DIRS.INFO The most relevant business & tech news

☆ Oil steadies as U.S. rate hike fears subside
▼ + stars: | 2023-08-10 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Brent crude was down 23 cents to $87.32 a barrel at 1251 GMT, while West Texas Intermediate crude (WTI) was down 37 cents at $84.03. 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. On Thursday, OPEC said in its monthly report it expected a healthy oil market for the rest of the year, and stuck by its forecast for robust oil demand in 2024, as the outlook for world economic growth slightly improves. "The poor state of China’s manufacturing, its property sector and some stubborn world inflation stand out as issues that the oil fraternity chooses to ignore at present." 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 Evans, Natalie Grover, Muyu Xu, Laura Sanicola, David Goodman, Mark Potter Organizations: West Texas, Federal Reserve, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, London, Singapore, Washington

Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. Russia has also elected to reduce its oil exports by 300,000 barrels per day next month. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. UBS said it expects Brent prices to trade in the $85 to $90 per barrel range over the coming months. Earlier on Wednesday, the U.S. Energy Information Administration reported that the country's crude oil inventory declined by a record 17 million barrels last week as exports and refiners' input of crude oil ramped up in the heart of summer travel season.

Persons: Brent, Alexander Novak, Maxim, Shariq Khan, Natalie Grover, Arathy, Jason Neely, Kirsten Donovan, David Gregorio, Leslie Adler, Deepa Babington Organizations: Saudi, bbl, UBS, U.S . West Texas Intermediate, Organization of, Petroleum, REUTERS, U.S . Energy Information Administration, Bank of England, Thomson Locations: Russia, Saudi Arabia, U.S, Russian, OPEC, Saudi Aramco, Abqaiq, Bengaluru, London, Houston, Singapore

Brent crude futures rose 74 cents, or 0.9%, to $85.88 a barrel by 11:13 a.m. EDT (1513 GMT). Both benchmarks were set for their longest streak of weekly gains this year. Russia has also elected to reduce its oil exports by 300,000 bpd next month. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. UBS said it expects Brent prices to trade in the $85 to $90 per barrel range over the coming months.

Persons: Brent, Maxim, Alexander Novak, Shariq Khan, Natalie Grover, Arathy, Jason Neely, Kirsten Donovan, David Gregorio Our Organizations: Saudi, bbl, UBS BENGALURU, Brent, . West Texas Intermediate, UBS, REUTERS, Organization of, Petroleum, Bank of England, Thomson Locations: Russia, Saudi Arabia, Saudi Aramco, Abqaiq, Russian, OPEC, U.S, Bengaluru, London, Houston, Singapore

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel. U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel. Reuters GraphicsPump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick OxfordSaudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September.

Persons: Goldman Sachs, Brent, WTI, Nick Oxford, Edward Moya, Phil Flynn, Shariq Khan, Natalie Grover, Florence, Mohi Narayan, Christina Fincher, Louise Heavens, David Evans, Nick Macfie, Paul Simao Organizations: Saudi, . West Texas, Midland , Texas U.S, REUTERS, Organization of Petroleum, Reuters, Strategic Petroleum Reserve, Futures, Thomson Locations: Riyadh, OPEC, Goldman Sachs BENGALURU, Midland , Texas, Nick Oxford Saudi Arabia, Saudi, U.S, India, Bengaluru, London, Florence Tan, Singapore, New Delhi

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week - a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month. In an interview on Friday, Exxon Mobil (XOM.N) chief Darren Woods said he expected record oil demand this year and next. On the supply side, U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, energy services firm Baker Hughes (BKR.O) said on Friday. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market.

Persons: Brent, Phil Flynn, Jerome Powell's, Tamas Varga, Darren Woods, Baker Hughes, Stephanie Kelly, Natalie Grover, Laura Sanicola, Andrew Hayley, Deepa Babington, Kirsten Donovan Organizations: drillers, U.S . Federal Reserve, European Central Bank, U.S, West Texas, Price Futures, Federal, Exxon Mobil, Thomson Locations: France, Spain, China, OPEC, United States, U.S, Saudi, Saudi Arabia, New York, London, Washington, Beijing

"The oil market is starting to slowly price in a looming supply crunch," Price Futures Group analyst Phil Flynn said. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. A shutdown of the grain corridor could hit supplies of ethanol and biofuels that are blended with oil products at a time that global grain markets are already tightening, which would lead to refiners using more crude oil, Flynn said. Meanwhile, U.S. energy firms this week reduced the number of oil rigs by seven, their biggest cut since early June, energy services firm Baker Hughes said. At 530, the U.S. oil rig count, an early indicator of future output, is at its lowest since March 2022.

Persons: WTI, Phil Flynn, Flynn, Baker Hughes, Suhail, Mazrouei, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Brent, U.S . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, Bengaluru, London, Houston, Beijing

Brent crude futures rose $1.43, or 1.8%, to settle at $81.07 a barrel. U.S. West Texas Intermediate crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, the highest since April 25. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," Price Futures Group analyst Phil Flynn said. In the U.S., crude inventories (USOILC=ECI) have fallen, amid a jump in crude exports and higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Brent, Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Rob Haworth, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Marguerita Choy, David Holmes Organizations: Friday, Brent, . West Texas, Futures, Energy Information Administration, EIA, UAE Energy, Reuters, Infrastructure Capital Management, P, U.S, Bank Asset Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

Brent crude futures rose 90 cents, or 1.1%, to $80.54 a barrel by 11:36 a.m. EDT [1536 GMT]. U.S. West Texas Intermediate futures rose 97 cents, or 1.3%, to $76.62 a barrel. "The oil market is starting to slowly price in a looming supply crunch as it is on track for its fourth week of price gains," said Price Futures Group analyst Phil Flynn. "Global supplies are starting to tighten and that could accelerate dramatically in the coming weeks. Data from the world's second-biggest oil consumer suggests the government's 5% annual growth target will be missed.

Persons: Phil Flynn, Flynn, Suhail, Mazrouei, Jay Hatfield, Shariq Khan, Natalie Grover, Arathy, Andrew Hayley, Conor Humphries, David Holmes Organizations: Brent, . West Texas, Futures, UN, Energy Information Administration, UAE Energy, Reuters, Infrastructure Capital Management, Thomson Locations: Russia, Ukraine, China BENGALURU, U.S, China, Bengaluru, London, Houston, Beijing

☆ Oil climbs, fuelled by tighter supplies, China stimulus
▼ + stars: | 2023-07-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters) - Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. "Demand from China and India could therefore shift more towards other suppliers, which would push up oil prices," the analysts said. "That tightness in supply is already showing up in inventories," analysts from ANZ Bank said. "The announcement remains short on detail but notions of China buying more cars gives rise in hope for oil investor bulls," PVM analyst John Evans said.

Persons: Brent, John Evans, Natalie Grover, Arathy Somasekhar, Andrew Hayley, Louise Heavens, David Holmes Organizations: U.S, West Texas, Energy Information Administration, ANZ Bank, Thomson Locations: China, Russia, India, Saudi Arabia, U.S, London, Houston, Beijing

☆ Oil perched between demand concerns and supply strains
▼ + stars: | 2023-07-19 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters) - Global oil prices were little changed on Wednesday as markets weighed U.S. demand concerns against China's pledge to support economic growth. Brent futures were flat at $79.63 a barrel by 0800 GMT, while U.S. West Texas Intermediate (WTI) crude edged 10 cents lower to $75.65 per barrel. "With the Fed likely to raise interest rates for the last time in July, concerns about U.S. demand that will limit oil price gains are likely to remain," said CMC Markets analyst Leon Li. However, on the positive front, China's top economic planner pledged on Tuesday it would roll out policies to "restore and expand" consumption in the world's second-largest economy, which could boost oil demand. On the supply side, data from the American Petroleum Institute (API), an industry group, showed crude oil, gasoline and distillate inventories all fell last week.

Persons: China's, Brent, Leon Li, Claudio Galimberti, John Evans, Natalie Grover, Katya Golubkova, Trixie Yap, Jamie Freed, David Holmes Organizations: U.S, West Texas, American Petroleum Institute, Thomson Locations: China, Europe, America, Russia, London, Tokyo, Singapore

Brent futures rose $1.13, or 1.4%, to settle at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.60, or 2.2%, to settle at $75.75. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Energy traders expect "the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households," said Edward Moya, senior market analyst at data and analytics firm OANDA. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the EIA on Wednesday. Analysts in a Reuters poll forecast a 2.4-million barrel draw from U.S. crude stocks during the week ended July 14.

Persons: Edward Moya, Kristalina Georgieva, Gelber, Natalie Grover, Stephanie Kelly, Andrew Hayley, David Holmes, Jan Harvey, Jonathan Oatis Organizations: . Federal, U.S, West Texas, ING, Energy, Monetary, U.S . Energy Information Administration, American Petroleum Institute, Associates, World Meteorological Organization, Thomson Locations: China, U.S, Europe, Asia, London, New York, Beijing

Summary U.S. dollar falls to 15-month low against basket of currenciesU.S. oil output to decline in August - EIA outlookUpcoming - U.S. oil inventory data from API and EIANEW YORK, July 18 (Reuters) - Oil prices climbed more than 1% on Tuesday as a weaker U.S. dollar and expected decline in U.S. output outweighed softer-than-expected Chinese economic data. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. CRUDE DEMAND STILL A CONCERNComments that global economic growth activity is slowing helped keep crude price gains in check. In the U.S., shale oil production will likely decline in August for the first time since December, projections from the EIA show. Global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Kristalina Georgieva, Jun Rong Yeap, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes, Jan Harvey Organizations: U.S, West Texas, U.S ., . Federal, American Petroleum Institute, U.S . Energy Information Administration, Monetary Fund, IG, Thomson Locations: China, U.S, Singapore, London, New York, Beijing

☆ Oil steadies as investors eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude was up 26 cents at $78.76 a barrel by 1151 GMT, while U.S. West Texas Intermediate (WTI) crude rose 28 cents to $74.43 a barrel in relatively muted trading, with the contract set to expire on Thursday. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes Organizations: Investors, U.S, West Texas, Energy, Administration, IG, Thomson Locations: China, U.S, Singapore, Saudi Arabia, London, New York, Beijing

☆ Oil steadies as investors digest China gloom, eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was down 1 cent at $78.49 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude edged up 1 cent to $74.16 a barrel. Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Lincoln, Jason Neely Organizations: Investors, U.S, West Texas, IG, Energy, Administration, Saudi, Thomson Locations: China, Singapore, U.S, London, New York, Beijing

☆ BlackRock names Aramco boss to board
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters) - The world's top asset manager BlackRock (BLK.N) has named Amin Nasser, the chief of the world's largest oil company Saudi Aramco (2223.SE), as an independent director. His expertise in the Middle East will fill the gap left by Bader Alsaad, chairman of the board of the Arab Fund for Economic & Social Development, who is not standing for reelection on BlackRock's board in 2024, the asset manager said on Monday. BlackRock has sought to strike a balance on the issue of climate change, continuing to invest in fossil fuel companies, while nudging them to adopt energy transition plans. Aramco, for its part last October unveiled a $1.5 billion sustainability fund to initially focus on areas including carbon capture and storage, greenhouse gas emissions, as well as hydrogen, ammonia and synthetic fuels. However, Nasser said the current global energy transition plan was flawed.

Persons: Amin Nasser, Nasser, Bader Alsaad, Natalie Grover, Sharon Singleton Organizations: BlackRock, Saudi Aramco, Saudi, Arab Fund for Economic & Social Development, Aramco, Gulf, Thomson Locations: Saudi Arabia, Riyadh, Paris, London

Brent crude futures fell $1.31, or 1.7%, to $80.05 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate crude futures fell $1.34, or 1.7%, to $75.55 a barrel. A stronger greenback reduces oil demand, making crude more expensive for investors holding other currencies. Oil prices remained on course for a weekly gain of more than 2%, after supply disruptions in Libya and Nigeria heightened concerns that the markets will tighten in coming months. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.

Persons: Brent, Dollar, John Kilduff, John Evans, Shariq Khan, Natalie Grover, Sudarshan, Katya Golubkova, David Evans, Mark Potter, Louise Heavens, David Gregorio Our Organizations: Brent, . West Texas, Again, U.S, Shell, Thomson Locations: BENGALURU, Libya, Nigeria, Bengaluru, London, Singapore, Tokyo

☆ Brent oil hovers above $81 after supply disruptions
▼ + stars: | 2023-07-14 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

On Thursday some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal. With the "market in thrall of a ‘tightening’ narrative", any more outages will push the oil price to levels that not even the most ardent bull would have predicted for the second half of the year, Evans added. Both Brent and WTI futures were down slightly at 1207 GMT, with Brent 9 cents lower at $81.27 a barrel and WTI down 11 cents at $76.78. Saudi Arabia and Russia, the world's biggest oil exporters, this month agreed to deepen oil cuts in place since November last year, providing further support to crude prices.

Persons: John Evans, thrall, Evans, Brent, Craig Erlam, Natalie Grover, Sudarshan Varadhan, Katya Golubkova, David Evans, Mark Potter Organizations: Shell, Brent, International Energy Agency, Organization of, Petroleum, National Australia Bank, U.S ., U.S . Federal, OANDA, Thomson Locations: Libya, Nigeria, China, Saudi Arabia, Russia, London, Singapore, Tokyo

☆ Brent oil hovers above $80 as U.S inflation eases
▼ + stars: | 2023-07-13 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 13 (Reuters) - Global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak. The futures contract structure of the global benchmark Brent indicates the market is tightening and that OPEC could be succeeding in its mission to support the market. The premium of a front month Brent contract to a six-month February 2024 contract rose to $2.64 a barrel on Wednesday. At the end of the June, the front month contract was at a discount to the six month contract. Meanwhile, an OPEC report also published on Thursday, maintained an upbeat world oil demand outlook despite economic headwinds.

Persons: Craig Erlam, Brent, Natalie Grover, Jeslyn Lerh, Laura Sanicola, Jacqueline Wong, Elaine Hardcastle, Barbara Lewis, Conor Humphries Organizations: Brent, U.S, West Texas, OPEC, International Energy Agency, Customs, Thomson Locations: Brent, U.S, Saudi Arabia, Russia, China, India, London, Singapore, Washington

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

☆ Oil prices steady as supply cuts counter economic headwinds
▼ + stars: | 2023-07-11 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices, which were also supported by the U.S. dollar hitting a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Anxiety is still palpable that recession fears could lead to downgrades in oil demand," said PVM analyst Tamas Varga. Seperately on Tuesday several sources told Reuters that top buyer China again requested less supply from the world's biggest oil exporter, Saudi Aramco (2222.SE). Meanwhile, the secretary general of OPEC on Tuesday told a Nigerian oil and gas conference that global energy demand is forecast to rise 23% by the end of 2045.

Persons: Brent, Edward Moya, Tamas Varga, Seperately, Natalie Grover, Arathy Somasekhar, Jason Neely, David Goodman Organizations: Saudi, . West Texas, U.S, U.S . Federal, International Energy Agency, Reuters, China, OPEC, Tuesday, Thomson Locations: Russian, Saudi Arabia, Russia, U.S, China, Saudi Aramco, Nigerian, London

☆ Oil steadies as market digests supply and demand outlook
▼ + stars: | 2023-07-06 | by ( Natalie Grover | ) www.reuters.com time to read: +1 min

LONDON, July 6 (Reuters) - Oil prices were little changed on Thursday as the market digested tighter crude supply alongside fears of global economic slowdown. Brent crude futures edged up 12 cents to $76.77 a barrel by 1143 GMT after a 0.5% gain the previous day. On the supply side, top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5% of global oil output. "The oil balance will likely tighten and so will financial conditions, judging by the Fed minutes released last night," said PVM analyst Tamas Varga.

Persons: Tamas Varga, Natalie Grover, Yuka Obayashi, David Goodman Organizations: Brent, . West Texas, Thomson Locations: Saudi Arabia, Russia, U.S, Europe, China, London, Tokyo, Singapore

U.S. West Texas Intermediate crude rose $2.15 from Monday's close, or 3.1%, to $71.91 a barrel by 11:36 a.m. EDT (1536 GMT). Brent crude futures rose 45 cents, or 0.5%, to $76.66 a barrel, after gaining $1.60 a barrel on Tuesday. "The July voluntary cuts and the extension into August should considerably tighten the oil market, but investors will stay on the sidelines until oil inventories will show substantial draws," said UBS analyst Giovanni Staunovo. The American Petroleum Association will report its weekly U.S. crude oil and products inventory report after 4:30 p.m. EDT (2030 GMT) on Wednesday. Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

Persons: Prince Abdulaziz bin Salman, Giovanni Staunovo, Staunovo, Morgan Stanley, Shariq Khan, Natalie Grover, Yuka Obayashi, Muyu Xu, David Goodman, Jan Harvey, David Gregorio Our Organizations: Brent's Tuesday, Brent, . West Texas, American Petroleum Association, U.S . Energy, Administration, U.S, Thomson Locations: Saudi Arabia, Russia, BENGALURU, Monday's, Algeria, Saudi, OPEC, China, Europe

☆ Brent crude steady as economic fears offset supply cuts
▼ + stars: | 2023-07-05 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 5 (Reuters) - Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Recent surveys have shown a slump in global factory activity, reflecting sluggish demand in China and Europe. Russia and Algeria, meanwhile, are lowering their August output and export levels by 500,000 bpd and 20,000 bpd respectively. Seperately, Kazakhstan oil output on July 4 plunged by about a fifth from July 2 levels after widespread power outages. Kazakh crude accounts for about 1.7% of global oil production.

Persons: Brent, Tamas Varga, Prince Abdulaziz bin Salman, Morgan Stanley, Natalie Grover, Yuka Obayashi, Xu, David Goodman Organizations: Brent, . West Texas Intermediate, U.S, Thomson Locations: Saudi Arabia, Russia, ., Monday's, China, Europe, Algeria, Saudi, OPEC, Seperately, Kazakhstan, London, Tokyo, Singapore

☆ Oil prices rise 2% as market weighs supply cuts against economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 4 (Reuters) - Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. The total cuts now stand at more than 5 million bpd, or 5% of global oil output. "Clearly, the Saudis are taking proactive and pre-emptive steps to stabilize the price of crude oil as well as see gains to reach $80 a barrel to sustain their domestic budgets," said Andrew Lipow, president of Houston-based Lipow Oil Associates. Even so, the market will wait to verify Russia's announced cuts, and concerns continue that high interest rates will weigh on global demand, Lipow said. Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains.

Persons: Tamas Varga, Andrew Lipow, Russia's, Lipow, Craig Erlam, Natalie Grover, Rod Nickel, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith, David Goodman, Bill Berkrot Organizations: Brent, . West Texas, Houston, Lipow Oil Associates, Independence, International Energy Agency, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Winnipeg , Manitoba, Houston, Singapore

Search resuls for: "Natalie Grover"

25 mentions found