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Oil up on hints of a looming OPEC+ cut; U.S. inventory data awaited

By Barani Krishnan AiVIF.com -- Oil prices rose about 1% Tuesday for their biggest leap in two weeks, as traders responded to hints that producer alliance OPEC+ could announce...
Oil up on hints of a looming OPEC+ cut; U.S. inventory data awaited © Reuters.
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By Barani Krishnan

AiVIF.com -- Oil prices rose about 1% Tuesday for their biggest leap in two weeks, as traders responded to hints that producer alliance OPEC+ could announce another production cut at its December meeting to deepen the 2-million-barrel reduction put in place this month.

Expectations that U.S. crude inventories would have fallen last week for a second week in a row also boosted sentiment in oil. 

Even so, London-traded Brent crude traded well below this month’s peak of almost $100 a barrel, while New York’s West Texas Intermediate was sharply off November’s $93 high as the Covid rampage in China continued to dominate headlines, raising concerns that capital Beijing might be headed for a full lockdown next.

WTI for delivery in January settled up 91 cents, or 1.1%, at $80.95 per barrel. The U.S. crude benchmark hit a 10-month low beneath $76 on Monday.

Brent was up 94 cents, or 1.1%, at $88.39 by 14:35 ET (19:35 GMT). The global crude benchmark slumped to a nine-month low of under $83 in the previous session.

Crude prices appeared to have bottomed as of Monday after Saudi Energy Minister Abdulaziz bin Salman, who’s in charge of OPEC+, denied a Wall Street Journal report that the 23-nation oil producing coalition was planning a production hike instead to be announced on Dec. 4.

Abdulaziz also said something else that made a bigger impact on oil bulls: “If there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene.” 

In OPEC+ speak, it was the clearest sign that another production cut might be coming in November as the alliance intends to restore its pricing power in a market that had lost a stunning 20% of its value over the past two weeks.

Brent went from a low of around $82 a barrel to almost $100 within days of OPEC+’s announcement of the November cut of 2M barrels per day. On Monday though, Brent sank to $82.36 a barrel, its weakest since February, before Abdulaziz’s remarks virtually brought it back into positive territory with a settlement of $87.45.

WTI climbed from around $76 a barrel to about $96 after the November production cut announced by OPEC+. On Monday, the US crude benchmark hit $75.30, its lowest since January, before rebounding on Abdulaziz’s remarks to settle modestly lower on the day, at $80.04.

“The recent oil price slide was overdone and given global economic activity excluding China won’t completely fall off a cliff, prices should continue to stabilize here,” said Ed Moya, analyst at online trading platform OANDA. 

But granted, oil bulls and bears were in “a tug-of-war, with China Covid demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight”, Moya added.

Covid control restrictions now weigh on a fifth of China’s economy as infections continue their upward march, defying the central government’s call for more targeted, less disruptive Covid Zero measures, Bloomberg reported Tuesday. It cited 27,307 new cases for Monday alone, just shy of the previous record 28,973 reached in April when Shanghai’s outbreak sparked a surge in infections.

“For China, moving away from ‘zero-Covid’ is easier said than done,” NBC said in another report. Beijing is facing its most severe Covid test yet after the Chinese capital saw the country's first coronavirus deaths in six months, with infections continuing to soar, according to other reports. A full Beijing lockdown could have a disastrous impact on the Chinese economy, experts warn.

Market participants were also on the lookout for U.S. weekly oil inventory data, due after market settlement from API, or the American Petroleum Institute.

The API will release at approximately 16:30 ET (21:30 GMT) a snapshot of closing balances on U.S. crude, gasoline and distillates for the week ended November 18. The numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration on Wednesday.

For last week, analysts tracked by AiVIF.com expect the EIA to report a crude stockpile drop of 1.06-M barrels, versus the 5.4-M barrel reduction reported during the week to November 11.

On the gasoline inventory front, the consensus is for a smaller build of 383,000 barrels over the 2.2M-barrel rise in the previous week.

With distillate stockpiles, the expectation is for a drop of 550,000 barrels versus the prior week’s gain of 1.12M.

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28-11-2022 12:11:41 (UTC+7)

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    EUR/USD 1.0359 Neutral  
    GBP/USD 1.2056 ↑ Buy  
    USD/JPY 138.48 ↑ Sell  
    AUD/USD 0.6690 Sell  
    USD/CAD 1.3446 Neutral  
    EUR/JPY 143.45 ↑ Sell  
    EUR/CHF 0.9805 ↑ Sell  
    Gold 1,751.55 ↑ Buy  
    Silver 21.277 ↑ Buy  
    Copper 3.5678 Sell  
    Crude Oil WTI 74.03 ↑ Sell  
    Brent Oil 81.28 ↑ Sell  
    Natural Gas 7.290 ↑ Buy  
    US Coffee C 164.40 ↑ Sell  
    Euro Stoxx 50 3,962.41 ↑ Buy  
    S&P 500 4,026.12 Neutral  
    DAX 14,541.38 ↑ Buy  
    FTSE 100 7,486.67 ↑ Buy  
    Hang Seng 17,221.00 ↑ Sell  
    Small Cap 2000 1,869.19 ↑ Buy  
    IBEX 35 8,416.60 Sell  
    BASF 49.605 Neutral  
    Bayer 55.45 Sell  
    Allianz 205.35 ↑ Buy  
    Adidas 123.98 Neutral  
    Lufthansa 7.567 ↑ Sell  
    Siemens AG 132.06 ↑ Buy  
    Deutsche Bank AG 10.390 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,640/ 6,710
(6,640/ 6,710) # 1,469
SJC HCM6,655/ 6,735
(-5/ -25) # 1,493
SJC Hanoi6,655/ 6,737
(-5/ -25) # 1,495
SJC Danang6,655/ 6,737
(-5/ -25) # 1,495
SJC Nhatrang6,655/ 6,737
(-5/ -25) # 1,495
SJC Cantho6,655/ 6,737
(-5/ -25) # 1,495
Cập nhật 28-11-2022 12:11:43
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ↀ Giá vàng thế giới
$1,751.05 +0.11 0.01%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V24.91025.400
RON 95-III23.78024.250
E5 RON 92-II22.67023.120
DO 0.05S24.80025.290
DO 0,001S-V26.78027.310
Dầu hỏa 2-K24.64025.130
ↂ Giá dầu thô thế giới
WTI $74.08 +2.03 2.67%
Brent $81.28 +2.16 2.59%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.850,00
EUR24.959,9426.355,23
GBP29.041,9330.277,62
JPY173,62183,79
KRW15,9719,46
Cập nhật lúc 11:13:42 28/11/2022
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