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The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 244.46 points, or 1.2%, at 19,556.15, its lowest closing level since June 23. "Gold is back in the danger zone as Treasury yields rise alongside a stronger (U.S.) dollar," Edward Moya, a senior market analyst at OANDA, said in a note. Energy was a bright spot, rising 0.8%, as the price of oil settled 0.8% higher at $90.39 a barrel. Shares of Westshore Terminals Investment Corp (WTE.TO) ended 10% lower as RBC cut its price target on the stock.

Persons: Chris Helgren, Peter Anderson, Edward Moya, Industrials, Fergal Smith, Khushi Singh, Tasim Zahid, Marguerita Choy Organizations: Toronto Stock Exchange, REUTERS, Energy, Toronto Stock, Andersen Capital Management, Investment Corp, RBC, Thomson Locations: Toronto , Ontario, Canada, Toronto, Bengaluru

☆ Reactions: Media mogul Rupert Murdoch steps down as chairman of Fox, News Corp
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."

Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTNEW YORK, Sept 20 (Reuters) - Oil prices eased on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. WTI crude futures for November , which will soon be the U.S. front-month, was up about 18 cents to $90.30. Investors were awaiting the Fed's interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates steady, but the focus will be on its projected policy path. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.

Persons: Pedro Nunes, Brent, WTI, Edward Moya, refiners, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Nicole Jao, Kim Coghill, Jason Neely, Louise Heavens, David Gregorio Our Organizations: REUTERS, U.S, U.S . Energy Information Administration, . West Texas, U.S . Energy, Administration, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, WTI, ., Japan, London, Tokyo, Singapore, New York

☆ Oil falls ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Robert Harvey | ) www.reuters.com time to read: +3 min

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTLONDON, Sept 20 (Reuters) - Oil prices fell on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Investors are awaiting the Fed's interest rate decision at 1800 GMT on Wednesday to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its projected policy path, which is unclear. Prices fell despite U.S. crude oil stockpiles falling last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Goldman Sachs said it expects the Bank of England to keep interest rates unchanged on Thursday as a result of the fall.

Persons: Pedro Nunes, Edward Moya, Tamas Varga, Brent, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Kim Coghill, Jason Neely, Louise Heavens Organizations: REUTERS, U.S, Brent, . U.S . West Texas, American Petroleum Institute, bbl, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, ., London, Tokyo, Singapore

☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

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.

☆ Gold steadies as investors brace for key cenbank verdicts
▼ + stars: | 2023-09-18 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold was flat at $1,923.40 per ounce by 09:59 a.m. EDT (1359 GMT). Non-yielding gold tends to fall out of favour among investors when interest rates rise. [USD/Chinese gold prices hit record highs last week, extending a months-long rally as consumers snap up the safe-haven asset to offset a depreciating yuan. "While the developments in China are worth watching, we currently do not believe that this will change the outlook for the gold market," said Julius Baer analyst Carsten Menke. Reporting by Brijesh Patel and Anjana Anil in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, CME's, Kazuo Ueda, Julius Baer, Carsten Menke, Brijesh Patel, Anjana Anil, Krishna Chandra Organizations: Wednesday, U.S . Federal Reserve, The Bank of, U.S, Treasury, Thomson Locations: requisitions, The Bank of England, China, Bengaluru

☆ 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

☆ VIEW BP boss Looney resigns over personal relationships with colleagues
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru

☆ Yen jumps on BOJ's comments; dollar dips as US inflation eyed
▼ + stars: | 2023-09-11 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Aside from data on consumer prices due Wednesday, investors will also see producer prices and retail sales numbers on Thursday. Traders have been closely watching for any signs of intervention from Japan to shore up the yen since it weakened past the 145 per dollar threshold last month. The dollar index , which measures the U.S. currency against peers including the yen, was last down 0.32% to 104.51, after falling to 104.41, its lowest since Sept. 5. Against the softer dollar, sterling gained 0.5% to $1.2527, continuing to recover from a three-month low of $1.2445 hit last week.

Persons: Florence Lo, Kazuo Ueda, Edward Moya, CME's, Chuck Mikolajczak, Mark Potter Organizations: U.S, REUTERS, Bank of Japan, Federal Reserve, Traders, Thomson Locations: Ueda, New York, Japan

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

☆ Gold retreats as growth risks drive safe-haven bids to US dollar
▼ + stars: | 2023-09-05 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was down 0.6% to $1,927.69 per ounce by 12:49 p.m. EDT (1649 GMT). Jitters about global growth, particularly in China and the euro zone, caused the safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.5% to $23.60 per ounce, logging its biggest daily drop in a month. Reporting by Harshit Verma in Bengaluru; Editing by Shinjini Ganguli and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, Christopher Waller, Harshit Verma, Shinjini Ganguli, Paul Simao Organizations: Waller, Data, U.S, Reuters, Federal Reserve, Fed, CNBC, Thomson Locations: China, Bengaluru

☆ Gold retreats as growth risks drive safe-haven bids to U.S. dollar
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped to a one-week low on Tuesday on rising bond yields and as investors opted for the U.S. dollar to hedge against global growth concerns. Spot gold declined 0.6% to $1,926.49 per ounce. Jitters about global growth, particularly in China and the Euro zone, caused rival safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.1% to $23.70 per ounce, logging its biggest daily drop in a month.

Persons: Gold, Edward Moya, Christopher Waller, Otunuga Organizations: U.S, Federal Reserve, Fed Locations: China

The 2-year Treasury yield was last at 4.96% after climbing by 9 basis points. U.S. Treasury yields climbed on Tuesday as markets reopened after the Labor Day holiday and investors considered what could be next for the economy. Investors continued to weigh the outlook for the economy as oil prices spiked on a extension in supply curbs and soft services data rolled in across the globe. "Surging oil prices are also weighing on sentiment as the risk of $100 appears to be back," he said. Markets are bracing for the Federal Reserve's policy meeting later this month, with traders expecting the central bank to leave rates unchanged at its next meeting later this month.

Persons: Ed Moya, nonfarm Organizations: Treasury, U.S, Labor, Investors, Federal

☆ Will Chinese deflation help cure the West’s inflation problem?
▼ + stars: | 2023-08-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The Chinese economy has hit a rough patch. What’s happening: Chinese consumer spending, factory production and investments in long-term assets like property or machinery all slumped last month. On Monday, the Chinese government surprised investors by deciding not to cut an important interest rate that influences mortgages. The beauty company is “mindful of the headwinds that have emerged in China’s economy,” said the report. And even still, many regional banks have struggled to prevent deposit outflows.

Persons: ”, Jason Pride, Michael Reynolds, Lisa Shalett, Edward Moya, Estee Lauder, Moya, “, Elisabeth Buchwald, Moody’s, ‘ Barbie ’, “ Barbie ”, Jordan Valinsky, Greta Gerwig, “ Oppenheimer, “ Barbie Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Morgan Stanley Wealth Management, European, Apple, Intel, Ford, Starbucks, Nike, Saudi, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, China, Europe, Beijing, Asia, Russia, Saudi Arabia, Silicon

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Weekly products supplied, a proxy for demand, rose to the highest since December. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Dennis Kissler, Naeem Aslam, OANDA's Moya, Arathy Somasekhar, Natalie Grover, Katya Golubkova, David Goodman, Christina Fincher, David Gregorio Our Organizations: REUTERS, Rights, Brent, . West Texas, BOK Financial, Travel, Energy, Zaye, Markets, Thomson Locations: Zhoushan, Zhejiang province, China, Independence, U.S, China's, Houston, London, Singapore

☆ Oil edges up as China seeks to calm economic fears
▼ + stars: | 2023-08-17 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/file photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Oil prices crept up on Thursday after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Naeem Aslam, Edward Moya, John Evans, OANDA's Moya, Natalie Grover, Katya Golubkova, David Goodman Organizations: REUTERS, Brent, . West Texas, Zaye, U.S, U.S . Federal, Thomson Locations: Zhoushan, Zhejiang province, China, U.S .

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures were up 8 cents, or 0.1%, at $83.53 a barrel by 0245 GMT, after initially falling 0.5%. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. "Crude prices are going to struggle here as we have bearish sentiment in the world's two largest economies," said Edward Moya, an analyst at OANDA. Reporting by Katya Golubkova; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tina Teng, Teng, Edward Moya, Katya Golubkova, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, Brent, U.S . West Texas, CMC Markets, Traders, U.S, U.S . Federal, OANDA, Thomson Locations: Zhoushan, Zhejiang province, China, U.S, OPEC, China's, U.S .

☆ Country Garden default? China's property crisis deepens as developer misses bond payments
▼ + stars: | 2023-08-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The latest major industry player to get into trouble is Country Garden, once China’s largest developer. Several of Country Garden’s yuan-denominated bonds were suspended from trading in Shanghai and Shenzhen on Tuesday after they dropped by more than 20%. Country Garden did not respond to a request from CNN for comment. An aerial view of a residential project developed by Country Garden Holdings is seen in Zhenjiang, Jiangsu province on October 31, 2021. Property crisis deepensChina’s property industry has been mired in a historic downturn in the past two years.

Persons: “, Fang Dongxu, ”, Edward Moya, Moody’s, Kaven Tsang, Li Qiang Organizations: Hong Kong CNN —, Reuters, CNN, Country Garden Holdings, China Index Academy, Oanda, China’s, People’s Bank of Locations: Hong Kong, Shanghai, Shenzhen, Zhenjiang, Jiangsu province, China, Moody’s, Beijing, People’s Bank of China

Both benchmarks were on track for a sixth week of gains, their longest streak of weekly gains this year. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day (bpd) to the end of September. Russia will also slash its oil exports by 300,000 bpd in September, its Deputy Prime Minister Alexander Novak said. The Joint Ministerial Monitoring Committee of OPEC+ is unlikely to tweak its overall oil output cuts at its meeting on Friday, sources have said. But the extension of Saudi Arabia's reductions and comments by Russia ahead of the OPEC+ meeting have raised supply concerns, supporting prices.

Persons: Brent, Alexander Novak, Edward Moya, Tina Teng, Teng, Arathy Somasekhar, Christian Schmollinger, Simon Cameron, Moore Organizations: Saudi, Brent, U.S, West Texas, Ministerial, OPEC, U.S . Federal Reserve, Bank of England, CMC, Thomson Locations: Russia, U.S, SINGAPORE, Saudi Arabia, Saudi, Houston, Singapore

REUTERS/Christian Hartmann/File PhotoSINGAPORE, Aug 3 (Reuters) - Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the main U.S. credit rating, the world's biggest oil consumer, reflecting an expected fiscal deterioration as well as a high and growing government debt burden. Both benchmarks were trading near their highest since April on Wednesday, but closed down 2% after the ratings downgrade. "Since oil had a steady rise over the past month, it was ripe for a pullback. The oil market will remain tight over the short-term, but prices could be still vulnerable for a deeper drop," said Edward Moya, an analyst at OANDA.

Persons: Christian Hartmann, Fitch, Brent, Edward Moya, refiners, Tina Teng, Andrew Hayley, Sudarshan, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Energy, Administration, Organization of, Petroleum, Reuters, CMC Markets, Thomson Locations: Scheibenhard, Strasbourg, France, SINGAPORE, U.S, Saudi Arabia, China

More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel. U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel. Reuters GraphicsPump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick OxfordSaudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September.

Persons: Goldman Sachs, Brent, WTI, Nick Oxford, Edward Moya, Phil Flynn, Shariq Khan, Natalie Grover, Florence, Mohi Narayan, Christina Fincher, Louise Heavens, David Evans, Nick Macfie, Paul Simao Organizations: Saudi, . West Texas, Midland , Texas U.S, REUTERS, Organization of Petroleum, Reuters, Strategic Petroleum Reserve, Futures, Thomson Locations: Riyadh, OPEC, Goldman Sachs BENGALURU, Midland , Texas, Nick Oxford Saudi Arabia, Saudi, U.S, India, Bengaluru, London, Florence Tan, Singapore, New Delhi

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