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Oil prices climb as supply shortage concerns outweigh demand worries

By Jeslyn Lerh and Florence Tan SINGAPORE (Reuters) -Oil prices rose on Friday, bouncing off their lowest levels since February in the previous session, as supply shortage...
Oil prices climb as supply shortage concerns outweigh demand worries © Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

By Jeslyn Lerh and Florence Tan

SINGAPORE (Reuters) -Oil prices rose on Friday, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand.

Brent crude rose 55 cents, or 0.6%, to $94.67 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was up 65 cents, or 0.8%, at $89.19 a barrel.

Oil prices have come under pressure this week as the market fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.

"OPEC's meagre supply hike highlights the limited capacity the market has to handle further shortages," ANZ Research analysts said.

For September, OPEC+ is set to raise its oil output goal by 100,000 barrels per day. The hike is one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows.

The global crude oil markets remained firmly in backwardation, where prompt prices are higher than those in future months, indicating tight supplies.

Supply concerns are expected to ratchet up closer to winter with the European Union sanctions banning seaborne imports of Russian crude and oil products set to take effect on Dec. 5.

"With the EU halting seaborne Russian imports, there is a key question of whether Middle Eastern producers will reroute their barrels to Europe to backfill the void," RBC analyst Michael Tran said.

"How this Russian oil sanctions policy shakes out will be one of the most consequential matters to watch for the remainder of the year," Tran added.

For now, signs of an economic slowdown capped price recovery. Recession worries have intensified following the Bank of England's warning of a drawn-out downturn after it raised interest rates by the most since 1995.

"If commodities are not pricing in an imminent economic recession, they might be preparing for a 'stagflation' era when the unemployment rate starts picking up and inflation stays high," CMC Markets analyst Tina Teng said.

Investors are focused on the U.S. employment report to be released later in the day, which is expected to show nonfarm payrolls increased by 250,000 jobs last month, after rising by 372,000 jobs in June.

Any signs of strength in the labour market could feed into fears of aggressive steps by the U.S. Federal Reserve to curb inflation.

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16-08-2022 19:26:37 (UTC+7)

EUR/USD

1.0136

-0.0024 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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Sell (0)

EUR/USD

1.0136

-0.0024 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2037

-0.0018 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

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Sell (1)

USD/JPY

134.38

+1.07 (+0.80%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

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AUD/USD

0.7004

-0.0018 (-0.26%)

Summary

↑ Sell

Moving Avg:

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USD/CAD

1.2908

+0.0003 (+0.03%)

Summary

Buy

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EUR/JPY

136.21

+0.76 (+0.56%)

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EUR/CHF

0.9628

+0.0014 (+0.15%)

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Gold Futures

1,790.85

-7.25 (-0.40%)

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Silver Futures

20.043

-0.229 (-1.13%)

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Copper Futures

3.6178

+0.0003 (+0.01%)

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Crude Oil WTI Futures

90.09

+0.68 (+0.76%)

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Brent Oil Futures

95.49

+0.39 (+0.41%)

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Natural Gas Futures

9.115

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US Coffee C Futures

222.98

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Euro Stoxx 50

3,798.65

+9.03 (+0.24%)

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S&P 500

4,297.14

+16.99 (+0.40%)

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Neutral

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DAX

13,865.22

+48.61 (+0.35%)

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7,552.38

+43.23 (+0.58%)

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19,830.52

-210.34 (-1.05%)

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US Small Cap 2000

2,020.40

+7.30 (+0.36%)

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IBEX 35

8,498.59

+71.59 (+0.85%)

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44.335

+0.275 (+0.62%)

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Bayer AG NA

54.16

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Allianz SE VNA O.N.

179.77

+0.99 (+0.55%)

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Adidas AG

170.76

-2.18 (-1.26%)

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Deutsche Lufthansa AG

6.737

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Siemens AG Class N

111.31

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9.008

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 EUR/USD1.0136↑ Buy
 GBP/USD1.2037↑ Buy
 USD/JPY134.38↑ Buy
 AUD/USD0.7004↑ Sell
 USD/CAD1.2908Buy
 EUR/JPY136.21↑ Buy
 EUR/CHF0.9628↑ Buy
 Gold1,790.85↑ Sell
 Silver20.043↑ Sell
 Copper3.6178↑ Sell
 Crude Oil WTI90.09↑ Sell
 Brent Oil95.49↑ Sell
 Natural Gas9.115↑ Buy
 US Coffee C222.98↑ Sell
 Euro Stoxx 503,798.65↑ Sell
 S&P 5004,297.14Neutral
 DAX13,865.22↑ Sell
 FTSE 1007,552.38↑ Sell
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,498.59↑ Sell
 BASF44.335↑ Buy
 Bayer54.16↑ Sell
 Allianz179.77↑ Sell
 Adidas170.76Neutral
 Lufthansa6.737↑ Sell
 Siemens AG111.31↑ Sell
 Deutsche Bank AG9.008↑ Buy
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# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
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SJC HCM6,600/ 6,700
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Cập nhật 16-08-2022 19:26:39
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$1,777.84-0.64-0.04%
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RON 95-V25.34025.840
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Dầu hỏa 2-K23.32023.780
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WTI$89.67-1.87-2.13%
Brent$95.09-2.13-2.29%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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