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☆ Oil drops, hits lowest since January as U.S. data fans fuel demand fears
  + stars: | 2022-12-07 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources. China's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. "If confidence in uninterrupted Russian oil supply has played any part in the recent weakness, it was probably misplaced. Tankers getting delayed in Turkish waters is a prime example of that," Tamas Varga of oil broker PVM said.
☆ Oil gives up the year's gains, closing at 2022 low
  + stars: | 2022-12-07 | by ( ) www.cnbc.com   time to read: +3 min
U.S. West Texas Intermediate crude fell $2.24, weakening further from Tuesday's close, which was already a yearly low, to $72.01 a barrel. The country's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. G7 nations kicked off implementation of a price cap to restrict Russian exports that could cause that nation to reduce output in the coming year. The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources.
☆ Oil prices slide $2 on China demand worries, U.S. midterm elections
  + stars: | 2022-11-08 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Companies Diamondback Energy Inc FollowNov 8 (Reuters) - Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. U.S. crude fell $2.88, or 3.14%, to $88.91 per barrel. It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. U.S. stocks also gyrated as market participants bided their time waiting to see whether Capitol Hill is in for a power shift, with Republican gains expected in the midterm elections. The ICE exchange, home to the Brent benchmark, has increased the initial margin rates for front-month Brent crude futures by 4.92%, making maintaining a futures position more expensive from the close of business on Tuesday.
☆ Oil prices dip 1% on China demand worries, U.S. midterm elections
  + stars: | 2022-11-08 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Companies Diamondback Energy Inc FollowNov 8 (Reuters) - Oil prices edged 1% lower on Tuesday on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. Brent futures for January delivery fell $1.14 to $96.78 a barrel, a 1.2% loss, by 13:02 p.m. EST (18:02 GMT). It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. The ICE exchange, home to the Brent benchmark, has increased the initial margin rates for front-month Brent crude futures by 4.92%, making maintaining a futures position more expensive from the close of business on Tuesday. U.S. crude oil stocks were expected to have risen by about 1.1 million barrels last week, a preliminary Reuters poll showed on Monday.
☆ Oil steady as recession woes counter positive Chinese signals
  + stars: | 2022-10-17 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Brent crude futures were down 1 cents, or 0.01%, to $91.62 a barrel, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was down 15 cents, or 0.2%, at $85.46 after a 7.6% decline last week. Beijing will also greatly increase domestic energy supply capacity and step up risk controls in key commodities including coal, oil, gas and electricity, a senior National Energy Administration official said on Monday. "It's been another turbulent few weeks in oil markets from global growth concerns to super-sized OPEC+ output cuts and it seems they're yet to fully settle down," said Craig Erlam, senior markets analyst at OANDA. OPEC+ output cuts attracted funds back to the oil markets, with continued heavy buying of crude oil futures and options for a second straight week.
☆ Oil edges up as supply woes outweigh demand and rate hike worries
  + stars: | 2022-09-19 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The Organization of Petroleum Exporting Countries and allies led by Russia, known as OPEC+, fell short of its oil production target by 3.583 million barrels per day (bpd) in August, an internal document showed. read moreStill, oil also came under pressure from hopes of an easing of Europe's gas supply crisis. read more"The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from U.S. producers," ANZ analysts said.
☆ Oil little changed as markets debate fed hikes and supply woes
  + stars: | 2022-09-19 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. read moreStill, oil also came under pressure from hopes of an easing of Europe's gas supply crisis. The U.S. dollar stayed near a two-decade high ahead of this week's decisions by the Fed and other central banks. read more"The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from U.S. producers," ANZ analysts said.
☆ Oil edges down on demand fears and strong dollar
  + stars: | 2022-09-19 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. read moreOil also came under pressure from hopes of an easing of Europe's gas supply crisis. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets. The market has also been pressured by forecasts of weaker demand, such as last week's prediction by the International Energy Agency that there would be zero demand growth in the fourth quarter. read moreDespite those demand fears, supply concerns kept the decline in check.
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