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SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday following weaker-than-expected factory activity data out of China and on concerns its widening COVID-19 curbs will curtail demand. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Factory activity in China, the world's largest crude importer, fell unexpectedly in October, an official survey showed on Monday, weighed down by softening global demand and strict COVID-19 restrictions that hit production. Strict COVID-19 curbs in China have dampened economic and business activity, curtailing oil demand. A further risk to oil demand comes from Europe, said CMC Markets analyst Leon Li, as the continent "is likely to enter a recession this winter", he said.

☆ Oil slips as China COVID curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider COVID curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. read moreThe warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

☆ Oil slips as China Covid curbs outweigh concerns over U.S. output
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Monday on concerns that widening Covid-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday. Wider Covid curbs in China invariably raise concerns over demand from the world's top crude importer, Stephen Innes of SPI Asset Management said. The warnings came just as U.S. oil exports rose to a record last week, partly pushed WTI prices up 3.4%.

☆ OPEC expected to stick to view of long-term oil demand rise
▼ + stars: | 2022-10-28 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand plateauing after 2035. The latest update is likely to keep OPEC among the more optimistic forecasters of oil demand. OPEC World Oil Outlook 2021"It is similar to last year in terms of the demand outlook," one of the OPEC sources said. LOWER PROJECTIONSLast year, OPEC saw oil demand reaching 108.2 million barrels per day in 2045, up from 90.6 million bpd in 2020.

☆ Oil prices will average $100 a barrel next year as demand rebounds in China and falling Russian output keeps global supplies tight, Bank of America says
▼ + stars: | 2022-09-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Oil will average $100 a barrel in 2023 as demand in Asia bounces back and Russian output eases, BofA says. A slowdown in oil demand this year stems from expectations of weaker growth in the US, Europe, and Asia. The firm added that global oil inventories, ultimately, remain limited, and spare production capacity is very low. "A strong dollar has been a major headwind for global oil prices, even if commodities and FX have partially decoupled," BofA said. BofA Global ResearchThe dollar's rally against rival currencies, notably, has made fuel more expensive for other nations to purchase in local currencies.

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