Oil rises on China, US economic data and OPEC+ cut expectations
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.
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Posted 9/4/2023, 12:58:59 AM
reuters.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.
Oil prices dipped due to the possibility of Iraqi exports resuming and concerns over China's weakening economy impacting demand.
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 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 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 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 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 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.
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 reached their highest levels of the year last week as Saudi Arabia and Russia extended their production cuts, causing concerns about tight crude supplies.
Stock prices in Asia were mostly higher as investors awaited updates on U.S. inflation and China's economic data, while concerns about rising oil prices and possible higher interest rates weighed on markets.
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.
Oil prices rose on Friday as China's better-than-expected economic data and record oil consumption supported the belief that demand in the country will continue to surge.
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.
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.
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.