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☆ Oil prices fall as China demand, recession concerns outweigh supply woes
▼ + stars: | 2022-11-08 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 8 (Reuters) - Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3%, to $97.61 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.4%, to $91.43 a barrel. COVID cases sharply escalated in Guangzhou and other major Chinese cities, official data showed on Tuesday. A firmer greenback also weighed on oil prices. "This, along with a slowdown in China fuel demand, are reasons for the pull-back in oil futures prices in the past few months."

HONG KONG, Nov 8 (Reuters) - Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy. Wall Street ended sharply higher Monday as investors focused on Tuesday's midterm elections that will determine control of Congress, while shares of Meta Platforms jumped on a report of job cuts at the Facebook parent. Hong Kong's Hang Seng index (.HSI) and China's benchmark CSI300 Index (.CSI300) were up 0.3% and 0.14%, respectively. Investors are hoping China will gradually ease its zero-COVID policy and reopen to the world, even after health officials reiterated their commitment to the policy on Saturday at a press conference. Analysts said U.S. mid-term elections on Tuesday could impact markets.

☆ Asian stocks mixed as caution reigns ahead of U.S. midterms
▼ + stars: | 2022-11-08 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) narrowed gains to rise 0.12% at 0517 GMT. "The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday. Japan's Nikkei 225 (.N225) gained as much as 1.44%, hitting an eight-week high, as investors scooped up chips and other technology stocks. Analysts said U.S. mid-term elections on Tuesday could impact markets. Brent crude fell 0.32% to $97.61 a barrel by 0526 GMT, while U.S. crude fell 0.38% to $91.44 a barrel.

"There's a growing perceived chance that the Fed will be the last major central bank to throw in the towel and arrest its tightening cycle," said Francesco Pesole, FX strategist at ING. U.S. payrolls data released later on Friday will provide the latest indication of the health of the U.S. economy. In contrast, Friday data showed euro zone business activity contracted last month at the fastest pace since late 2020. CHINA HOPESFriday's 'risk on' move in currencies, as well as commodity and share markets, followed reports China could relax its anti-COVID restrictions, which have been hobbling economic activity. "CNH (the yuan traded offshore) will tell you if investors are running hot or cold in China markets.

☆ Yuan jumps, dollar pauses, sterling claws back some ground
▼ + stars: | 2022-11-04 | by ( Rae Wee | ) www.reuters.com time to read: +5 min

The offshore yuan jumped more than 1% in the Asia session to a one-week peak of 7.2441 per dollar, and last traded 7.2621. But traders said the most potent boost to the yuan came from speculation that China could relax anti-COVID restrictions,which have been hobbling economic activity. And as is typically the case, this type of 'risk on' move indicated by the yuan will have a magnetic attraction across Asia markets." The Australian dollar rose 0.86% to $0.6342, further buoyed by the positive sentiment on China, as the Aussie is often used as a liquid proxy for the yuan. DOLLAR DOMINANCEFed rate futures now point to a terminal rate of about 5.15% by mid-2023, after the Federal Reserve raised interest rates by three-quarters of a percentage point this week.

☆ Oil climbs as dollar slips, but demand fears keep a lid on gains
▼ + stars: | 2022-11-04 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

Both contracts fell in early trade as the dollar moved higher then turned around when the dollar index slipped 0.3% to 112.67. A weaker dollar boosts oil demand as it makes the commodity cheaper for those holding other currencies. "The spectre of further rate hikes dimmed hopes of a pick-up in demand," ANZ Research analysts said in a note. ANZ analysts pointed to signs of weaker demand in Europe and the United States with people driving less and Amazon warning of weaker sales, which could dampen demand for distillate for its deliveries. The cut was in line with trade sources' forecasts, which were based on a weaker outlook for Chinese demand.

☆ Oil slips as dollar firms, but supply worries check losses
▼ + stars: | 2022-11-03 | by ( Arpan Varghese | ) www.reuters.com time to read: +2 min

A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said. read more"With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil's futures markets," Teng added. But global supply risks still loom large. The European Union's embargo on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February. Also likely to keep supply tight in coming months, OPEC producers may struggle to hit previously set output quotas, ANZ analysts said in a note.

☆ Oil slips on strong dollar after Fed rate hike, tight supply lends floor
▼ + stars: | 2022-11-03 | by ( Arpan Varghese | ) www.reuters.com time to read: +2 min

A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said. read moreA strong dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. "With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil futures markets," Teng added. The European Union's embargo on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February. Reporting by Arpan Varghese and Muyu Xu; Editing by Himani Sarkar and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices up on demand hopes after U.S. crude stocks drawdown
▼ + stars: | 2022-11-02 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 2 (Reuters) - Oil prices rose on Wednesday after industry data showed a surprise drop in U.S. crude stocks, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude rose 54 cents, or 0.6%, to $95.19 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude rose 72 cents, or 0.8%, to $89.09 a barrel. In a further positive sign for demand, U.S. crude oil stocks fell by about 6.5 million barrels for the week ended Oct. 28, according to market sources citing American Petroleum Institute figures. At the same time, gasoline inventories fell more than expected, with stockpiles down by 2.6 million barrels compared with analysts' forecasts for a drawdown of 1.4 million barrels. China's zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world's second-largest economy.

SINGAPORE, Nov 2 (Reuters) - Oil prices rose more than 1% on Wednesday after industry data showed a surprise drop in U.S. crude inventories, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures rose $1.13, or 1.2%, to $95.78 a barrel at 0441 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.26, or 1.4%, to $89.63 a barrel. In a further positive sign for demand, data on Tuesday from the American Petroleum Institute showed crude oil stocks fell by about 6.5 million barrels for the week ended Oct. 28, according to market sources. Eight analysts polled by Reuters had on average expected crude inventories to rise by 400,000 barrels. China's zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world's second-largest economy.

☆ Oil up more than 1% as weaker dollar offsets China COVID-19 concerns
▼ + stars: | 2022-11-01 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude rose $1.38, or 1.6%, to $87.91 a barrel, after falling 1.6% in the previous session. A weaker dollar makes oil cheaper for holders of other currencies and usually reflects greater investor appetite for risk. "OPEC+’s upcoming oil output cuts and the U.S.’s record oil export data also support oil prices fundamentally," Teng said. OPEC raised its forecasts for world oil demand in the medium-and longer-term on Monday, saying that $12.1 trillion of investment is needed to meet this demand despite the transition to renewable energy sources. Keeping a check on oil prices, though, U.S. oil output climbed to nearly 12 million bpd in August, the highest since the start of the COVID-19 pandemic, even as shale companies said they do not expect production to accelerate in coming months.

☆ Oil prices rise as weaker dollar offsets China COVID-19 concerns
▼ + stars: | 2022-11-01 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 1 (Reuters) - Oil prices rose on Tuesday, paring losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world's second-largest oil consumer. U.S. West Texas Intermediate (WTI) crude rose 58 cents, or 0.7%, to $87.11 a barrel, after falling 1.6% in the previous session. A weaker dollar makes oil cheaper for holders of other currencies and usually reflects greater investor appetite for risk. "OPEC+’s upcoming oil output cuts and the U.S.’s record oil export data also support oil prices fundamentally," Teng said. Keeping a check on oil prices, though, U.S. oil output climbed to nearly 12 million bpd in August, the highest since the start of the COVID-19 pandemic, even as shale companies said they do not expect production to accelerate in coming months.

☆ Oil falls on U.S. output gains, Chinese demand doubts
▼ + stars: | 2022-10-31 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude fell $2.41 to $85.49 a barrel, a 2.7% loss. Biden will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official said. The president has previously pushed oil companies to raise production rather than use profits for share buybacks and dividends. Strict COVID-19 curbs in China have hit economic and business activity, curtailing oil demand. The Organization of the Petroleum Exporting Countries (OPEC) on Monday raised its forecast for medium and long-term oil demand and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

☆ Oil falls on China COVID curbs and weak factory data
▼ + stars: | 2022-10-31 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude was down $1.49, or 1.7%, at $86.41 after losing 1.3% on Friday. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Chinese cities are stepping up zero-COVID curbs as outbreaks widen, dampening hopes of a rebound in demand. Strict COVID-19 curbs in China have hit economic and business activity, curtailing oil demand. China's crude oil imports for the first three quarters of the year fell 4.3% year on year for the first annual decline for the period since at least 2014.

☆ Oil declines over $1 on China COVID curbs, weak factory activity data
▼ + stars: | 2022-10-31 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude was at $86.83 a barrel, down $1.07, or 1.2%, after settling down 1.3% on Friday. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Strict COVID-19 curbs in China have dampened economic and business activity, curtailing oil demand. A further risk to oil demand comes from Europe, said CMC Markets analyst Leon Li, as the continent "is likely to enter a recession this winter," he said. read moreThe warnings came just as U.S. oil exports rose to a record last week, partly pushing WTI prices up 3.4%.

SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday following weaker-than-expected factory activity data out of China and on concerns its widening COVID-19 curbs will curtail demand. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Factory activity in China, the world's largest crude importer, fell unexpectedly in October, an official survey showed on Monday, weighed down by softening global demand and strict COVID-19 restrictions that hit production. Strict COVID-19 curbs in China have dampened economic and business activity, curtailing oil demand. A further risk to oil demand comes from Europe, said CMC Markets analyst Leon Li, as the continent "is likely to enter a recession this winter", he said.

☆ Oil slips as China COVID curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider COVID curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. read moreThe warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

☆ Oil slips as China Covid curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Monday on concerns that widening Covid-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider Covid curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. The warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

Brent crude futures were up $2.43, or 2.6%, to $95.95 a barrel by 12:31 p.m. EDT (1631 GMT). U.S. West Texas Intermediate (WTI) crude rose $2.86, or 3.3%, to $88.18. U.S. crude stocks rose 2.6 million barrels last week, according to weekly government data, more than anticipated, but that was lower than industry figures, which showed a 4.5 million-barrel build. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history. Traders attributed the surge in exports to the widened WTI-Brent spread , which, coming into Wednesday's trade, was at more than $8 per barrel.

NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.

LONDON, Oct 26 (Reuters) - Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected, though supply concerns and a weaker dollar gave support. Brent crude futures for December were down 4 cents, or 0.04%, to $93.48 a barrel by 0849 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 25 cents, or 0.3%, to $85.57 a barrel. But ongoing supply constraints, highlighted by the International Energy Agency's head warning of the "first truly global energy crisis", gave prices a floor. Meanwhile Biden, facing criticism over high inflation, has warned that Saudi Arabia would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December were down 75 cents, or 0.9%, to $84.57, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, but losses were capped by supply worries. U.S. West Texas Intermediate (WTI) crude futures for December were down 48 cents, or 0.6%, to $84.84, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Oil prices rise on possible easing in China COVID quarantine measure
▼ + stars: | 2022-10-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. U.S. West Texas Intermediate crude for November delivery (WTI) , which expires on Thursday, rose $1.29, or 1.5%, to $86.84 per barrel. Bloomberg news reported on Thursday that China is considering cutting the quarantine period for inbound visitors to seven days from 10 days, citing people familiar with the matter. "Short of an unlikely shale oil revival, there are few lasting policy measures the Biden administration can use to effective push oil much lower." "EU sanctions on Russian oil imports will likely become the focus of the oil market in coming weeks... We expect Brent oil futures to average $100 per barrel in Q4 2022 on the back of supply disruption from the EU sanctions," Dhar added.

☆ Asia stumbles as China COVID, sterling wobbles shake sentiment
▼ + stars: | 2022-10-12 | by ( Kanupriya Kapoor | ) www.reuters.com time to read: +4 min

Sterling rose 0.4% to $1.1008 in late Asian trade but there are broader concerns about the direction of policy in Britain. In Japan, the rampaging dollar breached 146 yen for the first time in 24 years, prompting authorities in Tokyo to pledge necessary steps in the foreign exchange market if needed. Renewed U.S. dollar strength also sent the risk-sensitive Australian dollar to $0.6247, the lowest since April 2020. U.S. inflation data on Wednesday and Thursday is expected to keep the Fed on an aggressive rate hike path. It was the third straight dip in prices as investors worried about falling fuel demand and tightening COVID-19 curbs in China.

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