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☆ Oil hits new highs as tighter supply offsets China demand concern
▼ + stars: | 2023-08-09 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude was 54 cents, or 0.6%, higher at $86.71 by 1110 GMT having touched $87.09, the highest since April 13. Crude posted its sixth consecutive weekly gain last week helped by a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in China. "There is no doubt that there is plenty of momentum here," said Naeem Aslam, chief investment officer at Avatrade. On Tuesday, oil also came under pressure from Chinese data showing crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January, although they were up 17% from a year earlier.

Persons: Brent, Charalampos Pissouros, Naeem Aslam, Yuka Obayashi, Andrew Hayley, Bernadette Baum, Kirsten Donovan Organizations: Saudi, XM, . West Texas, Organization of, Petroleum, American Petroleum Institute, Official U.S . Energy, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Russian, Saudi Arabia, Russia, U.S, OPEC, Tokyo, Beijing

[1/3] Pakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. REUTERS/Mohsin Raza//File PhotoISLAMABAD, Aug 9 (Reuters) - A Pakistani high court on Wednesday turned down an appeal by jailed former prime minister Imran Khan that his conviction on corruption charges be suspended, his lawyer said, suggesting it was unlikely he would be released on bail anytime soon. The case was adjourned for an indefinite time, Panjutha said, adding; "Our request to suspend the conviction wasn't accepted." Khan, who has denied any wrongdoing, was arrested at his Lahore house and is currently in a prison near Islamabad. Reporting by Asif Shahzad, Editing by Raju Gopalakrishnan, Nick Macfie and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Imran Khan, Mohsin Raza, Khan, Naeem Panjutha, Panjutha, wasn't, Asif Shahzad, Raju Gopalakrishnan, Nick Macfie, Bernadette Baum Organizations: REUTERS, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Rawalpindi, Islamabad

Former Pakistani Prime Minister Imran Khan pauses as he speaks with Reuters during an interview, in Lahore, Pakistan March 17, 2023. REUTERS/Akhtar Soomro/File PhotoISLAMABAD, Aug 8 (Reuters) - Pakistan's former prime minister Imran Khan challenged his conviction on graft charges in a high court on Tuesday, his lawyer said. Naeem Panjutha said the petition to challenge the weekend conviction had been filed in the Islamabad High court. Khan has been jailed for three years on charges of selling state gifts unlawfully during his tenure as premier from 2018 to 2022. The former premier has been detained at a distant prison which according to his lawyers lacks facilities entitled to political prisoners.

Persons: Imran Khan, Akhtar Soomro, Naeem Panjutha, Khan, Khan's, Asif Shahzad, Kim Coghill Organizations: Pakistani, Reuters, REUTERS, Police, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Islamabad, Attock district

Former Pakistani Prime Minister Imran Khan pauses as he speaks with Reuters during an interview, in Lahore, Pakistan March 17, 2023. REUTERS/Akhtar Soomro/File PhotoISLAMABAD, Aug 7 (Reuters) - Lawyers for Pakistan's jailed former prime minister Imran Khan will be allowed to meet him on Monday before they file an appeal against a graft conviction that has landed the former cricket star in jail, one of his lawyers said. "The jail authorities have given us a time to meet Imran Khan at 12:30 p.m. (0730 GMT). We've reached Attock jail," one of his lawyers, Naeem Panjhuta, said, adding that an appeal against the graft conviction would be filed after Khan completed paperwork. Khan's legal team is also appealing to authorities to secure him better conditions in jail, Panjhuta told reporters in Islamabad earlier.

Persons: Imran Khan, Akhtar Soomro, Pakistan's, Khan, Naeem Panjhuta, Panjhuta, Shehbaz Sharif, Asif Shahzad, Robert Birsel Organizations: Pakistani, Reuters, REUTERS, Police, Monetary, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Attock district, Islamabad, We've, Attock

☆ Pakistan ex-PM Imran Khan's lawyers cannot reach him in jail, spokesperson says
▼ + stars: | 2023-08-06 | by ( Charlotte Greenfield | ) www.reuters.com time to read: +3 min

Lawyers gather to protest following the arrest of Pakistan's former Prime Minister Imran Khan, outside his residence in Lahore, Pakistan August 5, 2023. REUTERS/Mohsin Raza/File PhotoISLAMABAD, Aug 6 (Reuters) - Pakistani former Prime Minister Imran Khan's lawyers could not reach him on Sunday after he spent the night in a jail near the capital following his arrest the previous day on a corruption conviction, a spokesperson said. Pakistan's information minister referred a request for comment on Khan's access to his lawyers to provincial authorities in Punjab, where the jail is located. Thousands of Khan's aides and supporters have been arrested since May, according to the interior minister. Pakistan's government denies Khan's arrest was related to the election.

Persons: Imran Khan, Mohsin Raza, Imran Khan's, Khan, Naeem Haider Panjotha, Shah Mahmood Qureshi, Charlotte Greenfield, Mubasher Bukhari, William Mallard Organizations: REUTERS, PTI, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Islamabad, Attock, Punjab

Former Pakistani Prime Minister Imran Khan pauses as he speaks with Reuters during an interview, in Lahore, Pakistan March 17, 2023. REUTERS/Akhtar Soomro/File PhotoISLAMABAD, Aug 4 (Reuters) - A Pakistan high court on Friday temporarily halted former Prime Minister Imran Khan's trial on charges he illegally sold state gifts, his lawyer said, in a case that could end the opposition leader's political career if convicted. Khan's legal team had challenged the commission's complaint, arguing that it was not a criminal case and that the judge conducting the trial was biased against Khan. The high court, however, turned down Khan's appeal to remove the trial court judge from hearing the case. The trial, which is in its final stage, relates to an inquiry conducted by the election commission which found Khan guilty of unlawfully selling state gifts during his tenure as prime minister from 2018 to 2022.

Persons: Imran Khan, Akhtar Soomro, Imran Khan's, Khan, Naeem Panjhuta, Farrukh Habib, Asif Shahzad, Jason Neely, Miral Fahmy, Sharon Singleton Organizations: Pakistani, Reuters, REUTERS, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Dubai

☆ Suspected Pakistan suicide bombing kills at least 55, injures 135 more at political rally
▼ + stars: | 2023-07-30 | by ( Mushtaq Yusufzai | Associated Press | ) www.cnbc.com time to read: +3 min

At least 16 people were killed and dozens more wounded on July 30 by a bomb blast at a political gathering of a radical Islamic party in northern Pakistan, police said. At least 55 people were killed and 135 were wounded in what one official said was a suicide attack. Jalil Jan, a spokesperson for the political party, told NBC News the death toll had risen to 55 and that some of the 135 injuries were critical. Party officials said Rehman was not in the rally. Rehman is considered to be a pro-Taliban cleric and his political party is part of the coalition government in Islamabad.

Persons: Farooq NAEEM, FAROOQ NAEEM, Nazir Khan, Maulana Fazlur Rehman, Khan, Jan, Azam Khan, Jalil Jan, Mohibullah Khan Yousufzai, Maulana Ziaullah, Abdur Rasheed, Maulana Jamaluddin, Rehman, Zabihullah Mujahid, Mujahid Organizations: Getty, Sunday, Senior, NBC News, Islam, NBC, Government, Islamic State Locations: Bajaur district, Pakistan, AFP, Bajur, Afghanistan, Khar, Peshawar, Islamabad, Islamic Emirate

☆ Oil prices dip on profit-taking despite tighter U.S. supplies
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter U.S. crude supplies and China's pledge to reinvigorate its economic growth. Prices pared gains late in the session after both contracts had risen by over $1 a barrel. Market participants took advantage of the higher prices and took profits, said Phil Flynn, an analyst at Price Futures Group. ... Any improvement in the inflation data also means an improvement in oil demand," said Naeem Aslam of Zaye Capital Markets.

Persons: Phil Flynn, Flynn, We're, Klaas, Naeem Aslam Organizations: U.S, West Texas, Price Futures, Energy, Strategic Petroleum Reserve, Federal Reserve, European Central Bank, Traders, Zaye, Markets Locations: Yantai, Shandong province, China, Russia

July 12 (Reuters) - Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world's biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Brent futures settled up 71 cents, or 0.9%, to $80.11 a barrel. Forecasts from the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) point to the market tightening into 2024.

Persons: Naeem Aslam, Brent, Tamas Varga, Phil Flynn, Natalie Grover, Trixie Yap, Sonali Paul, Barbara Lewis, Emelia, David Gregorio Our Organizations: Zaye, . West Texas, U.S . Energy Information Administration, International Energy Agency, IEA, Saudi, U.S . Energy, Administration, Price Futures, Thomson Locations: China, Saudi Arabia, Russia, U.S, London

☆ How 'Birkin Bandit' George Mickum Infiltrated NYC Society
▼ + stars: | 2023-07-12 | by ( Kate Taylor | Anna Silman | ) www.businessinsider.com time to read: +52 min

"He would know people's weaknesses and what they wanted and somehow always have something to offer," a former close friend said. Another close friend said Mickum once gave her a $1,000 loan "within minutes" when she needed it because of a credit-card crisis. He never "let the truth get in the way of a good story," a former close friend said. Hermès bags, like the Birkin and the Kelly, have always been symbols of unattainable luxury. There wasn't even a dust bag; Mickum claimed his mom's assistant would drop it off later.

Persons: George Mickum strode, Carlyle, Patty Hearst, He'd, Mickum, Birkin, swilling, Patty's, Gillian Hearst, Mr, George Mickum, Gillian Hearst's, George, Sally Painter, who'd, Peter Davis, Jackie O, Barbara Walters, Alessia Fendi, influencer Hannah Stella, Nick Hissom, Steve Wynn, Hearst, they'd, Prince Charles, Anna Delvey, Patty Hearst's, Rumor, he'd, wasn't, Met Breuer, Peter Poopat, George Santos, Trinity, Elisabeth Thieriot, Thieriot, Hermes, —, Painter, Paul Mickum, George Mickum III, Sally, Painter's, Poopat, PJ Pascual, Patrick McMullan, Ramona Singer, Lauren Lawrence, Lawrence, Van Cleef, Nicole Salmasi, Trudy, Mike Vitelli, Eric Schmidt, Schmidt, Eric, R, Couri Hay, They're, Astor, William Randolph Hearst, Orson Welles, Kane, Gillian's, Bill Clinton, Patty, Bernard Shaw, Gillian, Lydia —, Shaw, Maxim, Lydia, Kane we're, Christian Simonds, Pierre, Krista Corl, Dee Dee, Scott Buccheit, Naeem Delbridge, Pascual, who's, We're, buttering, Simonds, Matthew Kehoe, England, — Hearst, Delbridge, Hearst's, Mario Glen Coco, Hearsts, Astrid Stawiarz, Tiger Woods, Ernie Els, Justin Timberlake, Joe Lewis, Buccheit, Mary McCarthy, Lillian Hellman, Mickum's, Christie Grimm, Steve, Kameron Ramirez, Hissom, Ramirez, Nick, Hunt, Damien Hirst, Douglas Elliman, Harry Winston, David Fiszel, invitees, Fiszel, Darian, Winston, Martha Stewart's, Mendel minks, Vacheron Constantin, Tao, Melinda French Gates, Shawn Mendes, Bill, Hillary Clinton, Neiman Marcus, Damien Hirst's, Damien, weren't, Kelly, Alexis Clarbour, Clarbour, Paul Wharton, you've, Wharton, Sean Zanni, Michael Coste, Hannah Stella, Coste's, Stella, Scott Fitzgerald, Coste, Goodman, Courroies Birkin, didn't, Aman, Cartier, Mickum's bluster, skeptically, satchel, Clarbour's, He's, We've, Sider, Philippe, Buccheit texted Pascual, he's, Hay, Café Carlyle, Alexander Hankin, Burisma, Hunter Biden, Mickum hasn't, There's, They've, Amy X, Wang, King Charles, Tracey Amon, Amon, GEORGE MICKUM Organizations: Hearst, Blue, Potomac, Hamptons, East, Met, University of Delaware, Southampton Bathing Corporation, Fields School, Georgetown Law, DC, Town &, New York Daily News, The New York Times, Google, Carnegie, Rockefeller, Cosmopolitan, Symbionese Liberation Army, Hearst Corporation, Vogue, Society of Memorial Sloan Kettering, Stockbridge Golf, New, Tiger, Tottenham, Douglas, Martha Stewart's Hamptons, Mickum, Projects, Madison, Getty, Antibes, Nike, Rue du Faubourg Saint, Couture, US, UN, New Yorkers, Avenue Couture, Hermès, Republican, Justice Department, Blue Star, Town, New York Times Magazine Locations: Bemelmans, Clinton, York, Palm, New, London, Manhattan, Dalton, Bay, Windsor Castle, Haute, Washington , DC, New York, Baccarat, The, San Francisco, Wilton , Connecticut, Side, Wyntoon, California, Buccheit, woodsy Stockbridge , Massachusetts, Stockbridge, Bahamas, Albany, Nobu, Martha, Peking, Paris, Istanbul, St, Georgetown, China, Italy, Hermès, Amalfi Coast, du, Midtown, brunch, Rue, Central Park, Mickum, Turkey, La, Café, Ukrainian, Ukraine

CNN —Iran on Saturday executed two men it accused of carrying out a deadly attack on a shrine in Shiraz in October 2022, according to state-run news agency IRNA. Iran’s Supreme Court had rejected an appeal filed for the two men, Mohammed Ramez Rashidi and Sayed Naeem Hashemi Qatali, IRNA quoted Fars Province Chief Prosecutor as saying. Thirteen people were killed, and 40 others injured in the attack that took place at Shahcheragh Shrine in the city of Shiraz in southern Iran on October 26, 2022, according to IRNA. The attack took place on a Wednesday evening, one of the busiest times for the shrine. Protests swept through the Islamic Republic following the death of the 22-year-old Kurdish Iranian woman.

Persons: Mohammed Ramez Rashidi, Sayed Naeem Hashemi Qatali, IRNA, “, Mahsa Amini Organizations: CNN, ISIS Locations: Iran, Shiraz, Iran’s, Fars Province, Shahcheragh, Islamic Republic

Seventeen prisoners turned on their guards after they were taken out of their cells for morning prayers at Chaman district jail on Thursday, district officer Muhammad Naeem Achakzai, told CNN. One prisoner later surrendered to the police but 13 remain on the run, according to Achakzai. All the prisoners were awaiting trial for alleged crimes including murder, robbery and drug possession, Achakzai said. There is a possibility that the prisoners could have escaped to Afghanistan, prompting officers to patrol the border areas, Achakzai said. Police in Chaman suspended 10 officials, including three police officers who were posted at the jail, Achakzai said.

Persons: Muhammad Naeem Achakzai, Achakzai, “, ”, Eid Organizations: Balochistan CNN — Police, CNN, Police Locations: Quetta, Balochistan, Pakistan, Chaman, Afghan, Afghanistan

☆ Analysis: Pakistan in uncharted territory as army seeks to vanquish Imran Khan
▼ + stars: | 2023-05-22 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +6 min

[1/2] Pakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. There has never been that kind of challenge to Pakistan's military, which has held sway over the country since independence in 1947 with a mixture of fear and respect. The 1971 fall of Dhaka in what was then East Pakistan and the birth of Bangladesh after defeat by arch-enemy India has been the lowest point for Pakistan's military since 1947. Khan was released by court order two days after his arrest, but his Pakistan Tehreek-e-Insaf (PTI) party now faces the ire of the military. "The military's power comes from its ability to deploy force, not popularity - Pakistan's generals like being liked but they like being in control even more," he said.

☆ Oil drops as economic growth concerns offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. "The failure to reach more solid ground above $80.50 in Brent points to continued selling interest amid the well known growth/demand concerns," said Ole Hansen, head of commodity Strategy at Saxo Bank. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said Baden Moore, head of commodity and carbon strategy at National Australia Bank. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Asia wary, US stock futures up on SVB reports
▼ + stars: | 2023-03-27 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Helping nerves were reports First Citizens BancShares Inc (FCNCA.O) was in advanced talks to acquire Silicon Valley Bank (SIVB.O) from the Federal Deposit Insurance Corp.S&P 500 futures firmed 0.5% in early trade while Nasdaq futures added 0.4%. "The current level of credit default swaps for European banks is just a little lower than it was during the height of the European financial crisis in 2013," noted Naeem Aslam Chief Investment Officer at Zaye Capital Markets. "If these CDS do not normalise, it is highly likely stock market may continue to suffer for many days." Over in the United States, depositors have been fleeing smaller banks for their larger cousins or to money market funds. Flows to money market funds have risen by more than $300 billion in the past month to a record atop $5.1 trillion.

☆ Investors are pouring cash into crypto at the highest level in 6 months as risk appetite returns and bitcoin wraps up best January since 2013
▼ + stars: | 2023-01-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Inflows into crypto more than tripled last week to the highest amount since July 2022. The bulk of the funds went into bitcoin as the cryptocurrency's price has soared to kick off 2023. Investors veered away from products that made short bets on bitcoin. Total assets under management in investment products have risen 43% from their lows in November to $28 billion. Canada logged $30 million, the US pulled in $26 million, and Switzerland landed $23 million.

☆ Oil slips as U.S. inventory rise offsets China hopes
▼ + stars: | 2023-01-25 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The price of crude has rallied this year on the ending of China's COVID controls and hopes that the rise in U.S. interest rates will soon taper off. Still, some analysts said the speed of China's actual demand rebound looks uncertain. "Whether or not oil prices can resume their march higher will depend on how quickly China's crude demand bounces back this quarter," said Stephen Brennock of oil broker PVM. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, five OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

☆ Oil rises, posts second week of gains on China demand outlook
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: +2 min

Oil rose by about $1 a barrel on Friday and posted second straight weekly gain, spurred largely by brightening economic prospects for China and resulting expectations of a boost to fuel demand in the world's second-biggest economy. "The oil market has been down on global recession fears, but it is still showing signs it can remain tight a little while longer," he said. Oil rose despite U.S. inventory figures this week showing crude stockpiles rose by 8.4 million barrels in the week to Jan. 13 to about 448 million barrels, the highest since June 2021. A price cap on Russian oil, which has been rippling through the global market, is helping to boost crude prices, said Jim Ritterbusch of consultancy Ritterbusch and Associates. "Sanctions and caps on Russian crude are gradually acquiring some price impact and will become more of a bullish factor when last month's influx of Russian crude cargoes is absorbed into the global market," Ritterbusch said.

☆ Big Investors Expected to Scrap ‘Dark Green’ Labels on More EU Funds
▼ + stars: | 2023-01-10 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

SFDR rules require EU-marketed funds to be designated as one of three categories: “dark green” Article 9 funds, which aim for sustainability or decarbonization; “light green” Article 8 funds, which advance one or more environmental, social and governance objectives; and Article 6 funds, which don’t have any specific ESG-related objectives. Upgrades and downgrades in classifications typically occur with “similar frequency,” but since September, more than 80% of reclassifications have moved Article 9 funds to Article 8, analysts at Jefferies said in December. At the end of November, there were around $452 billion in Article 9 funds, nearly $4.2 trillion in Article 8 funds and $3.9 trillion in Article 6 ones. In November, BlackRock moved 16 funds representing around $26 billion to Article 8 from Article 9, but also retained 13 dark-green funds valued at about $13 billion. Another challenge is for fund managers to gather and report required ESG data—such as greenhouse-gas emissions, gender pay gaps and water use—for individual stocks and bonds in a fund.

☆ Coinbase to lay off 20% of staff as crypto winter continues
▼ + stars: | 2023-01-10 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. Coinbase, like many other publicly traded and privately held crypto companies, has been hit hard by the massive plunge in the price of bitcoin and other cryptocurrencies. Bitcoin is up more than 4% since the start of the year, suggesting that crypto prices may have finally bottomed out. The hope is that bitcoin and other crypto prices may start to stabilize, especially if financial regulators start to provide more guidance and clarity about their stance on cryptos. Several high profile crypto companies have gone belly up, most notably one-time crypto darling (and Coinbase rival) FTX.

☆ Oil hits three-week high as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A weaker dollar makes oil cheaper for holders of other currencies and tends to support risk assets. Oil also drew support from worries over supply disruption because of winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities. "But the U.S. weather is forecast to improve this week, which means the rally may not last too long," he said. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ Oil steady as U.S. output ramps up after freeze, China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. The cold also cut oil and gas production from North Dakota to Texas. Russian President Vladimir Putin on Tuesday also signed a decree that bans the supply of oil and oil products to nations participating in the price cap from Feb. 1 for five months. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. Brent crude gained 76 cents to settle at $79.80 a barrel, while U.S. West Texas Intermediate crude rose 90 cents to $75.19. Oil surged toward its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Oil rises on hopes for China's economy
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. "There is no doubt that demand is being adversely influenced," said Naeem Aslam, analyst at brokerage Avatrade. Brent crude gained 65 cents, or 0.8%, to $79.69 a barrel by 1248 GMT while U.S. West Texas Intermediate crude rose 85 cents, or 1.1%, to $75.14. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Oil bounces as China demand hopes offset recession fears
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023. Brent crude gained 37 cents, or 0.5%, to $79.41 a barrel by 1100 GMT while U.S. West Texas Intermediate crude rose 30 cents, or 0.4%, to $74.59. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine. It has since unwound most of this year's gains as supply concerns were edged out by recession fears, which remain a drag on prices. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

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