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LONDON, Jan 27 (Reuters) - Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. OPEC+ delegates meet next week to review crude production levels, with sources from the oil producer group expecting no change to current output policy. "The positive batch of data gave oil prices a lift," said PVM analyst Stephen Brennock. Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week. Reporting by Shadia Nasralla Additional reporting by Sudarshan Varadhan in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices advance on U.S. growth, Chinese recovery hope
▼ + stars: | 2023-01-27 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

Jan 27 (Reuters) - Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month's peak levels. Brent futures gained 30 cents, or 0.34%, to $87.77 a barrel by 0321 GMT, while U.S. crude rose 34 cents to $81.35 per barrel, a 0.42% gain. OPEC+ delegates will meet next week to review crude production levels, amid steady support for crude prices from strong demand for jet fuel and diesel. Gains on U.S. crude were limited by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, earlier this week. "The short-term bullish factor is that the recent outage in the U.S. refineries helped push up gasoline prices, though the U.S. crude inventories hit a 16-month high," Teng said.

☆ Oil prices edge up on strong U.S. economic data, Chinese demand hope
▼ + stars: | 2023-01-27 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. The figures point to the normalisation of China's economy, thereby boosting expectations of a recovery in oil demand. Crude prices were also supported by strong demand for jet fuel and diesel as supplies remain tight. Also, the European Commission is proposing the European Union set a $100 per barrel price cap on premium Russian oil products such as diesel and a $45 per barrel cap on discounted products such as fuel oil, EU officials said on Thursday.

Companies Petroleo Brasileiro SA Petrobras FollowHOUSTON, Jan 27 (Reuters) - The new Chief Executive of Brazil's Petrobras, Jean Paul Prates, has picked geologist Mario Carminatti to head the oil company's exploration and production division, people with knowledge of the information said on Friday. Petrobras said in a securities filing it had not received official statements regarding the nomination of any executive. He won praise for the pre-salt discovery, pressing on with drilling though the salt barrier that alone was deeper than any well that Petrobras, the world's leader in deep-water exploration, had drilled before. The pre-salt area is now responsible for more than 70% of Brazil's daily production of near 4 million barrels of oil and gas. Carminatti is currently involved in an almost $3 billion exploration effort in a new frontier North of Brazil, the Equatorial Margin.

REUTERS/Todd Korol/File Photo/File PhotoNEW YORK, Jan 26 (Reuters) - Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01. "Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break," said Edward Moya, senior market analyst at data and analytics firm OANDA. China has been easing stringent COVID-19 restrictions this month, with Beijing reopening borders for the first time in three years. The OPEC+ ministerial panel meeting on Feb. 1 is likely to endorse the oil producer group's current output levels, OPEC+ sources said.

☆ Oil steady as market awaits more supply clarity
▼ + stars: | 2023-01-26 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

REUTERS/Todd Korol/File Photo/File PhotoSINGAPORE, Jan 26 (Reuters) - Oil prices were steady on Thursday after U.S. crude stocks climbed less than expected, while investors awaited further clarity on supply drivers, including an OPEC+ meeting and the looming EU ban on Russian refined products. "The upcoming EU embargo on Russian refined products remains a major source of concern for the market, with widespread dislocations expected to materialize," the Citi analysts said. Oil prices were also little changed after data showed a build in U.S. crude inventories that was less than expected. Crude inventories edged higher by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20, the Energy Information Administration (EIA) said. That was substantially short of forecasts for a 1 million barrel rise, though according to the EIA crude stocks are at their highest since June 2021.

☆ Oil edges up as U.S. crude inventories rise less than expected
▼ + stars: | 2023-01-26 | by ( Laila Kearney | ) www.reuters.com time to read: +1 min

REUTERS/Todd Korol/File Photo/File PhotoSummarySummary Companies EIA shows U.S. crude stocks up less than expectedU.S. dollar easesGlobal 2023 economic view downgraded, at odds with marketJan 26 (Reuters) - Oil prices were up in early Asian trade on Thursday as U.S. crude stocks rose less than expected, while a weaker dollar made oil cheaper for non-American buyers. Brent crude futures had risen 12 cents to $86.24 per barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 30 cents to $80.45. Crude inventories rose by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20, the Energy Information Administration (EIA) said. Despite the smaller-than-expected crude build, crude stocks reached the highest level since June 2021, the EIA said. read moreA factor that kept oil from moving higher was concern about a slowing global economy hampering fuel demand.

☆ Oil prices steady after smaller-than-expected U.S. crude build
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Smaller-than-expected build in U.S. crude stocksBroader markets weighed by economic slowdown concernsU.S. business activity contracts in JanuaryOPEC+ unlikely to tweak oil policy at Feb. 1 meetingBENGALURU, Jan 25 (Reuters) - Oil prices were largely unchanged on Wednesday, after government data showed a smaller-than-anticipated build in U.S. crude inventories, countering weak economic data from Tuesday. Brent crude was up 25 cents, or 0.3%, to $86.38 a barrel by 1:41 p.m. EST (1841 GMT) after declining 2.3% in the previous session. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.6%, to $80.62 a barrel, after a 1.8% drop on Tuesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. On Wednesday, oil prices and broader financial markets were weighed down by data published on Tuesday showing U.S. business activity contracted in January for the seventh-straight month, raising concerns about an economic slowdown.

☆ Oil slips as U.S. inventory rise offsets China hopes
▼ + stars: | 2023-01-25 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The price of crude has rallied this year on the ending of China's COVID controls and hopes that the rise in U.S. interest rates will soon taper off. Still, some analysts said the speed of China's actual demand rebound looks uncertain. "Whether or not oil prices can resume their march higher will depend on how quickly China's crude demand bounces back this quarter," said Stephen Brennock of oil broker PVM. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, five OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

☆ Oil edges up after less-than-expected U.S. inventories rise
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate crude futures were up 39 cents, or 0.5%, to $80.52 a barrel, after a 1.8% drop on Tuesday. U.S. crude inventories (USOILC=ECI) rose by 533,000 barrels in the last week to 448.5 million barrels, the Energy Information Administration (EIA) said on Wednesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

Power giant Orsted aims to build a huge offshore windfarm to help the country meet renewable goals. Last year the North Sea Transition Authority (NSTA), which regulates offshore energy activity, concluded that large crossovers between such ventures were unfeasible with current technology. This largely unreported clash risks undermining Britain's drive to meet its climate goals, according to the companies involved and a North Sea green transition expert. The BP-Orsted showdown could also presage similar disputes elsewhere in an increasingly crowded North Sea, the experts told Reuters. There is hope on the horizon for wind and CCS projects that share ground, say regulators and industry experts.

☆ Oil prices fall but remain buoyed by China outlook
▼ + stars: | 2023-01-23 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 23 (Reuters) - Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. The jump in China's traffic ahead of the Lunar New Year holiday bodes well for fuel demand after the two-week vacation. "The expected surge in demand comes as the market braces for further sanctions on Russian oil," ANZ analysts said. The European Union and Group of Seven (G7) coalition will cap prices of Russian refined products starting on Feb. 5, in addition to their price cap on Russian crude in place since December and an EU embargo on imports of Russian crude by sea. The G7 has agreed to delay a review of the level of the price cap on Russian oil to March, a month later than originally planned, to give time to assess the impact of the oil products price caps.

☆ Oil prices climb on hopes for Fed slowing interest rate hikes
▼ + stars: | 2023-01-20 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Jan 20 (Reuters) - Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1. A number of other Fed officials have expressed support for a downshift in the pace of rate rises. A rebound in Chinese economy and the Russian oil industry's struggles under sanctions could tighten energy markets in 2023, International Energy Agency (IEA) head Fatih Birol said on Thursday. Reporting by Arathy Somasekhar; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil down 1% on another surprise build in U.S. crude stocks
▼ + stars: | 2023-01-19 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 19 (Reuters) - Oil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand. Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. Nine analysts polled by Reuters had estimated on average that crude inventories fell by about 600,000 barrels. The big build marks the second consecutive week of large inventory increases. On a bullish note, however, distillate stockpiles, which include diesel and heating oil, fell by about 1.8 million barrels against analysts' expectations for a 120,000-barrel increase.

Brent <LCOc1> futures fell 94 cents, or 1.1%, to settle at $84.98 a barrel. U.S. West Texas Intermediate (WTI) crude fell 70 cents, or 0.9%, to settle at 79.48. Markets at first reacted positively to U.S. data, which showed retail sales and manufacturing production declined more than forecast in December, on hopes the Fed would now ease up on interest rate hikes. Supporting oil prices early in the session, China reported economic data that beat forecasts after the country started rolling back its zero-COVID policy in early December. Rystad said the losses were at about 500,000 barrels per day and that India and China remain key buyers of Russian crude.

Summary China's reopening set to drive record 2023 oil demand -IEAChinese oil demand to rebound in 2023 -OPECRecord U.S. shale oil output seen in Feb -EIAAPI reports due at 4.30 p.m. ET (2130 GMT)LONDON, Jan 18 (Reuters) - Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China's strict COVID-19 curbs will lead to a fuel demand recovery in the world's top oil importer. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. Analysts polled by Reuters see 2023 growth rebounding to 4.9%. But OPEC kept its 2023 global demand growth forecast unchanged.

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceJan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 0.85%, to $80.56, having risen 0.4% on Tuesday. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it with more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

☆ Oil prices extend gains on optimism over China's fuel demand recovery
▼ + stars: | 2023-01-18 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceTOKYO, Jan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that a relaxation of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. China's gross domestic product expanded 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. "Growing hopes that China's fuel demand will pick up after a recent shift in its COVID-19 policy lent support to oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd."OPEC's optimistic outlook on China's demand also supported the market sentiment," he said, predicting a bullish tone for this week. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

Brent futures rose 72 cents, or 0.8%, to $86.64 a barrel by 11:46 a.m. EST (1646 GMT), while U.S. West Texas Intermediate (WTI) crude rose 94 cents, or 1.2%, to $81.12. But the data still beat analysts' forecasts after China started rolling back its zero-COVID policy in early December. The lifting of COVID-19 restrictions in China is set to boost global oil demand to a record high this year, according to the International Energy Agency (IEA), while price cap sanctions on Russia could dent supply. A report showing U.S. retail sales fell more than expected in December provided some counterintuitive support for oil prices. A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies.

Oklahoma City-based Chesapeake has been trying to divest its entire South Texas operations to focus on natural gas-producing acreage in other parts of the United States. The deal it has clinched falls short of meeting the demands of activist investor Kimmeridge Energy Management, that is among the 15 largest Chesapeake shareholders, to exit South Texas entirely. Chesapeake is continuing with efforts to divest them, though it's unclear if it will do so until market conditions change, according to the sources. Chesapeake and WildFire did not respond to comment requests. Since then, it has built a position in the Eagle Ford producing upwards of 16,000 net barrels of oil equivalent per day, according to its website.

Output in the Eagle Ford shale field tanked in 2020, but has returned to growth with an average increase per month of about 17,000 barrels per bay (bpd) in the back half of 2022, according to U.S. government data. Its gains will help keep U.S. output rising as the Permian basin, the largest U.S. shale field, has slowed rapidly in the last year. The Eagle Ford is close to existing and proposed liquefied natural gas terminals, offering producers more buyers for their gas. February's Eagle Ford oil production is forecast to hit 1.2 million bpd, the most since April 2020, according to data from the Energy Information Administration. GRAPHIC: Eagle Ford oil rig count rises to highest since March 2019 https://graphics.reuters.com/USA-OIL/EAGLE/dwpkdazxgvm/Reporting by Stephanie Kelly; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices slip on global recession gloom
▼ + stars: | 2023-01-17 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 17 (Reuters) - Oil prices fell in early trade on Tuesday as recession fears dominated headlines out of the World Economic Forum's meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China. Brent crude futures were down 38 cents, or 0.5%, at $84.08 at 0114 GMT, extending a 1% loss in the previous session. In a bearish survey released at the Davos summit, two-thirds of private and public sector economists polled expected a global recession this year, with about 18% considering it "extremely likely". However, the outlook for the rest of the global economy is uncertain," ANZ commodity analysts said in a client note. A rise in the dollar off seven-month lows also dragged on oil prices, as a stronger greenback makes oil more expensive for those holding other currencies.

Jan 16 (Reuters) - Oil prices slipped on Monday but were holding near their highest levels this month as easing COVID restrictions in China raised hopes of a demand recovery in the world's top crude importer. U.S. West Texas Intermediate crude was down $1.01, or 1.3%, at $78.85 in thin trade on a U.S. public holiday. "The narrative that Chinese growth is going to add to demand is playing a very large part here. Traffic levels in China are rebounding from record lows after the easing of COVID-19 restrictions, resulting in stronger demand for crude and oil products, ANZ analysts said in a note. The United Arab Emirates' energy minister, Suhail al-Mazrouei, said on Monday that oil markets were balanced.

☆ Oil heads for solid weekly gain on China demand hopes
▼ + stars: | 2023-01-13 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 13 (Reuters) - Oil prices slipped in early trade on Friday but were on track for gains of more than 6% for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States. Brent crude futures fell 17 cents, or 0.2%, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2%, to $78.27. Brent has jumped 6.7% so far this week and WTI is up 6.2%, recouping most of the previous week's losses. "China's road traffic levels are continuing to rebound from record low levels following the easing of COVID-19 restrictions," the ANZ analysts said in a note. A weaker greenback tends to boost demand for oil as it makes the commodity cheaper for buyers holding other currencies.

☆ Analysis: China's rapid reopening brings joy and woe for world markets
▼ + stars: | 2023-01-13 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

The impact of the reopening of the world's second largest economy on financial markets, hit by double-digit losses last year as inflation and interest rates jumped, is critical. Being touted among the top buying bets on recovery hopes are emerging markets, commodity currencies, oil, travel and European luxury companies. The boost to world growth from China's reopening was expected to hurt the safe-haven dollar but benefit the euro. INFLATION CAUTIONBut a boost from China's reopening raises some concerns about inflation. China is the world's leading importer of oil and many other commodities -- oil prices have risen 10% since mid-December to almost $84 .

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