Oil – Atlas Today

Written by:RituPosted on:February 6, 2023

Oil prices rose slightly on Monday tracking optimistic comments on a recovery in Chinese demand from the International Energy Agency, although markets were still nursing steep weekly losses on fears of tighter U.S. monetary policy. International Energy Agency head Fatih Birol reiterated the agency’s call that China will push global crude demand to record highs this year, and said there were already early indications that the world’s second-largest economy was recovering. His comments come even…

Written by:RituPosted on:January 31, 2023

Oil prices were muted in early trade on Tuesday as optimism over better-than-expected economic data from China was offset by caution over an upcoming Federal Reserve meeting and an OPEC decision on production. Chinese business activity grew more than expected in January, government data showed, indicating that the country’s economy was clearly on a path of recovery after it relaxed most anti-COVID restrictions earlier in the month. The data helped further the notion that a…

Written by:RituPosted on:January 27, 2023

Oil prices moved little on Friday and were set to end the week flat amid caution over an upcoming OPEC+ panel meeting, as well as more cues on the U.S. economy from a reading on the Federal Reserve’s preferred inflation gauge. Ministers from Algeria, Kuwait, Venezuela, Russia and Oman are set to meet virtually next week as part of a panel called the Joint Ministerial Monitoring Committee (JMMC). The panel can call for a full…

Written by:RituPosted on:January 20, 2023

Oil prices rose further on Friday, and were set to end the week higher as optimism over an eventual recovery in Chinese demand this year largely offset fears that a global economic slowdown will dent crude markets. Markets are betting on a strong boost to the Chinese economy from the week-long Lunar New Year holiday, particularly after the country relaxed almost all anti-COVID restrictions earlier this month. China kept its key lending rates at historic…

Written by:RituPosted on:January 16, 2023

Oil prices fell Monday, consolidating after last week’s strong gains ahead of the release of demand forecasts from the OPEC and the IEA as well as a deluge of potentially influential economic data due this week. By 04:35 ET (09:35 GMT), U.S. crude futures traded 0.7% lower at $79.55 a barrel, while the Brent contract fell 0.5% to $84.86 a barrel, with volumes hit by the U.S. holiday. The Organization of Petroleum Exporting Countries releases…

Written by:RituPosted on:January 9, 2023

Oil prices rose on Monday, recovering a measure of recent losses as investors bet that an economic reopening in China and a less hawkish rhetoric from the Federal Reserve will help spur a recovery in crude demand this year. China reopened its international borders for the first time since 2020, a clear indication that the country intends to pivot away completely from the strict zero-COVID policy that ravaged local economic growth over the past three…

Written by:RituPosted on:December 22, 2022

Oil prices extended gains into a fourth straight session on Thursday after inventory data showed that U.S. supplies remained tight ahead of a demand-heavy holiday season, although caution ahead of key economic readings kept gains limited. Data on Wednesday showed that U.S. crude inventories shrank far more than expected in the previous week, with decreases in heating oil and jet fuel stocks coming just ahead of an expected increase in travel demand and a potential…

Written by:RituPosted on:December 7, 2022

Oil hovered near a one-year low on Wednesday as increasing concerns over U.S. economic health and the Federal Reserve largely offset positive supply-side signals from a bigger-than-expected draw in crude inventories. A growing number of Wall Street banks warned of a potential recession in 2023, especially if interest rates keep rising and if inflation proves to be stickier than expected. Strong U.S. economic data this week suggested that upward pressure on inflation is likely to…

Written by:RituPosted on:December 1, 2022

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…

Written by:RituPosted on:November 29, 2022

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…