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Brent crude futures rose $1.43, or 1.8%, to settle at $81.07 a barrel. U.S. West Texas Intermediate crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, the highest since April 25. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," Price Futures Group analyst Phil Flynn said. In the U.S., crude inventories (USOILC=ECI) have fallen, amid a jump in crude exports and higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Brent, Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Friday, Brent, . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, Infrastructure Capital Management, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

Brent crude futures rose 90 cents, or 1.1%, to $80.54 a barrel by 11:36 a.m. EDT [1536 GMT]. U.S. West Texas Intermediate futures rose 97 cents, or 1.3%, to $76.62 a barrel. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," said Price Futures Group analyst Phil Flynn. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Conor Humphries, David Holmes Organizations: Brent, . West Texas, Futures, UN, Energy Information Administration, UAE Energy, Reuters, Infrastructure Capital Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

☆ Oil climbs, fuelled by tighter supplies, China stimulus
▼ + stars: | 2023-07-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters) - Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. "Demand from China and India could therefore shift more towards other suppliers, which would push up oil prices," the analysts said. "That tightness in supply is already showing up in inventories," analysts from ANZ Bank said. "The announcement remains short on detail but notions of China buying more cars gives rise in hope for oil investor bulls," PVM analyst John Evans said.

Persons: Brent, John Evans, Natalie Grover, Arathy Somasekhar, Andrew Hayley, Louise Heavens, David Holmes Organizations: U.S, West Texas, Energy Information Administration, ANZ Bank, Thomson Locations: China, Russia, India, Saudi Arabia, U.S, London, Houston, Beijing

☆ Oil ticks up as markets assess falling inventories, potential Chinese stimulus
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

July 21 (Reuters) - Brent oil prices rose in Asian trading on Friday, as markets assessed the prospect of economic stimulus in China after weak economic data, falling inventories in the U.S. and supply cuts from key producers. China's weak economic figures had kept a lid on prices through the week. However, sentiment across commodity markets has picked up on hopes the central government would roll out more stimulus measures to support the economy. Higher crude prices have come "on positive commentary on China stimulus and looked through impacts from the stronger U.S. dollar index," National Australia Bank analysts said in a note. U.S. crude inventories (USOILC=ECI) fell last week, supported by a jump in crude exports as well as higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday.

Persons: Brent, WTI, Arathy Somasekhar, Andrew Hayley, Leslie Adler, Lincoln, Jamie Freed Organizations: Brent, U.S, West Texas, National Australia Bank, Beijing, ANZ Bank, ANZ, Energy Information Administration, Thomson Locations: China, U.S, Saudi Arabia, Russia, Riyadh, Moscow, Houston, Beijing

Brent futures rose $1.13, or 1.4%, to settle at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.60, or 2.2%, to settle at $75.75. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Energy traders expect "the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households," said Edward Moya, senior market analyst at data and analytics firm OANDA. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the EIA on Wednesday. Analysts in a Reuters poll forecast a 2.4-million barrel draw from U.S. crude stocks during the week ended July 14.

Persons: Edward Moya, Kristalina Georgieva, Gelber, Natalie Grover, Stephanie Kelly, Andrew Hayley, David Holmes, Jan Harvey, Jonathan Oatis Organizations: . Federal, U.S, West Texas, ING, Energy, Monetary, U.S . Energy Information Administration, American Petroleum Institute, Associates, World Meteorological Organization, Thomson Locations: China, U.S, Europe, Asia, London, New York, Beijing

Summary U.S. dollar falls to 15-month low against basket of currenciesU.S. oil output to decline in August - EIA outlookUpcoming - U.S. oil inventory data from API and EIANEW YORK, July 18 (Reuters) - Oil prices climbed more than 1% on Tuesday as a weaker U.S. dollar and expected decline in U.S. output outweighed softer-than-expected Chinese economic data. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. CRUDE DEMAND STILL A CONCERNComments that global economic growth activity is slowing helped keep crude price gains in check. In the U.S., shale oil production will likely decline in August for the first time since December, projections from the EIA show. Global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Kristalina Georgieva, Jun Rong Yeap, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes, Jan Harvey Organizations: U.S, West Texas, U.S ., . Federal, American Petroleum Institute, U.S . Energy Information Administration, Monetary Fund, IG, Thomson Locations: China, U.S, Singapore, London, New York, Beijing

☆ Oil steadies as investors eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude was up 26 cents at $78.76 a barrel by 1151 GMT, while U.S. West Texas Intermediate (WTI) crude rose 28 cents to $74.43 a barrel in relatively muted trading, with the contract set to expire on Thursday. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes Organizations: Investors, U.S, West Texas, Energy, Administration, IG, Thomson Locations: China, U.S, Singapore, Saudi Arabia, London, New York, Beijing

☆ Oil steadies as investors digest China gloom, eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was down 1 cent at $78.49 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude edged up 1 cent to $74.16 a barrel. Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Lincoln, Jason Neely Organizations: Investors, U.S, West Texas, IG, Energy, Administration, Saudi, Thomson Locations: China, Singapore, U.S, London, New York, Beijing

He also urged China to partner with the United States to cut methane emissions and reduce the climate impact of coal-fired power, with the two sides aiming to rebuild trust following a suspension in talks last year. Kerry praised the "incredible job" China has been doing in building up renewable energy capacity but said it had been undercut by the construction of new coal power plants. China has pledged to start reducing coal consumption, but not until 2026, and new coal power project approvals have accelerated since last year. Kerry's third visit to China as U.S. climate envoy marks the formal resumption in top-level climate diplomacy between the two countries. Kerry and Xie met on Sunday night for a one-on-one dinner.

Persons: John Kerry, Xie Zhenhua, Xie, Kerry, Nancy Pelosi, Valerie Volcovici, Andrew Hayley, David Stanway, Sonali Paul, Jacqueline Wong Organizations: State, U.S, . House, Beijing, Thomson Locations: BEIJING, China, United States, Dubai, U.S, Beijing, Taiwan

☆ New Mexico trail clash echoes culture war across US West
▼ + stars: | 2023-07-07 | by ( Andrew Hay | ) www.reuters.com time to read: +5 min

REUTERS/Andrew HayTALPA, N.M., July 7 (Reuters) - Physiotherapist Spencer Bushnell lives less than a mile from farmer Carlos Arguello in Taos, New Mexico. But they are worlds apart on proposals to lace the foothills they love with up to 71 miles of mountain bike and hiking trails. That put the neighbors on the frontline of a culture war raging across the West as multi-generational families, conservationists and sometimes conservatives fight trail systems sought by incomers and recreationist locals. Two bike trail projects have been nixed in as many months on public land in Oregon and Colorado. Across the United States, Americans are moving to places with trees and trails, many working remotely.

Persons: Spencer Bushnell, Andrew Hay TALPA, Carlos Arguello, Arguello, Bushnell, Carl Colonius, Darryl Maestas, Hispanos, Emily Matheu, Michael Lujan, Andrew Hay, Donna Bryson, Alistair Bell Organizations: . Forest Service, REUTERS, Division, U.S ., USFS, mamas, Thomson Locations: Taos , New Mexico, U.S, Oregon, Colorado, The Taos, Taos, Bend , Oregon, United States, South Korea, Afghanistan, Oakland , California, California

☆ Explainer: How is extreme weather testing China's climate resilience?
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +5 min

BEIJING, July 5 (Reuters) - Dramatic swings between extreme heat and intense rainfall are testing China's ability to cope with increasingly wild weather, as high temperatures challenge power grids and water security while floods ruin crops and threaten urban populations. The average number of high-temperature days stood at 4.1 in January-June, already higher than the full-year average of 2.2 days. Heatwaves spur demand for electricity to cool homes, malls and offices, taxing power supply and even triggering blackouts. Factories also shut when power demand exceeds supply to meet demand from residential and non-industrial users. The southern province of Hunan, which produces around 13% of China's rice, has been hit by continuous rain since late June.

Persons: Qiaoyi Li, Ethan Wang, Qin, Ryan Woo, Andrew Hayley, David Stanway, Sonali Paul Organizations: Factories, Thomson Locations: BEIJING, China, Beijing, Yunnan province, Yunnan, Sichuan, Hunan, Zhengzhou, Guangxi, CHINA

☆ 'Rust' armorer accused of handing off cocaine after shooting
▼ + stars: | 2023-06-30 | by ( Andrew Hay | ) www.reuters.com time to read: +1 min

June 30 (Reuters) - The armorer for the movie "Rust" allegedly transferred cocaine to an unnamed person to dispose of evidence on the day the film's cinematographer was shot dead in 2021, special prosecutors said as they sought protection for a witness. Prosecutors last week charged Gutierrez-Reed, 25, with an additional charge of tampering with evidence over the alleged transfer of narcotics. "Like everything else with the state's case and investigation, it's full of sound and fury, but signifying nothing," Bowles said in a statement. Gutierrez-Reed is the only person still facing charges for Hutchins' death after prosecutors dismissed charges against Baldwin and reached a plea agreement with first assistant director Dave Halls. In the Thursday court filing, prosecutors requested the witness’ identity be protected, saying the person feared being blacklisted from the film industry.

Persons: Hannah Gutierrez, Reed, Halyna Hutchins, Gutierrez, Alec Baldwin, Jason Bowles, Bowles, Friday, Hutchins, Baldwin, Dave Halls, Andrew Hay, Aurora Ellis Organizations: Prosecutors, Thomson

New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.

Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing

☆ 'Rust' armorer faces new charge of tampering with evidence
▼ + stars: | 2023-06-22 | by ( Andrew Hay | ) www.reuters.com time to read: +2 min

June 22 (Reuters) - The armorer for the movie "Rust" transferred drugs to someone on the day the film's cinematographer was shot dead in 2021, special prosecutors said on Thursday as she faced a new charge of tampering with evidence. Prosecutors said the additional charge against Hannah Gutierrez-Reed related to the Oct. 21, 2021, transfer of "narcotics to another person with the intent to prevent the apprehension, prosecution or conviction of herself." Special prosecutors and the SFCSO did not immediately respond to requests for comment. Bowles was sent Shilling's message in error then asked to delete it by prosecutors, according to emails in the court filing. Bowles called the new charge "retaliatory and vindictive" and described the email exchange as "beyond troubling," saying it backed his motion for the case to be dismissed."

Persons: Prosecutors, Hannah Gutierrez, Reed, " Gutierrez, Jason Bowles, Halyna Hutchins, Robert Shilling, ” Shilling, Bowles, Gutierrez, Hutchins, Alec Baldwin, Andrew Hay, Chris Reese, Matthew Lewis, Diane Craft Organizations: ”, Thomson Locations: Santa Fe , New Mexico, Santa Fe

India's top solar power producing state Rajasthan has been getting "early warnings" of technical challenges that could arise as the use of renewables increases, a federal power ministry official said. "If proper tariff structures incentivising flexible thermal generation are not introduced, it could result in slower renewable energy adoption," he said. Reuters GraphicsSOLAR, PLUS COALGreen energy capacity in Asia grew 12% in 2022, the fastest rate among major regions, according to the International Renewable Energy Agency. However, authorities in India's sun-drenched Rajasthan state are finding it increasingly difficult to control voltage fluctuations due to the inconsistent nature of solar power output. "Many of these renewable plants are not actually able to comply with such requirements," the official said.

Persons: Rystad, Wood Mackenzie, Lauri Myllyvirta, Pablo Hevia, Koch, Hevia, Florence Tan, Yuka Obayashi, Andrew Hayley, Fransiska, Gopal Sharma, Mei Mei Chu, Joyce Lee, Tony Munroe, Jamie Freed Organizations: Engie, Centre for Research, Clean Energy, Air, Reuters, International Renewable Energy Agency, International Energy Agency, Thomson Locations: China, India, Asia, Wood Mackenzie SINGAPORE, Rajasthan, Pacific, Malaysia, Pakistan, Bangladesh, Vietnam, Singapore, Tokyo, Bangkok, Beijing, Jakarta, Khanh Vu, Hanoi, Kathmandu, Kuala Lumpur, Seoul

☆ China lithium price rebound to be capped by growing supply - analysts
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +3 min

Production and sales of EVs in May grew by 53.7% and 71.2% respectively year-on-year, data from the China Passenger Car Association showed. Demand from the energy storage sector, the second biggest user of the battery metal, is also growing rapidly. "We are seeing the energy storage market is boosting capacity expansion of LFP (lithium iron phosphate) batteries and cathode materials, which in turn sends pressure to the price of lithium carbonate," Zou said. Zou expects the lithium carbonate price in China to average 300,000 yuan a ton this year. "The May growth seen in the auto market, boosted by short-term policy support, is unlikely to last and lithium prices might fall below 200,000 yuan within this year," he added.

Persons: Price, Susan Zou, Zou, Yang Jing, Chen Junquan, Chen, Siyi Liu, Dominique Patton, Andrew Hayley, Emma Rumney Organizations: China Passenger Car Association, Cell, Rystad Energy, EV, Beijing, China Corporate Research, Fitch, Economic Research Institute, Manufacturers, Thomson Locations: BEIJING, China, Beijing, Shanghai

NEW YORK, June 20 (Reuters) - Oil futures fell about 2% in choppy trading on Tuesday on forecasts for slower growth of oil demand in China, the world's second-biggest oil consumer, and disappointment with the size of cuts in China's key lending rates. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng at CMC Markets in Auckland. Higher interest rates ultimately increase borrowing costs for consumers, which could reduce oil demand by slowing economic growth. A stronger dollar makes crude more expensive for holders of other currencies, which can reduce oil demand. On the supply side, Iran's crude exports and oil output have hit new highs this year despite U.S. sanctions.

Persons: Brent, Edward Moya, Tina Teng, Thomas Barkin, Scott DiSavino, Noah Browning, Katya Golubkova, Andrew Hayley, David Goodman, Matthew Lewis Organizations: YORK, . West Texas, CMC Markets, China, Administration, Customs, . Federal Reserve, Richmond Fed, U.S ., Organization of, Petroleum, Thomson Locations: China, U.S, Auckland, Russia, New York, London, Tokyo, Beijing

☆ Oil rises as Chinese economic indicators offer mixed picture
▼ + stars: | 2023-06-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude for July was down 3 cents from Friday's close at $71.75. The more active WTI crude contract for August delivery was up 10 cents from Friday at $72.03 per barrel. There was no settlement in the WTI contract on Monday due to a public holiday in the United States. "Oil traders may need to see a materialised strong economic rebound in China to improve their outlook on oil demand," said Tina Teng, a markets analyst at CMC Markets in Auckland. Higher interest rates reduce appetite for spending and can drive down oil demand.

Persons: Brent, Tina Teng, Katya Golubkova, Andrew Hayley, Kim Coghill, Jason Neely, Louise Heavens Organizations: . West Texas, CMC Markets, China National Petroleum, Organization of, Petroleum, Thomson Locations: China, United States, Auckland, Russia, Moscow, Tokyo, Beijing

TOKYO/BEIJING, June 20 (Reuters) - Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world's largest crude importer. U.S. West Texas Intermediate (WTI) crude for July was down 99 cents from Friday's close at $70.79. The more active WTI crude contract for August delivery was down 71 cents from Friday at $71.22 per barrel. "The rate cuts ... were widely expected, hence it did not offer a bullish push to the oil markets," said Tina Teng, a markets analyst at CMC Markets in Auckland. "Oil traders may need to see a materialized strong economic rebound in China to improve their outlook on oil demand," Teng said.

Persons: Brent, Tina Teng, Teng, Jerome Powell, Katya Golubkova, Andrew Hayley, Jamie Freed, Tom Hogue Organizations: . West Texas, CMC Markets, European Central Bank, . Federal, Organization of, Petroleum, OPEC, JPMorgan, Thomson Locations: TOKYO, BEIJING, China, United States, Auckland, Russia, Moscow, OPEC, Nigeria, Iran, Venezuela, Tokyo, Beijing

☆ Chinese miners try livestream sales to shift coal glut
▼ + stars: | 2023-06-15 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, June 15 (Reuters) - On China's frenetic and hugely popular retail livestreams, glamorous hosts sell goods ranging from shoes and lipsticks to baby products and, increasingly, truckloads of sulphurous coal. By comparison, domestic thermal 5,500 kcal coal was traded at about 800 yuan ($111.64) per ton as of last week, according to trading sources. Though wholesaling of hard commodities is not entirely new to China's streaming platforms, it appears to be on the rise. Three of the most active coal channels on Douyin identified by Reuters - Huaze Coal, Guohai Daily Coal Price, and Jixing Coal - have together held 164 such online events so far this quarter, up from 120 events last quarter and 107 events in the fourth quarter of 2022. ($1=7.17 yuan)Reporting by Andrew Hayley and Beijing newsroom: Editing by Tony Munroe, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Hayley, Tony Munroe, Alexandra Hudson Organizations: Huaze Coal Industry, Reuters, Huaze, Daily Coal, Jixing, Alexandra Hudson Our, Thomson Locations: BEIJING, Shanxi, Beijing

Prosecutors had previously said it might never be clear how live rounds, which are not allowed on movie sets, got to the "Rust" set in New Mexico. Charging documents had held Hannah Gutierrez-Reed, who was working as chief weapons handler on her second film, was responsible for "allowing live ammunition on the set," but not for bringing in the live rounds. In a June 8 court filing, special prosecutors Kari Morrissey and Jason Lewis cited "some evidence" to support the theory that Defendant Gutierrez may be responsible for introducing the live rounds on set. Gutierrez-Reed had four spent casings in her gun kit bag that appear to match live rounds found on the New Mexico set, prosecutors said in the filing. Gutierrez-Reed said she loaded the live round into the "Peacemaker" revolver used by Baldwin thinking it was a dummy round.

Persons: Halyna Hutchins, Read, Alec Baldwin, Hannah Gutierrez, Reed, Kari Morrissey, Jason Lewis, Defendant Gutierrez, Gutierrez, Jason Bowles, Dave Halls, Hutchins, Baldwin, misfire, Bowles, Andrew Hay, Donna Bryson, Richard Chang Organizations: Prosecutors, Defense, Thomson Locations: New Mexico, Livingston , Montana, U.S, Mexico

☆ Oil drops 1.5% as Fed projects more rate hikes this year
▼ + stars: | 2023-06-14 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

SummarySummary Companies Federal Reserve leaves interest rates unchangedFed projects more 2023 rate risesU.S. crude stocks rise unexpectedly - EIAIEA upgrades 2023 oil demand growth to 2.4 mln bpdHOUSTON, June 14(Reuters) - Oil prices fell 1.5% on Wednesday after the U.S. Federal Reserve projected more interest rate hikes this year, worrying markets about demand just hours after government data showed an unexpected, large build in U.S. crude oil stocks. "Markets fear that a higher interest rate environment is going to lower oil demand. U.S. crude oil stocks rose by about 8 million barrels in the week ended June 9, according to data from the Energy Information Administration. The IEA, meanwhile, increased its oil demand growth forecast for this year by 200,000 barrels per day (bpd) to 2.4 million bpd, lifting the projected total to 102.3 million bpd. The IEA's 2023 oil demand growth figure is slightly above that of the Organization of the Petroleum Exporting Countries (OPEC).

Persons: Phil Flynn, Brent, Arathy Somasekhar, Ahmad Ghaddar, Andrew Hayley, Elaine Hardcastle, Kirsten Donovan Organizations: Reserve, HOUSTON, U.S . Federal Reserve, Brent, U.S, West Texas, Federal Reserve, Price, Wall, Energy Information Administration, Analysts, Organization of, Petroleum, JPMorgan, Thomson Locations: U.S, Houston, London, Beijing

☆ China hopes India can meet it halfway in media row
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

"In recent years, Chinese journalists in India have been accorded unfair and discriminatory arrangements," Chinese foreign ministry spokesperson Wang Wenbin told a Monday briefing. "We hope that India will continue to issue visas for Chinese journalists and remove the unreasonable restrictions and create favourable conditions for media exchanges." China has declined to renew the visas of the last two Indian journalists based there, citing India taking similar action this month against the two remaining Chinese state media journalists in India. "China is ready to act on the principles of mutual respect, equality and mutual benefit to keep in communications with the Indian side, and we hope that India will meet China halfway." India's foreign ministry said this month it hoped China would allow Indian journalists to work in China, adding that India allowed all foreign journalists to operate there.

Persons: Wang Wenbin, Wang, Andrew Hayley, Laurie Chen, Bernard Orr, Philippa Fletcher, Robert Birsel Organizations: Hindustan Times, Press Trust of India, China, Thomson Locations: BEIJING, China, India, Indian

☆ China's installed non-fossil fuel electricity capacity exceeds 50% of total
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 12 (Reuters) - China's non-fossil fuel energy sources now exceed 50% of its total installed electricity generation capacity, state media outlet Xinhua said on Monday, citing an official at state planner the National Reform and Development Commission. Non-fossil fuel power sources, such as wind and solar power, account for 50.9% of the country's total installed capacity, marking the early completion of a government target proposed in 2021, under which renewable capacity was planned to exceed fossil fuel capacity by 2025. By the end of 2022, China's installed power generation capacity was 2,564.05 GW, according to data from the National Bureau of Statistics (NBS). However, inconsistent utilisation of the resources means that China's energy consumption mix remains weighted toward fossil fuels, principally coal. Coal accounted for 56.2% of total energy consumption last year, versus 25.9% from renewables which includes nuclear energy, the NBS data showed.

Persons: China's, Andrew Hayley, Jacqueline Wong Organizations: Xinhua, National Reform and Development Commission, National Bureau of Statistics, Thomson Locations: BEIJING, China

☆ China says allegations of Chinese spying in Cuba are false
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

BEIJING, June 12 (Reuters) - China said on Monday that allegations that it was using Cuba as a spying base are false and it denounced the U.S. government and media for releasing what it called inconsistent information. A Biden administration official said on Saturday China had been spying from Cuba for some time and it had upgraded its intelligence collection facilities there in 2019. Last week, the Wall Street Journal reported that a new spying effort was underway on the island, citing U.S. officials. "On the alleged spy activities of China in Cuba, this is a piece of false information," a Chinese foreign ministry spokesperson, Wang Wenbin, told a regular press conference. The allegation about Cuba comes as U.S. Secretary of State Antony Blinken prepares to visit China this week.

Persons: Biden, Wang Wenbin, Wang, Antony Blinken, Carlos Fernandez de Cossio, Washington, Andrew Hayley, Bernard Orr, Ryan Woo, Philippa Fletcher, Robert Birsel Organizations: U.S, China, Wall Street Journal, White House National Security, Thomson Locations: BEIJING, China, Cuba, Beijing, United States, U.S, America, Caribbean

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