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Christian Hartmann - 2 Fitch - 2 refiners - 2 Brent - 1 Edward Moya - 1 Tina Teng - 1 Andrew Hayley - 1 Sudarshan - 1
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☆ Oil steady as supply concerns offset US ratings downgrade
  + stars: | 2023-08-03 | by ( Andrew Hayley Sudarshan Varadhan | Andrew Hayley | Sudarshan Varadhan | ) www.reuters.com   time to read: +3 min
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
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