### 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 are dipping due to the possibility of easing supply tightness through Iraqi exports and concerns over a faltering Chinese economy impacting demand.
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.
Oil prices fell for the fourth consecutive day, with concerns about China's economic growth and potential interest rate hikes in the US weighing on the market, while the possibility of increased production from Iran and Venezuela added to bearish sentiment.
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.
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 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.
The US dollar's influence in the oil markets is diminishing as more oil is being transacted in non-dollar currencies, according to JPMorgan.
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 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.
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.
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.
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 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.
Oil prices fell as U.S. interest rate hike expectations outweighed the impact of drawdowns in U.S. crude stockpiles.
Oil prices rose by about 3% after U.S. crude stocks fell more than expected, causing concerns about supply tightness amid OPEC+ production cuts.
China's GDP forecast for 2024 has been lowered by the World Bank, while oil prices have had a positive impact on Russian stocks, and the US economy shows signs of recovery.
Oil prices fell about 2% to a three-week low due to a higher-priced Brent contract expiring, a strengthening U.S. dollar, and concerns about rising crude supplies and pressure on demand from high interest rates.
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 due to concerns about demand driven by macroeconomic headwinds, despite pledges from Saudi Arabia and Russia to continue crude output cuts until the end of 2023.
US oil prices and energy stocks, including ExxonMobil, Chevron, and Occidental Petroleum, fell as crude oil inventories decreased but gasoline stockpiles increased, while the outlook for demand remains uncertain and refinery stocks struggle.
Oil prices plummeted and energy stocks fell as Americans reduce their gasoline consumption in response to high prices, with average gas prices hitting $3.79 per gallon, causing concerns about slower economic growth and cutting into demand.
Gasoline prices are expected to drop significantly as crude oil prices decrease and demand remains low, with many areas already seeing falling prices due to the production of less expensive winter grade fuel and the lowest seasonal demand levels in 25 years.
U.S. gasoline prices are expected to decrease and may reach $3 per gallon due to a drop in crude oil futures, potentially benefiting consumers and cooling inflation but also indicating economic weakness with low gasoline demand.
Oil prices are falling, providing some relief to the bond blowup caused by rising interest rates, but the direction of markets will be determined by the upcoming U.S. employment report.
Oil prices have dramatically dropped, providing relief to drivers and nervous central bankers, with gas prices predicted to continue decreasing in the coming weeks.
Gas prices in the US have been falling, with the nationwide average dropping 7 cents in the past week and expected to decrease even further, potentially falling by 50 cents by the end of the month, due to a decrease in the cost of crude oil and a decline in demand.
Oil prices surge over 2% as tensions between Israel and Hamas raise concerns of a wider conflict in the Middle East, reversing last week's decline in prices due to a darkening macroeconomic outlook and intensifying global demand concerns.
Oil prices fell over $1 a barrel as traders remained cautious about potential supply disruptions amid military clashes between Israel and Hamas, although concerns about Middle East supply and an expected deficit for the rest of the year have led to the pricing in of a risk premium.
Crude futures fall over 2% as the conflict between Israel and Hamas shows no sign of spreading to Iran, while a hotter-than-expected Producer Price Index inflation print also contributes to the decline in oil prices.
Gasoline prices in the United States are expected to continue dropping, despite the Israel-Hamas conflict, due to seasonal trends and the country's domestic production capacity.
Oil prices rose around 1% on Thursday, supported by expectations that U.S. interest rates had peaked, but gains were limited by a lower demand growth forecast for next year from the International Energy Agency and higher U.S. inventories.
Oil prices jumped $2 after the U.S. tightened sanctions against Russian crude exports, raising supply concerns and global inventories are forecasted to decline.
The average price of gas in the US dropped to $3.64 per gallon, a 12-cent drop from the previous week, due to lukewarm demand and falling oil prices influenced by geopolitical concerns in the Middle East.
Gas prices in the United States have fallen despite rising oil prices, with experts predicting further declines if there are no geopolitical shocks or further violence in the Middle East.
Gasoline prices in the US are continuing to decline despite a 5% increase in crude oil futures since the start of the Israel-Hamas war, primarily due to the switch to a cheaper winter blend driving fuel and lower seasonal demand, as well as increased refined products supply and higher inventories compared to last year.
Fuel prices in the US have fallen this month, but the declines are not as significant as they would have been without the risks to oil supplies in the Middle East caused by the Israel-Hamas conflict, according to analysts. Gasoline prices may fall another 20 cents per gallon if there are no broader hostilities in the region, but if conflict escalates, prices could sharply rise. Diesel prices are at historically high levels due to low global supply and could increase further if the war expands.
