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☆ King Charles arrives in France for state visit
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

[1/3] French Prime Minister Elisabeth Borne greets Britain's King Charles ( and Britain's Queen Camilla upon arrival at the Orly Airport on September 20, 2023, on the first day of a state visit to France. Here's the latest:* The plane carrying Charles and Camilla has landed at Paris' Orly airport, where they were greeted by French Prime Minister Elisabeth Borne. Charles and Camilla tweeted in English and French, along with a video of Charles getting on the plane. Your Majesty, welcome," Macron tweeted in English, alongside a video clip of Charles' past visits to France. Macron and Charles have in particular shared correspondence and insight on the restoration of the Notre-Dame cathedral, ravaged by fire in 2019.

Persons: Elisabeth Borne, Britain's King Charles, Queen Camilla, MIGUEL MEDINA, King Charles, Emmanuel Macron, Charles, Camilla, Borne, Mireille, Queen Elizabeth, Parisian Marie, Helene Aubree, Eric Frizzi, he's, Macron, À, Louis XIV, Hugh Grant, Charlotte Gainsbourg, Mick Jagger, Ken Follett, Emma Mackey, Bernard Arnault, Xavier Niel, Arsene Wenger, Didier Drogba, Michel Rose, Ingrid Melander, Bernadette Baum Organizations: French, Airport, REUTERS Acquire, Rights, France's, Parisian, European Union, Notre, Dame, of Mirrors, Thomson Locations: France, Paris, Bordeaux, Britain, of Versailles, British, French

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Earlier, it hit a session peak of $95.96 a barrel, their highest since November. U.S. West Texas Intermediate crude futures dropped 28 cents to $91.20 after earlier reaching $93.74 a barrel, also the highest since November. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Industry data on Tuesday showed 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: Nick Oxford, Brent, Analysts, Amin Nasser, Prince Abdulaziz bin Salman, Stephanie Kelly, Andrew Hayley, Paul Carsten, Kirsten Donovan, Jason Neely, David Goodman, David Gregorio, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, UBS, Reuters, U.S . Energy, Administration, American Petroleum Institute, Nasdaq, U.S, Thomson Locations: Midland , Texas, U.S, Saudi Arabia, Russia, Saudi Aramco, Saudi, OPEC, Britain, Japan, Sweden, Switzerland, Norway, U.S . Federal, New York, Beijing

☆ Russia's oil and gas revenues set to rise 14% in September - Reuters calculations
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsMOSCOW, Sept 19 (Reuters) - Russia's oil and gas revenues, which account for around a third of total federal budget proceeds, are set to rise to around 733 billion roubles ($7.6 billion) in September, up 14% from the previous month, Reuters calculations showed on Tuesday. The corresponding figure in September 2022 was 688 billion roubles. The budget is expected to return some 278 billion roubles to refineries under the damping mechanism in September, according to Reuters calculations. Proceeds from oil and gas sales are crucial for Russia's commodity-oriented economy and for the financing of what it calls its "special military operation" in Ukraine. The finance ministry is due to publish its data on budget revenues from oil and gas in early October.

Persons: Alexander Manzyuk, Mark Trevelyan Organizations: REUTERS, Rights, Reuters, Thomson Locations: Republic of Tatarstan, Russia, Ukraine

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

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs this week after Riyadh and Moscow extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Brent crude futures were up 57 cents to $90.49 a barrel by 1112 GMT while U.S. West Texas Intermediate crude (WTI) futures were up 47 cents to $87.34 a barrel. On the demand side, a key concern is China, the world's largest oil importer. Demand for crude could also benefit from workers going on strike at projects in Australia which produce about 5% of the world's supply of liquefied natural gas (LNG).

Persons: Nick Oxford, Naeem Aslam, Brent, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Muyu Xu, Ros Russell, Jason Neely Organizations: Midland , Texas U.S, REUTERS, Traders, Zaye, Markets, Brent, West Texas, PVM, Thomson Locations: Midland , Texas, Riyadh, Moscow, Saudi Arabia, China, Australia, United States, Europe

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Despite its pledge to maintain supply cuts, Russia is expected to boost its oil exports in September as Russian refineries start seasonal maintenance, Reuters calculations based on sources' data show, which is also curbing price gains. Reporting by Yuka Obayashi and Muyu Xu; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Brent, Priyanka Sachdeva, Phillip Nova, Tatsufumi Okoshi, WTI, Yuka Obayashi, Muyu Xu, Jamie Freed, Miral Organizations: Midland , Texas U.S, REUTERS, Rights, U.S, West Texas, Investors, Nomura Securities, Energy, Thomson Locations: Midland , Texas, Rights TOKYO, SINGAPORE, Saudi Arabia, Russia, China

☆ Brent falls below $90/bbl, pausing rally, on weaker demand outlook
▼ + stars: | 2023-09-07 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

Brent crude futures settled 68 cents, or 0.8%, lower at $89.92 a barrel, after trading between $89.46 and $90.89. U.S. West Texas Intermediate crude (WTI) futures finished down 67 cents, or 0.8%, at $86.67 a barrel, after trading between $86.39 and $87.74. Thursday's fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month, albeit crude oil imports rose," PVM Oil analyst Tamas Varga said.

Persons: Agustin Marcarian, Thursday's, Prices, Dennis Kissler, John Kilduff, Tamas Varga, Leon Li, Erwin Seba, Arathy Somasekhar, Ahmad Ghaddar, Trixie Yap, Marguerita Choy, Frances Kerry, Nick Macfie Organizations: REUTERS, HOUSTON, Brent, . West Texas, U.S, BOK, Again, Markets, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Iran, Venezuela, WTI, Brent, Saudi Arabia, Russia, China, Saudi, U.S, Shanghai, Houston, London, Singapore

☆ Oil slips on weak China outlook despite US stock drawdown
▼ + stars: | 2023-09-07 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Prices had spiked earlier in the week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts to the year-end. These were on top of the April cuts agreed by several OPEC+ producers running to the end of 2024. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month albeit crude oil imports rose," PVM Oil analyst Tamas Varga said.

Persons: Agustin Marcarian, we've, Jim Ritterbusch, Tamas Varga, Leon Li, Ahmad Ghaddar, Trixie Yap, Marguerita Choy, Frances Kerry Organizations: REUTERS, Brent, U.S, West Texas, Energy, Ritterbusch, Markets, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Iran, Venezuela, HOUSTON, China, Saudi Arabia, Russia, Saudi, Shanghai, London, Singapore

☆ Oil falls as concerns about China outweigh extended cuts
▼ + stars: | 2023-09-07 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Both benchmarks had spiked earlier in the week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts to the year-end. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month albeit crude oil imports rose," PVM Oil analyst Tamas Varga said. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well.

Persons: Agustin Marcarian, Brent, Tamas Varga, Leon Li, Trixie Yap, Jason Neely Organizations: REUTERS, U.S, West Texas, Markets, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, China, Saudi Arabia, Russia, Iran, Venezuela, Saudi, Shanghai, Singapore

☆ Oil falls on concerns about China, winter demand
▼ + stars: | 2023-09-07 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Brent crude futures fell 36 cents to $90.24 a barrel by 0645 GMT, after a nine-session winning streak. U.S. West Texas Intermediate crude (WTI) futures fell 37 cents to $87.17 a barrel after seven sessions of gains. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well. Helping support prices, U.S. crude oil inventories were projected to have fallen by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures.

Persons: Agustin Marcarian, Brent, Leon Li, Li, Trixie Yap, Stephanie Kelly, Jacqueline Wong, Muralikumar Anantharaman, Edwina Gibbs Organizations: REUTERS, . West Texas, Markets, U.S, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, SINGAPORE, China, Saudi Arabia, Russia, Shanghai, Iran, Venezuela, Saudi, OPEC, Caracas, Singapore, New York

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day (bpd) while Russia has cut 300,000 bpd.

Persons: Agustin Marcarian, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, American Petroleum Institute, U.S . Energy, Administration, Brent, U.S, West Texas, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "This is a clear indication that oil prices trump volume (for Saudi Arabia)," said Jorge Leon, senior vice president at Rystad Energy. "These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Leon added. Both Saudi Arabia and Russia said they would review the supply cuts monthly, and could modify them depending on market conditions. Along with the Saudi supply cuts, which began in July, prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months.

Persons: Nick Oxford, Brent, Goldman Sachs, Jorge Leon, Leon, Giovanni Staunovo, Shariq Khan, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci, Nick Macfie, Timothy Gardner Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, Investors, Rystad Energy, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, 4Q23, U.S, Saudi

☆ Oil jumps as Saudi Arabia and Russia extend supply cuts to end-2023
▼ + stars: | 2023-09-05 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Riyadh's decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Russia had said it would cut oil exports voluntarily by 500,000 bpd, about 5% of its output, in August and by 300,000 bpd in September. Although Saudi Arabia was widely expected to extend its voluntary cuts into October, and Russia had indicated that it too planned on expanding its cut through next month, the three month extension was unexpected. Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Alexander Novak, Craig Erlam, Brent, Natalie Grover, Katya Golubkova, Andrew Hayley, Sharon Singleton, Jason Neely, Jan Harvey, David Goodman, Alexandra Hudson Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, OPEC, Reuters, Alexandra Hudson Our, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, U.S, Brent, Riyadh, London, Tokyo, Beijing

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $2.42, or about 2.8%, to $87.97 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected"It would appear they're trying to double down and capitalize on the recent price moves. Both countries said they would review the supply cuts monthly, and could modify them depending on market conditions. Prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months. Brent futures, which are used to price over three-quarters of the world's traded oil, have gained by about 26% since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Goldman Sachs, Craig Erlam, Brent, Giovanni Staunovo, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, Investors, Reuters, bbl, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, U.S, 4Q23, Riyadh, London, Tokyo, Beijing

☆ Oil prices flat as rates anxiety, China gloom offset tighter supply
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: +2 min

Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021. Oil prices were steady on Monday with Brent staying above $80 a barrel, as investors balanced tightening supply driven by OPEC+ cuts with nagging concerns about global demand growth amid high interest rates. Brent crude dipped 8 cents to $84.72 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $81.28 a barrel, up 3 cents. The September WTI contract expires on Tuesday and the more active October contract eased 3 cents to $80.63 a barrel. China's renewed economic weakness has raised questions over whether its oil demand can remain resilient, they said.

Persons: Brent, China's, Baker Hughes Organizations: Chevron Corp, Brent, West Texas, U.S ., ANZ, Organization of, Petroleum Locations: San Ardo , California, U.S, Russia, OPEC, Saudi, China

☆ Russian central bank jacks up interest rates to 12% at emergency meeting after ruble plunge
▼ + stars: | 2023-08-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. Russia's central bank on Tuesday hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the country's ruble currency. The ruble slumped near 102 to the dollar on Monday, as President Vladimir Putin's economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on "loose monetary policy." The Bank of Russia subsequently announced an extraordinary meeting on Tuesday to reassess its key interest rate, which previously sat at 8.5%. The ruble strengthened early on Tuesday, as investors bet on a significant tightening of monetary policy from the central bank, and was trading just below 96 to the dollar shortly before 8 a.m. London time.

Persons: Vladimir Putin's, Maxim Oreshkin Organizations: Russian Central Bank, Tass, of Russia Locations: Moscow, Russia, Russia's, London

☆ Argentina devalues its currency, jacks up interest rates after shock far-right primary win
▼ + stars: | 2023-08-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Argentine far-right libertarian economist and presidential candidate Javier Milei celebrates the results of the primary elections with his sister Karina Milei at his headquarters in Buenos Aires on August 13, 2023. Argentina's central bank devalued its currency, the peso, by close to 18% and hiked its benchmark interest rate by a whopping 21 percentage points to 118% on Monday following a shock primary election win by far-right libertarian Javier Milei. The moves were a bid by the government to calm markets in the wake of the Argentinian congressman's surprise victory, which gave him the largest share of votes in the country's presidential primary election at roughly 30%, far exceeding forecasts. Argentina's presidential election will be held in October. Argentinian stocks and its sovereign dollar bonds were also lower Monday.

Persons: Javier Milei, Karina Milei Locations: Argentine, Buenos Aires, Argentina's

"Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand," the Paris-based energy watchdog said in its monthly oil market report. The IEA said that in July, global oil supply plunged by 910,000 bpd in part due to a sharp reduction in Saudi output. But Russian oil exports held steady at around 7.3 million bpd in July, the IEA said. Next year, demand growth is forecast to slow sharply to 1 million bpd, the IEA said, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. The IEA's demand growth forecast is down by 150,000 bpd from last month and contrasts with that of OPEC, which on Thursday maintained its forecast that oil demand will rise by a much stronger 2.25 million bpd in 2024.

Persons: Alexander Manzyuk, Brent, Natalie Grover, Alex Lawler, Jason Neely, David Evans Organizations: REUTERS, International Energy Agency, IEA, of, Petroleum, for Economic Co, Development, OPEC, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Paris, China, London

☆ This summer has been all about recapturing our youth
▼ + stars: | 2023-08-05 | by ( Lisa Respers France | ) edition.cnn.com time to read: +4 min

That’s right, I take it way back to the days when “summer vacation” didn’t mean me looking for reasonable airfare and accommodations to book. Something to sip on…A scene from "Teenage Mutant Ninja Turtles: Mutant Mayhem." “Teenage Mutant Ninja Turtles: Mutant Mayhem” is out this week and if ever there was a franchise that is both for the young and young at heart, it’s this one. One thing to talk about…People attend Day 3 of the Lollapalooza Music Festival on Saturday, July 30, 2022, at Grant Park in Chicago. That’s right, you can enjoy the long-standing, Chicago-set music festival from the comfort of your own home – and no need for porta-potties!

Persons: ” Let’s, ”, “ Barbie, O’Neil, Seth Rogen, Maya Rudolph, John Cena, Paul Rudd, Rob Grabowski, Oprah Winfrey, Gayle King, Oprah, “, Billie Eilish, Kendrick Lamar, Lana Del Rey, Trippie Redd, Redd, There’s, Joe Locke, Kit Connor, Charlie Spring, Nick Nelson, “ Heartstopper Organizations: CNN, Paramount Pictures, …, Hulu, PolkImaging, Penske Media, Netflix Locations: Grant, Chicago, New Jersey, Hulu, Milwaukee , WI

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowDUBAI/LONDON, Aug 4 (Reuters) - An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. "The committee will continue to closely assess market conditions," an OPEC statement issued after the online meeting said, adding that the panel urged members to achieve full compliance with output cut pledges. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, DUBAI, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, LONDON, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowLONDON/DUBAI, Aug 4 (Reuters) - An OPEC+ ministerial panel which meets on Friday is unlikely to tweak the group's current oil output policy, five OPEC+ sources told Reuters, after a Saudi decision to extend its voluntary cut into September helped oil prices rally further. The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, DUBAI, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

Most of the buying was in contracts linked to crude oil (+169 million barrels) with a particular emphasis on NYMEX and ICE WTI (+132 million). Short-covering has helped lift front-month WTI futures prices to over $81 per barrel on Aug. 1 from less than $68 on June 27. European gas oil futures and options have experienced an especially rapid increase in positions over the last four weeks (+29 million barrels). As a result, the net position rose to 41 million barrels (44th percentile) on July 25 from just 12 million barrels (18th percentile) on June 27. Related columns:- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)- Saudi output cut entices funds back into oil market (July 17, 2023)- Extreme pessimism gripped hedge funds on oil (July 3, 2023)- Is oil market’s glass half-full or half-empty?

Persons: Nick Oxford, ⁺, John Kemp Organizations: REUTERS, Reuters Connect, U.S . Commodity Futures Trading Commission, ICE Futures, ICE, Fund, U.S, Thomson, Reuters Locations: Midland , Texas, U.S, Saudi Arabia, Saudi, United States, WTI, Brent, North America, Europe, 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

But management of central bank balance sheets could help - even if central bankers are keen to publicly disassociate the process from monetary policy goals per se. But the U.S. central bank can be more comfortable nearing peak rates with inflation much closer to target than Europe's central banks - where future trade-offs may be more tempting. G3 central bank balance sheetsFed share of Treasury marketReuters GraphicsBACKGROUND NOISE? Ramsden laced his comments with caution about not confusing the run-down of the BoE's "asset purchase facility" with its central policy task. And they reckoned an increase in the volume of QT should theoretically lead to higher term premia in euro bond markets.

Persons: Dave Ramsden, BoE, Ramsden, there's, Mike Dolan, Paul Simao Organizations: Federal Reserve, Treasury, Bank of England, European Central Bank, Deutsche Bank, Reuters, Twitter, Thomson Locations: U.S

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