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☆ 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.

☆ Biden pardons 6 convicted of murder, drug, alcohol crimes
▼ + stars: | 2022-12-30 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

The pardons, announced Friday, mean the criminal record of the crimes is now purged. In the 1990s, he supported crime legislation that increased arrest and incarceration rates for drug crimes, particularly for Black and Latino people. Byrnes-Jackson pleaded guilty to possession and sale of spirits without tax stamps when he was 18, and it involved a single illegal whiskey transaction. Nock pleaded guilty to using his property as a grow-house for marijuana 27 years ago. De Coito pleaded guilty at age 23 to being involved in a marijuana trafficking conspiracy.

☆ 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.

NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.

A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga.

☆ Oil drops as price cap proposal eases supply concerns
▼ + stars: | 2022-11-24 | by ( Ahmad Ghaddar | John Kemp | ) www.reuters.com time to read: +3 min

A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga. EU governments will resume talks on the price cap on Thursday or Friday, EU diplomats said.

☆ Oil slides over 3% on Russian price cap talks, U.S. gasoline build
▼ + stars: | 2022-11-23 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. gasoline stocks rose by 3.1 million barrels, according to the Energy Information Administration, far exceeding the 383,000 barrel build that analysts had forecast. Prices were hit further by reports that the G7 price cap on Russian oil could be above the level it is trading. G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official on Wednesday. A senior U.S. Treasury official said on Tuesday that the price cap will probably be adjusted a few times a year. The news added to concerns about demand from top crude oil importer China, which has been grappling with a surge in COVID-19 cases, with Shanghai tightening rules late on Tuesday.

☆ Oil falls on easing geopolitical tensions, China demand outlook
▼ + stars: | 2022-11-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

"Thankfully, those fears have abated and the situation de-escalated, which has seen oil gains unwound," said Craig Erlam, senior market analyst at OANDA. Brent crude fell $2.13 to $90.73 a barrel, a 2.3% loss, by 10:58 a.m. China reported rising daily COVID-19 infections and Chinese refiners have asked to reduce Saudi crude volume in December, Reuters has reported, while also slowing Russian crude purchases. "Struggling Chinese consumption is embodied in sinking domestic need for both Russian and Saudi crude oil," said Tamas Varga of oil broker PVM. Oil gained some support from official figures that U.S. crude stocks fell by a bigger than expected 5 million barrels in the most recent week.

☆ 'We will see spectacular failures': CEOs and investors on what the end of cheap money means for tech
▼ + stars: | 2022-11-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Horacio Villalobos | Getty ImagesLISBON, Portugal — Once high-flying tech unicorns are now having their wings clipped as the era of easy money comes to an end. Rising cost of capitalPrivate tech company valuations are under immense pressure amid rising interest rates, high inflation and the prospect of a global economic downturn. "What we've seen in the last few years was a cost of money that was 0," Pousaz said. Pousaz said investors are yet to find a "floor" for determining how much the cost of capital will rise. 'An entire industry got ahead of its skis'A common topic of conversation at Web Summit was the relentless wave of layoffs hitting major tech companies.

☆ Oil climbs 4% as dollar slips and EU ban looms
▼ + stars: | 2022-11-04 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

Both contracts were supported by a weaker dollar , which can boost oil demand because it makes the commodity cheaper for those holding other currencies. While demand concerns weighed on the market, supply is expected to remain tight because of Europe's planned embargoes on Russian oil and a slide in U.S. crude stockpiles. "The slight weakness in the dollar, the upcoming ban on Russian oil sales are certainly supportive as focus is shifting from recession fears to supply issues," said PVM Oil Associates analyst Tamas Varga. "The main catalyst, however, is reports that China may ease its zero-Covid restrictions, which would be a boon to its economy and oil demand." The EU ban on Russian crude imports is due to take effect from Dec. 5.

U.S. West Texas Intermediate (WTI) crude rose $1.60, or 1.85%, to $88.13 after falling 1.6% in the previous session. The OPEC+ cuts and record U.S. oil export data also support oil price fundamentals, said CMC Markets analyst Tina Teng. Tamas Varga of oil broker PVM, meanwhile, said that dwindling oil supply, a possible halt to release of oil from the Strategic Petroleum Reserve (SPR) and reinvigotated oil demand growth could also send crude back above $100 a barrel. 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. In a further cap to price gains, U.S. crude oil stocks are likely to rise in the week to Oct. 28, a preliminary Reuters poll showed.

☆ Oil prices rise on tight supplies, as IEA warns of global recession
▼ + stars: | 2022-10-13 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd. It lowered its 2023 oil demand forecast by 360,000 bpd to 2.34 million bpd. 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. The energy market is under pressure as well from the U.S. dollar, which has rallied broadly, including against low-yielding currencies like the yen.

☆ Oil rises 2% from multi-month lows on U.S. Gulf output cuts, supply outlook
▼ + stars: | 2022-09-28 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

The outages may only provide a momentary reprieve for oil prices, said Bob Yawger of Mizuho in New York. After shutting some its offshore crude production, BP Plc (BP.L) said the storm didn't pose a threat to its Gulf of Mexico assets and it was redeploying workers to oil platforms. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse. U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ Oil up $2 a barrel from multi-month low on U.S. Gulf supply cuts, softer dollar
▼ + stars: | 2022-09-27 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. BP and Chevron said on Monday they had shut production at offshore platforms in the Gulf of Mexico as Hurricane Ian approached. read moreThe outages may only provide a momentary reprieve for oil prices, Jim Ritterbusch, of Ritterbusch and Associates, said in a note. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse.

☆ Oil falls more than 2% on demand fears and strong dollar
▼ + stars: | 2022-09-19 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. "The upcoming Fed meeting and the strong dollar are keeping a lid on prices," said Tamas Varga of oil broker PVM. read moreOil also came under pressure from hopes of an easing of Europe's gas supply crisis. The market has also been pressured by forecasts of weaker demand, such as last week's prediction by the International Energy Agency that there would be zero demand growth in the fourth quarter. read moreDespite those demand fears, supply concerns kept the decline in check.

☆ Oil falls more than 1.5% on demand fears and strong dollar
▼ + stars: | 2022-09-19 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

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