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Markets await hints on the outlook for interest rates when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for an annual meeting later this week. Earlier on Wednesday, Japan posted shrinking factory activity for a third straight month in August, and the euro zone, France, Germany, Britain and the United States are set to release their own purchasing managers' index (PMI) data later in the day. Crucial to shoring up oil demand over the rest of the year is China, the world's second-largest economy. Crude stocks in the United States continued to fall, dropping by about 2.4 million barrels in the week ended Aug. 18, according to market sources citing American Petroleum Institute figures on Tuesday. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll.

Persons: Jackson, Brent, Hiroyuki Kikukawa, John Evans, Paul Carsten, Yuka Obayashi, Andrew Hayley, Clarence Fernandez, Mark Potter Organizations: Danang Petroleum Machinery Technology JSC, U.S, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, PVM, Organization of, Petroleum, American Petroleum Institute, Energy Information Administration, Thomson Locations: Danang, United States, Jackson Hole , Wyoming, Japan, France, Germany, Britain, China, Saudi Arabia, Russia, U.S, London, Tokyo, Beijing

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsBEIJING, Aug 23 (Reuters) - Oil prices ticked up in Asian trade on Wednesday, as markets weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness. "Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term." China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll. "Following the massive draw of 6.2 million barrels a week earlier, overall supplies conditions still lean on the tighter end," said Jun Rong Yeap, a market strategist at IG in Singapore.

Persons: Lucy Nicholson, Brent, Jackson, Hiroyuki Kikukawa, Rong Yeap, Yuka Obayashi, Andrew Hayley, Sonali Paul, Clarence Fernandez Organizations: REUTERS, Rights, China, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, Organization of, Petroleum, American Petroleum Institute, IG, Energy Information Administration, Thomson Locations: Bakersfield , California, Rights BEIJING, Jackson Hole , Wyoming, China, Saudi Arabia, Russia, OPEC, United States, Singapore, U.S, Tokyo, Beijing

Brent crude was down 36 cents at $84.10 a barrel by 11:45 a.m. EDT (1545 GMT). China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Amplifying demand concerns, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. A preliminary Reuters poll showed that crude oil and gasoline inventories were expected to have fallen last week, with data from American Petroleum Institute due later on Tuesday. Separately on Monday, Shell (SHEL.L) said it was investigating a possible leak on the 180,000 bpd Trans Niger oil pipeline, though no force majeure has been declared.

Persons: Lucy Nicholson, Brent, Jim Ritterbusch, majeure, Natalie Grover, Paul Carsten, Muyu Xu, Katya Golubkova, Tomasz Janowski, David Evans, David Goodman, David Gregorio Our Organizations: REUTERS, Companies Shell, West Texas Intermediate, Saudi, Ritterbusch, Associates, American Petroleum Institute, of Commerce, Shell, Thomson Locations: Bakersfield , California, China, Russian, Galena , Illinois, U.S, Iraqi, Turkey, Iraq, Saudi, Niger, London, Singapore, Tokyo

☆ Oil dips on possible easing of tight supply, China woes hurt demand outlook
▼ + stars: | 2023-08-22 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

"Crude oil struggled to keep its head above water on signs of supply tightness easing," said Brian Martin and Daniel Hynes, analysts from ANZ Bank in a note to clients. Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Meanwhile, gloom over the economic outlook in China, the world's second biggest oil consumer, continued to pressure oil prices and heighten worries about fuel demand. Putting a floor to oil prices, U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.

Persons: Lucy Nicholson, Brent, Brian Martin, Daniel Hynes, Hayan Abdel, Ghani, Muyu Xu, Katya Golubkova, Shri Navaratnam Organizations: REUTERS, Rights, . West Texas, ANZ Bank, Reuters, International Chamber of Commerce, of, Petroleum, Eurasia Group, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, Fed, Thomson Locations: Bakersfield , California, OPEC, Turkish, Ankara, Turkey, Iraq, China, Beijing, Eurasia, Singapore, Tokyo

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and U.S. West Texas Intermediate crude was up 65 cents at $81.90. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman, Mark Potter Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, London, Florence Tan, Singapore, New Delhi

☆ Oil up 1% on tighter supplies and heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices rose more than 1% on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said. "Unless there's a recession and demand slows or drops, OPEC+ is in control," said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Oil edges up on tighter supplies, heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices - dataBouyant price of heating oil lifts crude prices - analystChina economic sentiment, US rate hike risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 78 cents to $81.44 a barrel. As well, "the dollar seems to be taking somewhat of a breather, which would be providing some support," he said. A weaker dollar makes oil purchases less expensive for holders of other currencies, sparking demand. Also supporting crude is the buoyant price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Florence, Mohi Narayan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

Position-taking was also likely hit by the traditional seasonal torpor that descends in the middle of August with many senior trading and investment staff across North America and Europe on holiday. Purchases of Brent (+20 million barrels), U.S. gasoline (+6 million) and European gas oil (+4 million) were offset by sales of NYMEX and ICE WTI (-29 million) and U.S. diesel (-1 million). Funds held a net long position of 707 billion cubic feet (47th percentile for all weeks since 2010) up from a net short position of 1,061 billion cubic feet (7th percentile) at the end of January. Working gas inventories in underground storage were +188 billion cubic feet (+7% or +0.58 standard deviations) above the prior 10-year seasonal average on Aug. 11. The surplus has narrowed consistently from +299 billion cubic feet (+12% or +0.81 standard deviations) at the end of June.

Persons: John Kemp, David Evans Organizations: North, ICE, U.S . diesel, U.S, Thomson, Reuters Locations: North America, Europe, Brent, U.S

☆ Oil prices climb on expectations of lower OPEC+ exports in August
▼ + stars: | 2023-08-21 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -analystsRussia remains China's top crude supplier in July -dataChina's July diesel exports surge -dataSINGAPORE, Aug 21 (Reuters) - Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Supply is tightening, however, with OPEC+ crude exports set to fall a second month in August, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, citing preliminary data from shiptracking firm Kpler. "Unless there is a recession and demand slows or drops, OPEC+ is in control." Meanwhile, Chinese refiners ramped up refined products exports in July, drawn by strong export margins.

Persons: Lucy Nicholson, Brent, Stefano Grasso, " Grasso, Baker Hughes, Florence Tan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, U.S ., Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Russia, SINGAPORE, Saudi Arabia, 8VantEdge, Singapore, OPEC, Saudi, United States

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8%, to settle at $84.80 a barrel. Those concerns, spurred on by output cuts from the Organization of the Petroleum Exporting Countries and allies, helped oil prices gain for seven straight weeks since June. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, WTI, Rob Haworth, Haworth, Jay Hatfield, Hatfield, Shariq Khan, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis, David Gregorio Our Organizations: REUTERS, West Texas, Brent, Organization of, Petroleum, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. "Prices are likely to remain range-bound for now," Haworth said, adding that demand is in question for investors worried by the weak data from China. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Oil benchmarks were further depressed by seasonal demand weakness heading into the autumn, said Jay Hatfield, CEO of Infrastructure Capital Management. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, Rob Haworth, Haworth, Jay Hatfield, Hatfield, WTI, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis Organizations: REUTERS, U.S . West Texas, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, London, Singapore

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsCompanies United States of America FollowSINGAPORE, Aug 18 (Reuters) - Oil prices looked set to snap a seven-week winning streak on Friday as concerns about China's slowing economic growth and the possibility of more U.S. interest rate hikes outweighed signs of tightening supply. Investors fret that higher borrowing costs could impede economic growth and in turn reduce overall demand, including for oil. Data released this week also showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates. Despite recent economic weaknesses, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan Varadhan, Shri Navaratnam, Jamie Freed Organizations: REUTERS, Companies United, U.S . West Texas, U.S, Federal, U.S . Labor Department, Organization of, Petroleum, ANZ Research, ANZ, Thomson Locations: Zhoushan, Zhejiang province, China, Companies United States, America, SINGAPORE, U.S

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. The U.S. Federal Reserve's focus on containing inflation amid stronger-than-expected economic data was keeping a lid on oil prices. That report followed similarly upbeat economic data earlier in the week, including U.S. retail sales, which all suggested the Fed may have to stick with higher rates for longer. Adding to the concerns, a recent batch of economic data from China, the world's second largest oil consumer, has highlighted the rapid loss in economic momentum there since the second quarter. However, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan, Shri Navaratnam Organizations: REUTERS, Rights, U.S . West Texas, U.S, Federal, U.S . Labor Department, Thomson Locations: Zhoushan, Zhejiang province, China

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Weekly products supplied, a proxy for demand, rose to the highest since December. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Dennis Kissler, Naeem Aslam, OANDA's Moya, Arathy Somasekhar, Natalie Grover, Katya Golubkova, David Goodman, Christina Fincher, David Gregorio Our Organizations: REUTERS, Rights, Brent, . West Texas, BOK Financial, Travel, Energy, Zaye, Markets, Thomson Locations: Zhoushan, Zhejiang province, China, Independence, U.S, China's, Houston, London, Singapore

☆ Oil edges up as China seeks to calm economic fears
▼ + stars: | 2023-08-17 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/file photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Oil prices crept up on Thursday after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Naeem Aslam, Edward Moya, John Evans, OANDA's Moya, Natalie Grover, Katya Golubkova, David Goodman Organizations: REUTERS, Brent, . West Texas, Zaye, U.S, U.S . Federal, Thomson Locations: Zhoushan, Zhejiang province, China, U.S .

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures were up 8 cents, or 0.1%, at $83.53 a barrel by 0245 GMT, after initially falling 0.5%. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. "Crude prices are going to struggle here as we have bearish sentiment in the world's two largest economies," said Edward Moya, an analyst at OANDA. Reporting by Katya Golubkova; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tina Teng, Teng, Edward Moya, Katya Golubkova, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, Brent, U.S . West Texas, CMC Markets, Traders, U.S, U.S . Federal, OANDA, Thomson Locations: Zhoushan, Zhejiang province, China, U.S, OPEC, China's, U.S .

☆ Oil falls on China worries despite tighter US supply
▼ + stars: | 2023-08-16 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. "Concerns that China's faltering economy will weigh on demand offset tight supply in the oil market," ANZ analysts said in a client note. "Crude inventories at the Cushing hub are seen to be falling to their lowest level since April. U.S. crude stocks dropped by about 6.2 million barrels last week, according to market sources citing American Petroleum Institute figures. Supply cuts by Saudi Arabia and Russia, part of the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, have pushed up oil prices over the past seven weeks.

Persons: Chen Aizhu, Cushing, Rystad, Claudio Galimberti, Arathy Somasekhar, Trixie Yap, Sonali Paul Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Brent, U.S, West Texas, ANZ, American Petroleum Institute, Reuters, National Australia Bank, of, Petroleum, Thomson Locations: China, Dalian, Liaoning province, Beijing, Saudi, Saudi Arabia, Russia, OPEC, Houston, Singapore

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil edges up as China cuts policy rates to support economy
▼ + stars: | 2023-08-15 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Prices turned higher after the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Despite the weak macroeconomic data, China's oil appetite showed resilience. The declining U.S. output could exacerbate global oil supply tightness as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, cut production. Reporting by Muyu Xu and Katya Golubkova; Editing by Sonali Paul and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, Robert Carnell, refiners, Muyu Xu, Katya Golubkova, Sonali Paul, Tom Hogue Organizations: REUTERS, Garden Holdings, SINGAPORE, Brent, . West Texas, People's Bank of China, ING Bank, Energy, of, Petroleum, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Asia Pacific, OPEC

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

Aug 14 (Reuters) - Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies. It has been singularly focused on U.S. economic optimism, to the exclusion of the increasingly stronger headwinds blowing in the eurozone and China," said Vandana Hari, founder of oil market analysis provider Vanda Insights. "A rebalancing is overdue but it may need a reality check in the markets stateside," Hari said. In the United States, the number of operating oil rigs held steady at 525 last week, after falling for eight weeks in a row, according to Baker Hughes weekly report.

Persons: Vandana Hari, Hari, Tina Teng, Brent, Baker Hughes, Florence Tan, Mohi Narayan, Tom Hogue, Sonali Paul Organizations: Brent, West Texas, U.S, Federal, Vanda Insights, CMC, Organization of, Petroleum, International Energy Agency, Thomson Locations: China, OPEC, Saudi Arabia, Russia, Russian, Ukraine, United States, Singapore, New Delhi

Aug 14 (Reuters) - Oil prices eased on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies. "A rebalancing is overdue but it may need a reality check in the markets stateside," Hari said. In the United States, the number of operating oil rigs held steady at 525 last week, after falling for eight weeks in a row, according to Baker Hughes weekly report. Reporting by Florence Tan in Singapore and Mohi Narayan in New Delhi; Editing by Sonali Paul and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Vandana Hari, Hari, Tina Teng, Brent, Baker Hughes, Florence Tan, Mohi Narayan, Sonali Paul, Tom Hogue Organizations: Brent, West Texas, U.S, Federal, Vanda Insights, CMC, Organization of, Petroleum, International Energy Agency, Thomson Locations: China, OPEC, Saudi Arabia, Russia, Russian, Ukraine, United States, Singapore, New Delhi

Brent crude futures rose 41 cents, or 0.5%, to settle $86.81 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 37 cents, or 0.5%, to settle at $83.19. The IEA estimated that global oil demand hit a record 103 million barrels per day in June and could scale another peak this month. Meanwhile, output cuts from Saudi Arabia and Russia set the stage for a sharp decline in inventories over the rest of 2023, which IEA said could drive oil prices even higher. On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million bpd this year, unchanged from its previous forecast. The steady oil rig count indicates U.S. producers are maintaining discipline about drilling and exploration, said Eric Freedman, Chief Investment Officer at U.S. Bank Asset Management.

Persons: Dado, Brent, Baker Hughes, Craig Erlam, WTI, Eric Freedman, Shariq Khan, Ahmad Ghaddar, Andrew Hayley, Elaine Hardcastle, Marguerita Choy, Cynthia Osterman, David Gregorio Our Organizations: REUTERS, International Energy Agency, Brent, U.S, West Texas, IEA, Organization of, Petroleum, Federal Reserve, Bank Asset Management, Thomson Locations: Baker Hughes BENGALURU, Saudi Arabia, Russia, Ukraine, U.S, China, June's

☆ 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

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 OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. 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, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of Petroleum Exporting, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

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