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Oil fall on demand fears, supply tightness offers floor

By Rowena Edwards LONDON (Reuters) -Oil prices fell on Thursday, pressured by concerns economic weakness in the United States and Europe would cut demand, but prices seesawed as...
Oil fall on demand fears, supply tightness offers floor © Reuters. FILE PHOTO - A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer AT

By Rowena Edwards

LONDON (Reuters) -Oil prices fell on Thursday, pressured by concerns economic weakness in the United States and Europe would cut demand, but prices seesawed as the market also considered tight supply.

Brent crude futures were down 79 cents, or 0.8%, to $95.99 a barrel by 1404 GMT, while West Texas Intermediate (WTI) crude futures fell 43 cents, a 0.4% decline, at $90.23.

Both benchmarks fell on Wednesday to their weakest levels since before Russia's Feb. 24 invasion of UKraine, that Moscow calls "a special operation". And WTI futures touched their lowest on Thursday since mid-February.

The selling followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said.

The demand outlook remains clouded by increasing worries about an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world's largest oil importer.

Further pressure followed fears that rising interest rates could slow economic activity and limit demand for fuel. The Bank of England (BoE) raised rates on Thursday and warned about recession risks.

An OPEC+ agreement on Wednesday to raise its output target by just 100,000 barrels per day (bpd) in September, equivalent to 0.1% of global demand, was viewed by some analysts as bearish for the market.

"The largely symbolic increase will obviously not provide a significant buffer to any potential supply shock, but the oil balance will not get tighter either," Tamas Varga of oil brokerage PVM said.

OPEC heavyweights Saudi Arabia and the UAE are ready to deliver a "significant increase" in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said.

Analysts still expect the limited spare capacity of OPEC+ - highlighted in a statement on Wednesday - to support prices longer term.

"Crude prices should find strong support around the $90 level and eventually will rebound towards the $100 barrel level even as the global economic slowdown accelerates," Edward Moya, senior analyst with OANDA.

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17-08-2022 22:44:19 (UTC+7)

EUR/USD

1.0165

-0.0005 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (8)

EUR/USD

1.0165

-0.0005 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (8)

GBP/USD

1.2043

-0.0050 (-0.41%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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USD/JPY

135.41

+1.21 (+0.90%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

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AUD/USD

0.6913

-0.0109 (-1.55%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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USD/CAD

1.2931

+0.0088 (+0.68%)

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EUR/JPY

137.65

+1.16 (+0.85%)

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EUR/CHF

0.9694

+0.0040 (+0.41%)

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Gold Futures

1,776.15

-13.55 (-0.76%)

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Silver Futures

19.652

-0.433 (-2.16%)

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Copper Futures

3.5708

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Crude Oil WTI Futures

86.41

-0.12 (-0.14%)

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Brent Oil Futures

92.09

-0.25 (-0.27%)

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Natural Gas Futures

9.207

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US Coffee C Futures

219.78

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Euro Stoxx 50

3,753.25

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S&P 500

4,256.30

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DAX

13,630.66

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FTSE 100

7,516.15

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19,922.45

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US Small Cap 2000

1,972.35

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IBEX 35

8,434.88

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Neutral

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42.890

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Bayer AG NA

53.38

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177.39

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Adidas AG

168.88

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Siemens AG Class N

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Deutsche Bank AG

8.840

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 EUR/USD1.0165↑ Sell
 GBP/USD1.2043↑ Buy
 USD/JPY135.41Neutral
 AUD/USD0.6913↑ Sell
 USD/CAD1.2931↑ Buy
 EUR/JPY137.65↑ Sell
 EUR/CHF0.9694↑ Buy
 Gold1,776.15↑ Sell
 Silver19.652↑ Sell
 Copper3.5708↑ Sell
 Crude Oil WTI86.41↑ Sell
 Brent Oil92.09↑ Sell
 Natural Gas9.207Neutral
 US Coffee C219.78↑ Sell
 Euro Stoxx 503,753.25↑ Sell
 S&P 5004,256.30↑ Sell
 DAX13,630.66Neutral
 FTSE 1007,516.15Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,972.35↑ Sell
 IBEX 358,434.88Neutral
 BASF42.890Neutral
 Bayer53.38Neutral
 Allianz177.39Buy
 Adidas168.88↑ Sell
 Lufthansa6.465↑ Sell
 Siemens AG108.44↑ Sell
 Deutsche Bank AG8.840Neutral
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RON 95-V25.34025.840
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR23.186,9924.485,46
GBP27.597,2628.774,17
JPY169,51179,46
KRW15,4518,83
Cập nhật lúc 18:50:59 17/08/2022
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