### 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
- đ° Oil prices rose in Asian trade, shrugging off China's interest rate cut.
- đ˘ď¸ Concerns over slowing demand in China and rising US interest rates had driven steep losses in crude prices.
- đ China cut its one-year loan prime rate by 10 basis points to 3.45%, disappointing market forecasts for a larger cut.
- đ˘ Lack of changes in the mortgage rate raised concerns over a worsening real estate crisis in China.
- đ Deep production cuts from Saudi Arabia and Russia are expected to limit crude supplies by nearly 70 million barrels over 45 days.
- đşđ¸ Robust fuel consumption in the US, particularly during the summer season, pointed to tighter markets.
- đ 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 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.
Oil prices dipped due to the possibility of Iraqi exports resuming and concerns over China's weakening economy impacting demand.
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 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 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.
Oil prices rose to their highest level in over six months due to expectations of tightening supplies, with Saudi Arabia expected to extend its voluntary oil production cut and Russia agreeing to cut oil exports next month.
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.
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.
Saudi Arabia and Russia have announced that they will extend their cuts in oil supplies through the rest of 2023, pushing oil prices higher.
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.
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.
Analysts predict that Saudi Arabia may face an economic contraction in 2023 due to its decision to extend crude production cuts, highlighting the nation's heavy reliance on oil, while a large dividend from Saudi Aramco may provide some cushion for public finances.
Saudi Arabia is set to increase its crude supplies to China as new refining capacity lifts offtake, aiming to regain lost market share in the country. Meanwhile, China's huge zinc imports have revived hopes for economic growth in the second half of 2023.
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 ease in Asian trade due to economic concerns in China impacting fuel demand, but Brent remains above $90 a barrel supported by supply cuts from Saudi Arabia and Russia.
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 OPEC+ decision to cut production is putting inflationary pressure on the US and its allies, while China's encouragement of higher oil and gas prices may have negative economic consequences for the country. The short-term steady equilibrium price for Brent is projected to be around $80-85 per barrel, with a ceiling of $95 per barrel.
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 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.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that the decision to extend crude oil supply cuts with Russia is not about raising prices, but rather about making the right decision at the appropriate time based on data and clarity, as oil prices near $100 per barrel and analysts predict further increases.
World markets are cautious ahead of central bank decisions and concerned about inflation signals amidst rising oil prices, as crude oil reaches its highest levels of the year due to supply cuts from Saudi Arabia and Russia, while US production also falls.
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.
Higher oil prices, boosted by supply cuts from Saudi Arabia and Russia, may benefit Russia's oil revenues by allowing them to sell crude over the $60-a-barrel price cap imposed by sanctions.
Rising oil prices, driven by production cuts from Saudi Arabia and Russia, could have long-term economic repercussions, particularly in developing countries.
Oil prices are set for a weekly gain of around 2% due to strong holiday demand from China and tight US fundamentals, despite expectations of possible supply increases from Saudi Arabia.
China's demand for major commodities such as copper, iron ore, and oil is exceeding expectations due to growth in the green economy and manufacturing sector, according to Goldman Sachs.
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.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
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.
Summary: Oil prices drop over 2% as a result of a strong U.S. dollar, profit-taking, inflationary concerns, and forecasts of increasing supply, as well as the World Bank's forecast of slower Chinese growth.
The recent oil price rally has been driven by Saudi Arabia and Russia's efforts to cut supply to the global crude market, but China and the West will be eager to bring prices down using all the weapons at their disposal.
The OPEC+ group is not expected to ease production cuts despite tight oil market conditions and fears of demand destruction if prices remain high.
Oil prices fell ahead of an OPEC+ meeting as concerns about high interest rates and a strengthening dollar outweighed expectations of supply tightness.
Saudi Arabia and Russia have confirmed that they will maintain their oil supply cuts in November, despite the recent rise in oil prices.
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