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☆ Oil prices edge up after OPEC says market fundamentals are strong
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters) - Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Oil prices were also supported by a U.S. crackdown on Russian oil exports, potentially disrupting supply. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Emily Chow, Edwina Gibbs Organizations: REUTERS, Rights, Brent, Organization of, Petroleum, ANZ Research, Kurdistan Regional Government, of Commerce, U.S . Treasury Department, Strategic Petroleum Reserve, International Energy, Energy, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Iraq, Kurdish, Turkey, Washington, Moscow

☆ Wind power industry in moment of reckoning as stocks fall and earnings crumble
▼ + stars: | 2023-11-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ina Fassbender | AFP | Getty ImagesRenewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. Manufacturing faults, most notably at Siemens Energy 's wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and scale. Specialist wind energy firms are also often finding themselves outbid for seabed licenses by traditional oil and gas players. As a result, most wind energy stocks are down sharply since the turn of the year. The firm's economists said the past earnings season was a "learning moment" for the industry.

Persons: Ina Fassbender, Ørsted, Vestas, Henrik Andersen, " Andersen, Jacob Pedersen, it's, " Pedersen, CNBC's, Pedersen Organizations: International Energy Agency, AFP, Getty, Siemens Energy, Siemens Gamesa, Allianz Research, CNBC Wednesday, Sydbank Locations: Germany, Europe, U.S

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures for January were flat at $80.01 a barrel at 0157 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $75.67, down 7 cents. "The conflict remains well contained within Gaza, despite concerns it would escalate as neighbouring Arab nations show their displeasure." The sense supply disruptions from the Israel-Hamas conflict are easing is occurring as concerns around demand, especially from China, the world's largest oil importer, are rising. Additionally, refiners in China, the largest buyer of crude oil from the world's largest exporter Saudi Arabia, asked for less supply from Saudi Arabia for December.

Persons: Angus Mordant, Brent, WTI, Israel, Sudarshan Varadhan, Christian Schmollinger Organizations: REUTERS, Rights, Brent, U.S . West Texas, ANZ Research, Citi, of, Petroleum, Thomson Locations: Loving County , Texas, U.S, Rights SINGAPORE, Israel, Gaza, China, refiners, Saudi Arabia

☆ China PMI: Factory activity unexpectedly contracts in October as demand drops
▼ + stars: | 2023-10-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s massive manufacturing sector has contracted once again amid weak demand, fueling calls for stronger policy support to boost growth. Fewer working days in October due to the Golden Week holiday, which spanned September 29 to October 6, affected the manufacturing PMI, according to the NBS. “The unexpected decline of manufacturing PMI shows the recovery in China is a bumpy road as domestic demand is still quite weak,” said Zhiwei Zhang, president and chief economist for Pinpoint Asset Management. The NBS survey showed that new factory orders declined in October from the previous month, pointing to a drop in demand. Overall, “the weak PMI reinforces the case for stronger fiscal policy support,” Zhang said.

Persons: ”, Zhiwei Zhang, ” Zhang, Xi Jinping, “, Zhaopeng Xing Organizations: Hong Kong CNN, National Bureau of Statistics, PMI, Nomura, Authorities, ANZ Research, Bank of Locations: Hong Kong, China, Beijing, Hangzhou, Liuzhou, Bank of China

☆ India's festival season to bring some cheer to economy, say economists
▼ + stars: | 2023-10-26 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

Nearly 75% of economists, 25 of 33, said spending during this year's festival season, which lasts from October through December, will be higher compared to last year. Among those, 21 said slightly higher and four said significantly higher. "From a year-on-year growth rate perspective, it may not be a substantial upside so to speak." Economists generally agree India needs an even higher growth rate to generate enough jobs for millions of young people who enter the workforce every year. When asked what was India's potential economic growth rate over the next 2-3 years, economists returned a median range of 6.0%-7.0%.

Persons: Anushree, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Susobhan Sarkar, Veronica Khongwir, Hari Kishan, Ross Finley, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Reserve Bank of, ANZ Research, Oxford Economics, Thomson Locations: Delhi, India, Reserve Bank of India

☆ Oil prices ease as aid convoys arrive in embattled Gaza Strip
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +2 min

A crane ship helps other vessels searching for oil and natural gas near the oil platform offshore the Red Sea in Ras Behar region, Egypt on January 29, 2023. Oil prices eased on Monday as aid convoys started to arrive in the Gaza Strip over the weekend amid diplomatic efforts to contain a conflict between Israel and the Palestinian Islamist group Hamas from spreading to the wider oil-rich region. "Israel agreed to hold off its attack on Hamas following pressure from the U.S.," ANZ Research said in a client note. Aid convoys started to arrive to the Gaza Strip from Egypt over the weekend, as Arab leaders and foreign ministers gathered for a summit in Cairo which was unable to yield a joint statement. In latest developments, Israel has bombarded Gaza with air strikes and its aircraft have struck Lebanon.

Persons: Israel, Joe Biden, Benjamin Netanyahu, Pope Francis . Organizations: Brent, . West Texas, ANZ Research, Organization of, Petroleum, Russia —, Aid, Sunday, Israeli, of France Locations: Ras Behar, Egypt, Gaza, Israel, Palestinian, U.S, Russia, Venezuela, Venezuelan, Cairo, Canada, France, Britain, Germany, Italy, Netherlands, Lebanon

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSINGAPORE, Oct 20 (Reuters) - Oil prices extended gains on Friday and were on track for a second week of increases on heightened fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Both contracts are on track to post a second weekly gain as an explosion at a Gaza hospital this week and the anticipated ground invasion by Israeli troops heightened fears of the conflict spreading in the Middle East. "The prospect of more Venezuela oil did little to ease concerns of disruptions in the Middle East," analysts at ANZ Research said in a note to clients on Friday. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Gerry Doyle and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Tony Sycamore, Yoav Gallant, Sycamore, Florence Tan, Sudarshan, Gerry Doyle Organizations: REUTERS, Rights, Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters, ANZ Research, Thomson Locations: Manhattan , New York City, U.S, Rights SINGAPORE, Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC

SINGAPORE, Oct 17 (Reuters) - Oil prices steadied on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February. The Biden administration 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 due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul, Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

SINGAPORE, Oct 17 (Reuters) - Oil prices fell slightly on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Venezuela's government and opposition are set to resume long-suspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said. The Biden administration 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 due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

☆ Oil steadies on hopes of Venezuela sanctions being eased
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 17 (Reuters) - Oil prices stabilised on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Brent crude futures were up 3 cents at $89.68 a barrel, while U.S. West Texas Intermediate crude (WTI) were down 11 cents at $86.55 a barrel as of 0113 GMT. Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February. The Biden administration 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 due to lack of recent investments.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Biden, Sudarshan Varadhan, Sonali Paul Organizations: Venezuela, U.S, West Texas, U.S ., Organization of, Petroleum, Brent, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela

☆ Exclusive: China tells banks to roll over local government debts as risks mount - sources
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +6 min

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.

Persons: Tyrone Siu, ”, National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi

☆ Oil prices gain as concerns mount over Middle East tensions
▼ + stars: | 2023-10-16 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Oil prices rose above $91 a barrel on Monday as diplomatic efforts to address the crisis in the Middle East intensified. The “Middle East risk” is dominating the landscape for global asset prices, said Stephen Innes, managing partner for SPI Asset Management. “The ongoing conflict could weigh even further on the global oil supply over time by potentially reducing the probability of Saudi-Israeli normalization and posing downside risks to Iranian oil production, leading to a further surge in oil prices,” he said. Global oil prices had increased for months as production cuts by Saudi Arabia and Russia fueled worries about reduced global supply. New US measures, unveiled last week, aimed at raising the cost of Russia’s attempts to skirt a cap on the price of its oil might have also driven oil prices higher.

Persons: Jake Sullivan, ”, Stephen Innes Organizations: Hong Kong CNN, Investors, Brent, Texas Intermediate, CBS Sunday, US National, ANZ Research, Hamas Locations: Hong Kong, Middle, Israel, Gaza, Iran, Saudi, Saudi Arabia, Russia, Israel’s

☆ Indian inflation seen easing to 5.50% in Sept on softening food price rises: Reuters poll
▼ + stars: | 2023-10-10 | by ( Milounee Purohit | ) www.reuters.com time to read: +2 min

Rises in food prices, which make up about half the consumer price index (CPI), continue to cool from recent peaks after the Indian government enacted a series of measures to boost supply. "Having said that, the persistent part of the food inflation problem remains there, which is cereals, pulses and spices, and I think the RBI can't do much about it anyway." Rising crude oil prices are also likely to keep inflation elevated in the world's third-largest oil importer. Oil prices rose around 3% on Monday to trade around $90 a barrel. "Oil prices ... are likely to remain high over the remainder of the year on global supply concerns," said Alexandra Hermann at Oxford Economics.

Persons: Amit Dave, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Veronica Khongwir, Hari Kishan, Mark Potter Organizations: REUTERS, Reserve Bank of India's, CPI, ANZ Research, Oxford, Inflation, Thomson Locations: Ahmedabad, India, BENGALURU

☆ Oil prices fall as Russia, Saudi Arabia expected to boost supply
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Oil prices had eased about 1% on Thursday, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. "Oil prices recent rally paused overnight," National Australia Bank said in a note. Russia has not discussed a possible crude oil supply increase to compensate for Moscow's fuel exports ban with OPEC+, the Kremlin has said. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ Research said in a note.

Persons: Brent Organizations: Brent, . West Texas, National Australia Bank, Aramco, Organization of, Petroleum, Russian, JPMorgan, Kremlin, ANZ Research Locations: New Mexico, U.S, Russia, Saudi Arabia, China, OPEC, Turkey, Brazil, Morocco, Tunisia

☆ Oil prices climb as markets focus on supply tightness
▼ + stars: | 2023-09-27 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Sept 27 (Reuters) - Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25. "Oil prices are overall relatively strong amid the current tightening of supply," said CMC Markets analyst Leon Li, however adding that price support from Russia and Saudi Arabia supply cuts may be limited through the year-end. "(Economic) Data from countries in Europe and the United States have recently weakened ... Oil prices in October may show a volatile trend as a whole.

Persons: Tatiana Meel, Cushing, Leon Li, Neel Kashkari, Arathy Somasekhar, Emily Chow, Sonali Paul 私 Organizations: Rights, Brent, U.S, West Texas, Organization of, Petroleum, ANZ Research, Russian Railways, Minneapolis Federal Reserve Bank, of England Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, Oklahoma, Cushing, Saudi Arabia, Europe, United States, Minneapolis, Houston, Singapore

☆ Oil prices dip as high interest rate outlook outweighs tight supply
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped in early trade on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. The world's top economic policy makers, the U.S. Federal Reserve and the European Central Bank, have over the recent days reiterated their commitment to fight inflation, signalling tight policy may persist longer than previously anticipated. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. We expect oil to trade above $90 per barrel during the week," ANZ Research said in a note. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Moody's, Fitch, JP Morgan Organizations: Brent, . West Texas, U.S . Federal Reserve, European Central Bank, ANZ Research Locations: U.S, Russia, Saudi Arabia, Moscow

Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday retained its forecasts for robust growth in global oil demand in 2023 and 2024. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," said analysts at ANZ Research. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Priyanka Sachdeva, Phillip Nova, refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Kyodo, REUTERS Acquire, Rights, Brent, . West Texas, International Energy Agency, Organization of, Petroleum, ANZ Research, Reserve, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Saudi Arabia, Houston, Singapore

☆ Oil hits 2023 highs on tight supply outlook
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: +2 min

The tightening oil balance will remain the dominant price driver for the rest of 2023, he added. Both benchmarks had slipped on Wednesday after a U.S. supply report showing rising crude and refined product stocks. Priyanka Sachdeva, senior market analyst at Phillip Nova, said supply fears are underpinning oil prices as producers "adamantly stick to restricted production". A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," ANZ Research analysts said.

Persons: Tamas Varga, Brent, Priyanka Sachdeva, Phillip Nova Organizations: Oil, Brent, International Energy Agency, . West Texas, Organization of, Petroleum, ANZ Research, European Central Bank, Reuters, ECB Locations: Cromarty Firth, Invergordon, Scotland, Saudi Arabia, U.S

☆ Oil prices up on tighter supply, China PMI in focus
▼ + stars: | 2023-08-31 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsTOKYO, Aug 31 (Reuters) - Global oil prices were up in early trade on Thursday backed by tighter U.S. supply, with a focus on China factory activity due later in the day amid recent weak economic expansion data in the world's second-biggest economy. U.S. West Texas Intermediate crude futures gained 10 cents, or 0.13%, to $81.74. Prices are on the rise this week, with U.S. government data showing tighter-than-expected crude supplies and a military coup in Gabon, an OPEC member, raising fears of crude oil supply disruptions providing additional support on Wednesday. "Bad news was good, as weaker U.S. economic data lowered expectations of another rate hike," ANZ Research said in a note. Higher interest rate reduce demand and pressure oil prices down.

Persons: Lucy Nicholson, Katya Golubkova, Stephen Coates Organizations: REUTERS, Rights, Brent, . West Texas, U.S, Analysts, OPEC, Organization of, Petroleum, Federal, Boston Fed, ANZ Research, Thomson Locations: Bakersfield , California, China, Gabon, Saudi Arabia, Russia, The U.S

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. CMC markets analyst Tina Teng said a soft-landing scenario for the U.S. economy buoyed energy markets on Monday, despite the Federal Reserve's hawkish stance on rate hikes. That "should see some short term support for the oil price", he said. Oil prices have remained above $80 a barrel on support from falling oil inventories and supply cuts from the OPEC+ collective of oil producers. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Christopher Cushing and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Chen Aizhu, Baker Hughes, Brent, WTI, Jerome Powell, Tony Sycamore, Sycamore, Tina Teng, Idalia, Florence Tan, Sudarshan, Christopher Cushing, Clarence Fernandez Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, IG, PMI, CMC, Federal, ANZ Research, Thomson Locations: China, Dalian, Liaoning province, SINGAPORE, U.S, United States, Caribbean, Florida, Gulf, OPEC, Iran, Venezuela

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsCompanies Baker Hughes Co FollowSINGAPORE, Aug 28 (Reuters) - Oil prices were marginally lower on Monday as investors stayed fretful over the pace of economic growth in China, and the prospect of further U.S. interest rate hikes that could dampen fuel demand. Oil rose in early Asian trade before paring gains, as China's move to halve stamp duty on stock trading to boost struggling markets temporarily pushed up prices. In the United States, energy firms cut the number of active oil rigs for a ninth month in August, Baker Hughes said in a report. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Christopher Cushing and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Oil up on expected U.S. oil stock drawdown, but China gloom tempers gain
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside. U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its own data on Wednesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods. Moreover, gloom over the economic outlook in China, the world's second biggest oil consumer, has also pressured oil prices.

Persons: pumpjack, Brent Organizations: . West Texas, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, ANZ Research, Fed, Eurasia Group Locations: Bakersfield, Kern County , California, USA, China, Brent, U.S, Beijing, Eurasia

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 REUTERS/File Photo Acquire Licensing RightsCompanies United States of America FollowSINGAPORE, Aug 18 (Reuters) - Oil prices looked set to snap a seven-week winning streak on Friday as concerns about China's slowing economic growth and the possibility of more U.S. interest rate hikes outweighed signs of tightening supply. Investors fret that higher borrowing costs could impede economic growth and in turn reduce overall demand, including for oil. Data released this week also showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates. Despite recent economic weaknesses, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan Varadhan, Shri Navaratnam, Jamie Freed Organizations: REUTERS, Companies United, U.S . West Texas, U.S, Federal, U.S . Labor Department, Organization of, Petroleum, ANZ Research, ANZ, Thomson Locations: Zhoushan, Zhejiang province, China, Companies United States, America, SINGAPORE, U.S

☆ Oil prices down on weaker growth in China, U.S. rate hike jitters
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Thursday, extending losses to a fourth consecutive session on fears of slowing growth in China and possible further U.S. interest rate hikes weakening fuel demand in the world's two biggest economies. Brent crude futures fell 37 cents, or 0.44%, to $83.08 a barrel, while U.S. West Texas Intermediate crude was down 39 cents, or 0.49%, to $78.99 a barrel at 0038 GMT. "A risk off tone across markets weighed on sentiment across commodities, compounded by further economic weakness in China," ANZ Research said in a note. Minutes of the U.S. Federal Reserve's July meeting released on Wednesday are also weighing on oil prices, as they showed that most of the central bank's officials continued to prioritize the battle against inflation. The minutes "showed most officials noted significant upside to inflation means we may see more tightening ...

Organizations: Brent, U.S, West Texas, ANZ Research, U.S . Federal Locations: China, China's, U.S .

India's annual retail inflation (INCPIY=ECI) rose sharply to 7.44% in July from 4.87% the previous month. Reuters Graphics"The spurt in CPI inflation in July 2023 was on expected lines, however, 7.44% retail inflation was totally unexpected," said Devendra Pant, economist at India Ratings. Food inflation, which accounts for nearly half of the overall consumer price basket, hit a staggering 11.51% in June as compared with 4.49% in June. Retail food inflation was at its highest since January 2020. Even a moderate rise in food inflation tends to anger voters and Dhiraj Nim, economist at ANZ Research, said further measures may be required from the government.

Persons: Devendra Pant, Research's Gaura Sen Gupta, Pant, Narendra Modi's, Dhiraj Nim, Nikunj Ohri, Chizu Nomiyama, Christina Fincher Organizations: REUTERS, DELHI, Reuters, Reserve Bank of India, ANZ Research, Thomson Locations: Kolkata, India

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