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An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo Acquire Licensing RightsLONDON, Sept 11 (Reuters) - Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged. Among economic factors in the spotlight, the European Central Bank (ECB) is due to announce its monthly interest rate decision this week. Reporting by Robert Harvey, Natalie Grover, Florence Tan and Emily Chow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, OPEC's, Naeem Aslam, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, David Goodman Organizations: cnsphoto, REUTERS, Saudi, U.S, West Texas, International Energy Agency, Organization of, Petroleum, IEA, European Central Bank, European Commission, Zaye, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, United States

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs this week after Riyadh and Moscow extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Brent crude futures were up 57 cents to $90.49 a barrel by 1112 GMT while U.S. West Texas Intermediate crude (WTI) futures were up 47 cents to $87.34 a barrel. On the demand side, a key concern is China, the world's largest oil importer. Demand for crude could also benefit from workers going on strike at projects in Australia which produce about 5% of the world's supply of liquefied natural gas (LNG).

Persons: Nick Oxford, Naeem Aslam, Brent, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Muyu Xu, Ros Russell, Jason Neely Organizations: Midland , Texas U.S, REUTERS, Traders, Zaye, Markets, Brent, West Texas, PVM, Thomson Locations: Midland , Texas, Riyadh, Moscow, Saudi Arabia, China, Australia, United States, Europe

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "This is a clear indication that oil prices trump volume (for Saudi Arabia)," said Jorge Leon, senior vice president at Rystad Energy. "These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Leon added. Both Saudi Arabia and Russia said they would review the supply cuts monthly, and could modify them depending on market conditions. Along with the Saudi supply cuts, which began in July, prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months.

Persons: Nick Oxford, Brent, Goldman Sachs, Jorge Leon, Leon, Giovanni Staunovo, Shariq Khan, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci, Nick Macfie, Timothy Gardner Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, Investors, Rystad Energy, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, 4Q23, U.S, Saudi

☆ Oil jumps as Saudi Arabia and Russia extend supply cuts to end-2023
▼ + stars: | 2023-09-05 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Riyadh's decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Russia had said it would cut oil exports voluntarily by 500,000 bpd, about 5% of its output, in August and by 300,000 bpd in September. Although Saudi Arabia was widely expected to extend its voluntary cuts into October, and Russia had indicated that it too planned on expanding its cut through next month, the three month extension was unexpected. Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Alexander Novak, Craig Erlam, Brent, Natalie Grover, Katya Golubkova, Andrew Hayley, Sharon Singleton, Jason Neely, Jan Harvey, David Goodman, Alexandra Hudson Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, OPEC, Reuters, Alexandra Hudson Our, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, U.S, Brent, Riyadh, London, Tokyo, Beijing

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $2.42, or about 2.8%, to $87.97 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected"It would appear they're trying to double down and capitalize on the recent price moves. Both countries said they would review the supply cuts monthly, and could modify them depending on market conditions. Prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months. Brent futures, which are used to price over three-quarters of the world's traded oil, have gained by about 26% since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Goldman Sachs, Craig Erlam, Brent, Giovanni Staunovo, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, Investors, Reuters, bbl, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, U.S, 4Q23, Riyadh, London, Tokyo, Beijing

Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. Saudi Arabia's previous announcements have come ahead of its official selling prices, which typically emerge in the first week of the month. Russian Deputy Prime Minister Alexander Novak, meanwhile, has said that Moscow had agreed with OPEC+ partners on the parameters for continued export cuts in October. Saudi Arabia and Russia could withdraw the cuts at any point, said OANDA analyst Craig Erlam, "but I can't imagine they'll be in any rush and risk sending the price tumbling again." The oil market is vulnerable to price spikes due to low inventories and underinvestment in new oilfields, a senior official at global commodities trading firm Trafigura (TRAFGF.UL) said on Monday.

Persons: Alexander Novak, Craig Erlam, Brent, Russell Hardy, Xi, John Evans, Stephanie Kelly, Paul Carsten, Natalie Grover, Mohi Narayan, Yousef Saba, Andrew Hayley, Jason Neely, David Goodman, Mike Harrison Organizations: Companies, U.S . Federal, of, Petroleum, Saudi, . West Texas, . U.S, Federal, Thomson Locations: Companies Saudi Arabia, Russia, Saudi Arabia, OPEC, Moscow, India, Kuwait, Jizan, Oman, China, ., New York, London, New Delhi, Dubai, Beijing

The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Expectations of a steep decline in U.S. crude oil stockpiles have also benefited oil prices, UBS analyst Giovanni Staunovo said. U.S. crude oil inventories are expected to have dropped by 3.3 million barrels in the latest week, according to an extended Reuters poll on Tuesday. "Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious," said Price Futures Group analyst Phil Flynn.

Persons: Hurricane Idalia, Idalia, Robert Yawger, Yawger, Giovanni Staunovo, Baker Hughes, Phil Flynn, Shariq Khan, Natalie Grover, Emily Chow, Josie Kao, Nick Zieminski Organizations: Kyodo, REUTERS Acquire, Companies, Florida U.S, Hurricane, Brent, U.S, West Texas, Federal Reserve, Hurricane Center, Labor, Chevron Corp, Chevron, UBS, American Petroleum Institute, Futures, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, BENGALURU, Florida, Miami, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Bengaluru, London, Singapore, Houston

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsBENGALURU, Aug 29 (Reuters) - Oil prices edged higher on Tuesday as Hurricane Idalia intensified as it headed towards Florida's Gulf Coast, threatening to hit crude oil supplies in an already tightening market. Brent crude oil futures rose 34 cents, or 0.4%, to $84.76 a barrel by 11:44 a.m. EDT [1544 GMT], while the U.S. West Texas Intermediate futures rose 36 cents, or 0.5%, to $80.46 a barrel. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday. On the demand front, investors are monitoring data from major economies for further clues on interest rates this year and next. Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise interest rates further to cool stubborn inflation.

Persons: Idalia, Phil Flynn, Jerome Powell, Shariq Khan, Natalie Grover, Emily Chow, Louise Heavens, David Goodman, Mike Harrison Organizations: Kyodo, REUTERS Acquire, Rights, Brent, U.S . West Texas, Chevron, Marathon Petroleum, American Petroleum Institute, Futures, Federal, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Gulf, U.S, Florida, Cuba, Mexico, Garyville , Louisiana, United States, Beijing, Bengaluru, London, Singapore, Houston

Meanwhile, Hurricane Idalia is expected to strengthen into a major hurricane with maximum sustained winds of 125 miles per hour (201 kilometers per hour) before hitting the northwest coast of Florida early on Wednesday, according to the U.S. National Hurricane Center (NHC). The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday.

Persons: Brent, Hurricane Idalia, Idalia, Robert Yawger, Yawger, Shariq Khan, Natalie Grover, Emily Chow, David Goodman, Mike Harrison, Josie Kao Organizations: Kyodo, REUTERS Acquire, bbl U.S, Hurricane, . West Texas, Brent, U.S, Federal Reserve, National Hurricane Center, Labor, Chevron Corp, Chevron, Marathon Petroleum, American Petroleum Institute, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Florida, BENGALURU, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Garyville , Louisiana, United States, Bengaluru, London, Singapore, Houston

REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana. Brent futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83. Diesel futures soared about 5% to a near seven-month high, boosting the diesel crack spread , a measure of refining profit margins, to its highest since January 2023. "The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance," said Phil Flynn, an analyst at Price Futures Group. He added prices also drew support from a fire at a Louisiana refinery and a drop in U.S. oil rigs.

Persons: Chen Aizhu, Phil Flynn, Brent, WTI, Baker Hughes, Jerome Powell, Morgan Stanley, John Evans, Natalie Grover, Laura Sanicola, Muyu Xu, David Goodman, Jason Neely, David Gregorio, Cynthia Osterman Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, Diesel, Price Futures Group, U.S ., Federal, Thomson Locations: China, Dalian, Liaoning province, Louisiana, Brent, , Louisiana, U.S, Germany, Europe's, Norwegian, London, Washington, Singapore

Brent crude was down 36 cents at $84.10 a barrel by 11:45 a.m. EDT (1545 GMT). China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Amplifying demand concerns, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. A preliminary Reuters poll showed that crude oil and gasoline inventories were expected to have fallen last week, with data from American Petroleum Institute due later on Tuesday. Separately on Monday, Shell (SHEL.L) said it was investigating a possible leak on the 180,000 bpd Trans Niger oil pipeline, though no force majeure has been declared.

Persons: Lucy Nicholson, Brent, Jim Ritterbusch, majeure, Natalie Grover, Paul Carsten, Muyu Xu, Katya Golubkova, Tomasz Janowski, David Evans, David Goodman, David Gregorio Our Organizations: REUTERS, Companies Shell, West Texas Intermediate, Saudi, Ritterbusch, Associates, American Petroleum Institute, of Commerce, Shell, Thomson Locations: Bakersfield , California, China, Russian, Galena , Illinois, U.S, Iraqi, Turkey, Iraq, Saudi, Niger, London, Singapore, Tokyo

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and U.S. West Texas Intermediate crude was up 65 cents at $81.90. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman, Mark Potter Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, London, Florence Tan, Singapore, New Delhi

☆ Oil up 1% on tighter supplies and heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices rose more than 1% on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said. "Unless there's a recession and demand slows or drops, OPEC+ is in control," said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Oil edges up on tighter supplies, heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices - dataBouyant price of heating oil lifts crude prices - analystChina economic sentiment, US rate hike risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 78 cents to $81.44 a barrel. As well, "the dollar seems to be taking somewhat of a breather, which would be providing some support," he said. A weaker dollar makes oil purchases less expensive for holders of other currencies, sparking demand. Also supporting crude is the buoyant price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Florence, Mohi Narayan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8%, to settle at $84.80 a barrel. Those concerns, spurred on by output cuts from the Organization of the Petroleum Exporting Countries and allies, helped oil prices gain for seven straight weeks since June. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, WTI, Rob Haworth, Haworth, Jay Hatfield, Hatfield, Shariq Khan, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis, David Gregorio Our Organizations: REUTERS, West Texas, Brent, Organization of, Petroleum, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. "Prices are likely to remain range-bound for now," Haworth said, adding that demand is in question for investors worried by the weak data from China. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Oil benchmarks were further depressed by seasonal demand weakness heading into the autumn, said Jay Hatfield, CEO of Infrastructure Capital Management. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, Rob Haworth, Haworth, Jay Hatfield, Hatfield, WTI, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis Organizations: REUTERS, U.S . West Texas, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, London, Singapore

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Weekly products supplied, a proxy for demand, rose to the highest since December. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Dennis Kissler, Naeem Aslam, OANDA's Moya, Arathy Somasekhar, Natalie Grover, Katya Golubkova, David Goodman, Christina Fincher, David Gregorio Our Organizations: REUTERS, Rights, Brent, . West Texas, BOK Financial, Travel, Energy, Zaye, Markets, Thomson Locations: Zhoushan, Zhejiang province, China, Independence, U.S, China's, Houston, London, Singapore

☆ Oil edges up as China seeks to calm economic fears
▼ + stars: | 2023-08-17 | by ( Natalie Grover | ) 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. China Daily via REUTERS/file photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Oil prices crept up on Thursday after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Naeem Aslam, Edward Moya, John Evans, OANDA's Moya, Natalie Grover, Katya Golubkova, David Goodman Organizations: REUTERS, Brent, . West Texas, Zaye, U.S, U.S . Federal, Thomson Locations: Zhoushan, Zhejiang province, China, U.S .

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

"Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand," the Paris-based energy watchdog said in its monthly oil market report. The IEA said that in July, global oil supply plunged by 910,000 bpd in part due to a sharp reduction in Saudi output. But Russian oil exports held steady at around 7.3 million bpd in July, the IEA said. Next year, demand growth is forecast to slow sharply to 1 million bpd, the IEA said, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. The IEA's demand growth forecast is down by 150,000 bpd from last month and contrasts with that of OPEC, which on Thursday maintained its forecast that oil demand will rise by a much stronger 2.25 million bpd in 2024.

Persons: Alexander Manzyuk, Brent, Natalie Grover, Alex Lawler, Jason Neely, David Evans Organizations: REUTERS, International Energy Agency, IEA, of, Petroleum, for Economic Co, Development, OPEC, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Paris, China, London

LONDON, Aug 11 (Reuters) - The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. Growth is forecast to slow to 1 million barrels per day (bpd) in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. In 2023, global oil demand is set to expand by 2.2 million bpd, buoyed by summer air travel, increased oil use in power generation and surging Chinese petrochemical activity. Demand is forecast to average 102.2 million bpd this year, with China accounting for more than 70% of growth, despite concerns about the economic health of the world's top oil importer. Demand hit a record 103 million bpd in June.

Persons: Natalie Grover, Alex Lawler, Jason Neely Organizations: International Energy Agency, IEA, Thomson Locations: Paris, China, London

Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its highest price since January. Brent crude fell $1.15, or 1.3%, to settle at $86.40 a barrel while WTI settled down $1.58, or 1.9%, at $82.82. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. The U.S. is also prohibiting some investment in China in sensitive technologies like computer chips and requires government notification in other tech sectors. Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Kilduff, John Ritterbusch, Natalie Grover, Muyu Xu, Mark Potter, Elaine Hardcastle, Andy Sullivan Organizations: West Texas, Federal Reserve, Ritterbusch, Associates, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, U.S, New York, Gulf of Mexico, Gulf, Mexico, Galena , Illinois, London, Singapore

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