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Oil extends losses as weak demand outlook persists

By Ahmad Ghaddar LONDON (Reuters) -Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed concerns of a global recession and the market monitored...
Oil extends losses as weak demand outlook persists © Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

By Ahmad Ghaddar

LONDON (Reuters) -Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed concerns of a global recession and the market monitored talks on a reviving deal that could allow more Iranian oil exports.

Brent crude futures fell 84 cents, or 0.9%, to $94.26 a barrel by 0953 GMT. WTI crude futures dipped 45 cents, or 0.5%, to $88.96 a barrel. The oil future benchmarks fell about 3% in their previous sessions.

China's central bank cut lending rates to try to revive demand as the nation's economy slowed unexpectedly in July after Beijing's zero-COVID policy and a property crisis slowed factory and retail activity.

"In our view, problems in the real estate sector, plus the government's zero-COVID strategy, are likely to continue to weigh on the economy in the short to medium term, meaning that oil prices will probably face persistent headwinds from this side," Commerzbank (ETR:CBKG) said in a note.

China's fuel product exports are expected to rebound in August to their highest in nearly a year after Beijing issued more quotas, adding pressure to already-shrinking refining margins.

Investors also monitored talks to revive the 2015 Iran nuclear deal. More oil could enter the market if Iran and the United States accept an offer from the European Union, which would remove sanctions on Iranian oil exports, analysts said.

Iran responded to the European Union's "final" draft text to save a 2015 nuclear deal on Monday, an EU official said, but provided no details. The Iranian foreign minister called on the United States to show flexibility to resolve three remaining issues.

Barclays (LON:BARC) lowered its Brent price forecasts on Tuesday by $8 per barrel for this year and next, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies.

In the United States, output in the major U.S. shale oil basins will rise to 9.049 million barrels per day (bpd) in September, the highest since March 2020, the U.S. Energy Information Administration (EIA) said in a report on Monday. In the Permian, the biggest U.S. shale oil basin, output will hit a record 5.408 million bpd, it said.

Market participants awaited industry data on U.S. crude stockpiles expected later on Tuesday. Oil and gasoline stockpiles likely fell last week, while distillate inventories rose, a preliminary Reuters poll showed on Monday. [EIA/S]

(Additional reporitng by Muyu Xu in Singapore; editing by Barbara Lewis)

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29-09-2022 04:45:36 (UTC+7)

EUR/USD

0.9738

+0.0003 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (7)

EUR/USD

0.9738

+0.0003 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

GBP/USD

1.0886

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

144.12

-0.04 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (10)

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AUD/USD

0.6521

-0.0001 (-0.02%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (6)

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USD/CAD

1.3607

+0.0003 (+0.02%)

Summary

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EUR/JPY

140.34

+0.01 (+0.01%)

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EUR/CHF

0.9501

0.0000 (0.00%)

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Gold Futures

1,668.50

+32.30 (+1.97%)

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Silver Futures

18.890

+0.553 (+3.02%)

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Copper Futures

3.3805

+0.0970 (+2.95%)

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Crude Oil WTI Futures

81.88

+3.38 (+4.31%)

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Brent Oil Futures

87.98

+0.21 (+0.24%)

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Natural Gas Futures

7.022

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US Coffee C Futures

227.80

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Euro Stoxx 50

3,335.30

+6.65 (+0.20%)

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Neutral

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S&P 500

3,719.04

+71.75 (+1.97%)

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DAX

12,183.28

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FTSE 100

7,005.39

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US Small Cap 2000

1,725.13

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7,442.20

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Neutral

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39.415

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48.19

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160.72

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Adidas AG

130.24

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Deutsche Lufthansa AG

5.772

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Siemens AG Class N

99.46

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7.854

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 EUR/USD0.9738↑ Sell
 GBP/USD1.0886↑ Sell
 USD/JPY144.12↑ Buy
 AUD/USD0.6521↑ Buy
 USD/CAD1.3607↑ Sell
 EUR/JPY140.34↑ Buy
 EUR/CHF0.9501↑ Sell
 Gold1,668.50↑ Buy
 Silver18.890↑ Buy
 Copper3.3805↑ Sell
 Crude Oil WTI81.88↑ Sell
 Brent Oil87.98↑ Buy
 Natural Gas7.022Neutral
 US Coffee C227.80↑ Sell
 Euro Stoxx 503,335.30Neutral
 S&P 5003,719.04↑ Sell
 DAX12,183.28Neutral
 FTSE 1007,005.39Neutral
 Hang Seng17,250.88Buy
 Small Cap 20001,725.13↑ Buy
 IBEX 357,442.20Neutral
 BASF39.415↑ Buy
 Bayer48.19Neutral
 Allianz160.72↑ Buy
 Adidas130.24↑ Buy
 Lufthansa5.772↑ Buy
 Siemens AG99.46↑ Buy
 Deutsche Bank AG7.854↑ Sell
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$1,659.90+30.791.89%
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Sản phẩmVùng 1Vùng 2
RON 95-V23.26023.720
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E5 RON 92-II21.78022.210
DO 0.05S22.53022.980
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Dầu hỏa 2-K22.44022.880
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WTI$81.51-3.33-4.25%
Brent$87.71-3.39-4.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.580,0023.890,00
EUR22.159,1623.399,49
GBP24.732,3625.786,46
JPY159,76169,13
KRW14,2317,34
Cập nhật lúc 17:55:10 28/09/2022
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