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Oil prices edge up on supply concerns after drop to near 6-month low

By Laura Sanicola and Emily Chow (Reuters) -Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S....
Oil prices edge up on supply concerns after drop to near 6-month low © 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 Laura Sanicola and Emily Chow

(Reuters) -Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.

Brent crude futures rose 10 cents, or 0.1%, at $96.88 a barrel at 0653 GMT, while West Texas Intermediate (WTI) crude futures was last up 21 cents, a 0.2% gain, at $90.87.

Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most members have already exhausted their output potential.

"OPEC+ agreed to increase production by 100,000 barrels per day in September, far lower than previous months' production. The global energy market still faces supply shortages," said Leon Li, an analyst at CMC Markets.

He added that WTI oil prices are "likely to oscillate" between $90 and $100 a barrel.

While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up production at the expense of Russia, hit by sanctions over the Ukraine invasion that Moscow calls "a special operation".

Ahead of the meeting, OPEC+ had trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates told Reuters.

"It looks like OPEC+ is resisting calls to boost output because the crude demand outlook continues to get slashed. The world is battling the ongoing global energy crisis and it won't be getting any help from OPEC+," Edward Moya, senior analyst with OANDA, said in a note.

"The oil market will remain tight over the short term and that means we should still have limited downside here. 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."

Oil's demand outlook remains clouded by rising fears of 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.

{{8849|U.S. crcrude oil inventories had also rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.

Supporting prices on Thursday, however, the Caspian Pipeline Consortium (CPC), which connects Kazakh oil fields with the Russian Black Sea port of Novorossiisk, said that supplies were significantly down, without providing figures.

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17-08-2022 23:09:25 (UTC+7)

EUR/USD

1.0165

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (4)

EUR/USD

1.0165

-0.0004 (-0.04%)

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↑ Sell

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Buy (0)

Sell (12)

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Buy (3)

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GBP/USD

1.2037

-0.0056 (-0.47%)

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Neutral

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USD/JPY

135.45

+1.24 (+0.92%)

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↑ Buy

Moving Avg:

Buy (11)

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AUD/USD

0.6918

-0.0104 (-1.48%)

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Buy

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USD/CAD

1.2927

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EUR/JPY

137.68

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EUR/CHF

0.9696

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Gold Futures

1,775.55

-14.15 (-0.79%)

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Silver Futures

19.660

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Copper Futures

3.5830

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Crude Oil WTI Futures

87.03

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Brent Oil Futures

92.72

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Euro Stoxx 50

3,756.06

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S&P 500

4,261.46

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8.856

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 EUR/USD1.0165↑ Sell
 GBP/USD1.2037Neutral
 USD/JPY135.45↑ Buy
 AUD/USD0.6918Buy
 USD/CAD1.2927↑ Sell
 EUR/JPY137.68↑ Buy
 EUR/CHF0.9696↑ Buy
 Gold1,775.55Sell
 Silver19.660Neutral
 Copper3.5830↑ Buy
 Crude Oil WTI87.03↑ Buy
 Brent Oil92.72↑ Buy
 Natural Gas9.213↑ Sell
 US Coffee C218.15↑ Sell
 Euro Stoxx 503,756.06Sell
 S&P 5004,261.46↑ Buy
 DAX13,626.71Sell
 FTSE 1007,515.75Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,976.30↑ Buy
 IBEX 358,434.80Neutral
 BASF42.685Neutral
 Bayer53.37Neutral
 Allianz177.54Buy
 Adidas169.10↑ Sell
 Lufthansa6.467↑ Sell
 Siemens AG108.64↑ Sell
 Deutsche Bank AG8.856Neutral
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Cập nhật 17-08-2022 23:09:28
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$1,761.60-14.08-0.79%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
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Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$86.49+0.120.14%
Brent$92.00+0.40.44%
$ 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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