2023-01-20 11:45:00
OIL PRICE: BRENT NEAR $87, WTI BELOW $81
REUTERS - January 20, 2023 - 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%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain.
Both closed 1% 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 pressures cooling off from torrid levels.
"The two largest economies in the world are needing more crude. The oil market has been down on global recession fears, but it still is showing signs it can remain tight a little while longer," said Edward Moya, senior market analyst at OANDA.
Also extending support to prices was a weaker dollar index , which was headed for a second consecutive weekly decline. A weaker dollar makes crude, priced in the currency, cheaper for foreign buyers.
"Oil traders are potentially buying the dip now, amid optimism around China and the United States," said Tina Teng, analyst at CMC Markets.
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.
A number of other Fed officials have expressed support for a downshift in the pace of rate rises.
A rebound in Chinese economy and the Russian oil industry's struggles under sanctions could tighten energy markets in 2023, International Energy Agency (IEA) head Fatih Birol said on Thursday.
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Earlier:
2023, January, 18, 12:20:00
OIL PRICE: BRENT BELOW $87, WTI BELOW $81
Brent climbed 76 cents, or 0.88%, to $86.68 a barrel, WTI went up 85 cents, or 1.06%, to $81.03.
2023, January, 18, 12:10:00
ЦЕНА URALS: $46.82
Средняя цена на нефть Urals за период мониторинга с 15 декабря 2022 года по 14 января 2023 года составила $46,82 за баррель, или $341,8 за тонну.
2023, January, 18, 12:00:00
CHINA'S OIL THROUGHPUT DOWN
The lower throughput came as China's GDP expanded 3% in 2022, NBS data showed, lower than the government's annual target of about 5.5%.
2023, January, 16, 13:05:00
OIL PRICE: BRENT BELOW $85, WTI NEAR $80
Brent fell 62 cents, or 0.7%, to $84.66 a barrel, WTI was down 51 cents, or 0.6%, at $79.35 a barrel.
2023, January, 16, 13:00:00
GLOBAL OIL MARKET IS STABLE
The OPEC+ Joint Ministerial Monitoring Committee, on which Mazrouei sits, is co-chaired by Saudi energy minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak.
2023, January, 16, 12:55:00
RUSSIAN OIL FOR CHINA, INDIA
With India becoming the largest buyer of Russian crude in late 2022 and China posting close to double-digit growth in Russian inflows over January-November, refiners in South Korea, Japan and Thailand are finding it easier to procure term and spot crude supplies from Middle Eastern producers,
2023, January, 13, 10:50:00
CHINA OIL DEMAND WILL UP TO 16 MBD
That would take consumption to an all-time high of about 16 million barrels a day, the survey showed.
