DIRS.INFO The most relevant business & tech news

☆ Oil hits 2023 highs on tight supply outlook
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: +2 min

The tightening oil balance will remain the dominant price driver for the rest of 2023, he added. Both benchmarks had slipped on Wednesday after a U.S. supply report showing rising crude and refined product stocks. Priyanka Sachdeva, senior market analyst at Phillip Nova, said supply fears are underpinning oil prices as producers "adamantly stick to restricted production". A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," ANZ Research analysts said.

Persons: Tamas Varga, Brent, Priyanka Sachdeva, Phillip Nova Organizations: Oil, Brent, International Energy Agency, . West Texas, Organization of, Petroleum, ANZ Research, European Central Bank, Reuters, ECB Locations: Cromarty Firth, Invergordon, Scotland, Saudi Arabia, U.S

Still, oil demand at the world's biggest oil importer has so "far remained remarkably unaffected by its economic downturn", the IEA said. Estimates of global demand and supply this year and next differ markedly depending on the forecaster. The IEA estimates 2023 global demand to grow by 2.2 million bpd, while OPEC expects growth of 2.44 million bpd. The IEA expects growth to slow sharply to 1 million bpd, while OPEC has a far rosier estimate of 2.25 million bpd. Meanwhile, the U.S government's Energy Information Administration has forecast demand growth at 1.81 million bpd for 2023 and 1.36 million bpd next year.

Persons: Jean, Paul Pelissier, Tamas Varga, PVM, Natalie Grover, Alex Lawler, Louise Heavens, Jason Neely Organizations: REUTERS, Rights Companies, Rights Companies Danang Petroleum Machinery Technology JSC, International Energy Agency, OPEC, Brent, IEA, U.S government's Energy, Administration, Thomson Locations: Marseille, France, Rights Companies Danang, Saudi Arabia, Russia, OPEC, United States, Brazil, Iran, China, Asia, Africa, Latin America, London

☆ 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

Models: Daniel Abramson at Rapture Models, Fuma Maruno at Soul Artist Management, Aria Puga at Joseph Charles Viola, Jack West at One Model Management, Hasheem Wazadally at Soul Artist Management and York Jun at Tomorrow Is Another Day. Hair by Tamas Tuzes for L’Atelier NYC using Bumble and Bumble. Makeup by Dick Page for Statement Artists. Lighting tech: Ariel Sadok. Lighting assistants: Tre Cassetta, Romek Rasenas.

Persons: Daniel Abramson, Aria Puga, Joseph Charles Viola, Jack West, Hasheem, Tamas Tuzes, Dick Page, Javier Irigoyen, Nicola Kast, Frances Liang, Ariel Sadok, Jarrod Turner, Tre Cassetta, Romek, Gina Daddona, Jordan, Nick Centofanti, Nico Staake, Erin Althaus Organizations: Soul Artist Management, Model, York, L’Atelier, Webber, Productions, Post

☆ Oil prices firm on upbeat demand growth forecasts
▼ + stars: | 2023-08-11 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary IEA says tighter inventories could push prices higherOPEC flags healthy oil market fundamentals in second halfU.S. consumer prices rise moderately in JulyLONDON, Aug 11 (Reuters) - Oil prices gained ground on Friday amid optimistic demand forecasts from the OPEC producer group and the International Energy Agency (IEA). The Organization of the Petroleum Exporting Countries (OPEC) on Thursday said it expects global oil demand to rise by 2.25 million bpd in 2024, compared with growth of 2.44 million bpd this year. In 2024 "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Data this week also showed China's consumer prices fell into deflation and factory gate prices extended declines in July, raising concerns about fuel demand in the world's second-largest economy.

Persons: Dado, Brent, Tamas Varga, Ahmad Ghaddar, Andrew Hayley, David Goodman, Jason Neely Organizations: REUTERS, International Energy Agency, West Texas, of, Petroleum, Thursday's U.S, Federal Reserve, Thomson Locations: OPEC, China, Saudi Arabia, Russia, Ukraine, June's, Beijing

☆ SEON CEO discusses acquisition and IPO plans
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEON CEO discusses acquisition and IPO plansTamas Kadar, CEO of Budapest-based fraud prevention fintech SEON, discusses the company's consolidation strategy and long-term aims.

Persons: Tamas Kadar, fintech SEON Locations: Budapest

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week - a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month. In an interview on Friday, Exxon Mobil (XOM.N) chief Darren Woods said he expected record oil demand this year and next. On the supply side, U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, energy services firm Baker Hughes (BKR.O) said on Friday. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market.

Persons: Brent, Phil Flynn, Jerome Powell's, Tamas Varga, Darren Woods, Baker Hughes, Stephanie Kelly, Natalie Grover, Laura Sanicola, Andrew Hayley, Deepa Babington, Kirsten Donovan Organizations: drillers, U.S . Federal Reserve, European Central Bank, U.S, West Texas, Price Futures, Federal, Exxon Mobil, Thomson Locations: France, Spain, China, OPEC, United States, U.S, Saudi, Saudi Arabia, New York, London, Washington, Beijing

☆ A Millennium Falcon-shaped comet heading toward Earth is so bright you'll able to see it with your naked eye, say astronomers
▼ + stars: | 2023-07-27 | by ( Ellie Zolfagharifard | ) www.businessinsider.com time to read: +4 min

Astronomers have spotted a "once-in-a-lifetime" comet shaped like the Millennium Falcon. The comet will make its closest approach to the sun next year, just weeks after a solar eclipse. The comet, known as Comet 12P/Pons-Brooks, abruptly brightened 100-fold on July 20 as plumes of debris and ice were blasted off it into space. While it may be possible to see the comet with the naked eye, Miles advised using binoculars. A decades-old mysteryAstronomers aren't sure exactly why Comet 12P/Pons-Brooks, which orbits the sun every 71 years, has brightened so drastically in recent weeks.

Persons: Pons, Brooks, It's, Richard Miles, Miles, Dr Edward Gomez, Elek Tamás, Helen Usher of Cardiff, Carrie Holt, Gomez Organizations: Service, British Astronomical Association, Wales, Harsona, Comet, Open University, University of Maryland Locations: Wall, Silicon, Cardiff, Nyiregyhaza, Hungary

July 12 (Reuters) - Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world's biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Brent futures settled up 71 cents, or 0.9%, to $80.11 a barrel. Forecasts from the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) point to the market tightening into 2024.

Persons: Naeem Aslam, Brent, Tamas Varga, Phil Flynn, Natalie Grover, Trixie Yap, Sonali Paul, Barbara Lewis, Emelia, David Gregorio Our Organizations: Zaye, . West Texas, U.S . Energy Information Administration, International Energy Agency, IEA, Saudi, U.S . Energy, Administration, Price Futures, Thomson Locations: China, Saudi Arabia, Russia, U.S, London

☆ Oil prices steady as supply cuts counter economic headwinds
▼ + stars: | 2023-07-11 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices, which were also supported by the U.S. dollar hitting a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Anxiety is still palpable that recession fears could lead to downgrades in oil demand," said PVM analyst Tamas Varga. Seperately on Tuesday several sources told Reuters that top buyer China again requested less supply from the world's biggest oil exporter, Saudi Aramco (2222.SE). Meanwhile, the secretary general of OPEC on Tuesday told a Nigerian oil and gas conference that global energy demand is forecast to rise 23% by the end of 2045.

Persons: Brent, Edward Moya, Tamas Varga, Seperately, Natalie Grover, Arathy Somasekhar, Jason Neely, David Goodman Organizations: Saudi, . West Texas, U.S, U.S . Federal, International Energy Agency, Reuters, China, OPEC, Tuesday, Thomson Locations: Russian, Saudi Arabia, Russia, U.S, China, Saudi Aramco, Nigerian, London

☆ Oil steadies as market digests supply and demand outlook
▼ + stars: | 2023-07-06 | by ( Natalie Grover | ) www.reuters.com time to read: +1 min

LONDON, July 6 (Reuters) - Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown. Brent crude futures edged up 12 cents to $76.77 a barrel by 1143 GMT after a 0.5% gain the previous day. On the supply side, top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5% of global oil output. "The oil balance will likely tighten and so will financial conditions, judging by the Fed minutes released last night," said PVM analyst Tamas Varga.

Persons: Tamas Varga, Natalie Grover, Yuka Obayashi, David Goodman Organizations: Brent, . West Texas, Thomson Locations: Saudi Arabia, Russia, U.S, Europe, China, London, Tokyo, Singapore

☆ Brent crude steady as economic fears offset supply cuts
▼ + stars: | 2023-07-05 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 5 (Reuters) - Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Recent surveys have shown a slump in global factory activity, reflecting sluggish demand in China and Europe. Russia and Algeria, meanwhile, are lowering their August output and export levels by 500,000 bpd and 20,000 bpd respectively. Seperately, Kazakhstan oil output on July 4 plunged by about a fifth from July 2 levels after widespread power outages. Kazakh crude accounts for about 1.7% of global oil production.

Persons: Brent, Tamas Varga, Prince Abdulaziz bin Salman, Morgan Stanley, Natalie Grover, Yuka Obayashi, Xu, David Goodman Organizations: Brent, . West Texas Intermediate, U.S, Thomson Locations: Saudi Arabia, Russia, ., Monday's, China, Europe, Algeria, Saudi, OPEC, Seperately, Kazakhstan, London, Tokyo, Singapore

☆ Oil prices rise 2% as market weighs supply cuts against economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 4 (Reuters) - Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. The total cuts now stand at more than 5 million bpd, or 5% of global oil output. "Clearly, the Saudis are taking proactive and pre-emptive steps to stabilize the price of crude oil as well as see gains to reach $80 a barrel to sustain their domestic budgets," said Andrew Lipow, president of Houston-based Lipow Oil Associates. Even so, the market will wait to verify Russia's announced cuts, and concerns continue that high interest rates will weigh on global demand, Lipow said. Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains.

Persons: Tamas Varga, Andrew Lipow, Russia's, Lipow, Craig Erlam, Natalie Grover, Rod Nickel, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith, David Goodman, Bill Berkrot Organizations: Brent, . West Texas, Houston, Lipow Oil Associates, Independence, International Energy Agency, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Winnipeg , Manitoba, Houston, Singapore

☆ Oil up as market weighs supply cuts against gloomy economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 4 (Reuters) - Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook. However, oil benchmarks settled down about 1% in the previous session, after an initial rally, on the back of a gloomy macroeconomic outlook. Tuesday morning trade suggests little has changed in oil dynamics despite Monday's announcements, Craig Erlam, OANDA analyst told Reuters. Even before these new cut announcements, International Energy Agency (IEA) data suggested the oil market was set to show a supply deficit of roughly 2 million bpd in the third and fourth quarters, noted Commerzbank analysts. Still, oil prices did not jump significantly on the news, largely due to demand concerns, particularly given sluggish economic recovery in China following the lifting of coronavirus restrictions.

Persons: Tamas Varga, Craig Erlam, Natalie Grover, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith Organizations: Brent, . West Texas, Reuters, International Energy Agency, Independence, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Houston, Singapore

☆ Explainer: Why are OPEC+ supply cuts failing to boost oil prices?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Members Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Here are the main reasons why OPEC+ output cuts are failing to significantly lift oil prices:CONCERNS ABOUT WEAK DEMANDData from China has sparked fears that the economic recovery from coronavirus lockdowns in the world's second-largest oil consumer is losing steam. The Energy Information Administration projects U.S. crude oil production will climb by 720,000 bpd to 12.61 million bpd this year, above a prior forecast increase of 640,000 bpd. This compares with around 10 million bpd as recently as 2018. LESS BULLISHIn 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned traders against betting heavily in the oil market, saying those who gamble on the oil price would be "ouching like hell".

Persons: Brent, Carsten Fritsch, Tamas Varga, Prince Abdulaziz bin Salman, pare, Ole Hansen, Maha El Dahan, Ahmad Ghaddar, Mark Potter Organizations: of, Petroleum, Eurasia Group, U.S . Federal Reserve, International Energy Agency, OPEC, Energy Information Administration, Saudi Energy, Saxo Bank, Thomson Locations: DUBAI, LONDON, OPEC, Russia, Saudi Arabia, China, Japan, U.S, Eurasia, WTI

Brent crude futures settled down 1%, or 76 cents, at $74.65 a barrel while U.S. West Texas Intermediate crude settled down 1.2%, or 85 cents, to $69.79. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. "Oil is facing serious economic headwinds and the market is trying to make sense of what additional crude cuts mean in that context," said John Kilduff, partner at Again Capital LLC in New York. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy factory activity last month in Europe, China limits gainsJuly 3 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, prompting prices to bounce of early losses spurred by worries about a slowing global economy and possible U.S. interest-rate hikes. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Brent crude futures were up 0.6%, or 43 cents, at $75.84 a barrel by 11:52 a.m. EDT (1652 GMT) U.S. West Texas Intermediate crude rose 0.6%, or 39 cents, to $71.03. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: Brent, West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, U.S, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy European PMI data limits gainsLONDON, July 3 (Reuters) - Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd. Brent has dropped from $113 a barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers.

Persons: Alexander Novak, Brent, Tamas Varga, Prices, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman Organizations: OPEC, . West Texas, Thomson Locations: Saudi Arabia, Russia, Riyadh, Moscow, China, Europe, London, Singapore

Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again. Brent crude futures were down 4 cents to $75.37 a barrel by 0800 GMT after settling up 0.8% on Friday. "Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. Oil demand is set to jump to its highest level ever in the second half of the year," PVM analyst Tamas Varga said.

Persons: Brent, WTI, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Sonali Paul, David Evans Organizations: PMI, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, Thomson Locations: China, Saudi, U.S, Saudi Arabia, London, Singapore

☆ Oil steadies after spiking on U.S. inventory fall
▼ + stars: | 2023-06-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures was up 10 cents, or 0.1%, to $74.13 a barrel by 1032 GMT. Nonetheless, the impact that stocks have on oil prices was on display yesterday on a smaller scale," PVM Oil analyst Tamas Varga said. Concerns about the impact that rising interest rates will have on economic growth came back to the fore, however, halting the rally. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. "The lack of prospects for fuel demand growth has limited the gain in oil prices, even with supply curbs by oil producers," said Tetsu Emori, CEO of Emori Fund Management Inc.

Persons: Tamas Varga, Jerome Powell, Christine Lagarde, Tetsu Emori, Yuka Obayashi, Jason Neely Organizations: Brent, . West Texas, U.S . Energy Information Administration, . Federal, European Central Bank, Emori Fund Management Inc, Thomson Locations: China, Saudi Arabia, OPEC

☆ Oil pares gains as rate hike fears offset US inventory drop
▼ + stars: | 2023-06-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Benchmark Brent crude prices are down more than 15% this year as rising interest rates hit investor appetite, while China's economic recovery has faltered after several months of softer-than-expected consumption and other data. "For now, the market remains stuck with demand concerns weighing," said Ole Hansen, head of commodity strategy at Saxo Bank. "Overall, the commodity sector, including crude oil, is suffering from risk adversity amid China growth worries and U.S. data strength pointing to higher rates," he said. The Energy Information Administration's official supply report is due out at 1430 GMT. Higher interest rates can weigh on economic activity and oil demand.

Persons: Brent, Ole Hansen, Oil, Christine Lagarde, Tamas Varga, Mohi Narayan, Jason Neely, David Evans Organizations: Oil, Brent, U.S, West Texas, Saxo Bank, American Petroleum Institute, Energy, European Central Bank, ECB, PVM, Saudi, Thomson Locations: contango, China

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

Search resuls for: "Tamás"

25 mentions found