OIL RALLY Oil 

Oil rally Stalls on Weak Chinese Data, Uncertainty Over OPEC Cut

Oil prices were muted on Thursday, cutting short a three-day rally after data highlighted growing economic cracks in major crude importer China, while markets also speculated over whether the OPEC’s last meeting for the year will result in a supply cut. Chinese manufacturing activity- a bellwether for the economy- weakened substantially in November, official and private surveys showed this week. This largely offset optimism over the country’s scaling back of some COVID-19 curbs in two major cities, following widespread protests. Beijing has also given no indication that it plans to…

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Oil surges Oil 

Oil Surges As Speculation Over OPEC Cut Outweighs China concerns

Oil prices jumped on Tuesday as traders bet that recent weakness in the market will invite more supply cuts by the OPEC, while anti-government protests in China and hawkish signals from the Federal Reserve worsened the outlook for demand. Oil marked a volatile start to the week, initially tumbling as much as 3% as Chinese protests against the government’s strict zero-COVID policy intensified. But prices recovered later in the session, ending Monday a shade higher as markets bet that the Organization of Petroleum Exporting Countries (OPEC) will step in to…

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oil risinig Oil 

Oil Rises on Saudi Supply Signals, But Demand Fears Cap

Oil prices rose on Tuesday following commitments to tightening supply from Saudi Arabia and the Organization of Petroleum Exporting Countries (OPEC), although concerns over slowing demand in China and a potential U.S. recession kept gains muted. Crude markets reversed sharp losses in a volatile session on Monday after Saudi Arabia, the leader of the OPEC said reports suggesting that the cartel planned to hike supply in December were false. Instead, the OPEC will commit to its 2 million barrel per day supply cut until the end of 2023, and also…

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Oil sinks Oil 

Oil Sinks Further as China COVID Concerns outweigh Tightening Supply

Oil prices fell further on Thursday as increasing COVID-19 cases in China brewed more doubts over slowing crude demand, even as data showed U.S. inventories dropped far more than expected and as supply appeared to be tightening. China reported over 20,000 daily new cases this week, its highest rise in roughly seven months. While the number is a fraction of the country’s population, it was large enough to brew concerns over new restrictions under the country’s strict zero-COVID policy. Industrial production and retail sales data released this week showed that…

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oil in edge Oil 

Oil on Edge as Markets weigh Poland Strike, Sluggish Demand

Oil prices fell slightly on Wednesday as investors awaited more clarity on a potential Russian missile strike against Poland, while mixed U.S. inventory data and concerns over slowing Chinese demand also brewed more uncertainty in the market Crude markets were focused squarely on the North Atlantic Treaty Organization’s (NATO) response to a Russian-made missile killing two people in the eastern part of Poland. U.S. President Joe Biden said it was “unlikely” that the missile was fired from Russia, and that the source of the strike was still under investigation. Biden…

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OIL PRICE Oil 

Oil Prices Dip as Demand Outlook Worsens on China woes, OPEC Warning

Oil prices fell in choppy trade on Tuesday and nursed steep losses this week as weak economic data from China brewed more concerns over worsening demand, although the prospect of smaller U.S. rate hikes and tightening supply helped limit losses. Crude markets plummeted at the beginning of the week after rising COVID cases in major importer China drummed up concerns over stricter lockdown measures, which could hurt crude demand in the world’s largest oil importer. Data on Tuesday showed that Chinese industrial production and retail sales performed worse than expected…

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OIL EXTENDS Oil Stock Market 

Oil Extends Gains on China reopening Hopes, Tightening Supply

Oil prices rose on Monday as markets bet that an eventual scaling back of COVID-19 measures in China will boost the country’s crude demand, while looming curbs on Russian oil shipments also appeared set to tighten supply Crude prices closed last week lower, but rallied sharply on Friday after China said it will loosen some measures under its strict zero-COVID policy for the first time ever. The move drummed up expectations that the world’s largest crude importer is positioning for an eventual scaling back of COVID restrictions. But the country…

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OIL FALLS Market Oil 

Oil Falls on Weak Chinese Data, Hawkish Fed Also Weighs

Oil prices retreated from a three-week high on Thursday after weak economic data from China pointed to more trouble in the world’s largest crude importer, while the outlook for demand was also dimmed by the prospect of higher U.S. interest rates A private survey showed that China’s massive services sector shrank for a second straight month in October, heralding more economic weakness for the country as it struggles with containing new COVID outbreaks Speculation over a possible easing of COVID curbs had somewhat brightened sentiment towards China this week. But…

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OIL PRICE RISE Oil 

Oil prices rise as weaker dollar offsets China COVID-19 concerns

Oil prices rose on Tuesday, paring losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer. Brent crude for January delivery rose 73 cents, or 0.8%, to $93.54 a barrel at 0406 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%. U.S. West Texas Intermediate (WTI) crude rose 58 cents, or 0.7%, to $87.11 a barrel, after falling 1.6% in the previous session. The Brent and…

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Oil Prices Rise to Near $90 as OPEC Cut Looms

Oil prices rose further on Tuesday as markets positioned for the biggest supply cut by OPEC since the 2020 COVID crisis, with weakness in the dollar also helping. London-traded Brent oil futures the global benchmark, rose 0.6% to $89.28 a barrel, while West Texas Intermediate crude futures rose 0.2% to $83.82 a barrel. Both contracts jumped as much as $4 on Monday, amid reports that the Organization of Petroleum Exporting Countries and its allies (OPEC+) is considering a production cut of up to 1 million barrels per day (bpd). The move…

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