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☆ Oil eases though investors wary over potential Mideast supply disruption
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: +2 min

Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures fell 39 cents, or 0.5%, to $79.01 a barrel by 0152 GMT. "Oil prices are likely to hover around the current 200-day average levels, with the primary concern being whether Israel will retaliate against Iranian oil facilities," he said. Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.

Persons: Hurricane Milton, Hiroyuki Kikukawa, Brent, WTI, Yoav Gallant Organizations: . West Texas, NS, Nissan Securities, Israeli, Hezbollah, Reuters, National Oil Corporation Locations: Norway, Brent, United States, Hurricane, Florida, Israel, Iran, Lebanon, Hamas, Gaza, Yemen, Beirut, Gulf, Washington

☆ Oil prices rebound on fears of supply disruption from tropical storm
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack in the Inglewood Oil Field, seen from the Kenneth Hahn State Recreation Area, on July 13, 2022, in Los Angeles, California. Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand. OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd. But the U.S. Energy Information Administration said on Tuesday global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts. Meanwhile, China's daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, as shipments staged a tentative recovery on lower crude oil prices and improving refining margins.

Persons: Kenneth Hahn, Brent, Hiroyuki Kikukawa, Storm Francine Organizations: Inglewood Oil, Recreation Area, Brent, NS, Nissan Securities, U.S, National Hurricane Center, U.S . Bureau of Safety, Environmental, Organization of, Petroleum, OPEC, U.S . Energy, Administration Locations: Inglewood, Los Angeles , California, Louisiana, Gulf, Mexico, U.S . Gulf, U.S

☆ Oil prices climb more than $1 on fear of spreading Middle East conflict
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer. Oil's slide was limited by worry that Iranian retaliation for the assassination of a Hamas leader in Tehran may lead to a wider war in the Middle East. "Increased fear of escalating Middle East conflict prompted fresh buying," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities . "The market has largely factored in a retaliatory attack by Iran so the focus is on its scale and Israel's counterattack," Kikukawa said. If the conflict escalates, oil prices will rise, but if it is contained in the short term - as it was in April amid similar escalation fear - gain will be limited, he said.

Persons: paring, Hiroyuki Kikukawa, Kikukawa, Antony Blinken, Masoud Pezeshkian, Vladimir Putin Organizations: Brent, U.S, West Texas, NS, Nissan Securities, State Department, Reuters, OPEC Locations: Fort Stockton , Texas, Tehran, Iran, Israel, U.S, Iraq, Russia, Venezuela

☆ Oil prices ease on concerns over weak China demand, Mideast ceasefire talks
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Brent crude futures for September fell 38 cents, or 0.5%, to $81.33 a barrel by 0129 GMT. This year, China's oil imports and refinery runs have trended lower than in 2023 on lower fuel demand amid sluggish economic growth, according to government data. "If Middle East ceasefire talks progresses, U.S. equities continue to slide, and China's economy remains sluggish, oil prices could fall to early June levels," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

Persons: Hiroyuki Kikukawa, Kikukawa, Joe Biden, Benjamin Netanyahu, Satoru Yoshida Organizations: Brent, . West Texas, Energy Information Administration, NS, Nissan Securities, Hamas, U.S, Congress, Rakuten Securities Locations: China, Israel, Gaza, Egypt, Qatar

☆ Oil prices extend rally on potential U.S. crude purchase for reserve
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +2 min

An offshore oil platform is seen at sunset on February 9, 2024 near Huntington Beach, California. Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05. "Since WTI is near its 200-day average, we expect oil prices to remain close to current levels for a while," he said. U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.

Persons: WTI, Hiroyuki Kikukawa, Jennifer Granholm, Goldman Sachs, Brent Organizations: Brent, . West Texas, . Federal Reserve, NS, Nissan Securities, Strategic Petroleum Reserve, Energy, Reuters, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, U.S . Energy Information Administration, International Energy Agency Locations: Huntington Beach , California, U.S, .

☆ Oil prices pick up on prospect of U.S. replenishing strategic reserve
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, or 0.3%, to $79.22 a barrel. The U.S. aims to replenish its Strategic Petroleum Reserve, or SPR, after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less. Any delay in rate cuts could slow economic growth and dampen demand for oil.

Persons: WTI, Hiroyuki Kikukawa, Kikukawa, Benjamin Netanyahu Organizations: Brent, . West Texas, NS, Nissan Securities, Strategic Petroleum Reserve, U.S, U.S . Energy Information Administration, U.S . Federal Reserve Locations: Loco Hills, New Mexico, U.S, Israel, Gaza, Egypt, Israeli, Rafah

☆ Oil prices dip as demand concerns outweigh Middle East supply fears
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: +1 min

Oil storage drums stacked in the Keihin industrial area of Kawasaki, Kanagawa Prefecture, Japan, on Monday, April 15, 2024. Oil prices eased in early trade on Wednesday as worries about global demand due to weak economic momentum in China and fading hopes for U.S. interest rate cuts in the near term outweighed supply fears on heightened tensions in the Middle East. Oil prices have softened so far this week as economic headwinds pressured investor sentiment, curbing gains from geopolitical tensions, with eyes on how Israel might respond to Iran's attack on Israeli territory over the weekend. "Demand concerns increased due to expectations that U.S. interest rate cuts are likely to be delayed and weaker-than-expected economic data from China," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "Since the market had been rising until last week on supply worries amid escalating tensions in the Middle East, the relatively restrained Iranian aggression has not provided the ground for buying up," he said.

Persons: Hiroyuki Kikukawa Organizations: Brent, NS, Nissan Securities Locations: Kawasaki, Kanagawa Prefecture, Japan, China, Israel

☆ Oil prices rise as heightened geopolitical risk exacerbates supply concern
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. Oil prices rose in early Asian trading on Monday on concern over tighter global supply brought about by escalating conflict in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure. "Falling U.S. rig count also increased worry over tighter supply," he said. In the Middle East, Israeli forces besieged two more Gaza hospitals on Sunday, pinning down medical teams under heavy gunfire, the Palestinian Red Crescent said. Meanwhile, the U.S. oil rig count fell by one to 509 last week, showed data from energy services firm Baker Hughes , indicating lower future supply.

Persons: Hiroyuki Kikukawa, Israel, Al, Antony Blinken, Benjamin Netanyahu, Baker Hughes Organizations: Brent, NS, Nissan Securities, Kyiv, Palestinian, Israeli Locations: Odessa , Texas, Russia, Ukraine, Lviv, Warsaw, Moscow, Kyiv, East, Gaza, Rafah, U.S

☆ Oil prices fall on China demand worries
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

A view of oil wells at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices extended last week's losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. "Worries over weak demand in China outweighed the extension of supply cuts by OPEC+," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that mixed signs from U.S. jobs data prompted some traders to adjust positions. China last week set an economic growth target for 2024 of around 5%, which many analysts called ambitious without much more stimulus. Tension is also escalating in Russia and its neighbors, raising fear about a potential escalation in conflict outside of Ukraine, NS Trading's Kikukawa said.

Persons: Brent, Hiroyuki Kikukawa, Ismail Haniyeh, Kikukawa, Vladimir Putin Organizations: U.S, West Texas, NS, Nissan Securities, Organization of, Petroleum, Federal Reserve Locations: Jebel Dukhan, Bahrain, China, East, Russia, Hamas, Israel, OPEC, Gaza, Ukraine, France

☆ Oil prices roughly flat as unclear demand scenario weighed
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.

Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza

☆ Oil prices drift lower on China demand worries
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency, or IEA, joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher. There are also worries that the U.S.-China conflict could attract attention again as the U.S. election approaches, which would be negative for energy demand, he said. On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group.

Persons: Hiroyuki Kikukawa Organizations: Brent, U.S . West Texas, International Energy Agency, NS, Nissan Securities, U.S ., U.S . Energy Information Administration Locations: Long Beach , California, China, U.S, Pakistan, Iran, Tehran, Mandab, North Dakota

☆ Oil prices rise after storm disrupts Kazakh, Russian exports
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts. A severe storm in the Black Sea region has disrupted up to 2 million barrels per day of oil exports from Kazakhstan and Russia, according to state's officials and port agent data. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. A weaker dollar typically supports oil prices as it makes oil cheaper for those holding other currencies. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Hiroyuki Kikukawa Organizations: OPEC, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S Locations: Kazakhstan, Russia, OPEC, Kazakh

"Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Turar, Hiroyuki Kikukawa, Warren Patterson, Ewa Manthey, Brent, Yuka Obayashi, Muyu Xu, Lincoln, Kim Coghill Organizations: REUTERS, Rights, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, ING, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S, Thomson Locations: Mangystau, Kazakhstan, Rights TOKYO, SINGAPORE, Russia, OPEC, Kazakh

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. The U.S. Energy Information Administration (EIA) said last week crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall. That is "not a prospect that crude oil will welcome given that recent data in China and the U.S. has brought growth fears back to the surface," he said. Weak economic data last week from China, the world's biggest crude oil importer, increased fears of faltering demand. Additionally, refiners in China asked for less supply from Saudi Arabia, the world's largest exporter, for December.

Persons: magnifier, Dado Ruvic, Baker Hughes, Brent, Hiroyuki Kikukawa, Jerome Powell, Tony Sycamore, Kikukawa, Yuka Obayashi, Colleen Howe, Lincoln, Bernadette Baum Organizations: REUTERS, U.S . Federal, U.S . West Texas, NS, Nissan Securities, U.S . Energy Information Administration, IG, U.S, Organization of, Petroleum, Thomson Locations: BEIJING, United States, China, U.S, Iraq, Israel, refiners, Saudi Arabia, Russia

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Baker Hughes Co FollowTOKYO, Nov 13 (Reuters) - Oil prices eased on Monday, reversing their rally on Friday, as renewed concerns over waning demand in the United States and China dented market sentiment. The U.S. Energy Information Administration (EIA) said last week that crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall. Weak economic data last week from China, the world's biggest crude oil importer, also increased fears of faltering demand. Additionally, refiners in China asked for less supply from Saudi Arabia, the world's largest exporter, for December.

Persons: magnifier, Dado Ruvic, Baker Hughes, Brent, Hiroyuki Kikukawa, Kikukawa, Yuka Obayashi, Shri Navaratnam Organizations: REUTERS, U.S . West Texas, NS, Nissan Securities, U.S . Energy Information Administration, Organization of, Petroleum, Thomson Locations: United States, China, U.S, Iraq, Israel, refiners, Saudi Arabia, Russia

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose 49 cents, or 0.5%, to $92.69 a barrel by 0645 GMT after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude futures gained 55 cents, or 0.6%, to $91.34 a barrel, after losing 92 cents on Friday. However, a private-sector survey on Sunday was less encouraging, showing the country's factory activity expanded at a slower pace in September.

Persons: Agustin Marcarian, Baker Hughes, recouping, Brent, Hiroyuki Kikukawa, Kevin McCarthy, Yuka Obayashi, Emily Chow, Jamie Freed, Shri Navaratnam, Kim Coghill Organizations: REUTERS, . West Texas, of, Petroleum, NS, Nissan Securities, ING, PMI, Republican, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, TOKYO, U.S, Saudi Arabia, Russia, OPEC, Tokyo

☆ Oil prices climb as investor risk appetite grows
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: +2 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices climbed on Monday, reversing some of Friday's losses, as investors focused on a tight global supply outlook and a last-minute deal that avoided a U.S. government shutdown restored their risk appetite. Brent December crude futures rose 18 cents, or 0.2%, to $92.38 a barrel by 0037 GMT after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude futures gained 23 cents, or 0.3%, to $91.02 a barrel, after losing 92 cents on Friday.

Persons: Brent, Hiroyuki Kikukawa, Kevin McCarthy, Baker Hughes Organizations: . West Texas, of, Petroleum, NS, Nissan Securities, Republican, Reuters Locations: Stanton , Texas, U.S, Saudi Arabia, Russia, OPEC

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

A person uses a petrol pump, as the price of petrol rises, in Lisbon, Portugal, March 7, 2022. The October WTI contract expires on Wednesday and the more active November contract was up 9 cents, or 0.1%, at $90.57 a barrel. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures. "A large drop in U.S. oil inventories and slow U.S. shale output have added to supply concerns coming from extended production curbs by Saudi Arabia and Russia," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "There will be some short-term adjustments in oil prices because of the recent spike, but expectations of reaching $100 a barrel on both Brent and WTI later this year will remain unchanged," he said.

Persons: Pedro Nunes, Hiroyuki Kikukawa, Brent, WTI, Yuka Obayashi, Sonali Paul Organizations: REUTERS, Companies Exxon Mobil Corp Follow, Brent, . West Texas, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Investors, U.S . Federal Reserve, Thomson Locations: Lisbon, Portugal, ., Saudi Arabia, Russia, Nigeria, Europe, Asia

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

☆ Oil prices ease on concerns over rate hikes, China gloom
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand. "Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term," he said. 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 the 2.9 million barrels drop analysts expected in a Reuters poll. The weekly report from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 1430 GMT on Wednesday.

Persons: Jackson, Hiroyuki Kikukawa Organizations: Brent, 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, Energy Information Administration, U.S . Department of Energy Locations: China, Jackson Hole , Wyoming, Saudi Arabia, Russia, OPEC, U.S

☆ Oil prices ease after build in U.S. crude stockpiles
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. Oil prices eased on Wednesday, sliding from three-month highs hit the previous day after industry data showed an expected rise in U.S. crude stockpiles, but losses were capped amid signs of tighter global supply and hopes for China's economic stimulus. U.S. West Texas Intermediate, or WTI, crude was at $79.35 a barrel, down 28 cents, or 0.4%. With crude supplies expected to tighten due to output cuts by the Organization of the Petroleum Exporting Countries and allies, oil prices have already clinched four weekly gains in a row. Meanwhile, leaders in China, the world's number 2 oil consumer, pledged to step up economic policy support.

Persons: Hiroyuki Kikukawa, Brent, WTI Organizations: Brent, . West Texas, NS, Nissan Securities, U.S . Federal Reserve, American Petroleum Institute, Reuters, Organization of, Petroleum, International Monetary Fund Locations: Singapore, Saudi, China

TOKYO, June 29 (Reuters) - Oil prices eased on Thursday, paring some of the previous day's gains, as investors took profits on concerns that further interest rate hikes by central banks could dampen economic growth and global fuel demand. "The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. Brent's six-month backwardation - a price structure whereby sooner-loading contracts trade at higher prices than later-loading ones - reached its lowest since December, indicating higher demand for immediate delivery.

Persons: paring, Hiroyuki Kikukawa, Jerome Powell, Christine Lagarde, Kikukawa, Yuka Obayashi, Sonali Paul Organizations: Brent, . West Texas, U.S . Energy Information Administration, NS, Nissan Securities, U.S . Federal, European Central Bank, Thomson Locations: TOKYO, U.S, Europe, China, United States

☆ Oil prices fall on concerns of slow fuel demand, weak China data
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment. "The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. Brent's six-month backwardation - a price structure whereby sooner-loading contracts trade at higher prices than later-loading ones - reached its lowest since December, but still indicated higher demand for immediate delivery. "Behind the backwardation is the expectation that the immediate demand for fuels will stay firm as the United States has entered the driving season, but the global economy will slow down toward the second half of this year, reducing oil demand," NS Trading's Kikukawa said.

Persons: paring, Brent, Hiroyuki Kikukawa, Jerome Powell, Christine Lagarde, Tetsu Emori, Kikukawa Organizations: TotalEnergies, . West Texas, U.S . Energy Information Administration, NS, Nissan Securities, U.S . Federal, European Central Bank, Emori Fund Management Inc Locations: Leuna, Germany, China, U.S, Europe, Saudi Arabia, OPEC, United States

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