2023-09-22 07:00:00
OIL PRICE: BRENT NEAR $94, WTI ABOVE $90
REUTERS - Sept 22 - Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.
Brent futures climbed 50 cents, or 0.5%, to $93.80 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 63 cents, or 0.7%, to $90.26 a barrel.
Both benchmarks were on track for a small weekly drop after gaining more than 10% in the previous three weeks amid concerns about tight global supply as the Organization of the Petroleum Exporting Countries and allies (OPEC+) maintain production cuts.
"Trading remained choppy amid a tug-of-war between supply fears that were reinforced by a Russian ban on fuel exports and worries over slower demand due to tighter monetary policies in the United States and Europe," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
"Going forward, investors will focus on whether the OPEC+ production cuts are being implemented as promised and whether the rise in interest rates will reduce demand," he said, predicting WTI to trade in a range of around $90-$95.
Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to stabilise the domestic fuel market, the government said on Thursday.
The shortfall, which will force Russia's fuel buyers to shop elsewhere, caused heating oil futures to rise by nearly 5% on Thursday.
"Crude oil bounced off a session low after Russia banned diesel exports, which included gasoline. The action reversed a downside movement in crude markets following the hawkish Fed decision on Thursday," said Tina Teng, an analyst at CMC Markets, in a note.
"However, mounting fears of a recession in the Eurozone could continue pressuring oil prices."
The U.S. Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end.
That buoyed fears that higher rates could dampen economic growth and fuel demand while boosting the U.S. dollar to its highest since early March, making oil and other commodities more expensive for buyers using other currencies.
The Bank of England mirrored the Fed and held interest rates on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted.
A European Central Bank (ECB) governing council member said the central bank will most likely keep interest rates stable at its next policy meeting.
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Earlier:
2023, September, 12, 09:15:00
OIL PRICE: BRENT NEAR $90, WTI ABOVE $87
Brent rose 28 cents to $90.92 a barrel, WTI edged 35 cents higher to $87.64.
2023, September, 12, 09:10:00
РОССИЯ СОКРАЩАЕТ ЭКСПОРТ НЕФТИ
Дополнительное добровольное сокращение поставок нефти на экспорт направлено на усиление мер предосторожности, принимаемых странами ОПЕК+ с целью поддержания стабильности и баланса нефтяных рынков.
2023, September, 1, 07:00:00
OIL PRICE: BRENT NEAR $87, WTI NEAR $84
Brent was up 17 cents, also 0.2%, at $87/bbl, WTI up 13 cents, or 0.2%, at $83.76 a barrel.
2023, August, 25, 06:55:00
СТРАТЕГИЧЕСКОЕ ПАРТНЕРСТВО БРИКС
«Китай и Индия – наши стратегические партнёры в части выстраивания нового, справедливого энергорынка и торговой инфраструктуры. Россия остаётся крупнейшим поставщиком нефти в Китай и Индию, экспортируются и другие энергоносители – газ, уголь», –
2023, August, 25, 06:50:00
СОТРУДНИЧЕСТВО РОССИИ, ЕГИПТА
Стороны обсудили возможности расширения сотрудничества в отраслях ТЭК, в том числе в нефтегазовой сфере, электро- и гидроэнергетике.
2023, August, 25, 06:45:00
POSITIVE BRICS+
While South Africa and Russia back the addition of new members, India is wary of the group becoming a mouthpiece for China, and Brazil is worried about alienating the West.
2023, August, 25, 06:40:00
RUSSIAN, SAUDI'S OIL FOR CHINA
Saudi Arabia's crude shipment to China are averaging 1.9 million b/d in August, up from 1.3 million b/d a month earlier, while Russia inflows are at 1.38 million b/d, up on month from 1.36 million b/d, according to Kpler shipping data. Imports from Saudi Arabia were at a 12-month low of 1.33 million b/d in July, while Russian shipments dropped to 1.91 million b/d in the month, the lowest since April, China General Administration of Customs data showed.
