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A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were down 10 cents to $90.61 a barrel by 11:15 a.m. EDT (1515 GMT), after falling to a session low of $89.50, the lowest since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, one day after Turkey said operations would start again this week after a near six-month stoppage. U.S. crude inventories were expected to have fallen by about 100,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Craig Erlam, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter Organizations: REUTERS, Wednesday, Brent, . West Texas, U.S ., U.S, Reserve, Futures, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Saudi Arabia, Asia, Turkey, Gulf, Iraq, .

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsOct 3 (Reuters) - Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. "(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment," ANZ analysts said in a client note. Higher interest rates along with a stronger dollar also makes oil more expensive for holders of other currencies, which could dent oil demand. BMI Research analysts said "given that the global economy is slowing, the group will likely want to maintain their current cuts, while signposting the scope for further reductions, if market conditions demand it."

Persons: Alexander Manzyuk, Brent, Laura Sanicola, Trixie Yap, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, . West Texas, ANZ, U.S ., U.S, Reserve, BMI Research, Organization of, Petroleum, Thomson Locations: Republic of Tatarstan, Russia, Iraq, OPEC

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. On its first day as the front-month, Brent futures for December delivery settled $1.49, or 1.6%, lower at $90.71 a barrel, or down about 5% from where the November contract expired on Friday. Analysts said some traders took profits after crude prices rose nearly 30% to 10-month highs in the third quarter. Higher interest rates along with a stronger dollar, which makes oil more expensive for holders of other currencies, could dent oil demand. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia.

Persons: Agustin Marcarian, Brent, Gelber, Edward Moya, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio Our Organizations: REUTERS, U.S ., . West Texas, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading Commission, Associates, U.S, . Federal Reserve, World Bank, ING, Organization of, Petroleum, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, U.S, Europe, Germany, Britain, China, Iraq, Saudi Arabia, OPEC, Russia, New York, London, Tokyo

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. U.S. West Texas Intermediate (WTI) crude fell $1.90, or 2.1%, to $88.89 per barrel. Energy analysts cited profit taking after crude prices rose nearly 30% in the third quarter to 10-month highs. A Reuters survey showed OPEC oil output rose for a second straight month in September despite cuts by Saudi Arabia. In Europe, manufacturing data showed the euro zone, Germany and Britain remained mired in a downturn in September, pressuring oil demand.

Persons: Agustin Marcarian, Brent, Jerome Powell, Scott DiSavino, Paul Carsten, Yuka Obayashi, Emily Chow, Kim Coghill, Kirsten Donovan, Sharon Singleton Organizations: REUTERS, U.S ., . West Texas, Energy, New York Mercantile, Intercontinental Exchanges, U.S . Commodity Futures Trading, U.S, U.S . Federal Reserve, Treasury, ING, Organization of, Petroleum, Reuters, Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Friday's, U.S, Iraq, Saudi Arabia, OPEC, Russia, Europe, Germany, Britain, China, New York, London, Tokyo

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose $1.04 to $93.24 a barrel by 1124 GMT after falling 90 cents on Friday. Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. A Reuters survey on Monday showed OPEC oil output rose for a second straight month in September, led by increases in Nigeria and Iran despite cuts by Saudi Arabia. Despite the brighter China news, European manufacturing data showed the euro zone, Germany and Britain all remained mired in a downturn in September - bad news for oil demand.

Persons: Agustin Marcarian, Baker Hughes, Brent, Hiroyuki Kikukawa, Haitham Al Ghais, Paul Carsten, Yuka Obayashi, Emily Chow, Kim Coghill, Kirsten Donovan Organizations: REUTERS, . West Texas, of, Petroleum, Reuters, NS, ING, PMI, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, U.S, Saudi Arabia, Russia, OPEC, Nigeria, Iran, Turkey, Iraq, China, Germany, Britain, London, Tokyo

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose 17 cents, or 0.18%, to $92.37 a barrel by 0802 GMT after falling 90 cents on Friday. Brent November futures settled 7 cents lower at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude futures gained 26 cents, or 0.29%, to $91.05 a barrel, after losing 92 cents on Friday. Both benchmarks rallied nearly 30% in the third quarter on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose 49 cents, or 0.5%, to $92.69 a barrel by 0645 GMT after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude futures gained 55 cents, or 0.6%, to $91.34 a barrel, after losing 92 cents on Friday. However, a private-sector survey on Sunday was less encouraging, showing the country's factory activity expanded at a slower pace in September.

Persons: Agustin Marcarian, Baker Hughes, recouping, Brent, Hiroyuki Kikukawa, Kevin McCarthy, Yuka Obayashi, Emily Chow, Jamie Freed, Shri Navaratnam, Kim Coghill Organizations: REUTERS, . West Texas, of, Petroleum, NS, Nissan Securities, ING, PMI, Republican, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, TOKYO, U.S, Saudi Arabia, Russia, OPEC, Tokyo

☆ Oil up $1 on tight U.S. supply, China demand
▼ + stars: | 2023-09-29 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowLONDON, Sept 29 (Reuters) - Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday. China's fuel demand was set to firm as the week-long Golden Week holiday began on Friday. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. Saudi Arabia and Russia's supply cuts will dominate oil prices for the remainder of this year, but a run towards $100 per barrel could be capped by macroeconomic headwinds, analysts said.

Persons: Ahmed Jadallah, Brent, Carsten Fritsch, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter Organizations: REUTERS, Rights Companies Saudi Arabian Oil, . West Texas, ANZ, Golden, St . Petersburg International Mercantile Exchange, Reuters, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, Russia, St

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsSept 29 (Reuters) - Oil prices settled 1% lower on Friday due to macroeconomic concerns and profit taking, but rose about 30% in the quarter as OPEC+ production cuts squeezed global crude supply. U.S. West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 1% in the week and 29% in the quarter. While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies. The supply cuts announced by Saudi Arabia and Russia are expected to dominate oil prices for the remainder of this year.

Persons: Ahmed Jadallah, Brent, WTI, John Kilduff, Lael Brainard, Baker Hughes, Suvro Sarkar, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter, Paul Simao, Jan Harvey, David Gregorio Our Organizations: REUTERS, . West Texas, Federal Reserve Bank of Dallas, Energy Information Administration, Investors, White, Evergrande, HK, Reuters, Aramco, National Australia Bank, DBS Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, New York, U.S, Brent, OPEC, Russia

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowSept 29 (Reuters) - Oil prices were set for a weekly gain of around 2% after regaining ground on Friday as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia. The market eased about 1% in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. Improving macroeconomic data from China, the world's largest oil importer, coupled with strong fuel demand as the country as it embarked on its week-long Golden Week holiday on Friday, supported prices. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note.

Persons: Ahmed Jadallah, Brent, Katya Golubkova, Jamie Freed, Sonali Paul Organizations: REUTERS, Rights Companies Saudi Arabian Oil, Brent, . West Texas, ANZ, Golden, Traders, Organization of, Petroleum, ING Bank, Aramco, National Australia Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, OPEC

☆ Dollar shines as oil surge spooks investors
▼ + stars: | 2023-09-28 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. U.S. crude rose 3.6% overnight and another 1% on Thursday to hit $95 a barrel for the first time since August 2022. "The rise in oil increased the upward pressure on bond yields (and) the combo of higher oil, higher yields, and a higher greenback tends not to augur well for equities." It is down more than 3% in September to eye its largest monthly fall on the dollar since April 2022. Shares in indebted developer China Evergrande (3333.HK) were suspended after a report that its chairman was placed under police surveillance.

Persons: Brendan McDermid, Brent, Kyle Rodda, HSI, Gold, Muralikumar Organizations: New York Stock Exchange, REUTERS, Japan's Nikkei, HK, Thomson Locations: New York City, U.S, Hong Kong SINGAPORE, Cushing , Oklahoma, Asia, Pacific, Japan, China, .

☆ Oil prices climb as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Sept 27 (Reuters) - Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25. "Oil prices are overall relatively strong amid the current tightening of supply," said CMC Markets analyst Leon Li, however adding that price support from Russia and Saudi Arabia supply cuts may be limited through the year-end. "(Economic) Data from countries in Europe and the United States have recently weakened ... Oil prices in October may show a volatile trend as a whole.

Persons: Tatiana Meel, Cushing, Leon Li, Neel Kashkari, Arathy Somasekhar, Emily Chow, Sonali Paul 私 Organizations: Rights, Brent, U.S, West Texas, Organization of, Petroleum, ANZ Research, Russian Railways, Minneapolis Federal Reserve Bank, of England Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, Oklahoma, Cushing, Saudi Arabia, Europe, United States, Minneapolis, Houston, Singapore

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsTOKYO/BEIJING, Sept 26 (Reuters) - Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Higher interest rates slow economic growth, which curbs oil demand. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Nick Oxford, Tina Teng, Moody's, Fitch, CMC's Teng, JP Morgan, Baden Moore, Katya Golubkova, Andrew Hayley, Sonali Paul Organizations: Midland , Texas U.S, REUTERS, Rights, Brent, U.S, West Texas, CMC Markets, U.S . Federal Reserve, European Central Bank, bbl, National Australia Bank, Thomson Locations: Midland , Texas, Rights TOKYO, BEIJING, Auckland, U.S, China, Russia, Saudi Arabia, Moscow, Tokyo, Beijing

Retail fuel prices in the U.S. and Europe have risen to multi-month highs as crude prices have rallied. "If energy prices increase and stay high, that'll have an effect on spending, and it may have an effect on consumer expectations for inflation, things like that. High interest rates are already curbing demand across Western economies, including for oil. The U.S. Federal Reserve on Wednesday pressed pause on interest rates, but did not rule out one more hike this year. President Joe Biden has already promised to cut prices, though has not said how, and in the short term the impact of autumn refinery maintenance on supplies could keep prices high.

Persons: Mike Segar, Brent, Jerome Powell, Morgan Stanley, Goldman Sachs, Goldman, PVM's Tamas Varga, I'm, Craig Erlam, Ajay Parmar, Joe Biden, Gordon Balmer, Natalie Grover, Robert Harvey, Mark John, Balazs Koranyi, Dan Burns, Simon Webb, Barbara Lewis Organizations: Exxon, REUTERS, . West Texas Intermediate, Reuters, Retail, Federal, International Energy Agency, Organization of, Petroleum, U.S . Federal Reserve, HSBC, Energy Information Administration, U.S, Diesel, Energy, Petrol Retailers, Thomson Locations: Edgewater , New Jersey, U.S, OPEC, Europe, Brazil, Guyana, United States, Russia, Saudi Arabia, Ukraine, Britain, France, London, Frankfurt, New York

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer Acquire Licensing RightsCompanies Baker Hughes Co FollowLONDON, Sept 25 (Reuters) - Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Russia approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels and diesel with high sulphur content, a government document showed on Monday. Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. However, analysts flagged that oil prices face technical resistance at the November 2022 highs reached hit last week.

Persons: Stringer, Baker Hughes, Tony Sycamore, IIR, Goldman Sachs, Paul Carsten, Mohi Narayan, Florence Tan, Louise Heavens, David Goodman Organizations: REUTERS, Brent, . West Texas, Federal Reserve, Northern, IIR Energy, Thomson Locations: Heilongjiang province, China, Russia, Saudi Arabia, Moscow, United States, London

REUTERS/Stringer Acquire Licensing RightsSept 25 (Reuters) - Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week. In a positive sign, China's oil demand increased 0.3 million barrels per day (bpd) to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.

Persons: Stringer, Tony Sycamore, Vandana Hari, Baker Hughes, Goldman Sachs, Mohi Narayan, Florence Tan, Sonali Paul, Christian Organizations: REUTERS, Brent, . West Texas, IG, Northern, Vanda Insights, Thomson Locations: Heilongjiang province, China, Moscow, Saudi Arabia, Russia, United States, Florence

It fell 0.3% in the week, breaking a three week streak of gains. U.S. West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5%, to $90.03 a barrel, as U.S. oil rig counts fell. U.S. Federal Reserve officials warned of further rate hikes, even after voting to hold the benchmark federal funds rate steady at a meeting this week. U.S. oil rig counts, an indicator of future production, also fell by eight to 507 this week, their lowest since February 2022, energy services firm Baker Hughes said. Offline refinery capacity was expected to reach 1.4 million barrels per day (bpd) this week according to IIR Energy versus 800,000 bpd offline last week.

Persons: Nick Oxford, Dennis Kissler, Michelle Bowman, Russia's Transneft, Baker Hughes, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio, Josie Kao Organizations: REUTERS, U.S . West Texas, BOK, U.S . Federal, RBC, St . Petersburg International Mercantile Exchange ., IIR Energy, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, HOUSTON, Brent, U.S, Primorsk, Novorossiysk, St, United States, Houston, New York, Tokyo, Singapore

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. In the previous three weeks, they rose more than 10% on concerns about tight supply. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. Meanwhile, markets worried about Russia's temporary ban on exports of gasoline and diesel to most countries would tighten supplies. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange.

Persons: Nick Oxford, Brent, Dennis Kissler, Russia's Transneft, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Jan Harvey, Jason Neely, David Gregorio Our Organizations: REUTERS, . West Texas, BOK Financial, . Federal, RBC, St . Petersburg International Mercantile Exchange, IIR Energy, Thomson Locations: Cushing , Oklahoma, HOUSTON, U.S, Primorsk, Novorossiysk, St, Houston, New York, Tokyo, Singapore

☆ Oil prices rise as Russia fuel export ban stokes supply concerns
▼ + stars: | 2023-09-22 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

REUTERS/Nick Oxford//File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - Oil prices rose on Friday as renewed global supply concerns from Russia's fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Both benchmarks were relatively flat on the week, having gained more than 10% in the previous three weeks amid concerns about tight global supply. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange. But macroeconomic headwinds continue to weigh on oil demand sentiment. "It is signals on the demand side that are mainly likely to affect oil prices in the short term," Commerzbank analysts said in a note.

Persons: Nick Oxford, Brent, WTI, Transneft, Robert Harvey, Yuka Obayashi, Emily Chow, Jan Harvey, Jason Neely Organizations: REUTERS, U.S, West Texas, RBC, St . Petersburg International Mercantile Exchange, U.S . Federal Reserve, IIR Energy, Thomson Locations: Cushing , Oklahoma, Primorsk, Novorossiysk, Russia, St, Tokyo, Singapore

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. U.S. West Texas Intermediate crude (WTI) climbed 36 cents, or 0.4%, to $90.02. The Fed on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end. "The Fed stance and a strong labor market has driven equities and commodities lower, pressuring oil," said Kilduff. Oil prices remained supported by concern about tight supply globally entering the fourth quarter.

Persons: Tatiana Meel, Brent, refiners, Tamas Varga, Vargas, John Kilduff, Paul Carsten, Natalie Grover, Laura Sanicola, Trixie Yap, Sonali Paul, Jane Merriman, Alexandra Hudson, David Gregorio Our Organizations: . West Texas, . Federal, Fed, U.S ., U.S . Labor Department, Bank of England, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Russian, ., New York, Norway's, Cushing, London

☆ Oil falls as US rate hike expectations offset tight supply outlook
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Trixie Yap, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls as rate hike expectations offset US stock draw
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 71 cents, or 0.79%, to $88.95, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTNEW YORK, Sept 20 (Reuters) - Oil prices eased on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. WTI crude futures for November , which will soon be the U.S. front-month, was up about 18 cents to $90.30. Investors were awaiting the Fed's interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates steady, but the focus will be on its projected policy path. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.

Persons: Pedro Nunes, Brent, WTI, Edward Moya, refiners, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Nicole Jao, Kim Coghill, Jason Neely, Louise Heavens, David Gregorio Our Organizations: REUTERS, U.S, U.S . Energy Information Administration, . West Texas, U.S . Energy, Administration, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, WTI, ., Japan, London, Tokyo, Singapore, New York

☆ Oil falls ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Robert Harvey | ) www.reuters.com time to read: +3 min

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTLONDON, Sept 20 (Reuters) - Oil prices fell on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Investors are awaiting the Fed's interest rate decision at 1800 GMT on Wednesday to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its projected policy path, which is unclear. Prices fell despite U.S. crude oil stockpiles falling last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Goldman Sachs said it expects the Bank of England to keep interest rates unchanged on Thursday as a result of the fall.

Persons: Pedro Nunes, Edward Moya, Tamas Varga, Brent, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Kim Coghill, Jason Neely, Louise Heavens Organizations: REUTERS, U.S, Brent, . U.S . West Texas, American Petroleum Institute, bbl, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, ., London, Tokyo, Singapore

☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." 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: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

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