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☆ Oil slips on weak China data and rate hike expectations
▼ + stars: | 2023-05-02 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Oil prices fell on Tuesday on weak economic data from China and expectations of interest rate hikes by the U.S. Federal Reserve and European Central Bank (ECB) this week. Brent crude fell 42 cents, or 0.53%, to to $78.89 a barrel by 1037 GMT while U.S. West Texas Intermediate (WTI) crude lost 46 cents, or 0.61% to $75.20. Price pressure followed official data on Sunday showing manufacturing activity in China, the world's top crude importer, fell unexpectedly in April. Investors will look for market direction from expected interest rate hikes by inflation-fighting central banks, which could slow economic growth and dent energy demand. A poll on Monday showed that U.S. crude oil stockpiles, meanwhile, are expected to have fallen for a third consecutive week, providing some oil price support.

☆ 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.

Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".

☆ 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.

☆ OPEC+ announces surprise oil cuts, while U.S. calls the move inadvisable
▼ + stars: | 2023-04-02 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in 2018. Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. Oil prices last month fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand. The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend. The Saudi energy ministry said the kingdom's voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.

☆ Oil slide resumes as banking fears offset China demand hopes
▼ + stars: | 2023-03-15 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

SummarySummary Companies Credit Suisse unease sparks global sell-offChinese economy shows signs of gradual recoveryChina reopening expected to boost oil demand -IEALONDON, March 15 (Reuters) - Oil extended losses on Wednesday with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "Fears of contagion are clearly gaining traction," Tamas Varga of oil broker PVM told Reuters. "As a result, the dollar is stronger and equities are weakening - bad omens for oil." Wednesday's monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023. Investors are now awaiting official U.S. oil inventory data later on Wednesday to see if it confirms the 1.2 million barrel rise in crude stocks reported on Tuesday by the American Petroleum Institute.

☆ Oil pares gains on European rate hike fears
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +1 min

Oil prices pared early gains on Thursday as signs of a strong economic rebound in top crude importer China were offset by fears over the impact of potential increases to European interest rates. China's seaborne imports of Russian oil are set to hit a record high this month as refiners take advantage of cheap prices. However, the market was pressured by growing expectations of rate increases by the European Central Bank (ECB) after faster than expected acceleration in consumer prices in France, Spain and Germany. "Resurfacing inflation worries contributed to the souring mood," said PVM Oil analyst Tamas Varga. Record exports of U.S. crude oil, however, kept the build smaller than in recent weeks, the Energy Information Administration said.

☆ Oil rises on China growth hopes
▼ + stars: | 2023-02-28 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures for April , due to expire on Tuesday, were up by 87 cents, or 1.1%, to $83.32 per barrel by 1059 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.18, or 1.6%, to $76.89 a barrel. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. The market will be looking to the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators. Distillate inventories, which include diesel and heating oil, were expected to have decreased by about 500,000 barrels last week.

☆ Oil rebounds almost 2% on China growth hopes
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose nearly 2% on Tuesday, erasing the previous session's losses, as hopes for a strong economic rebound in China offset worries about U.S. interest rate hikes dragging down consumption in the world's biggest economy. Expectations of demand recovery in China underpinned gains, with the market awaiting key data over the next two days. "China's economic recovery will drive its demand for commodities higher, with oil positioned to benefit the most," JPMorgan analysts said in a client note. Similarly, JPMorgan's oil analysts maintained their 2023 average price forecast on Brent at $90 a barrel. Meanwhile in the U.S., crude production fell in December to 12.10 million bpd, its lowest since August 2022, Energy Information Administration (EIA) data showed.

LONDON, Feb 9 (Reuters) - Oil prices dipped in U.S. trading hours on Thursday after the country's oil inventories hit their highest in months and on signs that the Federal Reserve could keep raising interest rates. "Relentlessly rising U.S. commercial inventories and potentially entrenched inflation limit any immediate upside potential," said PVM analyst Tamas Varga. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China provided some support to oil prices, as the world's second largest oil consumer ended more than three years of stringent zero-COVID policy.

LONDON, Feb 9 (Reuters) - Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. He said recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year. Crude oil stocks in the United States rose last week to their highest since June 2021, helped by higher production, the Energy Information Administration said. read more GLOB/MKTSBut the prospect of stronger demand from China lent some support to oil prices, as the world's second-largest oil consumer ended more than three years of stringent zero-COVID policy. "We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1," analysts from ANZ bank wrote in a note.

☆ Oil falls on rate hike worries, Russian export flows
▼ + stars: | 2023-01-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingInvestors watch for central bank rate hikesPositive China data caps weaknessLONDON, Jan 31 (Reuters) - Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60. Interest rate decisions will shed some light on the prospects of economic and oil demand growth," said Tamas Varga of oil broker PVM. Higher rates could slow the global economy and weaken oil demand.

☆ Oil rises on China demand hopes, U.S. inflation in focus
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil rose about 1% on Thursday supported by optimism over China's demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason Neely and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steadies amid China demand hopes, caution ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil steadied on Thursday as optimism over China's demand outlook was tempered by caution over whether upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Oil edges higher as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Goldman Sachs expects that the growing ability of the Organization of the Petroleum Exporting Countries (OPEC) to raise prices without hurting demand too much will limit downside risks to its bullish oil forecast for 2023. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Oil rises 1% as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices climbed marginally on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Thursday's data "could easily clarify the direction of the financial and oil markets for weeks to come", said Tamas Varga of oil broker PVM. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

Brent crude was up $1.29, or 1.6%, at $79.80 a barrel by 1:29 p.m. EST (1829 GMT). "The gradual reopening of the Chinese economy will provide an additional and immeasurable layer of price support," said Tamas Varga of oil broker PVM. The rally followed a drop last week of more than 8% for both oil benchmarks, their biggest weekly declines at the start of a year since 2016. As part of a "new phase" in the fight against COVID-19, China opened its borders over the weekend for the first time in three years. "The NY Fed data should be supportive for oil prices, as it suggests that inflation is peaking," said Phil Flynn, analyst at Price Futures group.

☆ Oil jumps 3% on demand optimism as China borders reopen
▼ + stars: | 2023-01-09 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"If recession is avoided, global oil demand and demand growth will remain resilient," said Tamas Varga of oil broker PVM, adding that developments in China were the main reason for Monday's gains. "The gradual reopening of the Chinese economy will provide an additional and immeasurable layer of price support," he said. The rally followed a drop last week of more than 8% for both oil benchmarks, their biggest weekly declines at the start of a year since 2016. As part of a "new phase" in the fight against COVID-19, China opened its borders over the weekend for the first time in three years. ,Reporting by Alex Lawler Additional reporting by Florence Tan and Jeslyn Lerh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil rebounds from 2022 lows on China demand hopes, tanker delays
▼ + stars: | 2022-12-08 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia's Black Sea ports. Western officials were in talks with Turkish counterparts to resolve the tanker queues, a British Treasury official said on Wednesday, after the G7 and European Union rolled out new the restrictions on Dec. 5 aimed at Russian oil exports. The queues suggest that "available supply from the Black Sea is already affected by the punitive measure," said Tamas Varga of oil broker PVM. Concerns of economic slowdown, weakening fuel demand and the prospect of more interest rate hikes in the United States weighed. While U.S. crude inventories fell last week, gasoline and distillate inventories surged, adding to concern about easing demand.

☆ Oil gives up earlier gains
▼ + stars: | 2022-12-08 | by ( ) www.cnbc.com time to read: +2 min

Brent crude lost 50 cents, or 0.7%, to $76.67 a barrel, while U.S. West Texas Intermediate (WTI) crude shed 16 cents, or 0.2%, to $71.85. Oil prices rose after the company announced the closure, which occurred at about 8 p.m. CT Wednesday (0200 GMT Thursday), but market sentiment has since shifted. While U.S. crude inventories fell last week, gasoline and distillate inventories surged, adding to concern about easing demand. Both Brent and U.S. crude hit 2022 lows on Wednesday, unwinding all the gains made after Russia's invasion of Ukraine exacerbated the worst global energy supply crisis in decades and sent oil close to its all-time high of $147. The queues suggest that "available supply from the Black Sea is already affected by the punitive measure," said Tamas Varga of oil broker PVM.

☆ Oil drops, hits lowest since January as U.S. data fans fuel demand fears
▼ + stars: | 2022-12-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources. China's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. "If confidence in uninterrupted Russian oil supply has played any part in the recent weakness, it was probably misplaced. Tankers getting delayed in Turkish waters is a prime example of that," Tamas Varga of oil broker PVM said.

☆ Oil prices fall on economic fears, dollar strength
▼ + stars: | 2022-12-06 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 6 (Reuters) - Oil prices fell in a volatile market on Tuesday as the U.S. dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. Brent crude futures fell $1.21, or $1.46%, to $81.47 a barrel by 1254 GMT. In China, more cities are easing COVID-19-related curbs, prompting expectations of increased demand in the world's top oil importer. The price cap adds to the disruption caused by the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. Russia has declared its intention not to sell oil to anyone who signs up to the price cap.

☆ Oil prices fall on higher U.S. dollar, economic fears
▼ + stars: | 2022-12-06 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 6 (Reuters) - Oil prices fell in a volatile market on Tuesday, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China. A stronger greenback makes dollar-denominated oil more expensive for buyers holding other currencies, reducing demand for the commodity. In China, more cities are easing COVID-19-related curbs, prompting optimism for increased demand in the world's top oil importer. The price cap comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. Russia has declared its intention not to sell oil to anyone who signs up to the price cap.

☆ OPEC+ to consider deeper oil output cuts ahead of Russia sanctions and proposed price cap
▼ + stars: | 2022-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The highly anticipated meeting comes ahead of potentially disruptive sanctions on Russian oil, weakening crude demand in China and mounting fears of a recession. Concern that an outright ban on Russian crude imports could send oil prices soaring, however, prompted the G-7 to consider a price cap on the amount it will pay for Russian oil. "The other factor OPEC will need to consider is indeed the price cap," Galimberti said. The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good. The energy alliance recently hinted it could impose deeper output cuts to spur a recovery in crude prices.

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