Oil prices rose in Asian trade, despite a disappointing interest rate cut from China, due to the prospect of tighter supplies supporting the outlook.
China's slowing economy and worsening macroeconomic indicators may be good news for oil prices, as it could lead to changes in monetary policies and stimulate global demand for oil. Investing in oil ETFs, particularly the Energy Select SPDR Fund (XLE), which includes stable and profitable companies, may be a reliable option. There are risks involved, but with tight oil supply and central banks' desire to avoid an economic downturn, oil assets could still be favorable.
China's economic troubles could lead to lower oil prices and subsequently lower gasoline prices, providing relief for consumers and potentially impacting global energy markets.
Oil prices dipped as the market awaited a potential resumption of Iraqi oil exports through the Ceyhan oil terminal, which could ease supply tightness caused by OPEC+ production cuts, while concerns over the Chinese economy weighed on demand outlook.
Crude oil prices continue to decline due to concerns about demand in China and the United States, despite positive news of production cuts and high global oil demand; technical charts indicate the possibility of further short-term losses.
Oil prices dipped in early Asian trade due to weak manufacturing data in major economies and concerns about the duration of interest rates staying at current levels, despite a larger-than-expected drop in U.S. crude stocks.
Weak manufacturing data in major economies led to a decrease in oil prices, despite a larger-than-expected drop in U.S. crude stocks, while market focus is on Federal Reserve Chair Jerome Powell's speech on interest rate outlook, and Iran's oil output is predicted to increase despite U.S. sanctions.
Asian markets will be influenced by economic indicators, policy steps, and diplomatic signals from China, as well as reacting to the Jackson Hole speeches, purchasing managers index reports, GDP data, and inflation figures throughout the week, with investors desperate for signs of economic improvement as China's industrial profits continue to slump and authorities take measures to stimulate the capital market.
Oil prices increase as China takes steps to support its economy, but concerns about global growth, US interest rate hikes, and Chinese manufacturing data persist.
Oil prices continue to trade sideways this week, with supply shocks being counteracted by continued macroeconomic pessimism and the issuance of product export quotas by China.
Oil prices in Asia extended gains from the previous session due to signs of a significant decrease in US crude stockpiles and concerns about potential supply disruptions caused by Hurricane Idalia.
Oil prices eased as China's manufacturing activity contracted for the fifth consecutive month, raising concerns about the weak expansion in the world's second-largest economy, while investors await the release of the US personal consumption expenditure report.
Markets show signs of slowing after new economic data, with focus on Friday's jobs report and the possibility of a pause on rate increases. Oil prices are impacted by Chinese factory activity and expectations of supply cuts.
Oil prices ticked up in Asian morning trade on Monday, buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers.
The Asia-Pacific Petroleum Conference (APPEC) will focus on Asia's uneven oil demand revival, tightening supply fundamentals, energy security concerns, and the potential impact of a global recession, as well as the refining landscape and the balance between fossil fuels and newer forms of energy.
Asian stocks are expected to open lower as attention shifts to China's efforts to improve its economy and European shares provide a weak lead for investors, while crude oil futures remain near nine-month highs.
Oil prices ease in Asia as concerns over slow demand from China outweigh fears of tighter supply due to output cuts by Saudi Arabia and Russia.
Oil prices jumped over 2.5% after OPEC+ members extended supply reductions, with Brent International topping $90 per barrel and West Texas Intermediate hovering above $87 per barrel, as Saudi Arabia announced an extension of its production cut and Russia reduced its exports. Despite slow recovery and increased production, crude futures have rallied more than 25% since late June, with experts predicting prices to continue rising unless a recession occurs. China's demand for petrochemicals has been dampened, but their mobility demand post-lockdowns has offset this.
China is working to establish a new global oil market order by building alternatives to the West's world order, including the invitation of Saudi Arabia, Iran, and the UAE to join the BRICS political and economic grouping, which would control around 41 percent of all global oil production.
The rebounding crude oil prices and fading annual base effects suggest that energy prices may become a headwind for global markets, potentially complicating the battle against inflation and tightening monetary policies.
Summary: Rising oil prices and increasing gas prices, driven by the Russian-Saudi agreement to extend oil production cuts, are contributing to inflation concerns and putting pressure on the markets, leading to potential gains for oil stocks like ConocoPhillips and Chevron.
The US continues to see draws in crude inventories, tightening markets, despite Saudi Arabia and Russia's extension of production and export cuts, as well as other energy news such as the cancellation of Alaskan drilling, Kurdistan's demand for funds, and the spike in jet fuel costs.
Most stock markets in the Gulf rose in response to a rise in oil prices, except for the Saudi index which closed lower; however, the International Monetary Fund predicts a further slowdown in Saudi Arabia's GDP growth due to the extension of oil production cuts.
The U.S. Energy Department has engaged with oil producers and refiners to ensure stable fuel supplies and address rising gasoline prices, which were a major factor in the recent increase in U.S. consumer prices.
The Biden administration's policies have resulted in increased oil exports for Iran, providing them with a financial boost and raising concerns about the threat they pose to American security and their support for terrorism in the region.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
Oil prices increased for a third consecutive session due to forecasts of a supply deficit in the fourth quarter, the extension of output cuts by Saudi Arabia and Russia, and optimism about a recovery in demand in China.
Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.
Crude oil prices, inflation expectations, and labor strikes in the auto industry are among the key factors affecting global markets this week, as central banks grapple with mixed signals and low visibility.
Top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil have pushed back forecasts of peak oil demand and emphasized the need for continued investment in conventional oil and gas, stating that the energy transition will require more time and investment.
Rising crude oil prices, driven by supply concerns and output cuts, threaten to push up petrol prices and hinder efforts to tame inflation, putting pressure on central bankers.
The increased exports of oil from the United States into Europe and Asia have allowed U.S. crude to regain its dominance in setting international oil prices, reducing volatility and potential market distortion, while also shifting power to U.S. companies and traders in the market.
The recent global supply concerns caused by Russia's fuel export ban are driving up oil prices, counteracting the demand fears driven by macroeconomic headwinds and high interest rates.
