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HOUSTON, July 27 (Reuters) - Oilfield service providers on Thursday signaled a recovery in rig count, an indicator of future production, later this year, citing an uptick in oil and gas prices. However, with U.S. crude prices climbing back to $80 per barrel, service companies are betting on a recovery in demand. Lindsay said he expects rig count activity to hit a bottom in the quarter ending September, and a recovery in the following quarter. Rival Patterson-UTI Energy (PTEN.O) also forecast a rise in rig count and fracking activity later this and next. "We believe the industry rig count is near a bottom," said Andy Hendricks, CEO of Patterson-UTI Energy, adding that the company expects additional rig releases in the next few weeks before drilling activity recovers later in the year.

Persons: John Lindsay, Lindsay, Payne, Patterson, Andy Hendricks, Hendricks, Arathy Somasekhar, Jonathan Oatis, Matthew Lewis Organizations: UTI Energy, Thomson Locations: U.S, Houston

The crude benchmarks have already chalked up four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies. Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high. In China, the world's second-biggest oil consumer, leaders pledged to step up economic policy support. U.S. industry data on inventories is expected at around 2030 GMT. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Sudarshan Varadhan, Jan Harvey, Susan Fenton Organizations: U.S, West Texas, Organization of, Petroleum, ING, Fed, European Central Bank, Reuters, Thomson Locations: China, United States, Baton Rouge

Summary China to step up policy adjustments amid tortuous recoveryPOLL-US crude, product inventories seen down last weekComing up: API data on U.S. crude stocks at 4:30 p.m. ETJuly 25 (Reuters) - Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Still, bearish data in the euro zone and U.S. underlined weakness across the global economy. Later on Tuesday, industry data on U.S. crude inventories is expected. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Edward Moya, Jerome Powell, Christine Lagarde, Stephanie Kelly, Shri Navaratnam, Stephen Coates Organizations: U.S, West Texas, Organization of, Petroleum, Energy, OANDA, Fed, European Central Bank, ECB, Reuters, Thomson Locations: China, Russia, OPEC, U.S

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

☆ Oil rally takes a breather ahead of Fed, ECB rate hikes
▼ + stars: | 2023-07-24 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, July 24 (Reuters) - Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports. Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes. Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No. Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.

Persons: Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes, Florence Tan, Tom Hogue Organizations: Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy, Thomson Locations: SINGAPORE, Ukraine, Russia, China, Beijing

☆ Oil prices rise as tight supply counters expected rate hikes
▼ + stars: | 2023-07-24 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters) - Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from U.S. and European central banks. Brent crude futures rose 44 cents, or 0.6%, to $81.51 a barrel by 11 GMT. The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grain exports. Market participants expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No.

Persons: Brent, Jerome Powell, Christine Lagarde, Florence Tan, Emily Chow, Tom Hogue, Sharon Singleton, Louise Heavens Organizations: . West Texas, Citi Research, National Australian Bank, Federal Reserve, European Central Bank, Thomson Locations: Ukraine, Russia, China, Beijing

"The oil market is starting to slowly price in a looming supply crunch," Price Futures Group analyst Phil Flynn said. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. A shutdown of the grain corridor could hit supplies of ethanol and biofuels that are blended with oil products at a time that global grain markets are already tightening, which would lead to refiners using more crude oil, Flynn said. Meanwhile, U.S. energy firms this week reduced the number of oil rigs by seven, their biggest cut since early June, energy services firm Baker Hughes said. At 530, the U.S. oil rig count, an early indicator of future output, is at its lowest since March 2022.

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

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 steady on lower U.S. crude stocks, cautious demand outlook
▼ + stars: | 2023-07-20 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +1 min

SINGAPORE, July 20 (Reuters) - Oil prices were little changed on Thursday as a lower-than-expected drop in U.S. crude inventories and a potentially weaker demand outlook kept investors cautious. September WTI crude was higher by 6 cents, or 0.1%, to $75.35. The outlook for demand in China, the world's biggest crude buyer, was also unclear amid its slowing economy. Crude prices may struggle to find a clear direction amid a mixed global demand outlook in the next few weeks, Citi analysts said in a note. Demand is "a mixed picture with stronger gasoline and jet fuel demand, but weaker petchems and diesel," the analysts said.

Persons: Brent, Jun Rong, Jeslyn Lerh, Laura Sanicola, Sonali Paul, Miral Fahmy, Kim Coghill Organizations: U.S . West Texas, IG, U.S ., Citi, Thomson Locations: SINGAPORE, U.S, China, Saudi, Singapore, Washington

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

Summary Market claws back some of Monday's lossesUS crude, product inventories seen down last weekChina's frail growth raises urgency for policy supportJuly 18 (Reuters) - Oil prices edged higher in early trade on Tuesday after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of U.S. crude supplies. Brent crude gained 11 cents to $78.61 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude rose 15 cents to $74.30 a barrel. Investors awaited industry data later on Tuesday that was expected to show U.S. crude oil stockpiles and product inventories likely fell last week. Still, global supplies could see a boost from the resumption of output at two of three Libyan fields that were shut last week. Output had been halted by a protest against the abduction of a former finance minister.

Persons: Brent, Stephanie Kelly, Sonali Paul Organizations: U.S, West Texas, Energy, Administration, Thomson Locations: U.S

☆ Oil dips more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

China's gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of three Libyan fields shut last week. Output had been halted by a protest against the abduction of a former finance minister.

Persons: Warren Patterson, ING's, Brent, Dennis Kissler, Arathy Somasekhar, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman, Mike Harrison, Barbara Lewis Organizations: . West Texas, BOK Financial, Oil, Thomson Locations: HOUSTON, China, Saudi Arabia, Moscow, Houston

☆ Oil slides more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "China data was always looked forward to with a degree of hope; well, for bulls anyway," John Evans of oil broker PVM said in a report. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of the three Libyan fields that were shut last week. Reporting by Alex Lawler Additional reporting by Florence Tan and Mohi Narayan Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Warren Patterson, ING's, Brent, John Evans, PVM, Oil, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman Organizations: . West Texas, Thomson Locations: China, Saudi Arabia, Libya, Nigeria, Moscow

2 oil consumer, while Libya resumed production on the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West before going full on with stimulus," Grasso said. Reporting by Florence Tan and Mohi Narayan; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: China's, Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Vandana Hari, Hari, Florence Tan, Mohi Narayan, Tom Hogue, Sonali Paul Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Vanda Insights, Thomson Locations: China, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

☆ Oil slips on weak China GDP data, resumption of Libya output
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

2 oil consumer as Libya resumed production over the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West, before going full on with stimulus," Grasso said. In Russia, oil exports from western ports are set to fall by some 100,000-200,000 bpd next month from July, a sign Moscow is making good on a pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday.

Persons: Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Florence Tan, Sonali Paul, Tom Hogue Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Thomson Locations: China, SINGAPORE, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

☆ Oil slips after Libya resumes output, China data eyed
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Prices softened after both benchmarks last week notched a third straight week of gains and touched their highest levels since April when output was shut at oilfields in Libya and Shell halted exports of a Nigerian crude, tightening supply. Two of the three Libyan oilfields shut on Thursday, the Sharara and El Feel oilfields with a total production capacity of 370,000 barrels per day (bpd), resumed on Saturday evening, four oil engineers and oil ministry said. Output was halted in protest against the abduction of a former finance minister. There is also some nervousness among traders ahead of another big week ahead for economic data from China, the UK and Japan, he added. Reporting by Florence Tan; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tony Sycamore, BoE, Sycamore, Florence Tan, Sonali Paul Organizations: Libya, Brent, West Texas, Shell, Federal Reserve, Market, Thomson Locations: China, SINGAPORE, Libya, Nigerian, El, Russia, Moscow, Saudi Arabia, U.S, Japan

In the most recent week, funds were major buyers of Brent (+48 million barrels), NYMEX and ICE WTI (+33 million), European gas oil (+17 million), U.S. gasoline (+12 million) and U.S. diesel (+5 million). Across all six contracts, funds purchased a total of 163 million barrels in the two most recent weeks after Saudi Arabia extended its cut of 1 million barrels per day (b/d) for an extra month. Funds had been buyers in each of the five most recent weeks, purchasing a total of 822 billion cubic feet since June 6. The surplus was little changed from +279 billion cubic feet (+12% or +0.69 standard deviations) on June 6 and was actually up from +44 billion cubic feet (+2% or +0.14 standard deviations) at the end of January. Related columns:- Saudi output cut removes downside risk from oil market (July 12, 2023)- Oil investors less bearish after Saudi output cut extended (July 10, 2023)- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- Is oil market’s glass half-full or half-empty?

Persons: Brent, repurchases, John Kemp, Bernadette Baum Organizations: ICE, U.S ., Saudi, Fund, Funds, Thomson, Reuters Locations: Saudi, China, Europe, U.S, Saudi Arabia

Brent crude futures fell $1.31, or 1.7%, to $80.05 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate crude futures fell $1.34, or 1.7%, to $75.55 a barrel. A stronger greenback reduces oil demand, making crude more expensive for investors holding other currencies. Oil prices remained on course for a weekly gain of more than 2%, after supply disruptions in Libya and Nigeria heightened concerns that the markets will tighten in coming months. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.

Persons: Brent, Dollar, John Kilduff, John Evans, Shariq Khan, Natalie Grover, Sudarshan, Katya Golubkova, David Evans, Mark Potter, Louise Heavens, David Gregorio Our Organizations: Brent, . West Texas, Again, U.S, Shell, Thomson Locations: BENGALURU, Libya, Nigeria, Bengaluru, London, Singapore, Tokyo

Both Brent crude futures and U.S. West Texas Intermediate crude futures , were trading slightly lower. Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said. Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024.

Persons: Brent, Edward Moya, Sudarshan Varadhan, Katya Golubkova, Jamie Freed, Muralikumar Anantharaman, Kim Coghill Organizations: Shell, Brent, . West Texas, ANZ Research, OANDA, of, Petroleum, National Australia Bank, U.S ., U.S . Federal, Thomson Locations: Libya, Nigeria, SINGAPORE, Saudi Arabia, Russia, TOKYO

Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said. Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024. U.S. consumer prices rose modestly in June at the smallest annual increase rate in more than two years as inflation continued to subside.

Persons: Edward Moya, Katya Golubkova, Jamie Freed, Muralikumar Organizations: Shell, Brent, . West Texas, ANZ Research, OANDA, of, Petroleum, National Bank of Australia, U.S ., U.S . Federal, Thomson Locations: Libya, Nigeria, SINGAPORE, Saudi Arabia, Russia, TOKYO

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