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☆ Oil falls on demand concerns as impact of Russian output cut fades
▼ + stars: | 2023-02-13 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 13 (Reuters) - Oil prices eased on Monday after rising 2% in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States. Brent crude futures fell 69 cents, or 0.8%, to $85.70 a barrel by 0153 GMT after a 2.2% gain on Friday. Both contracts rose more than 8% last week, buoyed by optimism over demand recovery in China, the world's top crude importer and No. China's oil demand recovery is curbing its gasoline exports in February although its refiners are maintaining diesel shipments at above 2 million tonnes. Oil prices may resume their rally back to $100 a barrel later this year on China's demand recovery and limited supply growth due to a lack of investment, OPEC country officials told Reuters.

☆ Oil dips but heads for weekly gain despite U.S. downturn fears
▼ + stars: | 2023-02-10 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Feb 10 (Reuters) - Oil prices fell in early trade on Friday but were headed for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world's top oil importer. Brent crude futures fell 28 cents, or 0.3%, to $84.22 a barrel by 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.5%, to $77.71. The latest U.S. oil inventory data this week also raised fears about a slowdown in the world's biggest economy, with crude stocks having climbed to their highest since June 2021. The lower rate hike expectations drove the dollar down, which in turn supported oil prices. The market has also been buoyed by Saudi Arabia's move to increase its official crude sales prices to Asia, seen as signalling a demand recovery in China.

☆ Analysis: Oil rebound more likely this year, $100 a barrel possible, OPEC sources say
▼ + stars: | 2023-02-10 | by ( Alex Lawler | ) www.reuters.com time to read: +5 min

OPEC and OPEC+ do not publish oil price forecasts and do not have a price target. Officials and ministers from OPEC and OPEC+, are often reluctant to discuss the direction of prices on the record. Reuters spoke privately to five more OPEC country officials about the prospect of $100 oil. The IEA, which represents 31 countries including top consumer the United States, did not immediately reply on Friday to a request for comment on what $100 oil would mean for its members. In November, Birol said $100 oil was a real risk for the global economy.

LONDON, Feb 9 (Reuters) - Oil prices dipped in U.S. trading hours on Thursday after the country's oil inventories hit their highest in months and on signs that the Federal Reserve could keep raising interest rates. "Relentlessly rising U.S. commercial inventories and potentially entrenched inflation limit any immediate upside potential," said PVM analyst Tamas Varga. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China provided some support to oil prices, as the world's second largest oil consumer ended more than three years of stringent zero-COVID policy.

LONDON, Feb 9 (Reuters) - Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China lent some support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy. "We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1," analysts from ANZ bank wrote in a note.

☆ Oil prices steady amid China demand revival, high U.S. inventories
▼ + stars: | 2023-02-09 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

"U.S. crude oil ... inventories have continued to exceed expectations, which to some extent erodes the bullish sentiments brought from China's demand recovery hopes," said analysts from Haitong Futures. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said on Wednesday. U.S. gasoline and distillate inventories also rose last week as demand remained weak. read moreBut the prospect of stronger demand from China lent support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy involving city-wide lockdowns and mass testing in December. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

☆ Oil climbs 3rd day on subdued dollar, U.S. crude stocks' drop
▼ + stars: | 2023-02-08 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

The dollar index was down slightly at 103.29 in early trade, extending losses after Powell's comments on Tuesday, making oil cheaper for those holding other currencies. "If we have stronger than expected growth out of the developing world, (oil) prices will be firmer and OPEC will have to step up output. Supporting the market, weekly inventory data from the American Petroleum Institute industry group showed crude stocks fell by about 2.2 million barrels in the week ended Feb. 3, according to market sources. That defied expectations from nine analysts polled by Reuters, who had estimated crude stocks grew by 2.5 million barrels. The market will be looking to see if data from the U.S. Energy Information Administration, due at 1530 GMT, confirms the decline in crude stocks.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Oil rises on China outlook, supply worries after Turkey earthquake
▼ + stars: | 2023-02-07 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. Operations at Turkey's 1 million barrel per day (bpd) oil export terminal in Ceyhan were halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. The oil markets will closely watch the U.S. Federal Reserve's chair Jerome Powell's speech on Wednesday, analysts said.

☆ Oil prices edge higher as IEA's Birol talks up China demand outlook
▼ + stars: | 2023-02-06 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Feb 6 (Reuters) - Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China's recovery remains a key driver for oil prices. The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging. "Nevertheless, OPEC's continued constraint on supply should keep the market tight," they said. Reporting by Sonali Paul in Melbourne; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil rises 1% in choppy trade on China demand hopes
▼ + stars: | 2023-02-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Supply concerns continued to affect markets as operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said. However, a preliminary Reuters poll showed that U.S. crude oil stockpiles likely rose by about 2.2 million last week.

[1/2] A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/StringerBENGALURU, India, Feb 5 (Reuters) - Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday. "We expect about half of the growth in global oil demand this year will come from China," Birol told Reuters on the sidelines of the India Energy Week conference. He added that China's jet fuel demand is exploding, putting upward pressure on demand. OPEC+ rolled over the group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place.

☆ Oil heads for weekly loss awaiting China recovery signs
▼ + stars: | 2023-02-03 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

Brent crude futures rose 16 cents, or 0.2%, to $82.33 a barrel at 0110 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to $76.06 a barrel. So far this week, Brent has dropped by 4.8%, extending a 1.1% loss from the previous week. Mixed signs of a fuel demand recovery in China, the world's top oil importer, have kept a lid on the market. "The crude demand outlook needs a clear sign that China's reopening will be smooth, and that the U.S. economic growth momentum does not deteriorate quickly," OANDA analyst Edward Moya said in a note. Reporting by Sonali Paul in Melbourne; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Companies United States of America FollowFeb 2 (Reuters) - Oil prices rose in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates by 25 basis points, sending the dollar lower. The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise "ongoing increases" in borrowing costs as part of its ongoing battle against inflation. A weaker greenback makes U.S. dollar-priced oil less expensive for holders of other currencies, boosting demand. Prices are also rising in the backdrop of a Feb 5. ban on Russian refined products by the European Union. EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products, after postponing a decision on Wednesday amid divisions between member states, diplomats said.

Brent crude futures were down $2.6, or 3.5%, at $82.50 a barrel by 12:50 p.m. West Texas Intermediate (WTI) U.S. crude futures fell $2.67, or 3.4% to $76.20. U.S. crude oil and fuel inventories rose last week to their highest levels since June 2021, the Energy Information Administration said, as demand remained weak. "The market is reacting to the report that indicates there isn't demand for crude oil or fuels," said John Kilduff, partner at Again Capital LLC in New York. Elsewhere, Russia's Deputy Prime Minister said he expected oil demand to rise on the back of Chinese economic activity.

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

Feb 1 (Reuters) - Oil prices rose on Wednesday as signs of slowing inflation in the United States eased fears that the world's largest oil user may face a recession because of further interest rate hikes and a weaker dollar supported some buying interest. U.S. West Texas Intermediate (WTI) crude futures rose 42 cents, or 0.5%, to $79.29 a barrel. Tamer rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies. Upgraded global growth forecasts by the IMF and the expectation of strong pent-up demand from China amid higher mobility are also underpinning oil prices, Sachdeva added. Distillate stocks, which include diesel and heating oil, rose by about 1.5 million barrels, contrary to analysts' expectations of a 1.3 million barrel drop.

☆ Oil falls on rate hike worries, Russian export flows
▼ + stars: | 2023-01-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingInvestors watch for central bank rate hikesPositive China data caps weaknessLONDON, Jan 31 (Reuters) - Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60. Interest rate decisions will shed some light on the prospects of economic and oil demand growth," said Tamas Varga of oil broker PVM. Higher rates could slow the global economy and weaken oil demand.

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingInvestors watch for central bank rate hikesPositive China data caps weaknessJan 31 (Reuters) - Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures declined 25 cents to $84.65 per barrel by 0715 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 38 cents, or 0.45%, to $84.12. Likewise, U.S. West Texas Intermediate (WTI) crude futures dropped by 44 cents, or 0.56%, to $77.46 a barrel. Higher rates could slow the global economy and weaken oil demand.

☆ Oil steadies after falling on rate hike worries, Russian crude flows
▼ + stars: | 2023-01-31 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingRussian oil supply appears to remain strongInvestors watch for central bank rate hikesJan 31 (Reuters) - Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows. Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99. The panel is expected to recommend keeping the oil producer group's current output policy unchanged when it meets this week, five OPEC+ delegates told Reuters on Monday. Lending some support to oil prices, the U.S. dollar index has fallen by 1.3% in January so far. Reporting by Laila Kearney in New York; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Oil climbs after drone attack in Iran, China's pledge to promote consumption
▼ + stars: | 2023-01-30 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Jan 30 (Reuters) - Oil prices climbed in early Asia trade on Monday, supported by tensions in the Middle East following a drone attack in Iran and as Beijing pledged over the weekend to promote a consumption recovery which would support fuel demand. Brent crude futures rose 54 cents, or 0.6%, to $87.20 a barrel by 0115 GMT while U.S. West Texas Intermediate crude was at $80.22 a barrel, up 54 cents, or 0.7%. Israel appears to have been behind an overnight drone attack on a military factory in Iran, a U.S. official said on Sunday. On Saturday, China's cabinet said it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported. Both can swing by more than 1 million barrels per day above or below expectation," said Grasso, formerly an oil trader with Italy's Eni.

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