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When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. But fueling this latest rally are prospects for the possible approval of spot bitcoin exchange traded funds — a pooled investment security that can be bought and sold like stocks. While analysts expect the potential approval of spot bitcoin ETFs to create a much larger pool of crypto investors, future volumes could go either way, Carey added. Despite the recent excitement around bitcoin, experts still maintain that crypto is a risky bet with wildly unpredictable fluctuations in value. As of around 1:30 p.m. Eastern time Monday, the price of bitcoin stood at $41,709.

Persons: Bitcoin, Riyad Carey, Carey, Binance, Changpeng Zhao, ”, “, Edward Moya, FTX, bitcoin Organizations: Federal, Industry, Regulators, Associated Locations: Silicon, bitcoin, cryptocurrencies, U.S

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken, Mohi Narayan, Emily Chow, Jamie Freed Organizations: Kyodo, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, DELHI, Israel, ., U.S, Europe, China, East, Gaza, New Delhi, Singapore

☆ Oil gains ahead of Fed meeting as Middle East conflict persists
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken Organizations: Raffles, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel Locations: Yantai, East China's Shandong province, Israel, ., Europe, East, Gaza, U.S

☆ Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi's (ON.O) bleak forecast. "ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers," he said in a post on social media platform X on Monday. loadingOnsemi CEO Hassane El-Khoury said the company's top European clients were working to clear their inventory and noted that the company sees "increasing risk to automotive demand due to high interest rates." It contracted to 17.9% between July and September from 25.1% a year earlier due the EV maker's rampant price cuts, which also triggered a price war in key markets such as China. Tesla was trading at about 56 times its 12-month forward earnings estimates, compared with 5.6 times for Ford and General Motors' 4.1, according to LSEG data.

Persons: Phil Noble, Elon Musk's, Edward Moya, General Motors, Stellantis, Gary Black, chipmaker, Hassane El, Khoury, Tesla, Chavi Mehta, Akash Sriram, Shinjini Organizations: REUTERS, Tesla, Panasonic Holdings, Panasonic, Tesla's, Oanda, General, United Auto Workers, Ford Motor, Chrysler, UAW, General Motors, China EV, Ford, EV maker's, Thomson Locations: Manchester, Britain, North America, Stellantis's, China, Bengaluru

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.

Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, “, —, “ We’re, it’s, ”, it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies

☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. 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 government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

SummaryCompanies Gold gains 5.2% so far this weekIsraeli military says troops make first ground raids into GazaPalladium set for weekly lossOct 13 (Reuters) - Gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets. Reuters GraphicsInvestors kept a tab on developments in the Middle East conflict, which has unnerved markets since the start of the week. "Investors are fleeing to safe havens as the risks of Middle East tensions grow," said Edward Moya, senior market analyst at OANDA. "If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. Platinum rose 1.4% to $880.42, while palladium dropped 0.3% to $1,141.24 and was set for a weekly decline.

Persons: Israel, Edward Moya, David Meger, Ashitha, Alexander Smith, Sherry Jacob, Phillips Organizations: Gaza, East, Reuters Graphics, High, Futures, Traders, Thomson Locations: Gaza, Israel, Bengaluru

☆ Oil and natural gas prices are climbing again as risks multiply
▼ + stars: | 2023-10-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

“The oil market is very sensitive to developments with the Israel-Hamas war,” he told CNN. Risks to natural gas supplyThe situation in Israel has also weighed heavily on the European natural gas market. Egypt produces a lot of its own natural gas in addition to imports and processes some of it into LNG for shipping abroad. “This has obviously created a lot of nervousness and heightened the geopolitical risk within the European gas market,” Tomas Marzec-Manser, head of gas analytics at ICIS, told CNN. And Marzec-Manser thinks Europe’s upcoming winter will be bearish for the gas market.

Persons: Edward Moya, ”, —, ” Moya, Brent, Price, ” Sophie Lund, Yates, Hargreaves Lansdown, Massimo Di Odoardo, Wood Mackenzie, Di Odoardo, Frederic J . Brown, ” Tomas Marzec Organizations: London CNN — Global, Brent, Texas, CNN, Israel Defense Forces, Hezbollah, Group, Chevron, Getty, Authorities Locations: Israel, Iran, Tehran, United States, Gaza, Lebanon, Saudi Arabia, Russia, Egypt, Jordan, Europe, LNG, Finland, Estonia, Kern County , California, AFP, Baltic, Germany, Ukraine

☆ Bond yields ease, stocks near flat ahead of Fed minutes
▼ + stars: | 2023-10-11 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The Fed minutes are due later Wednesday, and investors will assess them for further hints about the economic outlook and where U.S. rates are heading. The pan-European STOXX 600 index (.STOXX) rose 0.15% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.19%. Global stocks have edged higher in recent sessions with U.S. bond yields - which underpin borrowing costs around the world - easing as Fed officials have suggested interest rate hikes may be over for now. U.S. crude fell 2.68% to $83.67 per barrel and Brent was at $85.73, down 2.19% on the day.

Persons: Brendan McDermid, Edward Moya, Brent, Herbert Lash, Harry Robertson, Tom Westbrook, Sam Holmes, Alex Richardson, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Companies, Treasury, Reserve, Palestinian, Dow Jones, Nasdaq, Thomson Locations: New York City, U.S, Israel, Gaza, New York, London, Singapore

☆ Attack on Israel boosts appeal of gold, safe-haven assets
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Amir Cohen Acquire Licensing RightsNEW YORK, Oct 8 (Reuters) - The violence in Israel that erupted this weekend is prompting a move into safe-haven assets as investors closely watch events in the Middle East to gauge the geopolitical risk to markets. Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday. Western countries, led by the United States, denounced the attack and pledged support for Israel. Rising geopolitical risk would see buying in assets like gold and the dollar , and boost demand for U.S. Treasuries, which have been sold off aggressively, analysts said over the weekend. "It seems Wall Street has a new geopolitical risk after Israel declared war with Hamas," said Edward Moya, senior market analyst at Oanda in New York.

Persons: Amir Cohen, Treasuries, Peter Cardillo, Cardillo, Stocks, Israel, Edward Moya, Brian Jacobsen, Iran’s, Jacobsen, " Jacobsen, David Kotok, Kevin McCarthy, Kotok, Megan Davies, Lisa Shumaker, Mark Porter, Schmollinger Organizations: REUTERS, Gunmen, Hamas, Israel, U.S, Spartan Capital Securities, U.S ., Analysts, Annex Wealth Management, Cumberland Advisors, Republicans, Representatives Locations: Gaza, Ashkelon, Israel, United States, Asia, New York, Iran, U.S, Saudi Arabia, Washington, Sarasota , Florida

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. "The worst week for crude since March is starting to attract buyers given the oil market will still remain tight over the short-term," Moya said. "We think that once markets start paying attention to falling global oil stockpiles, Brent oil futures will likely creep back up above $US90/bbl," the Commonwealth Bank of Australia said in a note on Friday. U.S. government data this week showed a sharp decline in U.S. gasoline demand, with economic data showing the U.S. services sector had slowed. "The non-farm payroll data tonight, the US CPI, and China's economic data next week will be key to steering oil's movements.

Persons: Agustin Marcarian, Brent, Bond, Edward Moya, Moya, Tina Teng, Sudarshan Varadhan, Sonali Paul, Stephen Coates Organizations: REUTERS, Rights, U.S, West Texas, JPMorgan, National Australia Bank, Commonwealth Bank of Australia, CPI, CMC Markets, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, U.S, United States

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Traders have been on watch for weeks for a possible intervention by Japanese officials to combat a sustained depreciation in the yen. "It could just be people expecting intervention and then reacting to what they believed to be intervention," said Asher. To support the Japanese currency, authorities need to tap Japan's foreign reserves of dollars to sell for yen. A senior Japanese ministry of finance official declined to comment on whether Japan had intervened in foreign exchange markets.

Persons: Florence Lo, Michael Brown, Brown, Colin Asher, Asher, Niels Christensen, Jeremy Stretch, Edward Moya, Stretch, Tuesday's, Chuck Mikolajczak, Samuel Indyk, Saqib Iqbal Ahmed, Gertrude Chavez, Dreyfuss, Dhara Ranasinghe, Lucy Raitano, Ira Iosebashvili, Megan Davies, Jonathan Oatis, Andrea Ricci, Hugh Lawson, Gareth Jones Organizations: U.S, REUTERS, Trader, Mizuho, Nordea, Bank of Japan, New York Federal Reserve, CIBC Capital Markets, Ministry, Finance, Seven, Japan, Thomson Locations: TOKYO, London, Copenhagen, Japan, U.S, Tokyo, Asia, New York, United States

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "It's the feeling that the U.S. economy can stomach higher interest rates for a little bit longer," said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto. "Implicitly it also means that the Fed might not be so quick to cut rates next year either," he said. The Japanese yen weakened 0.31% versus the greenback at 149.77, after falling to 149.90. Investors have been closely watching for signs of intervention in the Japanese currency by the Bank of Japan (BOJ).

Persons: Florence Lo, Kevin McCarthy, Bipan Rai, Edward Moya, Michelle Bowman, Shunichi Suzuki, Chuck Mikolajczak, Marguerita Choy, Alison Williams Organizations: U.S, REUTERS, Federal Reserve, Institute for Supply Management, Congress, Democratic, Republican, Treasury, CIBC Capital Markets, Investors, Bank of Japan, Fed, Bank of Japan's, Japan's Finance, Thomson Locations: U.S, North America, Toronto, New York

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

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

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 244.46 points, or 1.2%, at 19,556.15, its lowest closing level since June 23. "Gold is back in the danger zone as Treasury yields rise alongside a stronger (U.S.) dollar," Edward Moya, a senior market analyst at OANDA, said in a note. Energy was a bright spot, rising 0.8%, as the price of oil settled 0.8% higher at $90.39 a barrel. Shares of Westshore Terminals Investment Corp (WTE.TO) ended 10% lower as RBC cut its price target on the stock.

Persons: Chris Helgren, Peter Anderson, Edward Moya, Industrials, Fergal Smith, Khushi Singh, Tasim Zahid, Marguerita Choy Organizations: Toronto Stock Exchange, REUTERS, Energy, Toronto Stock, Andersen Capital Management, Investment Corp, RBC, Thomson Locations: Toronto , Ontario, Canada, Toronto, Bengaluru

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

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

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

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

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

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

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

SINGAPORE, Sept 18 (Reuters) - Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and by optimism about a recovery in demand in China. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, as well as key economic data out of China. Saudi Arabia and Russia extended supply cuts to the end of the year as part of the OPEC+ group's plans. Global oil demand growth is on track to hit 2.1 million bpd, ANZ said, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Florence Tan and Sudarshan Varadhan; Editing by Stephen Coates and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tina Teng, Brent, WTI, Edward Moya, Florence Tan, Sudarshan, Stephen Coates, Sonali Paul Organizations: Brent, West Texas, CMC, Traders, U.S . Federal Reserve, Saudi, ANZ, OANDA, International Energy Agency, Organization of, Petroleum, Thomson Locations: SINGAPORE, Saudi Arabia, Russia, China, OPEC, Ukraine, Russian

SINGAPORE, Sept 18 (Reuters) - Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Brent crude futures rose 39 cents, or 0.4%, to $94.32 a barrel by 0253 GMT while U.S. West Texas Intermediate crude futures were at $91.30 a barrel, up 53 cents, or 0.6%. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, and key economic data out of China. Global oil demand growth is on track to hit 2.1 million bpd, ANZ said, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Florence Tan and Sudarshan Varadhan; Editing by Stephen Coates and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Gold steadies as investors brace for key cenbank verdicts
▼ + stars: | 2023-09-18 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold was flat at $1,923.40 per ounce by 09:59 a.m. EDT (1359 GMT). Non-yielding gold tends to fall out of favour among investors when interest rates rise. [USD/Chinese gold prices hit record highs last week, extending a months-long rally as consumers snap up the safe-haven asset to offset a depreciating yuan. "While the developments in China are worth watching, we currently do not believe that this will change the outlook for the gold market," said Julius Baer analyst Carsten Menke. Reporting by Brijesh Patel and Anjana Anil in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, CME's, Kazuo Ueda, Julius Baer, Carsten Menke, Brijesh Patel, Anjana Anil, Krishna Chandra Organizations: Wednesday, U.S . Federal Reserve, The Bank of, U.S, Treasury, Thomson Locations: requisitions, The Bank of England, China, Bengaluru

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Sept 15 (Reuters) - Oil prices rose on Friday and are set for a third weekly gain, as better-than-expected Chinese economic data and reports of record oil consumption bolstered the view that demand in the world's second-largest crude consumer will continue to surge. Brent crude futures rose 62 cents, or 0.7%, to $94.32 as of 0249 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 71 cents, or 0.8%, at $90.87. China's industrial output and retail sales grew at a faster-than-expected rate in August, suggesting that the recovery of the world's second-largest economy from the COVID-19 pandemic is stabilising. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter.

Persons: Agustin Marcarian, Edward Moya, Brent, WTI, Sudarshan Varadhan, Christopher Cushing Organizations: REUTERS, Rights, Brent, U.S . West Texas, National, International Energy Agency, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, U.S, OANDA, China, Russia, Saudi Arabia

☆ Oil prices rise to 10 month-high on China reserve ratio cut
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. No one is doubting the OPEC+ (oil-producing nations) decision at the end of last month will keep the oil market very tight in the fourth quarter," said analyst Edward Moya at OANDA. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter. Prices briefly pulled back on a bearish U.S. inventories report, but soon resumed their ascent as supply worries prevailed.

Persons: Brent, Tina Teng, Edward Moya Organizations: U.S . West Texas, CMC, International Energy Agency, Saudi Locations: China, U.S, OANDA

☆ VIEW BP boss Looney resigns over personal relationships with colleagues
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru

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