### Summary
Oil prices rose in Asian trade, unfazed by China's disappointing interest rate cut, as the prospect of tighter supplies supported the outlook.
### Facts
- 💰 Oil prices rose in Asian trade, shrugging off China's interest rate cut.
- 🛢️ Concerns over slowing demand in China and rising US interest rates had driven steep losses in crude prices.
- 📉 China cut its one-year loan prime rate by 10 basis points to 3.45%, disappointing market forecasts for a larger cut.
- 🏢 Lack of changes in the mortgage rate raised concerns over a worsening real estate crisis in China.
- 🌍 Deep production cuts from Saudi Arabia and Russia are expected to limit crude supplies by nearly 70 million barrels over 45 days.
- 🇺🇸 Robust fuel consumption in the US, particularly during the summer season, pointed to tighter markets.
- 📈 Analysts expect oil prices to remain relatively higher for the rest of the year, despite the prospect of higher interest rates affecting US demand.
Oil prices rose in Asian trade, despite a disappointing interest rate cut from China, due to the prospect of tighter supplies supporting the 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.
Oil prices slightly decrease as concerns over China's economic growth and potential U.S. interest rate hikes weigh on fuel demand.
Crude oil prices rose after the U.S. Energy Information Administration reported a larger-than-expected inventory decline of 10.6 million barrels for the week ending August 25.
U.S. crude oil stocks have reached their lowest level this year and are expected to decrease further, leading to a tight crude oil market and a potential increase in global oil prices.
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.
The outlook for oil prices and Chinese demand, OPEC+ supply curbs, rising flows of Iranian crude, and the transition away from fossil fuels are among the key topics discussed at Asia's largest gathering of industry traders and executives.
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's imports and exports experienced a monthly decline in August, with exports falling by 8.8% and imports falling by 7.3%, indicating ongoing challenges despite some slight improvement.
Oil prices reach new highs in 2023 due to supply constraints caused by output reductions from Saudi Arabia and Russia, raising concerns about global inventory shortages and potential inflationary pressures.
China's record crude oil processing and robust imports in August have painted a bullish picture of demand, but the vast quantities of oil flowing into inventories should not be ignored, with China adding about 1.32 million barrels per day to either commercial or strategic crude stockpiles in August.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
Crude oil prices rose as inventories declined and demand from Asia and Europe decreased, threatening higher gas prices in the US and potentially impacting the Federal Reserve's interest rate decisions.
Crude oil prices are expected to decline this week due to profit-taking and concerns over the economy, despite Russia's ban on fuel exports adding upward pressure to prices.
China's decreased oil demand, coupled with its shift from crude imports to refined product exports and sizable oil inventories, is countering recent crude price surges and playing a significant role in the global oil market.
Oil prices fell to their lowest level since September 11th as global financial markets experienced a selloff, despite reassurances from Saudi Arabia and Russia that they will continue output cuts until the end of the year.
Crude oil prices are poised to experience their largest weekly drop since March due to concerns about weak demand, a bond market selloff, and economic worries, despite OPEC+'s decision to maintain supply constraints.
The U.S. import price index rose 0.1% in September, less than expected, with fuel prices driving the increase, while import prices excluding fuel continued to decline, posing a challenge for the Federal Reserve's efforts to lower inflation.
China's exports decline improved modestly in September, with the pace slower than the previous month, while imports remained largely unchanged, and analysts anticipate more support will be needed as external demand is expected to stay weak.
China's exports and imports declined at a slower pace in September, indicating a gradual stabilization in the economy, although challenges remain in the face of deflationary pressure, a property crisis, global slowdown, and geopolitical tensions.
China's imports of major commodities, including crude oil, natural gas, coal, and iron ore, remained resilient in September, showing strong growth compared to the same period last year, defying the market narrative that the country's economy is struggling for momentum.
U.S. oil output from top shale-producing regions is projected to decline in November, reaching its lowest level since May, with the Permian Basin and Eagle Ford region experiencing significant drops, while the Bakken region is expected to see a slight increase; natural gas output is also set to decrease for the fourth consecutive month, according to the U.S. Energy Information Administration.
Asian equities reached their lowest point in over 11 months as investors remain cautious ahead of key economic data that will influence the next steps of the US Federal Reserve, while oil prices recovered slightly amid concerns that the Israel-Hamas conflict could escalate in the oil-exporting region.
