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Benchmark Brent crude futures were up 35 cents to $93.61 a barrel by 12:59 p.m. EDT (1659 GMT), while U.S. West Texas Intermediate crude futures rose by 71 cents to $85.29. The U.S. dollar index fell during afternoon trade, making dollar-denominated oil less expensive for other currency holders and helping to push prices higher. Further support came from comments by Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, that energy stocks were being used as a mechanism to manipulate markets. U.S. crude oil inventories are expected to rise this week, which could limit price gains. Analysts polled by Reuters estimated on average that crude inventories rose by 200,000 barrels in the week to Oct. 21.

☆ Oil rises as U.S. dollar loses steam though demand fears linger
▼ + stars: | 2022-10-25 | by ( Mohi Narayan | ) www.reuters.com time to read: +3 min

International benchmark Brent crude futures gained 3 cents to $93.29 per barrel by 0652 GMT, after falling 0.3% in the previous session. U.S. West Texas Intermediate crude futures for December delivery rose 11 cents to $84.69 per barrel, after a previous decline of 0.6%. Supply and demand fundamentals remain largely stable, leaving economic sentiment at the centre-stage for the oil market, Hari added. U.S. crude oil inventories are also expected to rise this week, which may limit price gains. Analysts polled by Reuters estimated on average that crude inventories rose by 200,000 barrels in the week to Oct. 21.

☆ Oil gains as U.S. dollar eases though demand fears linger
▼ + stars: | 2022-10-25 | by ( Mohi Narayan | ) www.reuters.com time to read: +3 min

International benchmark Brent crude futures gained 27 cents to $93.53 per barrel by 0415 GMT, after falling 0.3% in the previous session. U.S. West Texas Intermediate crude futures for December delivery rose 36 cents to $84.94 per barrel, after a previous decline of 0.6%. Supply and demand fundamentals remain largely stable, leaving economic sentiment at the centre-stage for the oil market, Hari added. read moreU.S. crude oil inventories are also expected to rise this week, which may limit price gains. Analysts polled by Reuters estimated on average that crude inventories rose by 200,000 barrels in the week to Oct. 21.

A pump is seen at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew KellySummary U.S. business activity weakens in October -S&P Global surveyU.S. dollar index edges down in early tradeChina's Sept crude oil imports fallOct 25 (Reuters) - Oil prices edged higher on Tuesday, reversing some of the previous session's losses, as the U.S. dollar eased, while weaker U.S. business activity data lowered expectations for more aggressive interest rate hikes in the world's biggest economy. U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly S&P Global survey of purchasing managers both reporting weaker client demand. A weaker dollar makes oil less expensive for non-U.S. buyers. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stephanie Kelly; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

"That announcement was making it appear like he was throwing a bone to the oil industry," said Tricia Curtis, CEO of consultancy PetroNerds, who dismissed the offer. Register now for FREE unlimited access to Reuters.com Register"What if oil does not fall to that price: Do we just keep our reserves low?" U.S. oil prices hit $120 per barrel this year and did not trigger a production boom because of shortages and high costs for labor and equipment, said Hunter Kornfeind, oil market analyst at Rapidan Energy Group. Rebecca Babin, senior energy trader at CIBC Private Wealth, said tight oil supplies have pushed up price expectations into 2024. If the Biden administration wants to boost oil supplies, it "should change its policies around producing more oil and gas in the United States," said Frank Macchiarola, a senior vice president at trade group American Petroleum Institute.

Brent crude futures lost 5 cents to trade at $92.33 a barrel by 00:02 GMT. U.S. West Texas Intermediate futures rose 7 cents to trade at $84.58 a barrel. Brent was on track for a weekly gain of 0.7%, while WTI was expected to fall 1.3%. read moreMeanwhile, Beijing is considering cutting the quarantine period for visitors to seven days from 10 days, Bloomberg news reported on Thursday, citing people familiar with the matter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stephanie KellyOur Standards: The Thomson Reuters Trust Principles.

Brent crude futures fell 3 cents to settle at $92.38 a barrel. read moreThe U.S. dollar index pared losses after the comments, weighing on oil prices. A stronger dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. "Harker is saying that the war on inflation has just begun," said Phil Flynn, analyst at Price Futures Group in Chicago. The announcement, however failed to ease oil prices, as official U.S. data showed that the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly.

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoSummary China mulls cutting quarantine time for visitors - reportLooming EU ban on Russian oil, OPEC+ cuts supportiveU.S. oil reserve sales plan fails to dampen pricesNEW YORK, Oct 20 (Reuters) - Oil prices edged higher on Thursday on news China is considering easing COVID-19 quarantine measures for visitors, boosting hopes for increased energy demand in the world's top oil importer. Brent crude futures rose 6 cents to $92.47 a barrel by 12:58 p.m. EDT (1658 GMT). China, the world's largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel. The announcement, however failed to ease oil prices, as official U.S. data showed that the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly.

U.S. West Texas Intermediate crude (WTI) <CLc1> for November, that is expiring on Thursday, was at $83.17 a barrel, up 35 cents, or 0.4%. Register now for FREE unlimited access to Reuters.com RegisterU.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, weekly government showed, against expectations for a build of 1.4 million barrels. SPR levels fell 3.6 million barrels to just over 405 million, the lowest since May 1984. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. There were also some signs of resurgent Chinese oil demand, including private mega refiner Zhejiang Petrochemical Corp (ZPC) and state-run ChemChina receiving further import quotas.

NEW YORK, Oct 19 (Reuters) - U.S. spot crude prices could weaken as the Biden Administration follows through with its plan to sell more barrels from emergency oil reserve by year end, market participants said. Certain oil refineries prefer certain grades of crude, so the mix of barrels sold out of the Strategic Petroleum Reserve (SPR) could have a knock-on effect on the U.S. and global refining market. The SPR barrels have ended up selling at a discount to West Texas Intermediate barrels for delivery at the Magellan East Houston terminal, as demand has increased for sour barrels to make lucrative diesel, Rathod said. The sour market has also been under pressure, due to increased supplies of Canadian heavy sour and lackluster export demand, said Elizabeth Brown at S&P Global Commodity Insights. Additional barrels of sour grades from the SPR could further weigh on prices.

☆ U.S. Permian oil production forecast to hit record in November -EIA
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Oct 17 (Reuters) - Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd in November, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. U.S. crude oil output in major U.S. shale basins is due to rise by about 104,000 bpd to 9.105 million bpd in November, its highest since March 2020, the EIA projected. In the Bakken in North Dakota and Montana, the EIA forecast oil output will rise 22,000 bpd to 1.190 million bpd in November, the most since December 2020. Total natural gas output in the big shale basins will increase 0.6 billion cubic feet per day (bcfd) to a record 95.1 bcfd in November, the EIA forecast. Gas output in the Permian and the Haynesville in Texas, Louisiana and Arkansas will also rise to record highs of 21.1 bcfd and 16.1 bcfd in November, respectively.

A stronger dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. In U.S. supply, energy firms this week added eight oil rigs to bring the total to 610, their highest since March 2020, energy services firm Baker Hughes Co said. read moreChina, the world's largest crude oil importer, has been fighting COVID-19 flare-ups after a week-long holiday. The country's infection tally is small by global standards, but it adheres to a zero-COVID policy that is weighing heavily on economic activity and thus oil demand. The International Energy Agency (IEA) on Thursday cut its oil demand forecast for this and next year, warning of a potential global recession.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

Companies Honeywell International Inc FollowNEW YORK, Oct 10 (Reuters) - Tech firm Honeywell International Inc (HON.O) will roll out technology that could increase supplies of lower-carbon aviation fuel produced from ethanol, the company said on Monday, as the Biden administration calls for the aviation industry to reduce emissions. Honeywell's technology can increase production efficiency of sustainable aviation fuel (SAF) to lower costs. Oil refiners have been trying to increase production of SAF to try to lower emissions. The new technology would also enable oil refiners and other fuel producers to convert current or idle facilities into SAF production plants, it said. Many producers have chosen to make sustainable aviation fuel from feedstocks with lower carbon-intensity, such as grease and animal fat.

Oil futures have risen over 7% since to five-week highs, as the move was seen as putting a floor under the market. However, the U.S. oil options market skewed toward buying of put options, used to either bet on or protect against downside movement. Trading volumes for U.S. crude futures puts and calls for November delivery gained over 40% to Wednesday, the day of the OPEC+ meeting, from Tuesday, data from CME Group showed. On Thursday and Friday, volumes in puts totaled 15,579 and 25,771, respectively, while volumes in calls totaled 16,087 and 42,291, CME Group data showed. In the futures market, crude spreads widened on Friday, with near-term contracts rising at a faster rate than later-dated contracts.

The coming end of SPR releases could shift market dynamics again in a year of high volatility following Russia's invasion of Ukraine in February. In March the White House announced it would release 180 million barrels from the U.S. strategic reserve to help quell high prices. Foreign buyers have turned to discounted Russian barrels, tempering Canadian crude exports. "When the SPR releases finish, these refiners will look to lean harder again on Canadian barrels or seaborne imports." That system ships the bulk of Canadian crude exports to the United States.

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