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Oil prices are dipping due to the possibility of easing supply tightness through Iraqi exports and concerns over a faltering Chinese economy impacting demand.
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Posted 8/22/2023, 7:59:44 AM
arabnews.com
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Oil prices rise as global supply tightens due to lower exports from Saudi Arabia and Russia, offsetting concerns about global demand growth amid high interest rates.
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 economic troubles could lead to lower oil prices and subsequently lower gasoline prices, providing relief for consumers and potentially impacting global energy markets.
Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
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 fall on weak economic data and anticipation of US Federal Reserve Chair Jerome Powell's speech on interest rates. Concerns about global demand and rising supply, along with disappointing manufacturing data, contribute to the downward pressure on oil prices. Additionally, Iran's oil output is expected to increase and the US is considering easing sanctions on Venezuela's oil sector.
Oil prices edge higher in an uncertain market as US crude futures rise 0.1% to $78.94 a barrel, despite a 2% drop for the week, due to production cuts by major oil producers and a mixed US economy.
Oil prices fell as U.S. labor market data indicated tight conditions, potentially leading to further interest rate increases by the Federal Reserve, overshadowing concerns of weakening demand and rising inventories.
Crude oil prices are trying to recover and show signs of support, with a "buy on the dips" attitude prevailing due to Saudi Arabia holding 1 million barrels per day out of the market, although supply concerns may arise despite a global slowdown.
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 slightly decrease as concerns over China's economic growth and potential U.S. interest rate hikes weigh on fuel demand.
Oil prices inched up on Monday as China implemented measures to support its struggling economy, although concerns about economic growth and potential US interest rate hikes continue to weigh on investor sentiment. The move by China to halve stamp duty on stock trading and the soft-landing scenario for the US economy helped boost oil prices, while the possibility of a hurricane hitting Florida could lead to short-term support for the oil price. However, the anticipation of easing sanctions on Iran and Venezuela has weakened the narrative of tightening supply.
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 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.
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.
Oil prices dipped as concerns over China's slow post-pandemic recovery and weak global economic data outweighed expectations of supply cuts by OPEC+ producers.
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.
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 price of oil is surging as Saudi Arabia and Russia cut output, creating a supply deficit that is driving up prices and threatening a fragile global economy with inflation and potential interest rate hikes.
Rising oil prices are making it harder for the Federal Reserve to achieve its 2% inflation target, as increased energy costs could lead to higher prices for goods and services, potentially complicating the Fed's plan to hold interest rates steady and achieve a "soft landing" for the economy.
Oil prices fell due to a stronger US dollar and concerns about Chinese economic growth, but were supported by extended supply cuts by Saudi Arabia and Russia.
The extension of voluntary oil production cuts by Saudi Arabia and Russia has caused oil prices to surge above $90 a barrel, threatening an inflationary spike that could disrupt central banks' plans to wind down interest-rate hikes, particularly for the Bank of Canada.
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.
Oil prices rebounded on Thursday as the market focuses on tighter crude supply for the rest of 2023 and strong demand, with fears of deficient supplies underpinning prices.
Myanmar is facing cooking oil shortages and inflated prices due to the military government's struggle with containing inflation.
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.
Crude oil prices reach new highs despite concerns about China's economy and tightened monetary policies, with the oil market structure indicating strong demand and potential support for higher prices.
Rising oil prices pose a risk to the Federal Reserve's efforts to achieve a soft landing for the economy and return inflation to its 2% target without triggering a downturn.
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.
Oil prices dipped after reaching a 10-month high due to profit taking and anticipation of a Fed decision on interest rates, but analysts remain bullish on the future of oil.