Monday, January 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home investing

Oil falls $2/barrel on economic jitters, U.S. crude stock build By Reuters

6 days ago
in investing
Oil falls $2/barrel on economic jitters, U.S. crude stock build By Reuters
Share on FacebookShare on Twitter

Latest Oil News

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023


Oil falls $2/barrel on economic jitters, U.S. crude stock build
© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo/File Photo

By Arathy Somasekhar

HOUSTON (Reuters) – Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and as preliminary data indicated a bigger than expected build in U.S. oil inventories.

Brent futures for March delivery fell $2.06, or 2.3%, to $86.13 a barrel. fell $1.49, or 1.8%, to $80.13 per barrel.

U.S. business activity contracted in January for the seventh straight month, though the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began.

The U.S. economy “still could roll over and some energy traders are still sceptical on how quickly China’s crude demand will bounce back this quarter,” OANDA analyst Edward Moya said in a note.

Euro zone business activity made a surprise return to modest growth in January, S&P Global (NYSE:)’s flash Composite Purchasing Managers’ Index (PMI) showed. Yet British private sector economic activity fell at its fastest rate in two years.

Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists.

Crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, according to market sources citing American Petroleum Institute figures on Tuesday. That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday.

Official data from the U.S. Energy Information Administration will be released at 10:30 a.m. (1530 GMT) on Wednesday.

Meanwhile, an OPEC+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes of higher Chinese demand driving an oil price rally are balanced by worries over inflation and a global economic slowdown

Bank JP Morgan raised its forecast for Chinese crude demand but maintained its projection for a 2023 price average of $90 a barrel for .

“Absent any major geopolitical events, it would be difficult for oil prices to breach $100 in 2023 as there should be more supply than demand this year,” it said in an analyst note.

Crude oil prices in physical markets have started the year with a rally on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply.

U.S. oilfield services firm Halliburton (NYSE:) Co said its shale oil-well fracking equipment remains fully booked with oil prices driving increased drilling.

Investors have also piled back into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn eased.



news.google.com

Tags: 2barrelbuildCrudeeconomicfallsjittersoilreutersstock
Previous Post

ROK Resources Closes C$23-Million Purchase of Oil and Gas Properties; Provides First

Next Post

The Single Oil Spill that Can Disrupt the Global Energy Supply – USC Viterbi

Related Posts

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

by Oil Market News
January 29, 2023
0

6/6 © Reuters. FILE PHOTO: Relief supplies of the "Humanitarian Help of Switzerland" are loaded onto a Boeing 747-400BCF cargo...

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

by Oil Market News
January 28, 2023
0

Chevron (CVX -4.44%) finished 2022 with a bit of a whimper. While the oil giant's profits rose compared to the prior...

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

by Oil Market News
January 27, 2023
0

© Reuters. FILE PHOTO: United Arab Emirates' Industry Minister Sultan Ahmed Al Jaber speaks during the Abu Dhabi International Petroleum...

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

by Oil Market News
January 26, 2023
0

The image that comes to mind when I think of fossil fuel villains is Batman’s adversary Two-Face. To be two-faced...

Chevron goes big with new $75 billion buyback, surpassing Exxon’s By Investing.com

Chevron goes big with new $75 billion buyback, surpassing Exxon’s By Investing.com

by Oil Market News
January 25, 2023
0

© Reuters. Chevron goes big with new $75 billion buyback, surpassing Exxon's By Investing.com Staff Chevron (NYSE:) shares rose 2.5%...

Wells Fargo, Disney, and 10 Other Stocks Value Investors Are Watching

Wells Fargo, Disney, and 10 Other Stocks Value Investors Are Watching

by Oil Market News
January 23, 2023
0

Text size Eaton Vance’s Aaron Dunn expects cost cutting at Disney and a more balanced approach to growth and profitability...

Next Post
The Single Oil Spill that Can Disrupt the Global Energy Supply – USC Viterbi

The Single Oil Spill that Can Disrupt the Global Energy Supply - USC Viterbi

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Five British energy suppliers threatened with fines over direct debit rises

Five British energy suppliers threatened with fines over direct debit rises

7 months ago
Is Imperial Oil Ltd (IMO) Stock a Bad Value Friday?

Is Imperial Oil Ltd (IMO) Stock a Bad Value Friday?

7 months ago
Oil Prices Could Sink Without Further OPEC+ Action

Oil Prices Could Sink Without Further OPEC+ Action

2 months ago
STOCK MARKET NEWS: Stocks mixed, Musk denies affair, gas, oil prices lower

STOCK MARKET NEWS: Stocks mixed, Musk denies affair, gas, oil prices lower

6 months ago
Zephyr Energy PLC, 88 Energy Ltd, Union Jack Oil PLC, Genel Energy PLC, Aminex PLC

Zephyr Energy PLC, 88 Energy Ltd, Union Jack Oil PLC, Genel Energy PLC, Aminex PLC

8 months ago
ADVERTISEMENT
Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

January 29, 2023

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023

Crude Oil

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023

Investing

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023

Market

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023

OPEC

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.