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Oil prices climb on hopes for Fed slowing interest rate hikes

January 20, 2023 by www.moneycontrol.com

Oil Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain. The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1. According to most economists in a Reuters poll, the Fed will end its tightening cycle after a 25 basis point hike at each of its next two policy meetings, and then likely hold interest rates steady for at least the rest of the year. Federal Reserve Bank of New York President John Williams said on Thursday the U.S. central bank has more rate hikes ahead, and sees signs inflationary pressures might be starting to cool off from torrid levels. A number of other Fed officials have expressed support for a downshift in the … [Read more...] about Oil prices climb on hopes for Fed slowing interest rate hikes

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Oil prices fall but remain buoyed by China outlook

January 23, 2023 by www.moneycontrol.com

Oil Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5%, to $81.24 a barrel. Last week Brent rose 2.8%, while the U.S. benchmark logged a 1.8% gain. Data shows a solid pick-up in travel in China after COVID-19 curbs were eased, ANZ commodity analysts said in a note, pointing to a 22% jump in road traffic congestion so far this month from a year earlier in the country's 15 key cities. International Energy Agency head Fatih Birol on Friday said energy markets could tighten this year if the Chinese economy rebounds the way financial institutions expect. Read More "I wouldn't be too relaxed about the markets, and 2023 may well be a year … [Read more...] about Oil prices fall but remain buoyed by China outlook

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Oil prices edge up on strong US economic data, Chinese demand hope

January 27, 2023 by www.moneycontrol.com

Oil Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Brent futures gained 30 cents, or 0.3%, to $87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to $81.22 per barrel, a 0.3% gain. Both benchmarks had gained more than 1% on Thursday. Brent was on track to post its second weekly rise if gains held. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. Meanwhile, critically ill COVID-19 cases in China are down 72% from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79% from their peak, the Center for Disease Control and Prevention said earlier this week. The figures point to the normalisation of … [Read more...] about Oil prices edge up on strong US economic data, Chinese demand hope

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Oil up more than $1/bbl on US inflation data, demand hopes

January 12, 2023 by www.moneycontrol.com

Keeping prices from moving higher, however, was a hefty and unexpected jump in American crude oil inventories. (Representative Image) Oil prices rose by more than $1 a barrel on Thursday, extending gains after figures showed U.S consumer prices unexpectedly fell in December, and supported by optimism over China’s demand outlook. The U.S. consumer price index dipped 0.1% and suggested inflation was now on a sustained downward trend. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting hopes of higher oil demand. Brent crude was $1.48 cents, or 1.8%, higher at $84.15 a barrel by 11:19 a.m. ET (1619 GMT), having touched a high of $84.44, while U.S. West Texas Intermediate crude gained $1.26 cents, or 1.6%, to $78.67. "By any metric, this number is much better than the previous reading and inflation is moving in the right direction, which should keep some pressure off the Fed,” said Naeem Aslam, analyst at Avatrade of the CPI data. … [Read more...] about Oil up more than $1/bbl on US inflation data, demand hopes

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Oil prices fall on profit taking, strong Russian supply

January 27, 2023 by www.moneycontrol.com

Oil prices reversed earlier gains on Friday as indications of strong Russian oil supply offset better than expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures were down 51 cents, or 0.6%, at $86.96 a barrel by 11:29 a.m. EDT (1629 GMT.) U.S. crude fell 65 cents, or 0.8%, to $80.37. Both benchmarks rose by more than $1 earlier in the session but are now poised to break a three-week run of gains. Oil loadings from Russia's Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, traders said and Reuters calculations showed. Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January, traders also. "If Russian supply remains strong heading into next month, oil is probably going to continue to trend … [Read more...] about Oil prices fall on profit taking, strong Russian supply

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Oil prices extend gains on optimism over China’s fuel demand recovery

January 18, 2023 by business.inquirer.net

TOKYO  – Oil prices rose on Wednesday, extending the previous session’s gains, driven by optimism that a relaxation of China’s strict COVID-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer. Brent crude futures were up 52 cents, or 0.6 percent, at $86.44 a barrel at 0151 GMT, following a 1.7- percent rally in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained 55 cents, or 0.7, percent to $80.73 a barrel, having risen 0.4 percent on Tuesday. China’s gross domestic product expanded 3 percent in 2022, missingthe official target of “around 5.5 percent” and marking its second-worst performance since 1976. But the data still beatanalysts’ forecasts after China rolled back its zero-COVIDpolicy in December. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report Chinese oil demand would grow 510,000 barrels per day (bpd) this year after posting in 2022 its first contraction for years due to COVID … [Read more...] about Oil prices extend gains on optimism over China’s fuel demand recovery

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Oil prices set for second week of gains on brighter China outlook

January 20, 2023 by business.inquirer.net

Oil prices were set to post a second straight weekly gain on Friday, spurred largely by brightening economic prospects for China which should boost fuel demand in the world’s second-biggest economy. Brent futures for March delivery gained 26 cents, or 0.3 percent, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5 percent gain. Both closed 1 percent higher on Thursday, near their highest closing levels since Dec. 1. Chinese November oil demand climbed to the highest level since February, data from the Joint Organisations Data Initiative showed on Thursday. OPEC said on Tuesday that Chinese oil demand would rebound this year due to relaxation of the country’s COVID-19 curbs and drive global growth. Oil prices were also supported by hopes that the U.S. central bank will soon end its tightening cycle. Federal Reserve Bank of New York President John Williams said on Thursday the U.S. central bank is seeing signs of inflationary … [Read more...] about Oil prices set for second week of gains on brighter China outlook

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Fuel prices on January 20: Check petrol, diesel rates in Delhi, Mumbai and other cities

January 20, 2023 by www.moneycontrol.com

Petrol and diesel prices held steady across metro cities on January 20, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively. In another news, oil prices rose on January 20, on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Brent futures for March delivery gained 48 cents, or 0.6 percent, to USD 86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to USD 80.87 per barrel, a 0.7 percent gain. Petrol & Diesel Rates Jan 20, 2023 Friday, 20th January, 2023 Petrol Rate in Mumbai Jan 20, 2023 Current Petrol Price Per Litre ₹ 106 View more Friday, 20th January, 2023 … [Read more...] about Fuel prices on January 20: Check petrol, diesel rates in Delhi, Mumbai and other cities

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Oil prices edge up on strong U.S. economic data, Chinese demand hope

January 27, 2023 by business.inquirer.net

Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Brent futures gained 30 cents, or 0.3 percent, to $87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to $81.22 per barrel, a 0.3 percent gain. Both benchmarks had gained more than 1 percent on Thursday. Brent was on track to post its second weekly rise if gains held. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. Meanwhile, critically ill COVID-19 cases in China are down 72 percent from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79 percent from their peak, the Center for Disease Control and Prevention said earlier this week. The figures point … [Read more...] about Oil prices edge up on strong U.S. economic data, Chinese demand hope

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Oil steady as market awaits more supply clarity

January 26, 2023 by www.moneycontrol.com

Oil Oil prices were steady on Thursday after U.S. crude stocks climbed less than expected, while investors awaited further clarity on supply drivers, including an OPEC+ meeting and the looming EU ban on Russian refined products. Brent crude futures dipped 4 cents, or 0.1%, to $86.08 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $80.33. "The market awaits to get more clarity on the upcoming EU embargo on Russian refined products and the subsequent reshuffle of trade flows, while OPEC+ delegates head into their next meeting," Citi analysts said in a note Thursday. "The upcoming EU embargo on Russian refined products remains a major source of concern for the market, with widespread dislocations expected to materialize," the Citi analysts added. Oil prices were also little changed after data showed a build in U.S. crude inventories which was less than expected. Read More Crude inventories edged higher … [Read more...] about Oil steady as market awaits more supply clarity

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