Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency, but benchmark contracts were headed for weekly gains as recession fears eased.
The Baltic Exchange's main sea freight index slipped to a six-month trough on Thursday pressured by losses across vessel segments, with capesizes snapping a three-day winning streak.
The Baltic Exchange's main sea freight index rose on Monday, snapping a 10-session losing streak, as capesize rates logged their best day in more than three weeks. * The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up for the first time since July 22, edging up 6 points, or 0.4%, to 1,566 points.
Oil prices extended losses on Friday, after hitting their lowest since before Russia's February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand. Brent crude dropped 10 cents, or 0.1%, to $94.02 a barrel by 0047 GMT, while U.S. West Texas Intermediate crude was at $88.48 a barrel, down 6 cents.
* BoE raises rates, warns of recession risks. * Saudi, UAE save oil firepower in case of winter supply crisis. * OPEC+ agrees to raise oil output target by 100,000 bpd. * Tight global supply offers price support - analysts. By Noah Browning.
Global oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine, as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures settled down $2.66, or 2.75%, at $94.12, the lowest close since Feb. 18.
* OPEC+ meets on Wednesday to discuss whether to boost output. * POLL-U.S. crude, gasoline stockpiles likely fell last week. * Factories squeezed by higher prices, weak customer demand. * U.S. House of Representatives Speaker Pelosi arrived in Taiwan. * Coming Up: Weekly API oil data at 4:30 p.m. ET/2030 GMT. By Scott DiSavino.
Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures dropped 63 cents, or 0.6%, to $103.34 a barrel by 0000 GMT. Both contracts rebounded more than $2 a barrel on Friday as risk appetite improved among investors.
Brazil's government debt as a share of gross domestic product fell to 78.2% in May from 78.9% in April, central bank figures showed on Friday, despite a worse-than-expected primary outcome. The public sector recorded a primary deficit of 32.993 billion reais in May. Economists polled by Reuters had forecast a 24.5 billion reais deficit.
Russia's Sakhalin Energy Investment Co has asked its liquefied natural gas customers to pay for supplies via a Moscow unit of a European bank, a source familiar with the matter told Reuters on Friday. A second source said the energy company was in discussions to switch payment currencies away from U.S. dollars for supply contracts.
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