Commodities and Futures News

Oil prices fall as China woes offset boost from high US fuel demand

2023.08.09 23:24


© Reuters. FILE PHOTO: A view of the Johan Sverdrup oilfield in the North Sea, January 7, 2020. Carina Johansen/NTB Scanpix/via REUTERS File Photo

By Laura Sanicola

(Reuters) – Oil prices fell in early Asian trade on Thursday after reaching fresh highs in the previous session as concerns about the Chinese economy offset the positive impact of steep drawdowns in U.S. fuel stockpiles and Saudi and Russian output cuts.

fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session.

West Texas Intermediate crude (WTI) fell 23 cents, or 0.3%, to $84.17, after settling at its highest since November 2022.

Chinese data on Tuesday showed imports in July fell 18.8% from the previous month to their lowest daily rate since January.

China’s consumer sector also fell into deflation and factory-gate prices extended declines in July, as the world’s second-largest economy struggled to revive demand.

However, prices were supported by government data on Wednesday that showed that U.S. gasoline stocks fell by 2.7 million barrels last week, while distillate inventories, which include diesel and , dropped by 1.7 million barrels, compared with analysts’ expectations in a Reuters poll for both to hold mostly steady. [EIA/S]

Also supporting prices were top exporter Saudi Arabia’s plans to extend its voluntary production cut of 1 million barrels per day for another month to include September. Russia also said it would cut oil exports by 300,000 bpd in September.

Investors were also awaiting July’s U.S. Consumer Price Index (CPI), due on Thursday, which is expected to show a slight year-over-year acceleration.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 65,878.65 1.01%
ethereum
Ethereum (ETH) $ 3,442.32 0.14%
tether
Tether (USDT) $ 1.00 0.02%
bnb
BNB (BNB) $ 583.68 0.66%
solana
Solana (SOL) $ 173.79 0.60%
usd-coin
USDC (USDC) $ 0.999628 0.01%
staked-ether
Lido Staked Ether (STETH) $ 3,443.70 0.02%
xrp
XRP (XRP) $ 0.59947 0.38%
dogecoin
Dogecoin (DOGE) $ 0.131196 1.94%
the-open-network
Toncoin (TON) $ 6.92 1.51%
cardano
Cardano (ADA) $ 0.409566 2.20%
tron
TRON (TRX) $ 0.133734 1.76%
avalanche-2
Avalanche (AVAX) $ 28.91 6.52%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,957.67 0.97%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 0.43%
chainlink
Chainlink (LINK) $ 13.75 0.02%
polkadot
Polkadot (DOT) $ 5.93 1.10%
bitcoin-cash
Bitcoin Cash (BCH) $ 368.63 1.73%
near
NEAR Protocol (NEAR) $ 5.76 1.61%
uniswap
Uniswap (UNI) $ 7.58 0.86%
leo-token
LEO Token (LEO) $ 5.84 2.16%
litecoin
Litecoin (LTC) $ 72.15 2.17%
dai
Dai (DAI) $ 0.999205 0.04%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,597.10 0.22%
pepe
Pepe (PEPE) $ 0.000012 3.24%
matic-network
Polygon (MATIC) $ 0.529012 0.96%
internet-computer
Internet Computer (ICP) $ 9.71 1.58%
kaspa
Kaspa (KAS) $ 0.177984 3.73%
ethereum-classic
Ethereum Classic (ETC) $ 23.57 0.95%
ethena-usde
Ethena USDe (USDE) $ 0.999882 0.06%
aptos
Aptos (APT) $ 6.97 0.73%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 4.62%
stellar
Stellar (XLM) $ 0.102343 0.28%
monero
Monero (XMR) $ 160.89 1.24%
mantle
Mantle (MNT) $ 0.879589 0.52%
blockstack
Stacks (STX) $ 1.78 0.23%
dogwifcoin
dogwifhat (WIF) $ 2.63 0.67%
arbitrum
Arbitrum (ARB) $ 0.777369 2.54%
maker
Maker (MKR) $ 2,768.36 3.32%
filecoin
Filecoin (FIL) $ 4.44 0.50%
render-token
Render (RENDER) $ 6.47 0.49%
crypto-com-chain
Cronos (CRO) $ 0.092543 0.52%
hedera-hashgraph
Hedera (HBAR) $ 0.068009 1.41%
cosmos
Cosmos Hub (ATOM) $ 6.24 1.37%
okb
OKB (OKB) $ 39.98 0.90%
injective-protocol
Injective (INJ) $ 24.55 2.33%
immutable-x
Immutable (IMX) $ 1.53 1.58%
vechain
VeChain (VET) $ 0.028957 0.43%
bittensor
Bittensor (TAO) $ 324.47 1.95%
optimism
Optimism (OP) $ 1.87 1.24%