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 brend

Oil prices steady after smaller-than-expected U.S. crude build

5 days ago
in brend
Oil drops by over $2 per barrel, dogged by recession fears
Share on FacebookShare on Twitter


  • Smaller-than-expected build in U.S. crude stocks
  • Broader markets weighed by economic slowdown concerns
  • U.S. business activity contracts in January
  • OPEC+ unlikely to tweak oil policy at Feb. 1 meeting

BENGALURU, Jan 25 (Reuters) – Oil prices settled largely unchanged on Wednesday after government data showed a smaller-than-anticipated build in U.S. crude inventories, countering weak economic data from Tuesday.

Brent crude futures settled at $86.12 a barrel, down a cent, while the U.S. West Texas Intermediate (WTI) crude futures settled at $80.15 a barrel, up by 2 cents.

The Brent benchmark had dropped 2.3% and WTI futures slipped 1.8% in Tuesday’s session after data showed U.S. business activity contracted in January for the seventh straight month, raising concerns about an economic slowdown.

“End of the day here, the market is starting to get a little more anxious about the economy and things along those lines,” Mizuho analyst Robert Yawger said. “Main worry at this point is demand destruction due to an economic slowdown.”

WTI prices briefly rose by over $1 per barrel on Wednesday after the Energy Information Administration (EIA) said that U.S. crude inventories rose by 533,000 barrels in the last week to 448.5 million barrels. Analysts polled by Reuters were expecting a 1 million-barrel rise.

“The market is taking the report as somewhat supportive,” said Phil Flynn, analyst at Price Futures Group.

“If we look at crude, the increase in stocks was much smaller than anticipated, and that is raising concerns about tightness in supply. There is no backup supply, like we normally do, as the Strategic Petroleum Reserve is heavily drawn.”

Crude prices have rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December on the ending of China’s COVID-19 controls and hopes that rises in U.S. interest rates will soon taper off.

Elsewhere on the supply side, volume should remain steady as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are likely to endorse the group’s current output levels at a Feb. 1 meeting, OPEC+ sources said on Tuesday.

Reporting by Shariq Khan; Additional reporting by Alex Lawler, Yuka Obayashi and Muyu Xu; Editing by David Gregorio and Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.



news.google.com

Latest Oil News

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

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

January 29, 2023
ExxonMobil Likely to Report Surge in Q4 Earnings

ExxonMobil Likely to Report Surge in Q4 Earnings

January 28, 2023
Trinity To Spud Jacobin Well In Second Quarter Of 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

January 27, 2023
Iran Boosts Cheap Oil Sale to China Despite Sanctions

Iran Boosts Cheap Oil Sale to China Despite Sanctions

January 26, 2023
Tags: AMERSASCRUASEANAsiaASXPACbuildCDTYCENCMPNYCOMCRUCrudeDRVEcoEMRGEnergyENREUROPGBHMACHMACVWINDCHIINDGINDG08INDSINDS08INTMACHMACH08MCEMEASTMKTREPMTPIXNAMERNRGO/RoilOSTRPLCYpricesPRODPUBLRepREPI:STORAGEREPI:TRANSPORT-FUELSSEASIAsmallerthanexpectedsteadyTOPCMBTOPNWSUSVNWEU
Previous Post

Why are we settling for inflation?

Next Post

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Related Posts

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

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

by Oil Market News
January 29, 2023
0

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and...

ExxonMobil Likely to Report Surge in Q4 Earnings

ExxonMobil Likely to Report Surge in Q4 Earnings

by Oil Market News
January 28, 2023
0

ExxonMobil's Key Stats    Q4 2022 (est)  Q4 2021  Q4 2020  Adjusted EPS  $3.27  $2.06  $0.03  Revenue  $111B  $85B  $46.5B...

Trinity To Spud Jacobin Well In Second Quarter Of 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

by Oil Market News
January 27, 2023
0

Trinidad and Tobago-focused Trinity Exploration & Production has secured all the permits and approvals to drill the deep Jacobin prospect...

Iran Boosts Cheap Oil Sale to China Despite Sanctions

Iran Boosts Cheap Oil Sale to China Despite Sanctions

by Oil Market News
January 26, 2023
0

Facing crippling economic sanctions, inflation and widespread social unrest, the Iranian government has boosted oil sales to China at a...

Oil slips to lowest level in nearly three weeks on global economic concerns

Oil slips to lowest level in nearly three weeks on global economic concerns

by Oil Market News
January 24, 2023
0

SlavkoSereda/iStock via Getty Images Crude oil pulled back Tuesday from recent gains that lifted prices to their highest in two...

Oil prices slide 1% after U.S. Fed raises interest rates

Oil settles mixed after hitting 7-week high on strong China outlook

by Oil Market News
January 23, 2023
0

Brent, U.S. crude hit highest since early DecemberG7 seeks two price caps for Russian oil productsIndia's crude imports hit 5-month...

Next Post
Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

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

Trend Oil News

Myanmar coup could derail billions in oil and gas investment, stall energy projects

Myanmar coup could derail billions in oil and gas investment, stall energy projects

9 months ago
U.S. Sanctions Shipping Firm, Individuals for Alleged Oil Exports to North Korea

U.S. Sanctions Shipping Firm, Individuals for Alleged Oil Exports to North Korea

4 months ago
Crude Oil Shielded From Bond and Stock Market Rout

Canadian Overseas Petroleum ‘nearly fell off chair’ after light oil discovery in

8 months ago
Crude oil at a key hurdle

Crude oil at a key hurdle

9 months ago
Biden admin misses major oil lease deadline: ‘an absolute disgrace’

Biden admin misses major oil lease deadline: ‘an absolute disgrace’

7 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.