 1.7 million barrels last week, while fuel inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts forecast U.S. energy firms added about 1.0 million barrels of crude into storage during the week ended June 2, according to a Reuters poll.

Persons: Saudi Arabia's, paring, Hiroyuki Kikukawa, Brent, Kikukawa, Yuka Obayashi, Shri Navaratnam Organizations: Saudi, Brent, U.S . West Texas, NS, Nissan Securities, Strategic Petroleum Reserve, Saudi Arabia's, Organization of, Petroleum, Citi, UBS, U.S . Energy Information Administration, American Petroleum Institute, Thomson Locations: TOKYO, U.S, United States, China, Russia, OPEC

Prices rose on Monday after Saudi Arabia said over the weekend it would cut output to around 9 million barrels per day (bpd) in July from about 10 million bpd in May. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. Higher interest rates boost borrowing costs, which can slow the economy and reduce oil demand. EIA also projected U.S. petroleum demand would rise from 20.3 million bpd in 2022 to 20.4 million bpd in 2023 and 20.7 million bpd in 2024. That compares with a record 20.8 million bpd in 2005, according to EIA data going back to 1973.

Persons: Brent, Edward Moya, Scott DiSavino, Rowena Edwards, Arathy, Trixie Yap, David Goodman, Matthew Lewis, Chizu Nomiyama, Richard Chang Organizations: EIA, Saudi, U.S, West Texas, Citi, U.S . Federal Reserve, Bank, Energy Information Administration, American Petroleum Institute, Thomson Locations: Saudi Arabia, Saudi, OPEC, China, U.S, Europe, New York, London, Houston, Singapore

☆ Oil falls as economic fears overshadow Saudi output cut
▼ + stars: | 2023-06-06 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Brent crude futures were down $1.50, or 1.96%, to $75.21 a barrel by 1046 GMT. U.S. West Texas Intermediate crude fell $1.47, or 2.04%, to $70.68 a barrel. Backwardation in Brent crude oil futures — where the current value is higher than in later months — steepened after the weekend announcement with the six-month spread hitting a five-week high of $2.20/bbl on Monday. The U.S. services sector barely grew in May as new orders slowed, and market participants are waiting to see if the U.S. Federal Reserve will hike or hold interest rates in June. Higher interest rates could curb energy demand.

Persons: Brent, Backwardation, — steepened, Ole Hansen, Tamas Varga, PVM, Rowena Edwards, Arathy Somasekhar, Trixie Yap, Sriraj Kalluvila, Jason Neely Organizations: EIA, LONDON, Saudi, Brent, . West Texas, Citi, bbl, PMI, Saxo Bank, The, U.S . Federal, U.S . Energy Information Administration, Thomson Locations: Saudi Arabia, OPEC, U.S, Europe, China, Brent, The U.S, London, Houston, Singapore

☆ Oil prices tick down with OPEC meeting in rear view
▼ + stars: | 2023-06-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT. The voluntary cut, Saudi Arabia's biggest in years, is on top of a broader deal by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supply into 2024 as OPEC+ seeks to boost flagging oil prices. The OPEC+ pumps around 40% of the world's crude. Market participants are now waiting to see if the U.S. Federal Reserve will hike or hold interest rates in June for more trading cues. Traders pegged the chances of the Fed pausing its interest rate hikes at its June 13-14 meeting at 78%, according to the CME FedWatch Tool.

Persons: Brent, Christine Lagarde, Arathy Somasekhar, Himani Sarkar Organizations: Brent, U.S . West Texas, Saudi Arabia's, Organization of, Petroleum, U.S . Federal, Traders, Central Bank, ECB, Thomson Locations: Saudi Arabia, U.S, Russia, OPEC, Vienna, Nigeria, Angola, Houston

In the physical oil market, where any short-term production cut should have the greatest and most immediate impact, the calendar spreads between nearby months strengthened only slightly. The unilateral Saudi cut, described by the country’s oil minister as a “lollipop”, is for a month, but could be extended. Chartbook: Brent prices and spreadsSTEMMING THE SLIDEThere is evident frustration among OPEC⁺ officials about the continued slide in prices despite three rounds of cuts announced since October 2022. U.S. oil production has continued to rise in a delayed response to last year’s very high prices, which has also kept the market well-supplied. But OPEC⁺ cuts have not (yet) been enough to lift prices and spreads rather than arresting their fall.

Persons: Brent, OPEC ⁺, ”, John Kemp, Barbara Lewis Organizations: OPEC, European Union, Global, OPEC ⁺, Thomson, Reuters Locations: Saudi Arabia, China, Saudi, North America, Europe

☆ Oil rises on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Noah Browning | ) www.reuters.com time to read: +3 min

[1/2] General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom's output would drop to 9 million bpd in July from about 10 million bpd in May. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. "The immediate market impact of this Saudi cut is likely lower, as drawing inventories takes time, and the market likely already put some meaningful probability on a cut today," the bank's analysts added. In contrast, the United Arab Emirates (UAE) was allowed to raise output targets by 200,000 bpd to 3.22 million bpd to reflect its larger production capacity.

Persons: Ahmed Jadallah, Brent, WTI, keener, Suvro Sarkar, Bjarne Schieldrop, Goldman Sachs, Noah Browning, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, Saudi, Brent, . West Texas, Saudi Arabia's, Organization of, Petroleum, DBS Bank, OPEC, Rystad Energy, United Arab Emirates, Thomson Locations: Saudi, Saudi Arabia, OPEC, Arabia, Russia, Nigeria, Angola, UAE

☆ Oil jumps 2% on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude climbed $1.41, or 2%, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel. The group, known as OPEC+, pumps around 40% of the world's crude and has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand. "The oil market now looks like it will be even tighter in the second half of the year." Consultancy Rystad Energy said the additional cut by Saudi is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. By contrast, the United Arab Emirates was allowed to raise output targets by around 200,000 bpd to 3.22 million bpd.

Persons: Baker Hughes, Goldman Sachs, Brent, Florence Tan, Diane Craft, Sonali Paul Organizations: Saudi, Brent, . West Texas, Organization of, Petroleum, ANZ, Rystad Energy, United Arab, Thomson Locations: SINGAPORE, Saudi Arabia, Saudi, Russia, OPEC, Nigeria, Angola, United Arab Emirates, UAE, United States

☆ Oil prices jump more than $2 per barrel after Saudi pledges to cut more output
▼ + stars: | 2023-06-04 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Brent crude futures was at $78.42 a barrel, up $2.29, or 3%, at 2219 GMT after earlier hitting a session-high of $78.73 a barrel. U.S. West Texas Intermediate crude climbed $2.27 a barrel, up 3.2%, or $74.01 a barrel, after touching an intraday high of $75.06 a barrel. Saudi Arabia's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years, its energy ministry said in a statement. The group, known as OPEC+, pumps around 40% of the world's crude and has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.

Persons: Florence Tan, Diane Craft Organizations: Saudi, Brent, . West Texas, Organization of, Petroleum, ANZ, United Arab, Thomson Locations: SINGAPORE, Saudi Arabia, Saudi, Russia, OPEC, Nigeria, Angola, United Arab Emirates, UAE

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. WTI was headed for its highest close since May 26 and Brent on track for its highest close since May 29. Open interest in futures contracts rose on Thursday to the highest since July 2021 for Brent and March 2022 for WTI. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brendan McDermid, Brent, WTI, Baker Hughes, Craig Erlam, Erlam, Shadia Nasralla, Andrew Hayley, Susan Fenton, Kirsten Donovan, David Gregorio Our Organizations: REUTERS, Congress, YORK, U.S, . West Texas, WTI, Senate, U.S . Federal Reserve, Organization of, Petroleum, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen, London, Beijing

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. REUTERS/Brendan McDermidLONDON, June 2 (Reuters) - Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer and jobs data indicated a possible rate hike pause, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Earlier signals of a potential pause in rate hikes by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar , making oil cheaper for holders of other currencies. Meanwhile, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture. Reporting by Shadia Nasralla; additional reporting by Andrew Hayley; editing by Susan Fenton and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Shadia Nasralla, Andrew Hayley, Susan Fenton, Kirsten Donovan Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, U.S ., Organization of, Petroleum, U.S . Institute for Supply Management, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, China

☆ Oil prices rise as Congress approves US debt ceiling bill
▼ + stars: | 2023-06-02 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermidBEIJING, June 2 (Reuters) - Oil prices rose on Friday amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend. Further reductions in OPEC+ output following their surprise cut of 1.16 million barrels per day in April would be bullish for crude prices. Other market observers have pointed to weak manufacturing data out of China and the U.S. as making OPEC+ cuts more likely. "Oil prices are stabilizing after a round of disappointing global manufacturing data supported the case for OPEC+ to deliver another production cut," said Edward Moya, a senior market analyst at OANDA. However, traders are "thinking that Russia might not necessarily stick to a hard stance on output cuts, especially since they are struggling to commit to their quotes," Moya added.

Persons: Brendan McDermid, Goldman Sachs, Edward Moya, Thursday's, Moya, Andrew Hayley, Jamie Freed, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, Thursday's, Energy Information Administration, Organization of, Petroleum, Reuters, HSBC, OANDA, U.S ., Institute for Supply Management, PMI, P Global, Thomson Locations: New York Harbor, of, New York City, U.S, Brendan McDermid BEIJING, Washington, Russia, China, P Global China

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. REUTERS/Brendan McDermidLONDON, June 2 (Reuters) - Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Earlier signals of a potential pause in rate hikes by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar , making oil cheaper for holders of other currencies. Investor attention is also fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+. Meanwhile, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brendan McDermid LONDON, Shadia Nasralla, Andrew Hayley, Susan Fenton, Jason Neely Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, U.S ., Organization of, Petroleum, U.S . Institute for Supply Management, PMI, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, China

Brent crude futures rose $2.25, or 3.1%, to $74.85 a barrel by 11:50 a.m. EDT (1550 GMT) . U.S. Federal Reserve officials on Wednesday suggested interest rates could be steady this month and the House passed a bill suspending the government's debt ceiling, improving chances of averting a disastrous default. "The successful debt ceiling negotiations clears that minefield, but the overall demand outlook is still murky - the trucking space is doing poorly, for example," CFRA Research analyst Stewart Glickman said. The oil market is focusing on the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, which will discuss whether to cut oil production further. U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped and strategic reserves dropped to their lowest since Sept. 1983, according to data from the Energy Information Administration.

Persons: Stewart Glickman, Peter McNally, Robert Yawger, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman, Kirsten Donovan, David Gregorio Our Organizations: Brent, . West Texas, U.S . Federal, Organization of, Petroleum, Reuters, Energy Information Administration, Thomson Locations: China, BENGALURU, Russia, Reuters OPEC, U.S, OPEC, London, Houston, Beijing

U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default. "Oil markets may have been oversold in the last two trading days," said CMC Markets analyst Tina Teng. "Sentiment rebounded amid the debt bill's passage in the House and (the) Fed's rate hike pause signal." Mixed demand indications from China, the world's biggest oil importer, have nonetheless weighed on the market, as has industry data showing a rise in U.S. crude inventories. Market sources citing American Petroleum Institute (API) figures on Wednesday said that U.S. crude inventories rose by about 5.2 million barrels last week.

Persons: Tina Teng, Tamas Varga, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman Organizations: Representatives U.S, U.S . Federal, U.S . House, Brent, West Texas, American Petroleum Institute, of, Petroleum, Reuters, Thomson Locations: China, OPEC, Russia, London, Houston, Beijing

BEIJING, June 1 (Reuters) - Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. U.S. Federal Reserve officials on Wednesday pointed towards a potential rate hike "skip" in June that reversed market expectations of an imminent hike that could slow economic growth and weaken oil demand. "Oil markets may have been oversold in the last two trading days due to the sluggish Chinese data and debt ceiling concerns. Sentiment rebounded amid the debt bill’s passage in the House, and (the) Fed’s rate hike pause signal also offered a rebounding opportunity," said Tina Teng, a markets analyst at CMC Markets in Auckland. U.S. crude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday.

Persons: Brent, Tina Teng, Goldman Sachs, Arathy Somasekhar, Andrew Hayley, Sonali Paul, Christian Organizations: Brent, U.S, West Texas, . Federal, U.S . House, CMC Markets, P Global, American Petroleum Institute, Organization of, Petroleum, HSBC, Thomson Locations: BEIJING, Auckland, China, P Global China, U.S, Russia, Houston, Beijing

☆ Oil falls after large surprise build in US crude stocks
▼ + stars: | 2023-06-01 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

U.S. crude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. That compared with estimates in a Reuters poll for a drawdown of 1.4 million barrels. Market participants now await government data on U.S. crude stocks due later on Thursday. Meanwhile, Chinese data showed manufacturing activity contracted faster than expected in May, worrying markets about demand in the world's second-largest oil consumer. Analysts at HSBC and Goldman Sachs have said they do not expect OPEC+ to announce further cuts at this meeting.

Persons: Goldman Sachs, Arathy Somasekhar, Sonali Paul Organizations: Brent, U.S, West Texas, American Petroleum Institute, Investors, Organization of, Petroleum, HSBC, Thomson Locations: U.S, Russia

☆ Chevron shareholders reject proposals on climate at annual general meeting
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, May 31 (Reuters) - Oil major Chevron Corp's (CVX.N) shareholders overwhelmingly voted against proposals on climate, including emissions. About 90.4% of preliminary votes cast were against a proposal to set a medium-term scope 3 greenhouse gas emissions reduction target. Shareholder voted in favor of reelecting all directors to the board at the annual general meeting. Reporting by Arathy Somasekhar in Houston and Sourasis Bose in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Arathy Somasekhar, Sourasis Bose Organizations: HOUSTON, Chevron, Thomson Locations: Houston, Bengaluru

☆ Oil falls on weak China data, stronger U.S. dollar
▼ + stars: | 2023-05-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

Companies Saudi Arabian Oil Co FollowLONDON, May 31 (Reuters) - Oil prices fell by over 2% on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Further pressure came as the U.S. dollar rose to its highest in over two months, making commodities more expensive for buyers holding other currencies and weighing on oil demand. Mixed signals by major OPEC+ producers on whether or not the group will decide to further cut oil production have sparked recent volatility in oil prices. HSBC said on Wednesday that stronger oil demand from China and the West from the summer onwards will bring about a supply deficit in the second half of the year. Separately, U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Brent's, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, Mark Potter, David Evans Organizations: Saudi Arabian Oil, . West Texas, U.S, Federal Reserve, Organization of, Petroleum, HSBC, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

☆ Economic fears to cap oil prices below $90 through 2023 - Reuters poll
▼ + stars: | 2023-05-31 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73. Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals." West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus. "Even if OPEC+ does not cut in June, the threat of production cuts will remain as long as oil remains significantly below $80 per barrel," EIU'S Sherwood said. OPEC+ surprised the market in April with output cuts that briefly drove up oil prices.

Persons: Brent, Matthew Sherwood, Suvro, EIU'S Sherwood, Kavya Guduru, Noah Browning, Barbara Lewis Organizations: bbl, West Texas, Organization of, Petroleum, DBS Bank, Thomson Locations: OPEC, U.S, Russia, Vienna, Bengaluru

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

May 31 (Reuters) - Oil prices settled lower on Wednesday, pressured by a stronger U.S. dollar and weak data from top oil importer China that fed demand fears. A stronger dollar makes oil more expensive for buyers holding other currencies. U.S. data showed job openings unexpectedly rose in April, pointing to persistent strength in the labor market that could push the Federal Reserve to raise interest rates in June. HSBC said stronger oil demand from China and the West from the summer onwards will trigger a supply deficit in the second half. U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Bob Yawger, Goldman Sachs, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, David Evans, Emelia, Lisa Shumaker, David Gregorio Our Organizations: . West Texas, Senate, Federal Reserve, Mizuho, Traders, Organization of, Petroleum, HSBC, Energy, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

TOKYO, May 30 (Reuters) - Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. The U.S. House Rules Committee said it will meet on Tuesday afternoon to discuss the debt ceiling bill, which needs to pass a divided Congress before June 5. Saudi Energy Minister Abdulaziz bin Salman last week warned short-sellers betting that oil prices will fall to "watch out," in a possible signal that OPEC+ may further cut output. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day (bpd), bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.

☆ Oil ticks up as markets weigh U.S. debt deal, rate hike possibility
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Still, analysts saw any boost in oil prices from it as short-lived. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. The dollar also nudged down on Monday as the debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

☆ Oil dips as rate hike fears offset U.S. debt deal
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

HOUSTON, May 29 (Reuters) - Oil prices slipped on Monday as worries over further interest rate hikes that could curb energy demand trumped a tentative U.S. debt ceiling deal, possibly averting a default in the world's top oil consumer. "The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. Still, analysts saw any boost in oil prices from the debt deal as short-lived, with earlier gains in the session now lost. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

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