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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 were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. 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. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices".

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, 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

Summary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterAug 11 (Reuters) - Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth. Brent crude rose 7 cents to settle at $86.47 a barrel at 0017 GMT, while U.S. West Texas Intermediate crude futures gained 12 cents at $82.94 a barrel. The Organization of the Petroleum Exporting Countries said on Thursday it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Also lifting market sentiment, Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Brent, Stephanie Kelly, Shri Navaratnam Organizations: U.S, West Texas, of, Petroleum, Federal Reserve, Thomson Locations: China, OPEC, Saudi Arabia, Russia, Ukraine, U.S

Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its highest price since January. Brent crude fell $1.15, or 1.3%, to settle at $86.40 a barrel while WTI settled down $1.58, or 1.9%, at $82.82. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. The U.S. is also prohibiting some investment in China in sensitive technologies like computer chips and requires government notification in other tech sectors. Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Kilduff, John Ritterbusch, Natalie Grover, Muyu Xu, Mark Potter, Elaine Hardcastle, Andy Sullivan Organizations: West Texas, Federal Reserve, Ritterbusch, Associates, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, U.S, New York, Gulf of Mexico, Gulf, Mexico, Galena , Illinois, London, Singapore

☆ Oil steadies as U.S. rate hike fears subside
▼ + stars: | 2023-08-10 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Brent crude was down 23 cents to $87.32 a barrel at 1251 GMT, while West Texas Intermediate crude (WTI) was down 37 cents at $84.03. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. On Thursday, OPEC said in its monthly report it expected a healthy oil market for the rest of the year, and stuck by its forecast for robust oil demand in 2024, as the outlook for world economic growth slightly improves. "The poor state of China’s manufacturing, its property sector and some stubborn world inflation stand out as issues that the oil fraternity chooses to ignore at present." Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Evans, Natalie Grover, Muyu Xu, Laura Sanicola, David Goodman, Mark Potter Organizations: West Texas, Federal Reserve, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, London, Singapore, Washington

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session. West Texas Intermediate crude (WTI) fell 23 cents, or 0.3%, to $84.17, after settling at its highest since November 2022. Chinese data on Tuesday showed crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January. China's consumer sector also fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand. Also supporting prices were top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Laura Sanicola, Muralikumar Organizations: West Texas, Saudi, Investors, U.S, Consumer, Index, Thomson Locations: North, Saudi, Russian, Russia, Washington

☆ Oil hits new highs as tighter supply offsets China demand concern
▼ + stars: | 2023-08-09 | by ( Alex Lawler | ) 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. Brent crude was 54 cents, or 0.6%, higher at $86.71 by 1110 GMT having touched $87.09, the highest since April 13. Crude posted its sixth consecutive weekly gain last week helped by a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in China. "There is no doubt that there is plenty of momentum here," said Naeem Aslam, chief investment officer at Avatrade. On Tuesday, oil also came under pressure from Chinese data showing crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January, although they were up 17% from a year earlier.

Persons: Brent, Charalampos Pissouros, Naeem Aslam, Yuka Obayashi, Andrew Hayley, Bernadette Baum, Kirsten Donovan Organizations: Saudi, XM, . West Texas, Organization of, Petroleum, American Petroleum Institute, Official U.S . Energy, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Russian, Saudi Arabia, Russia, U.S, OPEC, Tokyo, Beijing

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 REUTERSBEIJING, Aug 9 (Reuters) - Oil prices eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia. "Oil prices are struggling to further rise because of lingering concerns over a sluggish recovery in China's economy and fuel demand," said Chiyoki Chen, chief analyst at Sunward Trading. Both benchmarks notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022, helped by a reduction in OPEC+ supplies and hopes of stimulus boosting an oil demand recovery in China. In another bearish sign, U.S. crude oil stocks rose by 4.1 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Brent, Chiyoki Chen, Yuka Obayashi, Andrew Hayley, Jamie Freed, Sonali Paul Organizations: REUTERS, . West Texas, Sunward, American Petroleum Institute, Reuters, U.S . Energy Information Administration, Saudi, Thomson Locations: Zhoushan, Zhejiang province, China, REUTERS BEIJING, Saudi Arabia, Russia, United States, Europe, Saudi, Tokyo, Beijing

☆ Oil extends gains, hovers at four-month highs on OPEC+ cuts
▼ + stars: | 2023-08-07 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Both contracts notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022. Russia said on Thursday would cut oil exports by 300,000 bpd in September. The port that handles 2% of the world's oil supply has resumed operations. OPEC+'s output cuts, China's stimulus measures, and an improved U.S. economic outlook are supporting crude prices, CMC Markets analyst Tina Teng said in a note, although she said prices were approaching near-term resistance of their April highs.

Persons: Tina Teng, Tony Sycamore, Baker Hughes, Florence Tan, Jamie Freed Organizations: REUTERS, Brent, U.S, West Texas, ANZ, CMC, Thomson Locations: Cushing , Oklahoma, U.S, Saudi Arabia, Saudi Arabia Russia, SINGAPORE, Russia, China, Russian, Ukrainian, Novorossiysk, Saudi, Saudi Aramco, Asia

Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. Russia has also elected to reduce its oil exports by 300,000 barrels per day next month. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. UBS said it expects Brent prices to trade in the $85 to $90 per barrel range over the coming months. Earlier on Wednesday, the U.S. Energy Information Administration reported that the country's crude oil inventory declined by a record 17 million barrels last week as exports and refiners' input of crude oil ramped up in the heart of summer travel season.

Persons: Brent, Alexander Novak, Maxim, Shariq Khan, Natalie Grover, Arathy, Jason Neely, Kirsten Donovan, David Gregorio, Leslie Adler, Deepa Babington Organizations: Saudi, bbl, UBS, U.S . West Texas Intermediate, Organization of, Petroleum, REUTERS, U.S . Energy Information Administration, Bank of England, Thomson Locations: Russia, Saudi Arabia, U.S, Russian, OPEC, Saudi Aramco, Abqaiq, Bengaluru, London, Houston, Singapore

Brent crude futures rose 74 cents, or 0.9%, to $85.88 a barrel by 11:13 a.m. EDT (1513 GMT). Both benchmarks were set for their longest streak of weekly gains this year. Russia has also elected to reduce its oil exports by 300,000 bpd next month. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. UBS said it expects Brent prices to trade in the $85 to $90 per barrel range over the coming months.

Persons: Brent, Maxim, Alexander Novak, Shariq Khan, Natalie Grover, Arathy, Jason Neely, Kirsten Donovan, David Gregorio Our Organizations: Saudi, bbl, UBS BENGALURU, Brent, . West Texas Intermediate, UBS, REUTERS, Organization of, Petroleum, Bank of England, Thomson Locations: Russia, Saudi Arabia, Saudi Aramco, Abqaiq, Russian, OPEC, U.S, Bengaluru, London, Houston, Singapore

Both benchmarks were on track for a sixth week of gains, their longest streak of weekly gains this year. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day (bpd) to the end of September. Russia will also slash its oil exports by 300,000 bpd in September, its Deputy Prime Minister Alexander Novak said. The Joint Ministerial Monitoring Committee of OPEC+ is unlikely to tweak its overall oil output cuts at its meeting on Friday, sources have said. But the extension of Saudi Arabia's reductions and comments by Russia ahead of the OPEC+ meeting have raised supply concerns, supporting prices.

Persons: Brent, Alexander Novak, Edward Moya, Tina Teng, Teng, Arathy Somasekhar, Christian Schmollinger, Simon Cameron, Moore Organizations: Saudi, Brent, U.S, West Texas, Ministerial, OPEC, U.S . Federal Reserve, Bank of England, CMC, Thomson Locations: Russia, U.S, SINGAPORE, Saudi Arabia, Saudi, Houston, Singapore

REUTERS/Christian Hartmann/File PhotoSINGAPORE, Aug 3 (Reuters) - Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the main U.S. credit rating, the world's biggest oil consumer, reflecting an expected fiscal deterioration as well as a high and growing government debt burden. Both benchmarks were trading near their highest since April on Wednesday, but closed down 2% after the ratings downgrade. "Since oil had a steady rise over the past month, it was ripe for a pullback. The oil market will remain tight over the short-term, but prices could be still vulnerable for a deeper drop," said Edward Moya, an analyst at OANDA.

Persons: Christian Hartmann, Fitch, Brent, Edward Moya, refiners, Tina Teng, Andrew Hayley, Sudarshan, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Energy, Administration, Organization of, Petroleum, Reuters, CMC Markets, Thomson Locations: Scheibenhard, Strasbourg, France, SINGAPORE, U.S, Saudi Arabia, China

☆ Oil rises marginally as markets weigh inventory data, US ratings downgrade
▼ + stars: | 2023-08-03 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. U.S. crude stocks fell by a record 17 million barrels last week as refiners stepped up runs and exports topped 5 million barrels per day (bpd), the Energy Information Administration said on Wednesday. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue.

Persons: Christian Hartmann, Fitch, refiners, Andrew Hayley Our Organizations: REUTERS, Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters, Thomson Locations: Scheibenhard, Strasbourg, France, BEIJING, U.S, Saudi Arabia, Russia, Moscow

☆ Activists cover Rishi Sunak’s mansion in black cloth after climbing onto the roof with ropes and ladders
▼ + stars: | 2023-08-03 | by ( Martin Goillandeau Chris Liakos Laura Paddison | Martin Goillandeau | Chris Liakos | ) edition.cnn.com time to read: +3 min

CNN —Climate activists draped black cloth over British Prime Minister Rishi Sunak’s private mansion in northern England on Thursday, in a protest against his policy to “max out” the UK’s oil and gas resources in the North Sea. Four demonstrators from the environmental group Greenpeace managed to climb onto the Conservative party leader’s manor house in his North Yorkshire constituency of Richmond early Thursday. They used ladders and climbing ropes to access the roof, where they unraveled 200 square meters of “oil-black fabric” to cover part of the mansion, Greenpeace said in a statement. Greenpeace said Sunak’s announcement is a blow to the UK’s environmental goals. “We desperately need our prime minister to be a climate leader, not a climate arsonist,” said Philip Evans, Greenpeace UK’s climate campaigner.

Persons: Rishi, Sunak, greenlighting Rosebank, “, ”, Philip Evans, ” Evans, Downing, Putin, Kirby Sigston Organizations: CNN —, British, ., Greenpeace, Conservative, Richmond, International Energy Agency, Downing Street, CNN, Downing, North Yorkshire Police Locations: England, North, North Yorkshire, Europe, Southeast Asia, greenlighting, Kirby

That has drawn fury from climate protesters who have stepped up their campaigns, disrupting high-profile sporting events, classical music concerts and political speeches. loadingPictures posted online by Greenpeace UK on Thursday showed four protesters atop the property in Yorkshire, northern England, covering it in swathes of black fabric, while a banner read "RISHI SUNAK - OIL PROFITS OR OUR FUTURE?" Around two hours later at 11:00 BST (1000 GMT), four protesters were still on the roof with a sign saying "NO NEW OIL." Greenpeace said they were protesting the government's backing for new North Sea oil and gas licences and a proposed development of Equinor's (EQNR.OL) Rosebank oilfield, which is subject to a final investment decision. "We desperately need our prime minister to be a climate leader, not a climate arsonist," Greenpeace UK said.

Persons: Rishi Sunak, Rishi, Read, Sunak, YouGov, Vladimir, Putin, William James, Farouq Suleiman, Kate Holton, Giles Elgood Organizations: Greenpeace, British, Greenpeace UK, Wednesday . Police, Sunak's Conservative, Thomson Locations: Yorkshire, England, Britain, California, Ukraine, Sunak's

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Gasoline inventories fell by 1.7 million barrels, the API data showed, compared with estimates for a 1.3 million barrel drop. Both are indicators of robust prompt fuel demand in the U.S."The seasonal peak demand period (for transportation fuels) and supply cuts by oil producing countries have caused oil prices to rise," said CMC Markets analyst Leon Li. Oil prices may continue to rise, but they may not exceed $90 a barrel given recessionary pressures in some regions such as Europe, said Li. Furthermore, after the summer demand peak passes, "oil prices have entered the end of this round of upward trend", he said.

Persons: Leon Li, Li, Philip Jones, Arathy Somasekhar, Trixie Yap, Christian Schmollinger Organizations: REUTERS, Brent, West Texas, American Petroleum Institute, Organization of, Petroleum, Sparta Commodities, Lux, Thomson Locations: Cushing , Oklahoma, U.S, China, SINGAPORE, Saudi Arabia, Europe, Sparta, Houston, Singapore

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

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

☆ Oil holds near three-month high on signs of tightening supply
▼ + stars: | 2023-08-01 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SINGAPORE, Aug 1 (Reuters) - Oil prices slipped on Tuesday but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer. A private sector survey also showed on Tuesday that China's factory activity swung to contraction in July, with supply, demand and export orders all deteriorating amid sluggish market conditions. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut of 1 million barrels per day for July. National Australia Bank analysts said they expect Saudi Arabia to extend its voluntary 1 million barrels per day (bpd) supply cut into September. U.S. crude oil and gasoline stockpiles were expected to have declined last week, according to a Reuters poll which estimated on average that crude inventories fell by about 900,000 barrels in the week to July 28.

Persons: Brent, Tina Teng, Teng, Christian Schmollinger, Sonali Paul Organizations: Brent, . West Texas, CMC Markets, Organization of Petroleum Exporting, National Australia Bank, NAB, Energy, Administration, Thomson Locations: SINGAPORE, United States, ., OPEC, Saudi Arabia, Saudi

More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel. U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel. Reuters GraphicsPump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick OxfordSaudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September.

Persons: Goldman Sachs, Brent, WTI, Nick Oxford, Edward Moya, Phil Flynn, Shariq Khan, Natalie Grover, Florence, Mohi Narayan, Christina Fincher, Louise Heavens, David Evans, Nick Macfie, Paul Simao Organizations: Saudi, . West Texas, Midland , Texas U.S, REUTERS, Organization of Petroleum, Reuters, Strategic Petroleum Reserve, Futures, Thomson Locations: Riyadh, OPEC, Goldman Sachs BENGALURU, Midland , Texas, Nick Oxford Saudi Arabia, Saudi, U.S, India, Bengaluru, London, Florence Tan, Singapore, New Delhi

☆ Exxon Mobil in talks with Tesla, Ford to supply lithium - Bloomberg Law
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Oil major Exxon Mobil (XOM.N) is in talks with Tesla (TSLA.O), Ford Motor (F.N), Volkswagen (VOWG_p.DE) and other automakers to supply lithium, Bloomberg Law reported on Monday citing people familiar with the matter. The talks are in early stages and also include the likes of Samsung (005930.KS) and SK On Co, the report added. Tesla, Ford, Volkswagen did not respond to Reuters requests for comment, while Exxon declined to comment. Its rapid expansion into the lithium sector comes amid growing interest from traditional energy companies and others into emerging technologies that aim to boost global supply of the ultralight metal. Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Sourasis Bose, Krishna Chandra Organizations: Oil, Exxon Mobil, Ford Motor, Volkswagen, Bloomberg, Samsung, SK, Co, Ford, Exxon, Tetra Technologies Inc, Thomson Locations: Arkansas, Bengaluru

LONDON/HOUSTON/SINGAPORE, July 31 (Reuters) - Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months. JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies. Stock declines have been geographically uneven so far, with inventory falls in the United States and Europe offset by increases in China and Japan. Weekly stocks of diesel, jet fuel and fuel oil in the five regions are also currently below their five-year averages. Crude inventories in Japan have added 25 million barrels, or 8%, since April to stand at their highest in nearly two years, according to Kayrros.

Persons: Morgan, Christopher Haines, Cushing, Kayrros, Antoine Halff, Macquarie, Vikas Dwivedi, JP Morgan, Dwivedi, we've, Muyu Xu, Stephanie Kelly, Simon Webb, Kirsten Donovan Organizations: U.S, Energy, International Energy Agency, Organization of, Petroleum, OECD, OPEC, UBS, U.S . Energy Information Administration, Reuters Graphics Reuters, FGE Energy, United Arab, Reuters Graphics, Macquarie, Thomson Locations: HOUSTON, SINGAPORE, Saudi Arabia, Russia, United States, Europe, China, Japan, Saudi, Oklahoma, Singapore, Fujairah, United Arab Emirates, Mideast, Ukraine, Portugal, Reuters Graphics China, Iran, Venezuela, North Africa, Asia, New York

☆ Oil to drift lower as slower growth offsets OPEC+ cuts: Reuters poll
▼ + stars: | 2023-07-31 | by ( Rahul Paswan | ) www.reuters.com time to read: +2 min

A survey of 37 economists and analysts forecast Brent crude would average $81.95 a barrel in 2023, down from June's $83.03 consensus and current levels of around $85. Sluggish growth in top crude importer China has also weighed on oil prices so far in 2023. Global oil demand was expected to increase by about 1-2.1 million barrels per day (bpd) in 2023, led by China. "China's economic outlook may continue to disappoint but upside in oil demand is still possible with jet demand recovery from international flights later this year," said Ajay Parmar, associate director of global oil markets research at HSBC. Some of the analysts expected supplies to tighten and support oil prices in the latter part of this year after Saudi Arabia and Russia deepened output cuts in July.

Persons: Brent, Kpler, Ajay Parmar, John Paisie, Rahul Paswan, Brijesh Patel, Barbara Lewis Organizations: U.S . Federal Reserve, ECB, HSBC, Stratas Advisors, Thomson Locations: June's, Central, China, Saudi Arabia, Russia, Bengaluru

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

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

July 28 (Reuters) - Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts. Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase. But recent interest rate increases from global central banks seeking to tame stubborn inflation raised questions about long term demand. Earlier this week oil fell after data showed U.S. crude inventories fell less than expected.

Persons: Brent, Jerome Powell's, Baden Moore, Jim Ritterbusch, Laura Sanicola, Andrew Hayley, Lincoln, Sonali Paul Organizations: . West Texas, Commerce Department, Federal, Organization of, Petroleum, bbl, National Australia Bank, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates, Thomson Locations: U.S, 3Q23, Saudi, Galena , Illinois, Washington, Beijing

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