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NEW YORK, June 28 (Reuters) - Oil prices rose about 2% on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, putting stockpiles down for a second week in a row. That was much bigger than the 1.8 million barrel draw analysts forecast in a Reuters poll and compares with a decline of 2.8 million barrels in the same week last year and a five-year (2018-2022) average decrease of 7.8 million barrels. This report could be a bottom (for oil prices)," Flynn said. Oil prices rose despite worries about interest rate hikes that could slow economic growth and reduce oil demand.

Persons: Brent, Phil Flynn, Flynn, Christine Lagarde, Shariq Khan, Alex Lawler, Mohi Narayan, Emma Rumney, Mark Potter Organizations: YORK, U.S, West Texas, U.S . Energy Information Administration, American Petroleum Institute, Price Futures, European Central Bank, Thomson Locations: Bengaluru, London, New Delhi

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

NEW YORK, June 21 (Reuters) - U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. "We're going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. Canadian crude may have been sent toward Cushing as feedstock for a restart of the Toledo refinery, which had a fire last year, said Matt Smith, lead oil analyst for the Americas at Kpler.

Persons: Phil Flynn, Hillary Stevenson, Cushing, Stevenson, Enbridge, Flanagan, John Coleman, Wood Mackenzie, Matt Smith, Stephanie Kelly, Nia Williams, Arathy, Jonathan Oatis Organizations: YORK, Cushing, Price Futures, Energy, IIR Energy, BP, Phillips, North, Americas, Kpler, Thomson Locations: Oklahoma, Canada, Cushing, U.S, Toledo, Ohio, Texas, Wood

U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Capping oil price gains was the prospect of rising interest rates, which could slow economic growth. The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Investors have been closely watching interest rates and commentary from Fed members.

Persons: Brent, Nikolai Shulginov, Shulginov, Baker Hughes, Phil Flynn, Stephanie Kelly, Alex Lawler, Sudarshan, David Goodman, Louise Heavens, David Evans, David Gregorio, Nick Macfie Organizations: bbl Bank of England, . West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Russian Energy, Bank of England, European Central Bank, U.S . Federal, Price Futures, U.S . Commodity Futures Trading Commission, Thomson Locations: Russia, U.S, OPEC, Saudi Arabia, Russian, Iran

☆ Oil prices rise 3% after China rate cut
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed 3% on Tuesday, recovering from steep losses the previous session, after China's central bank lowered a short-term lending rate for the first time in 10 months. The rate cut, aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer, is likely increase oil demand. The Fed's rate hikes have strengthened the dollar , making dollar-denominated commodities more expensive for holders of other currencies and weighing on oil prices, so a rate hike pause could be bullish. Worries about demand have unraveled the temporary boost in oil prices from Saudi Arabia's pledge announced early this month to cut more production in July. The Organization of Petroleum Exporting Countries (OPEC) kept its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, slightly increasing expectations of Chinese demand growth.

Persons: Phil Flynn, Giovanni Staunovo, Saudi Arabia's Organizations: Brent, U.S . West Texas, Price Futures, European Central Bank, of Petroleum Exporting, International Energy Agency, Reuters Locations: U.S, Saudi

☆ Oil slides 4% on worries about U.S. debt ceiling, OPEC+ talks
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices fell by more than 4% on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day (bpd), bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.

Persons: Joe Biden, Kevin McCarthy, Biden, McCarthy, Phil Flynn, Abdulaziz bin Salman, Alexander Novak Organizations: U.S, Brent, . West Texas, Democratic, Republican, Congress, Treasury Department, Price Futures, of, Petroleum, Traders, Saudi Arabian Energy, OPEC Locations: Saudi, Ras Tanura, Saudi Arabia, Friday's, U.S, United States, Russia, OPEC

☆ Oil prices gain 1% on falling U.S. stockpiles, Saudi warning
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. U.S. crude inventories posted a massive surprise drawdown, falling by 12.5 million barrels last week to 455.2 million barrels, the Energy Information Administration said on Wednesday. U.S. gasoline stocks dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 barrels in the week to 105.7 million barrels. Saudi Arabia's energy minister said short-sellers - those betting that prices will fall - should "watch out" for pain. "Oil prices are trading higher ... buoyed by the latest short-seller warning from Saudi Arabia," said OANDA senior market analyst Craig Erlam.

Persons: Phil Flynn, Craig Erlam, Joe Biden, Kevin McCarthy, Price, Britain's Organizations: Brent, U.S, West Texas, Energy Information Administration, Analysts, EIA, Memorial, Price Futures, Organization of Petroleum, Democratic, Republican Locations: Saudi, U.S, Russia, OPEC, Saudi Arabia

SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release. Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) rose by 1.5 million barrels last week, the EIA said. Brent and U.S. crude futures were trading just over 0.2% higher at $75.11 per barrel and $71.05 per barrel, respectively, by 10:39 a.m. Gasoline stocks (USOILG=ECI) fell by 1.4 million barrels in the week to 218.3 million barrels, the EIA said, compared with analysts' forecasts for a 1.1 million-barrel drop. U.S. crude oil imports rose 24% to 6.9 million barrels, while exports also climbed nearly 50% to 4.3 millions barrels.

However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.

Summary Oil rallies after three straight weekly declinesGoldman Sachs says demand fears 'overblown'US inflation data and OPEC report in focus this weekSINGAPORE, May 8 (Reuters) - Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent crude was up $1.57, or 2.1%, at $76.87 a barrel by 11:19 a.m. EDT (1519 GMT). Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

☆ Oil climbs more than 2% as recession fears begin to fade
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. Banking concerns have plagued the market recently after the collapse of three major regional banks. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

WTI's session low was $67.95 a barrel, lowest since March 24. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point, pressuring oil prices as traders worried that slower economic growth could hit energy demand. "The Fed going into a pause mode should be very supportive for the price of oil," said Phil Flynn, an analyst at Price Futures Group. Also pressuring oil prices, government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week. In China, data over the weekend showed April manufacturing activity fell unexpectedly in the world's largest energy consumer and top buyer of crude oil.

On its last day as the front-month, Brent futures for June delivery rose $1.13, or 1.4%, to $79.50 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.92, or 2.6%, to $76.68. "But, today there were headlines showing there may be a solution to the First Republic problem, and there was data pointing to a rise in oil demand and a decline in output," Flynn said. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). Crude prices have been lower in recent weeks and months due to uncertainty over further interest rate hikes that could reduce demand for oil.

TOKYO, April 28 (Reuters) - Oil prices gained about 2% on Friday after U.S. data showed crude output was declining while fuel demand was growing. Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75. "But, today there were headlines showing there may be a solution to First Republic's problems and data pointing to a rise in oil demand and a decline in output," Flynn said. In the same report, the EIA said U.S. product supplied of crude and petroleum products - a proxy for oil demand - rose to nearly 20 million bpd and finished motor gasoline rose to 8.7 million bpd in February, the highest for both since November 2022. Oil companies like Exxon Mobil Corp(XOM.N), meanwhile, are riding a wave of strong demand and have held the line on cost-cutting implemented when fuel demand collapsed during COVID-19 lockdowns.

Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".

☆ Oil dips 2% on economic woes and stronger dollar
▼ + stars: | 2023-04-25 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies. Gold prices also were flat as the dollar strengthened, while U.S. stocks fell as weak earnings fanned economic fears.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.

☆ Experts fear deteriorating parking lots could collapse under the weight of heavy electric vehicles, says report
▼ + stars: | 2023-04-09 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

Experts in the UK are concerned the weight of electric cars could cause old parking lots to collapse. Many multi-story parking lots have structural flaws due to a lack of maintenance, The Telegraph reported. Electric vehicles are significantly heavier than gasoline-powered cars, given the weight of the batteries necessary to power them. Whapples and Russell Simmons, chair of the British Parking Association's structures group, have suggested new guidance that recommends adding higher load-bearing weights to deteriorating parking lots to help adapt to the weight of electric cars. Over the years, electric cars have become increasingly popular due to energy efficiency and the promise of a more environment-friendly form of transportation.

☆ China's Huawei partners with more automakers to produce Aito EVs
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 1 (Reuters) - China's Huawei Technologies (HWT.UL) is partnering with more legacy automakers to produce Aito-branded electric cars, the company's senior executive said on Saturday, in a move to expand its presence in the auto industry. Huawei will team up with Chery Automobile (CHERY.UL), BAIC Motor (1958.HK) and Anhui Jianghuai Automobile Group (600418.SS) in jointly developing and manufacturing Aito-branded vehicles, Richard Yu, Huawei's Smart Car CEO, said at the China EV 100 forum in Beijing. Huawei, which has already a partnership with Seres Group (601127.SS) to make Aito cars, plans a series of models including SUVs, sedans and multipurpose vehicles under the Aito brand, Yu added. Huawei has been hit by a series of export controls by Washington which says it is a security risk, which the company denies. The sanctions have also affected Huawei's partnerships with global automakers, who have given up using Huawei's vehicle connectivity technologies in the past two years, Yu said on Saturday.

☆ Here's the 15-page pitch deck a startup helping Wall Street monitor employees' use of messengers like WhatsApp and Signal used to raise $22 million
▼ + stars: | 2023-03-31 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

LeapXpert used this 15-page pitch deck to raise a $22 million Series A+ round. This startup is helping companies ensure the messaging channels employees use to communicate professionally are safe and in compliance with regulation. On Wednesday, the startup announced a $22 million Series A+ round led by Rockefeller Asset Management's Technology Ventures Group. He wants to grow the startup's global reach, add more supported messaging channels, and increase its team. Read the 15-page pitch deck LeapXpert used to raise a $22 million Series A+ round.

Also supporting prices was a Wednesday report from the U.S. Energy Information Administration that U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low. These factors offset bearish sentiment after a lower than expected cut to Russian crude oil production in the first three weeks of March. The 300,000 bpd production decline compared with targeted cuts of 500,000 bpd, or about 5% of Russian output, sources familiar with the data told Reuters. Meanwhile, OPEC+ is likely to stick to its existing deal on reduced oil output at a meeting on Monday, five delegates from the producer group told Reuters. "If all goes as expected, and we manage to avoid a recession, oil prices will dance around $75-$85/bbl in the coming months," FGE analysts said in a note.

Oil prices rebounded as Wall Street posted gains. Earlier, Brent and WTI fell about $3 a barrel to the lowest since December 2021, with WTI sinking below $65 a barrel at one point. After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. Some executives are calling on the central bank to pause its monetary policy tightening but be ready to resume raising rates later.

The U.S. West Texas Intermediate crude contract for April was down 28 cents at $66.46 before its expiry on Tuesday. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. "We're not moving at all on supply and demand fundamentals, we're just moving on the banking concerns." On Monday, the S&P 500 and the Dow Jones gained, helping lift oil prices off the day's lows. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

Oil futures have fallen over 8% since last Friday as the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) prompted concerns of a wider banking crisis. Investors in the oil market, including oil producers, have rushed to buy put options, used to either bet on or protect against downside movement. For U.S. crude futures options open interest, the ratio of puts to calls is the highest since August 2022. The discount of later-dated oil futures contracts to the front-month contract tightened on Wednesday, indicating that market participants were less confident in short-term demand. That short-term uncertainty should buoy put buying, Price Futures Group's Flynn said.

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