Oil prices settled lower on Wednesday after sliding more than $3 a barrel in the session after U.S. government data showed big builds in crude oil, gasoline and distillate inventories and OPEC and its allies stuck to their output policy.
-Oil prices settled lower on Wednesday after sliding more than $3 a barrel in the session after U.S. government data showed big builds in crude oil, gasoline and distillate inventories and OPEC and its allies stuck to their output policy.
Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes.
Activity picked up on Tuesday with a flurry of deals and tenders after a demand slowdown last week due to Chinese New Year festivities. ANGOLA. * Angola's state firm Sonangol sold two of its spot March cargoes. * Sonangol was still said to be offering a cargo of Girassol at dated Brent plus $1.70. * BP sold a cargo of early March loading Saturno to Unipec on Monday.
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track
for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold ...
Oil prices closed steady on Tuesday after recovering from a near three-week low, drawing support from a weakening dollar and on data showing that demand for U.S. crude and petroleum products rose in November.
* OPEC+ seen sticking with oil output policy at Feb. 1 meeting. * Russian oil supply appears to remain strong. * Investors watch for central bank rate hikes. By Laila Kearney. Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows.
U.S. natural gas futures dropped about 6% to a 21-month low on Monday on milder weather
forecasts that should cut expected heating demand through the middle of February.
Offers for Nigerian and other lighter crude grades kept inching higher on Monday as European refining margins for gasoline neared three-month highs. * More frequent tendering from South Asia after a wane earlier in the month and December was also supporting differentials, traders said.
Oil prices dipped 2% on Monday, extending losses as looming increases to interest rates by major central banks weighed on demand and Russian exports remained strong. Investors expect the U.S. Federal Reserve to raise rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European Central Bank.
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