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☆ Oil prices edge lower as China COVID-19 woes dampen demand
▼ + stars: | 2022-11-01 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 1 (Reuters) - Oil prices inched lower on Tuesday, extending losses of 1% from the previous session as more extensive COVID-19 curbs in China increased fears of slowing fuel demand in the world's second-largest oil consumer. U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.2%, to $86.35 a barrel. "With China sticking to the zero-COVID policy, the oil demand outlook overshadowed a record of U.S. oil export data from last week," CMC Markets analyst Tina Teng said. Also weighing on sentiment was the world's largest independent oil trader Vitol saying that its sees signs of oil demand destruction, ANZ Research analysts said in a note. OPEC raised its forecasts for world oil demand in the medium-and longer-term on Monday, saying that $12.1 trillion of investment is needed to meet this demand despite the transition to renewable energy sources.

☆ Oil prices edge lower as China Covid-19 woes dampen demand
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices inched lower on Tuesday, extending losses of 1% from the previous session as more extensive Covid-19 curbs in China increased fears of slowing fuel demand in the world's second-largest oil consumer. U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.2%, to $86.35 a barrel. "With China sticking to the zero-Covid policy, the oil demand outlook overshadowed a record of U.S. oil export data from last week," CMC Markets analyst Tina Teng said. Also weighing on sentiment was the world's largest independent oil trader Vitol saying that its sees signs of oil demand destruction, ANZ Research analysts said in a note. OPEC raised its forecasts for world oil demand in the medium-and longer-term on Monday, saying that $12.1 trillion of investment is needed to meet this demand despite the transition to renewable energy sources.

☆ Oil prices fall as dollar climbs, but set for weekly gain on supply concerns
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 a barrel, paring about half the gains from the previous session. Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 3% and WTI more than 4%. Friday's declines came as the dollar index inched up to 110.57, making oil more expensive for buyers holding other currencies. "From an oil market perspective — despite the high interest rates — that's a direct driver into your demand outlook," said Baden Moore, head of commodities research at National Australia Bank.

☆ American companies increasingly look outside of China after Covid
▼ + stars: | 2022-10-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

For 2022, 19% of respondents said they were cutting investment in China, up from 10% in 2021, the report said. The top reasons for doing so were Covid-related shutdowns, travel restrictions and supply chain disruptions, survey respondents said. A bounce of 3.9% in the third quarter brought year-to-date GDP growth to 3% — well below the official target of around 5.5%. Looking to Southeast AsiaOne-third of respondents redirected planned China investments to other destinations in the past year, the survey found. The vast majority of companies in the chemicals, pharmaceutical, medical devices and life sciences industries planned to keep operations in China, the report said.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December were down 75 cents, or 0.9%, to $84.57, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, but losses were capped by supply worries. U.S. West Texas Intermediate (WTI) crude futures for December were down 48 cents, or 0.6%, to $84.84, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Oil falls on build in U.S. crude oil stocks, stronger dollar
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell in early trade on Wednesday as the dollar firmed and as industry data showing U.S. crude oil stockpiles rose more than expected reinforced fears of a global recession that would cut demand. U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group. However, gasoline inventories fell by about 2.3 million barrels, nearly double the decline that analysts had expected. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. U.S. President Joe Biden, worried that gasoline prices will jump ahead of Nov. 8 congressional elections, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Oil prices rise on supply woes
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +4 min

read moreThe OPEC+ production cut, which comes ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market. The European Union's sanctions on Russian crude and oil products will take effect in December and February, respectively. To plug the gap, the Biden administration is planning to release more oil from the SPR to dampen fuel prices before next month's congressional elections. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the remainder of the 180 million barrels release announced earlier this year, a senior U.S. official said. In Europe, EU's emergency oil stocks, including crude oil and petroleum products, recovered slightly in July after two coordinated releases drained the levels to a record low in June, but were still 3.7% lower than in July 2021, the bloc's statistic office said on Tuesday.

Oct 18 (Reuters) - Oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese fuel demand. Brent crude futures settled down $1.59, or 1.7%, to $90.03 per barrel, while U.S. West Texas Intermediate (WTI) crude settled down $2.64, or 3.1%, to $82.82 per barrel. Oil prices were also pressured by reports that the U.S. government would continue releasing crude oil from reserves. The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an effort to cool fuel prices before next month's congressional elections, sources told Reuters on Monday. In addition, U.S. crude oil stocks were expected to have risen for a second consecutive week, a preliminary Reuters poll showed on Monday.

Oct 18 (Reuters) - Oil prices fell by more than 3% in volatile trade on Tuesday on fears of higher U.S. supply amid an economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $2.37, or 3.6%, to $89.25 a barrel by 12:29 p.m. EDT (1629 GMT). Oil prices were also pressured by reports that the U.S. government would continue releasing crude oil from reserves. The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an effort to cool fuel prices before next month's congressional elections, sources told Reuters on Monday. In addition, U.S. crude oil stocks were expected to have risen for a second consecutive week, a preliminary Reuters poll showed on Monday.

☆ Oil prices rise on softer U.S. dollar, supply woes
▼ + stars: | 2022-10-18 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Companies United States of America FollowSINGAPORE, Oct 18 (Reuters) - Oil prices climbed on Tuesday, bolstered by a weaker U.S. dollar and supply woes, although gains were capped by the spectre of lower fuel demand from China as it persists with its stringent zero-COVID policy. Brent crude futures rose 82 cents, or 0.9%, to $92.44 per barrel by 0643 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.0%, to $86.32 per barrel. A weaker dollar makes oil cheaper for buyers holding other currencies, making them more likely to make purchases. China's fuel demand outlook, however, weighed on sentiment after the world's top crude oil importer delayed the release of its economic indicators, originally scheduled to be out on Tuesday, CMC Markets analyst Tina Teng said. read moreChina's adherence to its zero-COVID policy has continued to increase the uncertainties about the country's economic growth, Teng said.

Oct 17 (Reuters) - Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world's top crude importer. U.S. West Texas Intermediate crude was at $86.33 a barrel, up 72 cents, or 0.84%, after a 7.6% decline last week. China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday. Although its third-quarter GDP growth could rebound from the previous quarter, President Xi's stringent COVID-19 policy has the world's No. "Tighter inventories for oil and oil products along with looming supply risks should keep prices volatile," analysts at ANZ Research said in a note.

Oct 17 (Reuters) - Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world's top crude importer. Brent crude futures rose 66 cents, or 0.7%, to $92.29 a barrel by 0430 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was at $86.17 a barrel, up 56 cents, or 0.6%, after a 7.6% decline last week. China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday. "Tighter inventories for oil and oil products along with looming supply risks should keep prices volatile," analysts at ANZ Research said in a note.

Oct 13 (Reuters) - Oil prices struggled to find a footing on Thursday after easing in the previous session on a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap said. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

Oct 13 (Reuters) - Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap added. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

☆ Oil prices extend decline on recession fears, China COVID curbs
▼ + stars: | 2022-10-12 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Oct 12 (Reuters) - Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. Register now for FREE unlimited access to Reuters.com RegisterThe International Monetary Fund on Tuesday cut its global growth forecast for 2023 and warned of increasing risk of a global recession. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets. "Hotter-than-expected data may again tip investors’ sentiment over the edge, which will intensify the current recession fears, pressing on oil prices further," Teng said. The oil market is also being pressured by tightening COVID-19 curbs in China, the world's second-largest oil consumer.

☆ Oil prices extend decline on recession fears, China Covid curbs
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening Covid-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. "Hotter-than-expected data may again tip investors' sentiment over the edge, which will intensify the current recession fears, pressing on oil prices further," Teng said. The oil market is also being pressured by tightening Covid-19 curbs in China, the world's second-largest oil consumer.

☆ Oil prices inch lower as dollar firms, China COVID worries dent demand
▼ + stars: | 2022-10-11 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Brent crude futures fell 27 cents, or 0.3%, to $95.92 a barrel by 0342 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.73 a barrel, down 40 cents, or 0.4%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of the Communist Party Congress is "not helping" demand, the analysts added. EU sanctions on Russian crude and oil products will take effect in December and February, respectively, while the bloc last week gave its final approval for a new batch of sanctions against Russia including a price cap on Russian oil exports.

☆ Japan, South Korea stocks fall 2% in early trade as investors weigh economic risks
▼ + stars: | 2022-10-11 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Pedestrians cross a street in front of the Tokyo Stock Exchange, operated by Japan Exchange Group, in Tokyo, Japan. Shares in Asia-Pacific were mixed on Tuesday as investors weigh the impact of monetary policy and economic uncertainty. Japan and South Korea's markets resumed trading after a holiday on Monday. In South Korea, the Kospi fell 2.26% and the Kosdaq shed 3%. "Equities continue to sell off as the impact of tighter monetary policy spooks investors," ANZ Research analysts wrote in a note Tuesday.

☆ Oil prices slide as dollar strengthens, China Covid-19 woes dampen demand
▼ + stars: | 2022-10-11 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in Covid-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero Covid-19 policy in China ahead of a Communist Party congress is "not helping" demand, the analysts added.

☆ Oil prices slide as dollar strengthens, China COVID-19 woes dampen demand
▼ + stars: | 2022-10-11 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Companies Exxon Mobil Corp FollowSINGAPORE, Oct 11 (Reuters) - Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session. U.S. West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6%, after losing $1.51 in the previous session. A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of a Communist Party congress is "not helping" demand, the analysts added.

Hong Kong/Tokyo CNN Business —A quarter of a century ago, a major financial crisis ripped through Asia, shaking its economies to the core. “I do not expect a repeat of the [1997] Asian Financial Crisis this time,” said Khoon Goh, head of Asia research at ANZ Research. “Importantly, there is not the same build up of foreign denominated debt in recent years, which was one of the triggers of the Asian Financial Crisis,” Goh added. China and Japan have the world’s two biggest foreign exchange reserves, holding $3 trillion and $1.3 trillion respectively. “Asia’s resilience in the face of the current global storm is partly the result of reform that the Asian Financial Crisis prompted,” Neumann from HSBC said.

☆ Oil claws back some losses but strong dollar caps gains
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS/Dado Ruvic/IllustrationMELBOURNE, Sept 26 (Reuters) - Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. "It's still going to be challenging for the market to find that oil to replace Russian supply," Dhar said. Data last week showed OPEC+ fell short of its output target by 3.58 million barrels per day in August, a bigger shortfall than in the previous month.

☆ Oil prices steady as prospect of Fed hikes may curb fuel demand
▼ + stars: | 2022-09-20 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Tuesday, after rising in the previous session, on concerns that interest rate hikes in the United States to tame inflation will curb economic growth and fuel demand in the world's biggest crude consumer. "The global economy is slowing and that has been troubling for the crude demand outlook." U.S. crude oil stocks are estimated to have risen last week by around 2 million barrels in the week to Sept. 16, a preliminary Reuters poll showed on Monday. The U.S. Energy Department will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve for delivery in November, extending the timing of a plan to sell 180 million barrels from the stockpile to tame fuel prices. ANZ Research analysts did point to the lifting of citywide lockdowns in China's Chengdu and Dalian on Monday as a potential spark for a stronger recovery in oil demand growth in the world's second-largest oil consumer.

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