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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

☆ Take Five: Doves versus hawks
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +5 min

Key UK jobs data and a G20 summit, marked by the absence of China's Xi Jinping, are also in focus. The doves urge caution; the most hawkish hawks say a pause is not a done deal, but haven't explicitly called for a hike either. Wednesday's August U.S. inflation data, followed by producer price and retail sales numbers a day later, are the next test. Next up are consumer and factory price data this weekend, with industrial output and retail sales out on the 15th. The unemployment rate has been edging above last year's 48-year low, indicating some softening in the jobs market, while basic earnings are rising at record pace.

Persons: Andrew Kelly, China's Xi, Ira Iosebashvili, Kevin Buckland, Li Gu, Amanda Cooper, Ahmad Ghaddar, haven't, Goldman Sachs, Xi Jinping, He's, BoE Governor Andrew Bailey, BoE, RUSH Brent, Dhara, Philippa Fletcher Organizations: Financial, of, REUTERS, European Central Bank, United States, Key, Yoruk Bahceli, ECB, Reuters, Huawei, SMIC, West, Bank of England, Thomson Locations: of Manhattan , New York City, U.S, Yoruk, Amsterdam, New York, Tokyo, Shanghai, London, China, United States, Washington, Beijing, India, Britain, Saudi Arabia, Russia, Iran, Venezuela, Libya

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Despite its pledge to maintain supply cuts, Russia is expected to boost its oil exports in September as Russian refineries start seasonal maintenance, Reuters calculations based on sources' data show, which is also curbing price gains. Reporting by Yuka Obayashi and Muyu Xu; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Brent, Priyanka Sachdeva, Phillip Nova, Tatsufumi Okoshi, WTI, Yuka Obayashi, Muyu Xu, Jamie Freed, Miral Organizations: Midland , Texas U.S, REUTERS, Rights, U.S, West Texas, Investors, Nomura Securities, Energy, Thomson Locations: Midland , Texas, Rights TOKYO, SINGAPORE, Saudi Arabia, Russia, China

☆ Stocks stumble as 'dollar juggernaut' on a roll
▼ + stars: | 2023-09-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2% in early trade and is down 1.4% for the week. "China’s partial ban on Apple products put trade wars and U.S.-China decoupling back on the agenda," said Capital.com analyst Kyle Rodda. U.S. suppliers' shares had fallen overnight and helped drag the S&P 500 (.SPX) 0.3% lower and the Nasdaq (.IXIC) down by 0.9%. The Australian dollar is down more than 1% on the week and traded at $0.6384 on Friday.

Persons: Issei Kato, TSMC, Kyle Rodda, Masato Kanda, Hirokazy Matsuno, Brent, Heekyong Yang, Shri Navaratnam Organizations: REUTERS, Rights, Japan's Nikkei, South Korea's SK Hynix, Huawei Technologies, Tokyo, Apple, Nasdaq, ANZ Bank, European Central Bank, Treasury, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, U.S, Asia, Pacific, Hong Kong, China, South Korea's, Europe, Seoul

Shares fell Friday in Asia after Japan reported its economy grew less than earlier estimated in the last quarter. Much of that growth was driven by exports, which rose nearly 13%, while private consumption fell 2.2% on weak investment spending. On Thursday, Wall Street slipped in mixed trading Thursday as the threat of high interest rates continued to dog Big Tech stocks. The Nasdaq composite was hit particularly hard by the drop for tech stocks, sinking 0.9% to 13,748.83. Yields remained high after a report on Thursday said fewer U.S. workers applied for unemployment benefits last week than expected.

Persons: Stocks, Brent Organizations: Nikkei, Hong, Big Tech, Nasdaq, Dow Jones, Federal Reserve, Fed, Apple, Nvidia, New York Mercantile Exchange Locations: Asia, Japan, Seoul, Shanghai

☆ Oil prices ease on demand concerns, still headed for weekly gain
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil prices fell for a second session on Friday, weighed down by lingering concerns over slower global demand, but were still headed for a second consecutive weekly gain amid expectations of tightening supplies. For the week, Brent and WTI were still on track for about a 1% gain. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected.

Persons: Brent, WTI, Tatsufumi Okoshi Organizations: Brent, U.S, West Texas, Investors, Nomura Securities, Energy Locations: New Mexico, U.S, Saudi Arabia, Russia, China

☆ Stocks may be losing market leader just ahead of August inflation reports next week
▼ + stars: | 2023-09-08 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The stock market may be losing one of its leaders heading into the release of key inflation reports next week that could clarify the path of future monetary policy. Apple weakness However, even after Apple's drop this week, some investors expect to see further declines in Apple because of deteriorating stock price momentum. A hotter-than-expected price report will likely add to investor concern over sticky inflation and tighter monetary policy, weighing on equities. Monday Sept. 11 Earnings: Oracle Tuesday Sept. 12 6 a.m. NFIB Small Business Index (August) Wednesday Sept. 13 8:30 a.m. Consumer Price Index (August) 8:30 a.m. Initial Claims (09/09) 8:30 a.m. Producer Price Index (August) 8:30 a.m. Retail Sales (August) 10 a.m. Business Inventories (July) Earnings: Lennar , Adobe , Copart Friday Sept. 15 8:30 a.m.

Persons: Rob Ginsberg, Tim Cook, selloff, Wolfe Research's Ginsberg, Ginsberg, Dan Niles, Satori, Wolfe's Ginsberg, Alex McGrath, FactSet, isn't, Price, —, Michael Bloom, Gabriel Cortes Organizations: Apple, Wolfe Research, Dow Jones, Nasdaq, Nvidia, Tech, Satori Fund, U.S . West Texas, ICE Brent, Federal Reserve, Wealth, Traders, United Auto Workers, UAW, Big Three, General Motors, Ford Motor, Treasury Budget, Retail, Adobe, Price, Index, Manufacturing Locations: China, Apple, U.S, @CL, Michigan

☆ Rupee to see some relief on pullback in US yields, dollar index
▼ + stars: | 2023-09-08 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Sept 8 (Reuters) - The Indian rupee is expected to open higher on Friday on the back of a pullback in U.S. Treasury yields and a broadly softer dollar. Non-deliverable forwards indicate the rupee will open at around 83.12-83.14 to the U.S. dollar compared with 83.21 in the previous session. The rupee has been flirting with the record low of 83.29 and has largely avoided it, thanks to the Reserve Bank of India's (RBI) intervention. The dollar index retreated in the Asia session to 104.86, having reached a six-month high of 105.15 in the New York session. Another round of losses in the yuan suggest that upside on the rupee following the open "will not be much", the forex traders said.

Persons: Nimesh Vora, Sonia Cheema Organizations: Treasury, U.S, Reserve Bank of India's, New, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, Asia, New York, U.S

☆ Brent falls below $90/bbl, pausing rally, on weaker demand outlook
▼ + stars: | 2023-09-07 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

Brent crude futures settled 68 cents, or 0.8%, lower at $89.92 a barrel, after trading between $89.46 and $90.89. U.S. West Texas Intermediate crude (WTI) futures finished down 67 cents, or 0.8%, at $86.67 a barrel, after trading between $86.39 and $87.74. Thursday's fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month, albeit crude oil imports rose," PVM Oil analyst Tamas Varga said.

Persons: Agustin Marcarian, Thursday's, Prices, Dennis Kissler, John Kilduff, Tamas Varga, Leon Li, Erwin Seba, Arathy Somasekhar, Ahmad Ghaddar, Trixie Yap, Marguerita Choy, Frances Kerry, Nick Macfie Organizations: REUTERS, HOUSTON, Brent, . West Texas, U.S, BOK, Again, Markets, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Iran, Venezuela, WTI, Brent, Saudi Arabia, Russia, China, Saudi, U.S, Shanghai, Houston, London, Singapore

☆ Oil slips on weak China outlook despite US stock drawdown
▼ + stars: | 2023-09-07 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Prices had spiked earlier in the week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts to the year-end. These were on top of the April cuts agreed by several OPEC+ producers running to the end of 2024. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month albeit crude oil imports rose," PVM Oil analyst Tamas Varga said.

Persons: Agustin Marcarian, we've, Jim Ritterbusch, Tamas Varga, Leon Li, Ahmad Ghaddar, Trixie Yap, Marguerita Choy, Frances Kerry Organizations: REUTERS, Brent, U.S, West Texas, Energy, Ritterbusch, Markets, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Iran, Venezuela, HOUSTON, China, Saudi Arabia, Russia, Saudi, Shanghai, London, Singapore

☆ Higher-for-longer rate bets lift dollar, sap stocks
▼ + stars: | 2023-09-07 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Long-term Treasury yields hovered at a two-week high of nearly 4.28% and close to last month's post-financial crisis highs. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. "While the markets are still feeling around for where that rate may be, it's going to weigh on equities and support the U.S. The dollar index - which measures the currency against six developed-market peers, including the yen and euro - ticked up 0.07% to 104.93. Reporting by Marc Jones; Additional reporting by Kevin Buckland in Tokyo; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Robert Alster, Brent, Europe's, hasn't, Kyle Rodda, Kit Juckes, Marc Jones, Kevin Buckland, Susan Fenton Organizations: Tokyo Stock Exchange, REUTERS, U.S, for Supply Management, Federal, Asset Management, Japan's Nikkei, Reuters, Traders, Federal Reserve, Capital.com, U.S ., Treasury, Generale, People's Bank of China, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe, U.S, New York, Asia, Melbourne, China

☆ Oil falls as concerns about China outweigh extended cuts
▼ + stars: | 2023-09-07 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Both benchmarks had spiked earlier in the week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts to the year-end. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month albeit crude oil imports rose," PVM Oil analyst Tamas Varga said. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well.

Persons: Agustin Marcarian, Brent, Tamas Varga, Leon Li, Trixie Yap, Jason Neely Organizations: REUTERS, U.S, West Texas, Markets, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, China, Saudi Arabia, Russia, Iran, Venezuela, Saudi, Shanghai, Singapore

☆ Oil falls on concerns about China, winter demand
▼ + stars: | 2023-09-07 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Brent crude futures fell 36 cents to $90.24 a barrel by 0645 GMT, after a nine-session winning streak. U.S. West Texas Intermediate crude (WTI) futures fell 37 cents to $87.17 a barrel after seven sessions of gains. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well. Helping support prices, U.S. crude oil inventories were projected to have fallen by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures.

Persons: Agustin Marcarian, Brent, Leon Li, Li, Trixie Yap, Stephanie Kelly, Jacqueline Wong, Muralikumar Anantharaman, Edwina Gibbs Organizations: REUTERS, . West Texas, Markets, U.S, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, SINGAPORE, China, Saudi Arabia, Russia, Shanghai, Iran, Venezuela, Saudi, OPEC, Caracas, Singapore, New York

☆ Oil prices edge up on anticipated U.S. crude stock draw
▼ + stars: | 2023-09-07 | by ( ) www.cnbc.com time to read: +1 min

The crude oil tanker Searuby arrives at Teesport on September 02, 2023 in Redcar, United Kingdom. Oil prices edged higher on Thursday, after industry data showed U.S. crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day, or bpd, while Russia has cut 300,000 bpd.

Organizations: American Petroleum Institute, U.S . Energy, Administration, Brent, U.S, West Texas, Saudi Locations: Teesport, Redcar, United Kingdom, Saudi Arabia, Russia

☆ Why Biden’s ban on drilling in the Alaska National Wildlife Refuge likely won’t affect gas prices
▼ + stars: | 2023-09-07 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

The ban, announced on Wednesday, cancels seven Trump-era oil and gas leases in the Arctic National Wildlife Refuge and prevents drilling on more than 13 million acres in the federal National Petroleum Reserve in Alaska. The Biden administration has annouced a ban on oil drilling in the Arctic National Wildlife Refuge in Alaska. “There’s little power to drill, pipeline to carry the crude oil, roads and everything needed basically to drill for oil,” he told CNN. The ban on drilling in the region would “not at all” hurt consumers in the future, De Haan said. Meanwhile, extreme summer heat has prevented many US refineries from operating at full capacity, leading to elevated gas prices throughout the peak driving season.

Persons: Biden, Joe Biden, Patrick De Haan, ”, De Haan, Brent Organizations: New, New York CNN, Trump, Wildlife, National Petroleum Reserve, Asahi Shimbun, CNN, Brent, Labor, AAA Locations: New York, Alaska, Russia, Saudi Arabia, North

☆ Asia stocks slide on U.S. rate worries, dollar ascendant
▼ + stars: | 2023-09-07 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The U.S. dollar hung close to the highest since mid-March against major peers, and touched a fresh 10-month top to the yen. U.S. stock futures pointed to a 0.1% decline, following a 0.7% slide for the S&P 500 (.SPX) overnight. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. The dollar earlier touched the highest since Nov. 4 versus the yen at 147.875 . Brent crude futures edged up 12 cents to $90.72 a barrel, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65.

Persons: Kim Kyung, Brent, HSI, hasn't, Kyle Rodda, Kevin Buckland, Simon Cameron, Moore Organizations: Tokyo Stock Exchange, REUTERS, Rights, U.S, Japan's Nikkei, Federal Reserve, Capital.com, U.S ., People's Bank of China, Brent, West Texas, Thomson Locations: Tokyo, Japan, United States, Asia, Europe, Melbourne, China, Saudi Arabia, Russia

Shares slipped Thursday in Asia as China reported weaker global demand hit its trade in August, adding to pressures on its economy. Investors have been hoping that the Fed might moderate interest rate increases going forward as inflation has been easing for months. Wall Street expects the Fed to hold its benchmark interest rate steady at its next meeting later in September. Economic updates last week on consumer confidence, jobs and inflation reinforced those hopes. Wall Street will get several more economic updates on inflation and retail sales later in September ahead of the Fed’s next meeting.

Persons: Australia's, Stephen Innes, “, Brent Organizations: Nikkei, Dow Jones, Nasdaq, Apple, Nvidia, Fed, Institute, Supply, Management, Treasury, Federal, Investors, New York Mercantile Exchange, U.S Locations: Asia, China, Seoul

That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates. In the Sept. 1-6 poll, almost all beaten-down emerging market currencies were forecast to move little, or trade modestly higher against the dollar in a year, with some making small gains in three months. The underperformance of China has probably been the biggest story holding back EM currencies." Earlier this year, many analysts expected China's reopening to boost the yuan and other EM currencies, especially those exporting commodities to the world's second-largest economy, but this scenario did not unfold as anticipated. Through the end of this year, we believe most EM Asia currencies can weaken," said Nick Bennenbroek, international economist at Wells Fargo.

Persons: Chris Turner, Nick Bennenbroek, Hugo Pienaar, Devayani Sathyan, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Treasury, greenback, Fed, ING, Reserve Bank of India, Korean, Bureau for Economic Research, Thomson Locations: BENGALURU, JOHANNESBURG, China, Asia, Wells Fargo, Russian, South Africa, Bengaluru

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day (bpd) while Russia has cut 300,000 bpd.

Persons: Agustin Marcarian, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, American Petroleum Institute, U.S . Energy, Administration, Brent, U.S, West Texas, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York

☆ Morning Bid: Transatlantic surprise gap opens up again
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +5 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. And the gap between those two gauges, which had halved from July peaks, is starting to yawn wider yet again. Although the steep annual drop in Chinese exports and imports last month was marginally better than forecast, the ongoing funk in activity remains stark and threatens Beijing's overall economic growth target of about 5%. At least six senior Fed officials are in speaking engagements later on Thursday - including Fed board member Michelle Bowman and New York Fed chief John Williams. Events to watch for on Thursday:* U.S. weekly jobless claims, Q2 labor cost and productivity revisions* Federal Reserve Board Governor Michelle Bowman, New York Fed President John Williams, Chicago Fed chief Austan Goolsbee, Philadelphia Fed chief Patrick Harker, Atlanta Fed chief Raphael Bostic and Dallas Fed chief Lorie Logan all speak.

Persons: Sarah Silbiger, Mike Dolan, Andrew Bailey, Michelle Bowman, John Williams, bourses steadied, Austan Goolsbee, Patrick Harker, Raphael Bostic, Lorie Logan, Joe Biden, Susan Fenton Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, U.S, Federal, Treasury, Bank of England, Bank of Canada, Fed, New York Fed, Apple, Beijing, Federal Reserve, Michelle Bowman , New York Fed, Chicago Fed, Philadelphia Fed, Atlanta Fed, Dallas Fed, PMI Reuters Graphics Reuters, Thomson Locations: Washington ,, U.S, United States, Europe, China, Brent, Saudi Arabia, Russia, Japan, Asia, Michelle Bowman , New, Atlanta, India, New Delhi

Sept 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Brent crude oil is now higher than it was a year ago, the first time since January that year-on-year price changes have been positive. In other words, all else equal, oil is now contributing to headline inflation rather than diluting it. Here are key developments that could provide more direction to markets on Friday:- Japan GDP (Q2, revised)- Japan current account (July)- Japan bank lending (August)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, John Williams, Joe Biden, Xi Jinping, Josie Kao Organizations: Brent, Investors, New York Fed, nudging, Saturday, Saturday . U.S, Apple, Thomson, Reuters Locations: Japan, Asia, New Delhi, China, Beijing, Saturday .

☆ Oil edges lower as markets shrug off supply jitters
▼ + stars: | 2023-09-06 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

NEW DELHI, Sept 6 (Reuters) - Oil prices reversed course on Wednesday after rising over 1% in the previous session, as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia and a firm dollar capped the upside. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. "Iran is producing close to 3.1 million barrels per day (bpd) and plans to pump around 3.4 million bpd. Reflecting supply concerns in the near term, the front-month Brent futures traded near 9-month highs at $4.13 a barrel above prices in six months. Sachdeva, however, added that the annual refinery maintenance period in the U.S. from September to October could limit demand for crude and potentially act as a restraining factor on rising oil prices.

Persons: Alexander Novak, Novak, Sachdeva, Mohi Narayan, Arathy Somasekhar, Christopher Cushing, Stephen Coates, John Stonestreet Organizations: Brent, . West Texas, Rystad Energy, ING Economics, ING, REUTERS, U.S, Saudi, Acme Investment Advisors, Thomson Locations: DELHI, Saudi Arabia, Russia, Iran, Volgograd, U.S, New Delhi, Houston

☆ Oil gains on supply woes after OPEC+ output cuts
▼ + stars: | 2023-09-06 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Jorge Leon, senior vice president at consultancy Rystad Energy, said in a note. The Saudi and Russian voluntary cuts are on top of the April cut agreed by several OPEC+ producers, which extends to the end of 2024. "The decision to prolong output cuts underscores their dedication to price stability in a challenging market environment," Sugandha Sachdeva, executive director and chief strategist at Acme Investment Advisors, said. Sachdeva, however, added that the annual refinery maintenance period in the U.S. from September to October could limit demand for crude and potentially act as a restraining factor on rising oil prices.

Persons: Jorge Leon, Leon, Alexander Novak, Novak, Sachdeva, Mohi Narayan, Arathy Somasekhar, Christopher Cushing, Stephen Coates Organizations: REUTERS, Brent, . West Texas, Rystad Energy, Saudi, Acme Investment Advisors, Thomson Locations: Volgograd, Russia, DELHI, Saudi Arabia, West, U.S, New Delhi, Houston

☆ Morning Bid: Shedding pounds, buying dollars
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 29, 2023. Investors are also focusing on English football club Manchester United (MANU.N), whose shares fell 18% on Tuesday in their steepest one-day decline. Brent crude is above $90 a barrel after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Weakness in demand will be the focus of data today as Germany releases July manufacturing data and the euro zone shows us what retailers were doing in July. Not much, going by the share price of French luxury group LVMH (LVMH.PA), which was just dethroned from pole position in Europe's most-valuable list.

Persons: Vidya Ranganathan, Glazer, Sterling, Philip Morris, Brent, Edmund Klamann Organizations: REUTERS, Staff, Vidya, Investors, English, Manchester United, Unilever Capital Corp, Philip Morris International, Volkswagen, Labor, Canada BOC, Thomson Locations: Frankfurt, Germany, Danish, Saudi Arabia, Russia, Europe's, Poland, U.S, Canada

NEW YORK, Sept 6 (Reuters) - Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. Brent crude futures settled up 56 cents to $90.60 a barrel while U.S. West Texas Intermediate crude (WTI) futures settled up 85 cents to $87.54. "We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up," said Bob Yawger, director of energy futures also at Mizuho. On Tuesday, Saudi Arabia and Russia extended voluntary oil supply cuts to year end. Oil prices were down early on rate-hike concerns and investor worries about the economy after data showed the ISM non-manufacturing Purchasing Managers' Index (PMI) came in at 54.5, compared with expectations of 52.5.

Persons: Brent, Bob Yawger, Paul Carsten, Mohi Narayan, Arathy, David Evans, Jason Neely, Nick Zieminski, Nick Macfie, David Gregorio Our Organizations: West Texas, Mizuho, American Petroleum Institute, U.S . Energy, Administration, Labor, Saudi, REUTERS, Brent, PMI, IIR Energy, Thomson Locations: Saudi Arabia, Russia, U.S, Volgograd, Iran, Venezuela, Libya, London, New Delhi, Houston

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