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☆ Dollar dips as job openings fall, Fed meeting in focus
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell Tuesday after data showed that U.S. job openings fell in March, a day before the Federal Reserve is expected to hike interest rates by an additional 25 basis points. The dollar index fell 0.22% to 101.93 after earlier reaching 102.40, the highest since April 11. The single currency has risen since mid-March on expectations that the interest rate differential with the U.S. dollar will continue to shrink. The Aussie dollar rose 0.51% to $0.6664, after earlier getting to $0.6717, the highest since April 21. The dollar fell 0.56% to 136.67 yen, after earlier hitting 137.78, the highest since March 8.

☆ Oil slumps 5% to five-week low amid US debt default fears
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week. Oil prices and Wall Street's main indexes both fell after U.S. Treasury Secretary Janet Yellen said the government could run out of money within a month. Later this week, investors will look for market direction from expected interest rate hikes by central banks still fighting inflation. Concerns about diesel demand in recent months, meanwhile, has pressured U.S. heating oil futures to their lowest level since December 2021. Over the weekend, data from China, the world's top crude importer, showed manufacturing activity fell unexpectedly in April.

China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China is expected to be the biggest factor driving oil demand growth this year, he added. The U.S. Federal Reserve, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies, making oil more expensive for other currency holders. Oil prices drew some support from U.S. manufacturing activity pulling off a three-year low in April, as new orders improved slightly and employment rebounded.

☆ Oil prices rebound after recession fear, Russia exports fuelled earlier losses
▼ + stars: | 2023-04-27 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, April 27 (Reuters) - Oil prices rose on Thursday, paring earlier losses that were fuelled by U.S. recession fear and increased Russian oil exports dulling the impact of OPEC production cuts. "Crude oil slumped, as prospects of weaker economic growth offset a bullish inventory report," ANZ Research said in a client note. "The market is also questioning the validity of OPEC's recent production cut amid strong exports of Russian crude." Energy Information Administration (EIA) data showed U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' average forecast of a 1.5 million drop in a Reuters poll. Oil loading from Russia's western ports in April will be the highest since 2019, above 2.4 million barrels per day, despite Moscow's pledge to cut output, sources have said.

☆ Oil prices rebound after recession fear, Russia exports fueled earlier losses
▼ + stars: | 2023-04-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Thursday, paring earlier losses that were fueled by U.S. recession fear and increased Russian oil exports dulling the impact of OPEC production cuts. "Crude oil slumped, as prospects of weaker economic growth offset a bullish inventory report," ANZ Research said in a client note. "The market is also questioning the validity of OPEC's recent production cut amid strong exports of Russian crude." Energy Information Administration data showed U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' average forecast of a 1.5 million drop in a Reuters poll. Oil loading from Russia's western ports in April will be the highest since 2019, above 2.4 million barrels per day, despite Moscow's pledge to cut output, sources have said.

☆ Oil prices fall as strengthening dollar prompts weak demand concern
▼ + stars: | 2023-04-20 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, April 20 (Reuters) - Oil prices fell on Thursday as muted U.S. economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive. West Texas Intermediate crude (WTI) for May delivery lost 28 cents, or 0.35%, to trade at $78.88 at 0005 GMT. "This unsettled markets, magnifying recent concerns that monetary tightening has weakened demand for oil. , , ,The crude stockpile decline was far steeper than analysts' estimate of 1.1 million barrels, and the American Petroleum Institute's estimates late on Tuesday of 2.7 million barrels. "WTI crude is back below the $80 level and it could continue drifting lower if the strong dollar trade resumes," Edward Moya, senior market analyst at OANDA, said in a client note.

☆ Oil inches up on tightening supply, IEA demand outlook to come
▼ + stars: | 2023-04-14 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, April 14 (Reuters) - Oil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency's monthly demand outlook. A tighter supply outlook due to lower expected production in Russia supported prices. On the demand side, investor attention is focused on the IEA's monthly oil market report to be released later in the day, with the possibility the agency might downgrade the global demand outlook over faltering macroeconomic growth. The weakening greenback makes dollar-denominated oil cheaper for investors holding other currencies, boosting demand. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note.

☆ Oil climbs on tightening supply; IEA demand outlook awaited
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: +3 min

An oil pumpjack in the Inglewood Oil Field, seen from the Kenneth Hahn State Recreation Area, on July 13, 2022, in Los Angeles, California. Oil prices rose on Friday on signs of lower Russian output and tighter supplies, with the market looking ahead to the International Energy Agency's monthly report later in the day to clarify the global demand outlook. The possibility that the agency might downgrade the global demand outlook over faltering macroeconomic growth is helping to cap prices. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note. Oil prices are expected to record an upward trend but the increments are expected to be capped at $90 a barrel, said CMC Markets analyst Leon Li.

☆ Dollar, stocks slip after Fed minutes spur recession fears
▼ + stars: | 2023-04-12 | by ( Herbert Lash | ) www.reuters.com time to read: +6 min

Fed staff assessing the potential fallout of banking stress projected a "mild recession" later this year. But the minutes showed policymakers ultimately agreed to higher interest rates as data at the time showed few signs of inflation pressures abating. Money markets initially trimmed expectations for a Fed rate hike in May, pricing in a 65.2% chance of a 25-basis-point move, CME Group's FedWatch Tool showed. MSCI's gauge of stocks across the globe (.MIWD00000PUS) closed down 0.08%, while the pan-European STOXX 600 index (.STOXX) rose 0.13%. The dollar fell with an index measuring the U.S. currency against six peers down 0.558%.

Summary Dip in China consumer inflation points to weak demandU.S. inflation report due on WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures settled up $1.43, or 1.7%, to $85.61 a barrel. U.S. West Texas Intermediate futures rose $1.79, or 2.2%, to $81.53 a barrel. read moreA U.S. inflation report to be released on Wednesday is expected to help investors gauge the near-term trajectory for interest rates. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, the Energy Information Administration forecast on Tuesday.

☆ Dollar dips ahead of inflation data due Wednesday
▼ + stars: | 2023-04-11 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

NEW YORK, April 11 (Reuters) - The dollar fell on Tuesday as investors waited on inflation data for further signs of whether price pressures are ebbing and what it means for further Federal Reserve interest rate hikes. Consumer price data on Wednesday is expected to show headline inflation rose by 0.2% in March, while core inflation rose 0.4%. (USCPI=ECI), (USCPF=ECI)"A lot of traders are focused on this inflation data," said Edward Moya, senior market analyst at OANDA in New York. Strong jobs data for March have added to expectations that the U.S. central bank will complete one more rate hike. European bond yields rose sharply on Tuesday, catching up after the break.

☆ Oil steady on China demand concerns with US inflation in focus
▼ + stars: | 2023-04-11 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Summary China consumer inflation drop points to weak demandU.S. inflation report due WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures slipped 18 cents, or 0.2%, to $84 a barrel by 1102 GMT, while U.S. West Texas Intermediate futures eased 12 cents, or 0.1%, to $79.62 a barrel. A U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates. "The short-term crude demand outlook will soon be clearer. "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report."

☆ Dollar pauses after strong gains on hawkish Fed bets; bitcoin hits $30,000
▼ + stars: | 2023-04-11 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Leading cryptocurrency bitcoin briefly touched $30,000 for the first time since June. The U.S. dollar index - which measures the greenback against six major counterparts, including the yen - slipped 0.06% in early Asian trading, following a 0.39% advance at the start of the week. The consumer price index (CPI), due on Wednesday, will be the next major clue for Fed policy direction. The dollar index dropped to a two-month low of 101.40 on Wednesday. Bitcoin touched a fresh 10-month high at $30,000 in early Tuesday trade before last fetching $29,787, after breaking free of recent ranges on Monday.

☆ Gold off one-year highs as dollar firms ahead of U.S. payrolls data
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices slipped from one-year highs on Thursday as the dollar regained some ground, while investors awaited the U.S. non-farm payrolls report to gage the Federal Reserve's monetary policy strategy. The economic data points this week were major components supporting gold prices, he added, while also noting some profit-booking ahead of the Good Friday holiday. Wednesday's data showed the U.S. services sector slowed more than expected in March. While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim non-yielding bullion's appeal. Markets see a 53.8% chance of the Fed standing pat on interest rates in May, according to CME's FedWatch tool.

☆ Oil prices stable as economic fears balance OPEC+ cuts, U.S. stock draw
▼ + stars: | 2023-04-05 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. REUTERS/Essam Al-Sudani/File PhotoLONDON, April 5 (Reuters) - Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement. Bullish sentiment continued after voluntary cuts pledged by the Organization of Petroleum Exporting Countries and allies including Russia, a group known as OPEC+. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have capped oil oil price gains. Record Russian diesel flows to the Middle East in March, and the sluggish performance of middle distillates contracts have "acted acted as a brake on any attempt to push crude oil prices meaningfully higher," Varga said.

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose on Wednesday, boosted by expectations of U.S. crude inventory declines as well as the latest output cut targets set by the OPEC+ producer alliance. The rises came as an industry report showed U.S. crude stocks fell by about 4.3 million barrels in the week ended March 31. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have kept oil prices from moving up further, despite the prospect of tighter supply following the OPEC+ cuts. Traders will be looking for cues on broader economic trends from the U.S. non-farm payrolls data due later this week, analysts say. Reporting by Laila Kearney in New York; Editing by Gerry Doyle and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Even after Sunday's news on Credit Suisse, optimism from analysts was laced with caution and some scepticism. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

☆ UBS to take over Credit Suisse, central banks act on liquidity
▼ + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com time to read: +13 min

LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.

☆ Oil flat as China hopes, US stock draw contend with economic concerns
▼ + stars: | 2023-03-09 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures had edged up by 2 cents to $82.68 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased by 1 cent to $76.65 a barrel. "Oil prices are still under the influence of Powell's hawkish tone recently, and the increasing possibility of another 50 basis points hike rather than a 25 basis points one," said Suvro Sarkar, lead energy analyst at DBS Bank. "Oil prices will be caught in the tug of war between sentiment surrounding rate hikes and inflation targeting on the one hand, and China reopening on the other for much of the year, at least the first half." Despite the EIA inventory report posting the first crude draw of the year, crude demand uncertainty over the short term is "keeping oil prices heavy," said OANDA senior analyst Edward Moya in a note. "Until we see clear signs of China's recovery gaining steam, oil prices look like they want to stay heavy."

Brent crude futures for April , due to expire on Tuesday, were up by 39 cents to $82.84 per barrel by 0718 GMT. Likewise, U.S. West Texas Intermediate (WTI) crude futures gained 61 cents to $76.29 a barrel. Brent and WTI futures were both on track, however, for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. Seven analysts polled also estimated that gasoline stocks rose by about 700,000 barrels.

Brent crude futures for April , due to expire on Tuesday, gained 14 cents to $82.59 per barrel by 0443 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 21 cents to $75.89 a barrel. Brent and WTI futures were both on track for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds.

☆ Oil little changed as Russian supply cuts support prices
▼ + stars: | 2023-02-27 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

Companies Polski Koncern Naftowy Orlen SA FollowSINGAPORE, Feb 27 (Reuters) - Oil was little changed in early trade on Monday, as Russia's plans to deepen oil supply cuts continued to support prices, while increasing global inflation risks and rising crude inventories in the United States weighed. Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine. Two weeks after the invasion, prices surged to a record high of nearly $128 a barrel over supply concerns, but have since cooled over fears of a global economic slowdown. "China's manufacturing PMI data for February will be key to steering the oil prices for this week. A rebound in Chinese economic data will boost sentiment and improve the demand outlook," said Tina Teng, an analyst at CMC Markets.

☆ Oil gains on Russian supply cut worries, but higher U.S. inventories weigh
▼ + stars: | 2023-02-24 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, Feb 24 (Reuters) - Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States. Brent crude futures rose 61 cents, or 0.7%, to $82.82 per barrel by 0215 GMT. The prospect of further rate hikes supported the dollar index , which was set for a fourth straight week of gains. Oil has also been pressured by a surge in U.S. crude inventories to the highest since May 2021, as refiners ran less oil during a strong maintenance season. Crude inventories rose by 7.6 million barrels to a about 479 million barrels, data from the U.S. Energy Information Administration said.

☆ Brent oil lower amid stronger dollar, caution ahead of Fed minutes
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: +2 min

The Brent crude benchmark opened slightly lower on Tuesday as the U.S. dollar strengthened and traders waited for cues from the U.S. Federal Reserve meeting minutes, after optimism over demand amid tightening supplies drove prices higher on Monday. Brent crude was down 59 cents, or 0.5%, at $83.57 a barrel on Tuesday. U.S. West Texas Intermediate crude (WTI) for March, which expires on Tuesday, was up 78 cents, or 1.02%, at $77.12 at 0146 GMT. "The U.S. dollar strengthened and pressed on the oil price in the Asian session today, causing a pullback in the oil markets from yesterday's rebound," said Tina Teng, an analyst at CMC Markets. Russia plans to cut oil production by 500,000 barrels per day, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products.

☆ Oil prices slide as the US says it will sell millions more barrels of oil from its strategic reserve into the global market
▼ + stars: | 2023-02-14 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Oil prices fall Tuesday after the US said it plans to sell more oil from the Strategic Petroleum Reserve. The Energy Department will start the sale of 26 million barrels of sweet crude in April. Brent crude oil, the global benchmark, fell 1.5% to $85.40 a barrel but was off lows of the session. The drop in oil prices Tuesday was also taking place as US consumer price inflation data showed prices eased in January, but it was by less than anticipated. OPEC, meanwhile, on Tuesday, raised its 2023 oil demand forecast by 100,000 barrels per day, to 2.3 million barrels, as China reopens its economy after strict COVID-related restrictions.

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