$CMC

Commercial Metals Co.

  • NEW YORK STOCK EXCHANGE INC.
  • Producer Manufacturing
  • Metal Fabrication
  • Non-Energy Minerals
  • Steel
  • Manufacturing
  • Iron and Steel Mills and Ferroalloy Manufacturing

PRICE

$53.8 -

Extented Hours

VOLUME

855,837

DAY RANGE

53.76 - 54.39

52 WEEK

39.56 - 57.64

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$JBLU Feb02 6 C $IOVA Mar 7.5 P $MPW Mar01 3 P $BHC Feb02 8.5 C $PYPL Feb 75 C $PZZA Mar 67.5 P $BABA Mar08 64 P $IQ Jan-26 1.5 P $ET Feb 14.5 C $SOFI Feb23 8 C $CMC Nov 60 C $HUN Mar 22 P

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$JBLU Feb02 6 C $IOVA Mar 7.5 P $MPW Mar01 3 P $BHC Feb02 8.5 C $PYPL Feb 75 C $PZZA Mar 67.5 P $BABA Mar08 64 P $IQ Jan-26 1.5 P $ET Feb 14.5 C $SOFI Feb23 8 C $CMC Nov 60 C $HUN Mar 22 P

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By Colleen Howe BEIJING (Reuters) -Oil prices extended losses on Wednesday in Asian trade, after falling by more than 3% to six-month lows in the previous session on oversupply and demand concerns. Brent crude futures for February fell 33 cents, or 0.45%, to $72.91 a barrel by 0621 GMT. U.S. West Texas Intermediate crude futures for January dropped 29 cents, or 0.42%, to $68.32 a barrel. The market stumbled in overnight trade as firmer-than-expected U.S. inflation readings for November bolstered the view the Federal Reserve was unlikely to cut interest rates early next year, which would weigh on consumption. Meanwhile, the weekly average of Russian crude exports jumped to the highest since July, ANZ analysts said, compounding oversupply concerns and further throwing doubt on the recent output cut agreement by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+. The U.S. Energy Information Administration also raised its forecast for supply in 2023 by 300,000 barrels per day to 12.93 million barrels per day from its previous report, in its most recent Short-Term Energy Outlook report. The bearish outlook puts oil on track to continue falling on the week, continuing the trend of seven straight weeks of declines. A policy meeting by the U.S. central bank that concludes later on Wednesday will determine the direction of markets, said Tina Teng, a market analyst with CMC Markets (LON:CMCX). "A more hawkish-than-expected stance by the Fed may cause a further drop in crude prices," Teng said. The Federal Reserve is widely expected to keep rates on hold. However, investors will focus on Fed officials' views on the economy and where they see interest rates in the coming quarters. Markets are hoping for and have largely priced in "aggressive rate cuts" for 2024, said Yeap Jun Rong, market strategist at IG. "Any disappointment on that front could strengthen the U.S. dollar and weigh on the risk environment," which could push down oil prices, Yeap said. Suvro Sarkar, an analyst at DBS, said the Fed discussions were unlikely to elicit any surprises and that prices could recover somewhat in a "relief rally" after the meeting. The United Nations on Wednesday passed a resolution calling for an immediate ceasefire in Gaza, with President Joe Biden warning that Israel was starting to lose international support because of the killing of civilians. The cost of shipping through the Red Sea is also rising as Houthis in Yemen have stepped up attacks on ships they believe are connected to Israel, with industry sources warning of disruptions to global shipping in the region. The Iran-aligned group have waded into the Israel-Hamas conflict - which has spread around the region - attacking vessels in vital shipping lanes and firing drones and missiles at Israel more than 1,000 miles from their seat of power in the Yemeni capital of Sanaa. COP28 entered the final hours of negotiations on Wednesday morning as governments continued to wrangle over the future of oil and other fossil fuels. China's former vice minister Liu Zhenmin said on Wednesday morning in Dubai that some sticking points remained. A draft deal on Monday had been criticised for failing to call for a phase-out of fossil fuels.

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By Colleen Howe and Muyu Xu BEIJING/SINGAPORE (Reuters) -Oil prices reclaimed some ground on Thursday after tumbling to a six-month low in the previous session but investors remained concerned about sluggish demand and economic slowdowns in the U.S. and China. Brent crude futures rose 27 cents, or 0.4%, to $74.56 a barrel by 0613 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, also 0.4%, to $69.62 a barrel. "Oil markets may have been oversold," which could mean the recovery is a "short-term rebound", Tina Teng, a markets analyst with CMC Markets (LON:CMCX), said in a note. In the previous session, the market was spooked by data showing U.S. output remains near record highs even though inventories fell, analysts at ANZ said in a note. Some of the bearishness was also a result of higher product fuel inventories, the ANZ analysts said. Gasoline stocks rose by 5.4 million barrels in the week to 223.6 million barrels, the EIA said on Wednesday, far exceeding expectations for a 1 million-barrel build. For the first time in a year, the market structure for Brent contracts switched to trade in contango, with contracts for near-term delivery cheaper than six months later. WTI contracts have also switched to trade in contango over six months out. A market moving back into contango suggests there is less worry about the current supply situation and encourages traders to put barrels in storage. Oil prices have fallen by about 10% since the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, announced a combined 2.2 million barrels per day voluntary output cuts. "Oil markets seem to completely sideline producer's cartel manoeuvres aimed at keeping oil prices elevated," said Priyanka Sachdeva, analyst from Phillip Nova, in a note. "The sign of easing inflation is (also) feeding into fears of a global economic slowdown and in turn dented demand for fuel globally," Sachdeva said. A Reuters survey found that OPEC oil output fell in November in the first monthly drop since July, as a result of lower shipments by Nigeria and Iraq as well as ongoing market-supporting cuts by Saudi Arabia and other members of the wider OPEC+ alliance. Meanwhile, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman met to discuss further oil price cooperation on Wednesday as members of OPEC+, which may strengthen the market's confidence in the impact of output cuts. Kuwait and Algeria also reaffirmed their support and commitment to the voluntary cuts. Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the country, sources at OPEC+ and ship-tracking firms told Reuters. Concerns about China's economy also put a lid on oil's price gains. Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators and slowing orders from independent refiners weakened demand. While China's total imports dropped on a monthly basis, exports grew for the first time in six months in November, suggesting the manufacturing sector may be beginning to benefit from an uptick in global trade flows. Ratings agency Moody's (NYSE:MCO) put Hong Kong, Macau and swathes of China's state-owned firms and banks on downgrade warnings on Wednesday, just one day after it put a downgrade warning on China's sovereign credit rating.

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By Natalie Grover London (Reuters) -Oil prices were little changed on Tuesday against a backdrop of uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe. Brent crude futures edged down by 25 cents, or 0.3%, to $77.78 a barrel by 1301 GMT. U.S. West Texas Intermediate crude futures lost 21 cents, or 0.3%, to $72.83. Comments by Saudi Arabia's energy minister that OPEC+ production cuts could continue past the first quarter of 2024 lent some price support, said OANDA analyst Kelvin Wong. Oil prices had declined on Monday on doubts that OPEC+ supply cuts would have a significant impact, said CMC Markets (LON:CMCX) analyst Tina Teng. On Tuesday, however, the Kremlin said that the cuts agreed by the OPEC+ group will take time to kick in. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, agreed on Thursday to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024. At least 1.3 million bpd of those cuts, however, were an extension of voluntary curbs that Saudi Arabia and Russia already had in place. The additional cuts were below the 1 million bpd reduction that was already baked into market expectations in the run-up to the OPEC+ meeting, FGE analysts wrote in a note, adding that in practice they expect the overall OPEC+ cut to be closer to 500,000 bpd more than the reductions to fourth-quarter output. Meanwhile, the resumption of fighting in the Israel-Hamas war has stoked supply concerns, as did attacks on three commercial vessels in international waters in the southern Red Sea. There was a bright spot on the demand side, with European Central Bank board member Isabel Schnabel telling Reuters the bank can take further interest rate hikes off the table after a "remarkable" fall in inflation. In the United States, however, data on Tuesday showed factory orders fell by more than analysts had expected in October and the most in more than three years, raising concerns about the health of U.S. demand. That bolstered the view that increases to interest rates are beginning to limit spending, analysts said.

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By Paul Carsten and Natalie Grover LONDON (Reuters) -Brent crude futures hovered above $81 a barrel on Friday as traders kept their powder dry ahead of next week's OPEC+ meeting, which could bring some kind of agreement on output cuts in 2024. Brent crude futures were up 42 cents at $81.84 a barrel by 1459 GMT, having settled 0.7% down in the previous session. U.S. West Texas Intermediate crude were down 33 cents from Wednesday's close, dropping to $76.77. There was no settlement for WTI on Thursday owing to a U.S. public holiday. Both contracts were on track for their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market with an announcement on Wednesday by announcing that its Nov. 26 meeting would be postponed to Nov. 30 after producers struggled to reach a consensus on production levels. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "The most likely outcome now appears to be an extension of existing cuts," said IG analyst Tony Sycamore. The surprise delay had initially brought Brent futures down as much as 4% and WTI by as much as 5% in intraday trading on Wednesday. Trading remained subdued during Thursday's Thanksgiving holiday in the United States. A bright spot came in the form of the near-term economic outlook in China. Recent Chinese data and fresh aid to the indebted property sector can be "positive for the oil market's near-term trend", said CMC Markets (LON:CMCX) analyst Tina Teng. Yet those gains could be capped by higher U.S. crude stockpiles and poor refining margins, leading to weaker demand from U.S. refineries, analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Still, China's longer-term outlook remains lukewarm. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use. Non-OPEC production growth is set to remain strong, with Brazilian state energy company Petrobras planning to invest $102 billion over the next five years to boost output to 3.2 million barrels of oil equivalent per day (boepd) by 2028, up from 2.8 million boepd in 2024.

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By Emily Chow and Trixie Yap SINGAPORE (Reuters) -Oil prices inched up on Tuesday on expectations of healthy market fundamentals, following an OPEC report saying demand remains strong, and concerns that supplies might be disrupted as the U.S. cracks down on Russian oil exports. Brent crude futures gained 23 cents, or 0.28%, to $82.75 a barrel by 0722 GMT. U.S. WTI crude futures climbed 21 cents, or 0.27%, to $78.47 a barrel. "Following the heavy sell-off in the market over the last three weeks, oil has managed to find some support ... While fundamentals may not be as bullish as initially thought, they are still supportive, with the market likely to be in deficit for the remainder of this year," ING analysts said in a email note. "The surplus we see early next year could even be erased if the Saudis roll over their additional voluntary supply cuts," they added. In its monthly report, the Organization of the Petroleum Exporting Countries blamed speculators for a recent drop in prices. It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Chinese consumer prices swung lower in October to levels not seen since the COVID-19 pandemic and exports for the month contracted more than forecast. The U.S. energy department plans to buy 1.2 million barrels of oil to help replenish the Strategic Petroleum Reserve after selling the largest amount ever from the stockpile last year, which could further buoy demand. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, the biggest step by Washington since an imposed price cap to restrict oil revenues to Moscow. Discussions currently underway in Iraq to resume oil flows from an oil pipeline, which will increase crude supplies, could weigh on fundamentals, some analysts say. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Turkey has halted 450,000 barrels per day (bpd) of northern exports through the Iraq-Turkey pipeline since March 25 after an International Chamber of Commerce arbitration ruling. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day. U.S. inflation data will also be published on Tuesday, while U.S. producer price index data is due on Wednesday. Some factors such as whether the APEC summit will improve Sino-U.S. relations, and if China will further cut interest rates to support the economy, may also be supportive of oil prices, said CMC Markets (LON:CMCX)' Shanghai-based analyst Leon Li.

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By Vidya Ranganathan and Rae Wee SINGAPORE (Reuters) -Major global currencies were steady on Monday with investors preparing for the U.S. dollar to extend declines from late last week after the Federal Reserve dialled down its hawkish rhetoric. The dollar index slipped 0.08% to 104.99, with the euro gaining 0.08% to $1.0738. The dollar index declined more than 1% last week, its heaviest fall since mid-July and hit a six-week low. World stocks too had their strongest week in a year as expectations the Fed was done raising rates gathered steam. Other indicators such as weakness in U.S. jobs data, softer manufacturing numbers from around the world and a decline in longer dated Treasury yields also hurt the dollar, while stoking rallies in sterling, the Aussie dollar and causing the yen to bounce from the weaker side of 150-per-dollar. "We always say bad news is good news," said Tina Teng, a market analyst at CMC Markets (LON:CMCX) in Auckland. "So it's good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner." She expected the dollar to remain on weaker trend through November. However, analysts at J.P.Morgan Securities sounded cautious. "Dollar bears would be well served to temper their enthusiasm," they wrote. "This is because, the pillars of USD strength have diluted, but not completely faded and are likely to eventually re-emerge over the medium-term as USD-supportive factors." Moreover, besides more evidence of a slowing U.S. economy, J.P.Morgan analysts say a sustained dollar selloff needs signs of improvement in the euro zone, China and other regions which it says are "still tenuous". Latest manufacturing surveys from China and Europe's GDP and inflation data bear that out. Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. Also, the U.S. government cut its refinancing estimate for this quarter, and announced lower increases in long-dated debt auctions than expected. Yields on 2-year notes have dropped 25 basis points in roughly two weeks, while 10-year yields languished near a five-week low and last stood at 4.5891%. The front end of the curve remains deeply inverted. Futures markets swung to imply a 90% chance the Fed was done hiking, and an 86% chance the first policy easing would come as soon as June. Markets also imply around an 80% probability the European Central Bank will be cutting rates by April, while the Bank of England is seen easing in August. The Japanese yen weakened 0.1% to trade at 149.48 per dollar. CMC Markets' Teng said the turnaround in the dollar's direction and the yen's recovery from lows last week suggested Japanese authorities probably need not intervene in the currency. The yen hit 151.74 per dollar last week, edging close to last October's lows that spurred several rounds of dollar-selling intervention by the Bank of Japan. Sterling was last trading steady at $1.2373. Britain's GDP data for the fourth quarter is due this week and, while sterling rallied strongly last week in a market that is heavily short the currency, it is still down about 6% in four months. The drop in the dollar and yields helped underpin gold at $1,984, within striking distance of the recent five-month peak of $2,009. [GOL/] In cryptocurrencies, bitcoin (BTC=BTSP) was steady at $34,847. The risky asset has been buoyed by the expected end of central bank policy tightening cycles. The crypto industry has also become focused on the prospect of new spot bitcoin exchange-traded funds (ETFs), which would throw open the market to more investors. Though none have been approved, several firms have filed for such a product.

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By Trixie Yap (Reuters) -Oil prices rebounded in Asian trade on Tuesday, after a drop of more than 3% in the previous session, as worries over supply stirred by conflict in the Middle East offset dismal China data. December Brent crude futures, set to expire on Tuesday, rose 65 cents, or 0.74%, to stand at $88.10 a barrel by 0637 GMT. The more heavily traded January Brent crude futures climbed 63 cents, or 0.73%,to $86.98. U.S. West Texas Intermediate crude increased 67 cents, or 0.81%, to $82.98. Oil tumbled on Monday as investors grew cautious ahead of Wednesday's U.S. Federal Reserve meeting, despite an escalation of Israel's attacks on Gaza. "Although it implemented a ground attack, it also retreated very quickly and Iran is currently only resorting to verbal deterrence," said CMC Markets (LON:CMCX)' analyst Leon Li, who is based in the Chinese commercial hub of Shanghai. "If this evolves into a full-scale invasion and there is involvement from Iran, tighter supply worries could resurface." Prices had rebounded on a technical correction earlier on Tuesday and market upside now hangs on whether Israel expands its ground offensive, he added. In a note, ING analysts said, "Disruptions to Iranian oil flows remain the most obvious risk to the market." Such lost supply could range between 500,000 barrels per day (bpd) and 1 million bpd if the United States strictly enforces sanctions once again, they added, although Middle East developments had yet to affect oil supply. In China, weaker-than-expected manufacturing and non-manufacturing activity data stoked fears of slowing fuel demand from the world's No. 2 oil consumer. Its official purchasing managers' index missed a forecast and dipped back below the 50-point level separating contraction from expansion. Prices gained some support on concern over prospects for crude exports from Venezuela, riven by election uncertainty. The Supreme Court's suspension of the results of this month's opposition presidential primary is likely to call into question whether the United States will keep up its relief from sanctions for Venezuela, the ING analysts said. The U.S. had recently decided to ease sanctions in return for the promise of fairer elections in 2024, they added. Markets were also keeping a close eye on the U.S. central bank meeting ending on Wednesday, despite a high likelihood it will keep interest rates steady, according to a poll by CME's Fedwatch tool.

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$UNFI Jun 20 C $RIVN Oct13 21 C $SNAP Nov3 9.5 C $GOOGL Oct 137 C $TFC Nov 30 C $STNE Nov 12 C $BABA Oct 92 C $HLF Nov 17.5 C $WMB Nov 36 C $UBER Nov 52.5 C $APLS Jan 60 C $CMC Nov-24 60 C $PLTR Nov 18 P $KVUE Nov 19 P $AAL Jun 10 P $PTCT Nov 22 P

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By Rae Wee SINGAPORE (Reuters) - The dollar rose to a 10-month high against its major peers on Wednesday, toppling the euro and sterling to 6-month lows and pushing the yen deeper into intervention territory, as the prospect of higher-for-longer U.S. rates gripped markets. U.S. Treasuries stabilised after a heavy selloff in recent days, though yields remained elevated and kept the greenback solidly bid. [US/] The euro was last 0.14% lower at $1.05575, after slumping to a six-month low of $1.05555 earlier in the session. The single currency was on track to lose more than 3% for the quarter, its worst quarterly performance in a year. Sterling was similarly down 0.09% at $1.2146 after hitting a six-month trough of $1.2141 earlier on Wednesday, and was headed for a quarterly loss of more than 4%. The U.S. dollar index meanwhile peaked at a 10-month high of 106.30. "The U.S. dollar is stickier to the upside than the downside," said Tina Teng, market analyst at CMC Markets (LON:CMCX). "It's (been) a shock for markets since last week because the Federal Reserve's rhetoric was more hawkish than expected ... I think it's more likely they would hike rates for one more time." Fed officials have in recent days flagged the possibility that the central bank would need to raise interest rates further, after it kept rates steady last week but stiffened its hawkish monetary policy stance. That has sent U.S. Treasury yields scaling multi-year highs in recent days as money markets adjust their expectations of where U.S. rates could peak, and for monetary conditions to remain tighter for longer than initially thought. The benchmark 10-year yield was last at 4.5255%, after hitting a 16-year high of 4.5660% in the previous session. The two-year yield stood at 5.0644%. The elevated U.S. yields have spelt trouble for the yen, which edged marginally higher to 149.03 per dollar, after having slipped to a 11-month low of 149.185 on Tuesday. The dollar/yen pair tends to be extremely sensitive to changes in long-term U.S. Treasury yields, particularly on the 10-year front. The yen's slow-but-steady decline to the psychological level of 150 per dollar has kept traders on high alert for any signs of intervention from Japanese authorities, as officials ramp up their rhetoric against the sliding currency. The 150 zone is seen by some as a red line that would spur Japanese authorities to intervene, like they did last year. "The fundamental upside pressure (to dollar/yen) from bond yields is simply too great to ignore," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "Even if there were intervention, it won't drive dollar/yen down permanently unless bond yields start to retreat in earnest too." Minutes of the Bank of Japan's July meeting out on Wednesday showed that policymakers agreed on the need to maintain ultra-loose monetary settings but were divided on how soon the central bank could end negative interest rates. Elsewhere, the Aussie fell 0.20% to $0.6385, barely blinking to Wednesday's data pointing to an acceleration in Australia's inflation last month, matching expectations. "Today's report does nothing to change the dial for the (Reserve Bank of Australia) in my view, who will likely hold rates at 4.1% at their next meeting," said Matt Simpson, senior market analyst at City Index. The New Zealand dollar slipped 0.23% to $0.5931.

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By Emily Chow SINGAPORE (Reuters) -Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks. Brent futures climbed 46 cents, or 0.5%, to $93.76 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 65 cents, or 0.7%, to $90.28 a barrel. Both benchmarks were on track for a small weekly drop after gaining more than 10% in the previous three weeks amid concerns about tight global supply as the Organization of the Petroleum Exporting Countries and allies (OPEC+) maintain production cuts. "Trading remained choppy amid a tug-of-war between supply fears that were reinforced by a Russian ban on fuel exports and worries over slower demand due to tighter monetary policies in the United States and Europe," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. "Going forward, investors will focus on whether the OPEC+ production cuts are being implemented as promised and whether the rise in interest rates will reduce demand," he said, predicting WTI to trade in a range of around $90-$95. Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to stabilise the domestic fuel market, the government said on Thursday. The shortfall, which will force Russia's fuel buyers to shop elsewhere, caused heating oil futures to rise by nearly 5% on Thursday. "Crude oil bounced off a session low after Russia banned diesel exports, which included gasoline. The action reversed a downside movement in crude markets following the hawkish Fed decision," said Tina Teng, an analyst at CMC Markets (LON:CMCX), in a note. "However, mounting fears of a recession in the Eurozone could continue pressuring oil prices." The U.S. Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50%-5.75% by year-end. That buoyed fears that higher rates could dampen economic growth and fuel demand while boosting the U.S. dollar to its highest since early March, making oil and other commodities more expensive for buyers using other currencies. The Bank of England mirrored the Fed and held interest rates on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted. A European Central Bank (ECB) governing council member said the central bank will most likely keep interest rates stable at its next policy meeting.

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By Jeslyn Lerh SINGAPORE (Reuters) -Brent crude futures held above $90 a barrel on Tuesday, with investors looking out for macroeconomic data that could indicate whether interest rates will rise further in the United States and Europe. November Brent crude futures rose 22 cents to $90.86 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude futures for October edged 29 cents higher to $87.58. Brent reached $90 a barrel last week for the first time in 10 months after Saudi Arabia and Russia announced they would extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. Traders would be watching August U.S. consumer price index data, due for release on Wednesday, which could well determine how much further interest rates rise in the world's largest economy and biggest oil consumer, said Tina Teng, markets analyst at CMC. The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will hike or pause again in November. The medium-term outlook for oil "remains bullish, with China reporting better economic data," said Teng, adding that the OPEC+ output cuts are also the key factor behind the market's upward momentum. Also of interest to oil markets, the European Central Bank will announce its interest rate decision on Thursday. The European Commission on Monday forecast the euro zone to grow more slowly than previously expected in 2023 and 2024. Investors also awaited industry data on U.S. crude stocks due at 2030 GMT on Tuesday. Crude inventories were expected to have fallen by about 2 million barrels in the week to Sept. 8, a preliminary Reuters poll showed on Monday. [EIA/S] Also this week, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC)will release monthly reports. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

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By Andrew Hayley BEIJING (Reuters) -Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its best price since January. "Oil markets may have been overbought from a multi-week rally, though OPEC+ output cuts and improved demand outlooks remained bullish factors," said Tina Teng, a market analyst at CMC Markets in Auckland. The Organization of Petroleum Exporting Countries (OPEC)said on Thursday it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. Both forecasts were unchanged from last month. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices". While customs data showed crude imports up year-on-year, China's overall exports plunged 14.5% on last year, with monthly crude imports retreating from June's near-record highs to the lowest levels since January. Data this week also showed China's consumer prices fell into deflation and factory gate prices extended declines in July, raising concerns about fuel demand in the world's second-largest economy. On the supply side, prices have been supported by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine to disrupt Russian oil shipments in the Black Sea region. Baden Moore, head of commodity and carbon strategy markets at National Australia Bank (OTC:NABZY) said crude markets were likely to show a supply deficit through the second half of this year, but it would be by less than OPEC's forecast for a deficit of around 2 million barrels a day in the September quarter. "Although our supply deficit forecast is lower, we expect it is enough to push prices over US$90/bbl through 2H23," Moore added.

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By Arathy Somasekhar and Sudarshan Varadhan SINGAPORE (Reuters) -Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through next month. Brent crude futures for October rose 2 cents to $85.16 a barrel by 0609 GMT, while U.S. West Texas Intermediate crude for September rose 9 cents, or 0.1%, to $81.64. Both benchmarks were on track for a sixth week of gains, their longest streak of weekly gains this year. Brent has risen 15.4% and WTI by 18.2% during the last six weeks. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day (bpd) to the end of September. Russia will also slash its oil exports by 300,000 bpd in September, its Deputy Prime Minister Alexander Novak said. The Joint Ministerial Monitoring Committee of OPEC+ is unlikely to tweak its overall oil output cuts at its meeting on Friday, sources have said. But the extension of Saudi Arabia's reductions and comments by Russia ahead of the OPEC+ meeting have raised supply concerns, supporting prices. However, the latest batch of U.S. data showing tight labor markets and a slowing service sector has triggered some worries that an economic slowdown would curb demand for oil and pressure prices lower, even with the supply cuts. "A strong dollar has weighed on crude prices and everyone wants to know if a hot labor market will force the Fed to tighten policy even further," said Edward Moya, an analyst at OANDA, referring to the U.S. Federal Reserve potentially raising interest rates. Additionally, the downturn in euro zone business activity worsened more than initially thought in July and the Bank of England raised its interest rate to a 15-year peak on Thursday. Higher borrowing costs for businesses and consumers could slow economic growth and reduce oil demand. However, an improved demand outlook and tighter supply could continue to buoy the oil markets, said Tina Teng, an analyst at CMC markets. "The upcoming US non-farm payroll (data) will be in focus, and steer market sentiment tonight," Teng said, referring to data on U.S. employment.

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By Noah Browning LONDON (Reuters) -Oil prices were steady on Monday, with political instability from an aborted revolt by Russian mercenaries over the weekend viewed by the market as not posing an immediate threat to oil supply from one of the world's largest producers. Brent crude futures slipped 3 cents to $73.82 a barrel by 1332 GMT. U.S. West Texas Intermediate crude (WTI) was 14 cents lower, or 0.2%, at $69.02. Both benchmarks gained as much as 1.3% in early Asian trade. A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital. However, the challenge has raised questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply. "There's not much geopolitical impact on the market now. It is dominated by economics, not geopolitics," Daniel Yergin, vice chairman of S&P Global (NYSE:SPGI), said on the sidelines of an industry event on Monday. Both Brent and WTI prices fell by about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap oil demand at a time when China's economic recovery has also disappointed investors. "China's economic growth has been a nightmare for commodity markets, particularly in oil and industrial metals," CMC Markets analyst Tina Teng said in a note. Goldman Sachs (NYSE:GS) analysts said markets could price in a moderately higher probability of domestic volatility in Russia leading to supply disruptions, adding that the impact could be limited because spot fundamentals have not changed. In an early indicator of future U.S. supply, the number of oil and natural gas rigs operated by U.S. energy companies fell for an eighth week in a row for the first time since July 2020, a closely followed report showed on Friday.

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By Katya Golubkova and Emily Chow TOKYO (Reuters) -Global oil prices fell more than $1 on Monday, backing off last week's gains, as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude lost $1.15, or 1.5%, to trade at $75.46 a barrel by 0350 GMT, while U.S. West Texas Intermediate (WTI) crude was down $1.09, or 1.5%, to $70.69. Last week, Brent posted a gain of 2.4% and WTI rose 2.3%. "China's economic uncertainties may have caused the selloff after a two-day rebound in oil markets ahead of The People's Bank of China's (PBOC) decision on its loan prime rates (LPR) this week," said Tina Teng, an analyst at CMC Markets. A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the post-COVID recovery in the world's second-largest economy was faltering. PBOC is widely expected to cut its benchmark loan prime interest rates on Tuesday, following a similar reduction in medium-term policy loans last week to shore up a shaky economic recovery. Sources have told Reuters that China will roll out more stimulus support for its slowing economy this year, but concerns over debt and capital flight will keep the measures targeted at shoring up weak demand in the consumer and private sectors. Still, China's refinery throughput rose in May to its second-highest total on record, helping to boost last week's gains, and U.S. energy firms cut the number of working oil and natural gas rigs for a seventh week in a row for the first time since July 2020. The oil and gas rig count, an early indicator of future output, fell by 8 to 687 in the week to June 16, lowest since April 2022.. Oil prices on Monday are also lower on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, or OPEC+, will struggle to get compliance with production quotas, said Edward Moya, senior analyst at OANDA. "Rosneft is suggesting the cartel of oil producers focuses on exports and not production," Moya said, referring to comments made by Igor Sechin, head of Russian energy major Rosneft. Speaking at an economic forum on Saturday, Sechin said it would be appropriate for OPEC+ to monitor oil export volumes as well as production quotas due to the different sizes of each country's domestic markets. Earlier this month, OPEC+ had agreed on a new oil output deal. The group's biggest producer Saudi Arabia also pledged to make a deep cut to its output in July.

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By Ankur Banerjee SINGAPORE (Reuters) - Asian stocks jumped on Friday on increasing expectations that the Federal Reserve might stand still on rates and after the U.S. Senate passed legislation lifting the government's $31.4 trillion debt ceiling, avoiding a catastrophic default. MSCI's broadest index of Asia-Pacific shares outside Japan surged 2% and was on course for its biggest one-day percentage gain since early January. The exuberant mood looked set to continue in Europe, with Eurostoxx 50 futures up 0.45%, German DAX futures up 0.49% and FTSE futures 0.18% higher. E-mini futures for the S&P 500 rose 0.20%. The Senate voted 63-36 to approve the bill that was passed on Wednesday by the House of Representatives, as lawmakers raced against the clock to avert what would have been a first-ever default. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act. "I think it's a bit of relief but that's about it," said Shane Oliver, head of investment strategy at AMP (OTC:AMLTF) in Sydney. "I think it's now time for markets to move on to other things." Also lifting risk sentiment was changing expectations of the Fed's monetary policy, with traders steadily dialling back their bets on the central bank raising interest rates again this month. Markets are now pricing in a 20% chance of the central bank hiking by 25 basis points (bps) compared to a 50% chance a week earlier, according to the CME FedWatch tool. Data overnight showed the number of Americans filing new claims for unemployment benefits increased modestly last week and private employers hired more workers than expected in May, pointing to continued labour market tightness. "The market's focus is shifting to the economic front and Fed's decision on rates now," said Tina Teng, markets analysts at CMC Markets. The spotlight will be on the Labor Department's closely watched unemployment report for May, due later on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. Dovish comments from Fed officials through the week have helped embolden Fed pause hopes, with Philadelphia Federal Reserve President Patrick Harker saying U.S. central bankers should not raise rates at their next meeting. "It's time to at least hit the stop button for one meeting and see how it goes," Harker said. AMP's Oliver said the prevailing sentiment now is that there will be a pause in June and that's helped markets. "If the payroll numbers are on the high side, it will cause the market to question whether there'll be a pause or not." China shares, which have been dragged lower in past few weeks by worries over a sputtering post-pandemic economic recovery, also surged. The Shanghai Composite Index was up 0.76% while Hong Kong's Hang Seng index spiked 3.6% higher, set for its best day in three months. Australia's S&P/ASX 200 index rose 0.42%, while Japan's Nikkei was 1% higher, continuing its hot run. U.S. Treasury yields fell. In Asian hours, the two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 0.8 bps at 4.349%, having slipped around 5 bps on Thursday. In the currency market, the dollar index, which measures the U.S. currency against six major peers, was flat after dropping 0.6% overnight. The Japanese yen weakened 0.11% to 138.93 per dollar, while Sterling was last trading at $1.2527, up 0.02% on the day. The Aussie rose as much as 0.61% to $0.6613, its strongest since May 24. The primary driver was an announcement by Australia's independent wage-setting body that it would raise the minimum wage by 5.75% from July 1. The bullish sentiment helped push oil prices higher, with U.S. crude up 0.53% to $70.47 per barrel and Brent at $74.67, up 0.53% on the day. Markets are also weighing the likelihood of price-supportive OPEC+ production cuts over the weekend.

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By Arathy Somasekhar and Andrew Hayley BEIJING (Reuters) -Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. Brent crude futures for August rose 32 cents, or 0.44% to $72.92 a barrel by 0518 GMT, while U.S. West Texas Intermediate crude (WTI) rose 25 cents, or 0.37%, to $68.34 a barrel. U.S. Federal Reserve officials on Wednesday pointed towards a potential rate hike "skip" in June that reversed market expectations of an imminent hike that could slow economic growth and weaken oil demand. Additionally, the U.S. House of Representative's passage of a bill suspending the U.S. government's $31.4 trillion debt ceiling improved the chances of averting a disastrous government default. Both benchmarks had fallen steeply in the previous sessions, with Brent down 5.6% and WTI dropping 6.3% as of the close on Wednesday, from last Friday. "Oil markets may have been oversold in the last two trading days due to the sluggish Chinese data and debt ceiling concerns. Sentiment rebounded amid the debt bill’s passage in the House, and (the) Fed’s rate hike pause signal also offered a rebounding opportunity," said Tina Teng, a markets analyst at CMC Markets in Auckland. Demand indications from China, the world's biggest oil importer, are somewhat mixed this week. Official government data on Wednesday reported factory activity contracted in May to the lowest in five months, while service sector activity expanded at the slowest pace in four months. However, the Caixin/S&P Global China manufacturing purchasing managers' index (PMI) on Thursday showed a rise to 50.9 in May from 49.5 in April, tempering concerns about Chinese industrial demand. Prices are also struggling to overcome bearish supply side factors. {{8849|U.S. crcrude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday. Gasoline inventories also posted a build of about 1.9 million barrels last week, while distillate fuel inventories gained by 1.8 million barrels, according to the API data. Market participants are awaiting government data on U.S. crude stocks due later on Thursday. The data was delayed by a day because of a U.S. holiday earlier this week. [EIA/S] Investors were also watching the upcoming June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, after mixed signals so far on whether further cuts are likely. Analysts at HSBC and Goldman Sachs (NYSE:GS) have said they do not expect OPEC+ to announce further cuts at this meeting.

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By Rae Wee SINGAPORE (Reuters) - The dollar touched a six-month high against the yen on Tuesday as expectations grew that U.S. rates will remain higher for longer and as the debt ceiling impasse kept risk sentiment fragile. Among a slew of Federal Reserve heavyweights who spoke on Monday, some hinted that the central bank still has more to go in tightening monetary policy. Minneapolis Fed President Neel Kashkari said that U.S. rates may have to go "north of 6%" for inflation to return to the Fed's 2% target, while St. Louis Fed President James Bullard said the central bank may still need to raise another half-point this year. Against the Japanese yen, the greenback rose to a near six-month peak of 138.88 in Asia trade, reflecting the stark contrast between a still-hawkish Fed and an ultra-dovish Bank of Japan. The dollar was last 0.11% lower at 138.44 yen. "Markets are pricing for higher rates for longer by the Fed," said Tina Teng, market analyst at CMC Markets. "U.S. inflation is still way above the target ... and near-term, the economy is running resilient. "I don't think the Fed will just start cutting rates anytime soon." Money markets are pricing in a roughly 20% chance that the Fed will deliver another 25-basis-point hike next month and have scaled back expectations of Fed rate cuts later this year, with rates seen holding above 4.7% by December. Similarly, the greenback kept the offshore yuan pinned near its recent five-month low and it last bought 7.0586. China on Monday kept its benchmark lending rates unchanged, as a weakening yuan and widening yield differentials with the United States limited the scope for any substantial monetary easing to shore up the country's post-COVID economic recovery. The euro slipped 0.05% to $1.0808 and is down nearly 2% for the month thus far against a stronger dollar, reversing two straight months of gains. Sterling was largely unchanged at $1.2436. Flash PMI figures in the euro zone, the UK and the United States are due later on Tuesday, following Japan's PMI release earlier in the day. Japan's manufacturing activity expanded for the first time in seven months in May, while the service sector hit record growth, as the post-COVID recovery shored up business conditions. 'X-DATE' LOOMS Also on investors' minds were concerns over a looming debt ceiling deadline in the United States, which put a lid on risk sentiment and supported the safe-haven U.S. dollar. President Joe Biden and House Speaker Kevin McCarthy ended discussions on Monday with no agreement on how to raise the U.S. government's $31.4 trillion debt ceiling and will keep talking with just 10 days before a possible default. "The debt ceiling drama has reached a fever pitch in recent weeks," said economists at Wells Fargo (NYSE:WFC). "The policy disagreements among lawmakers appear wide as we enter crunch time." Short-end U.S. Treasury yields have jumped, reflecting market jitters, with the yield on the one-month Treasury bill last up more than 10 bps at 5.7580%. Yields rise when bond prices fall. The yield on the two-month Treasury bill rose to a roughly three-week high of 5.4690%. Against a basket of currencies, the U.S. dollar steadied at 103.25, not far from a roughly two-month high hit last week. The Aussie slipped 0.02% to $0.6651, while the kiwi gained 0.02% to $0.62865.

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By Sudarshan Varadhan SINGAPORE (Reuters) -Oil prices rose on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, started receding. Brent crude futures were up 43 cents, or 0.6%, at $75.73 a barrel at 0624 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 45 cents, also 0.6%, at $71.79 a barrel. "Oil's rebound follows energy stocks' comeback on Wall Street last Friday after the U.S. reported strong job data, which eased concerns about an imminent economic recession that led to the selloff early in the week," said Tina Teng, an analyst at CMC Markets. Fears that the U.S. banking crisis will slow the economy and sap fuel demand in the world's biggest oil consuming nation drove the Brent benchmark down 5.3% last week, while WTI plunged 7.1%. However a healthy U.S. jobs report for April, a weaker dollar, and expectations of supply cuts at the next meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, in June, helped the benchmarks rebound about 4% each on Friday. "Crude prices are trying to stabilize as energy traders wait to see if OPEC+ might have to signal they are willing to reduce output even further," said Edward Moya, an analyst at OANDA. Goldman Sachs (NYSE:GS) analysts said in a note on Saturday that concerns over near-term demand due to stress in the U.S. banking system and an industrial slowdown, and elevated global supply due to limited compliance with OPEC+ cuts were "overblown". The investment bank maintained its Brent price forecast of $95 per barrel by December and $100 by April. ANZ Research analysts said they believed that the market focus would now shift away from economic concerns to tightening oil supply. The United States is expected to report consumer price inflation figures for April on Wednesday, which could provide further clues on interest rate moves amid broad expectations that the U.S. Federal Reserve will pause rate hikes. Traders this week will also keenly watch Chinese economic indicators including trade, inflation, lending and money supply figures for April, as market participants continue to gauge economic recovery in the world's second largest oil consumer. "Crude prices may continue to take the rebounding tailwind," CMC Markets' Teng said.

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By Rae Wee and Ankur Banerjee SINGAPORE (Reuters) - Global stock markets sagged while the Japanese yen rose on Thursday in reaction to the Fed's policy statement and signs of stress at another U.S. regional bank, spurring investors to price in a pivot rather than just a pause in rate increases. Another U.S. regional bank, PacWest Bancorp, reported troubles overnight, reminding investors of the precarious health of some banks despite regulators' assurances around containing the crisis that started with the collapse of Silicon Valley Bank and Signature Bank (OTC:SBNY) in March. The Federal Reserve raised interest rates by a quarter of a percentage point and signaled it may pause further increases, giving officials time to assess the fallout from the bank failures, wait on a political resolution to the U.S. debt ceiling, and monitor inflation. Although investors initially cheered the possibility of a pause, their confidence waned as Chair Jerome Powell spoke, clarifying inflation remains the chief concern and that it is too soon to say with certainty that the rate-hike cycle is over. "The Fed decision was widely expected, so it didn't provide much of a shock to financial markets," Tina Teng, market analyst at CMC Markets, in Auckland. "However, I think the whole economic playout is not positive, especially the recent banking rout from the regional banks, and those big banks taking over the smaller banks. It's not a good sign, and risks are spreading out into the wider banking system, which worries investors." The European Central Bank meets later and is expected to raise rates. It will be a seventh rate rise for the ECB, the central bank for a 20-country zone whose headline inflation is 7% and that has so far dismissed the ongoing banking crisis as U.S.-specific. European stocks seemed languid too, with the Eurostoxx 50 futures flat and FTSE futures down 0.21% MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% in trade thinned by Japanese holidays this week. China's benchmark index opened weaker as mainland markets returned after their May Day holidays but rebounded, led by state-owned firms. Investors have cheered a spike in domestic tourism during the long holiday. Meanwhile, the Caixin/S&P Global manufacturing purchasing managers' index (PMI) was unexpectedly weak in April, pointing to softer domestic demand. E-mini futures for the S&P 500 fell 0.22%, reflecting the dramatic slide in regional banking shares after the close of U.S. markets. The S&P 500 had closed 0.70% lower. PacWest fell nearly 60% after announcing it is exploring strategic options, including a potential sale or capital raise. A liquidity boost it announced in March failed to inspire confidence in its ailing share price. Those worries left Asian markets pricing in not just a possible peak in U.S. rates but even a fall. GRAPHIC - The race to raise rates "I think he (Powell) perhaps was a little bit more forceful in raising the bar to further tightening than some might have expected," said Rob Carnell, ING's regional head of Asia-Pacific research, based in Singapore. "It feels like there's quite a lot of consideration of these other bits of economic data that are sort of being wrapped up into their decision to say that that's pretty much all we're going to get (in terms of rate hikes)." ING expects 100 bps of rate cuts by the end of the year. Treasury futures rallied, as did Fed Funds futures, the latter implying a 52% chance of a rate cut in July. The two-year note rose in price to a yield of 3.8%. The Japanese yen strengthened 0.1% versus the greenback at 134.51 per dollar, adding to its more than 1% rise on Wednesday. In thinned Asian trade, the British pound rose 0.2% to a roughly 11-month high of $1.25905, while the euro gained 0.19% to $1.1082, flirting with its recent one-year peak. Mizuho analysts said the excitement over the implied pause in Fed tightening might be overdone and that the Fed's guidance "is merely more contemplative" and it was "cautious about further hikes, not unduly panicked about having over-tightened". GRAPHIC - Fed hikes rates to levels last seen before financial crisis

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By Andrew Hayley BEIJING (Reuters) -Oil prices were down in Asian trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data from the U.S. and China did not do enough to encourage expectations that demand will improve. Brent crude futures lost 78 cents or 0.94% to trade at $82.34 a barrel. West Texas Intermediate crude (WTI) futures dropped 95 cents, or 1.20%, to $78.21 as of 0615 GMT. Both benchmarks, declining for a second day after a 2% fall on Wednesday, are at their lowest since OPEC+ announced its surprise production cut on April 2. "WTI crude is back below the $80 level and it could continue drifting lower if the strong dollar trade resumes," Edward Moya, senior market analyst at OANDA, said in a client note. The U.S. dollar index has moved up around 0.40% over the course of this week. A strengthening greenback makes oil more expensive for holders of other currencies. "The strong USD weighed on oil markets this week as odds for the Fed to continue rate hikes strengthened as bond yields started climbing again," Tina Teng, an analyst at CMC Markets in Auckland, said in an email. "Though China reported better-than-expected GDP data, both industrial production and fixed-asset investments fell short of consensus data, which did not help (in) boosting oil prices," she added. U.S. economic activity was little changed in recent weeks, with employment growth moderating somewhat and price increases appearing to slow, according to a Federal Reserve report published on Wednesday. "This unsettled markets, magnifying recent concerns that monetary tightening has weakened demand for oil...[while] the market shrugged off a relatively bullish EIA inventory report," ANZ Research said in a client note. U.S. crude stockpiles fell by 4.6 million barrels last week as refinery runs and exports rose, while gasoline inventories jumped unexpectedly on disappointing demand, according to the U.S. Energy Information Administration (EIA). The crude stockpile decline was far steeper than analysts' estimate of 1.1 million barrels, and the American Petroleum Institute's estimates late on Tuesday of 2.7 million barrels. On the supply side, oil loading from Russia's western ports in April is likely to rise to the highest since 2019, above 2.4 million barrels per day, despite Moscow's pledge to cut output, trading and shipping sources said.

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By Noah Browning LONDON (Reuters) -Oil prices rose on Tuesday with support from a weaker dollar and hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. inflation report this week, though concerns remain over Chinese demand . Brent crude futures rose 65 cents, or 0.8%, to $84.83 a barrel by 1405 GMT. U.S. West Texas Intermediate futures rose 92 cents, or 1.2%, to $80.66 a barrel. Both benchmarks gained nearly $1 in earlier trading. The dollar weakened on hopes that the U.S. Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil cheaper for buyers holding other currencies. A U.S. inflation report to be released on Wednesday is expected to help investors to gauge the near-term trajectory for interest rates. "The short-term crude demand outlook will soon be clearer. This week we will find out if the U.S. economy is taking steps into the recession pool or if it is going to do a cannon ball into it," said Edward Moya, senior analyst at OANDA. "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report." Data from China, however, showed consumer inflation in March rose at its slowest pace since September 2021, suggesting demand weakness persists in an uneven economic recovery. "China's March CPI is lower than expected, which may promote the Chinese government to further stimulate the economy," said Tina Teng, an analyst at CMC Markets. Oil futures have climbed more than 5% since the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market last week with further cuts to production targets from May. In France, the restart of the last of the four domestic refineries shuttered by a month-long strike signalled a likely boost to demand for oil. On the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. The average estimate from five analysts polled by Reuters was that crude inventories fell by about 1.3 million barrels in the week to April 7. Oil rises in choppy trading with U.S. and China inflation in focus

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By Sudarshan Varadhan CHENNAI (Reuters) -Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 64 cents, or 0.8%, to $84.82 a barrel at 0557 GMT, while U.S. West Texas Intermediate futures gained 67 cents, or 0.8%, to $80.41 a barrel. Data from China showed that consumer inflation in March hit the slowest pace since September 2021, suggesting demand weakness persists amid an uneven economic recovery, which spurred expectations Beijing may take steps to boost growth. "China's March CPI is lower than expected, which may promote the Chinese government to further stimulate the economy," said Tina Teng, an analyst at CMC Markets. Crude futures also climbed as the dollar eased on expectations that the U.S. Federal Reserve is getting closer to ending its rate hike cycle. A weaker greenback makes oil cheaper for those holding other currencies. "With more central banks pausing rate hikes, such as the Reserve Bank of Australia, Bank of Korea ... the expectation for the Fed to further scale back its tightening policy has been strengthened," Teng said. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices. Last month, fuel consumption jumped by 5% from a year earlier to a record 4.83 million barrels per day. Oil futures have climbed more than 5% since the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market last week with a new round of production cuts starting in May. On the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. Five analysts polled by Reuters estimated on average that crude inventories fell by about 1.3 million barrels in the week to April 7. A U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.

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By Huw Jones LONDON (Reuters) - Wall Street readied to join rising global shares which hit their highest level in three weeks on Thursday, underpinned by hopes of that turmoil in the banking sector is over as investors switch to reviewing their end of quarter positions. Receding inflation in Spain and Germany helped government bonds in the euro zone. Markets were also looking for guidance on the trajectory for interest rates from the Federal Reserve's most preferred inflation gauge due on Friday, the personal consumption expenditure (PCE) index, and U.S. non-farm payrolls next week. The dollar was a touch weaker, while crude oil prices rose after a surprise drop in U.S. stockpiles. Global stocks were up 0.3% at three-week highs and on course for a 4.9% quarterly gain. "The next few days are going to be a key test of this stabilisation with month-end, and quarter-end, coming up when you have a lot of funds doing a tidy up, then suddenly it's where do we go from here?" said Mike Hewson, chief markets analyst at CMC Markets. In Europe, the STOXX index of 600 leading companies rose 1.3% to hit a two-week high. U.S. stock index futures were about 0.5% firmer. The rates-sensitive Nasdaq is up nearly 14% this year and heading for its best quarter in more than two years. As the dust settles on a wild and volatile ride after Silicon Valley Bank's collapse unleashed fears of a broader banking crisis, the winners appear to be bonds and large tech companies that tend to benefit when interest rates fall. Kevin Thozet, investment committee member at Carmignac, said investors were taking stock after a volatile quarter of big swings in the outlook for the economy, inflation and interest rates. "We are seeing a correlation between risk on and risk off assets working again, which was not the case a year ago," Thozet said, adding the trajectory of hiking interest rates was coming to an end. "We think there is value is being long in duration, in buying those bonds issued by well-rated issuers in the U.S. or in the euro area," Thozet said. (Graphic: Whirlwind month for European banks - https://fingfx.thomsonreuters.com/gfx/ ASIA HOLD GAINS, ALIBABA UP Asia's stock markets held recent gains on Thursday as investors weighed whether a break-up of Chinese conglomerate Alibaba (NYSE:BABA) signalled Beijing's regulatory storm aimed at tech companies might finally be clearing. MSCI's index of Asia-Pacific shares outside Japan rose 0.5%. Like the S&P 500 it has recovered from March lows hit as fallout from the collapse of Silicon Valley Bank reverberated around global markets. Japan's Nikkei, which is heading for a 6% quarterly gain, slipped 0.3% on Thursday. The U.S. dollar was firm, particularly against the safe-haven Japanese yen, as investors wound back some of the positions built up in the last couple of weeks. The yen last traded at 132.495 to the dollar. From the two-year tenor all the way to the 30-year, U.S. yields are below the current Fed funds rate of roughly 4.8% as markets have dramatically re-priced the rates outlook. Two-year yields were little changed at 4.0804%. In Asia, investors were cheering plans from Alibaba to spin off and separately list its business units as another signal that China wants to welcome back global capital. "We have repeatedly emphasised that 2023 is the first time in four years that economic, regulatory, and COVID policies have been aligned in a pro-growth, pro-business fashion," Morgan Stanley (NYSE:MS) analysts said. Alibaba shares in Hong Kong, which rose above HK$300 in 2020, traded up 2.5% at HK$96 on Thursday. The broader Hang Seng was up 0.6%. Elsewhere, Brent oil futures steadied at $78.79 a barrel, up 0.65%, and gold, which has surged over the past few weeks, was up 0.3% at $1,969 an ounce. The euro was firmer against the dollar at $1.08755, while bitcoin was up 1% at $28,646 and set for its best quarter for two years.

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By Emily Chow SINGAPORE (Reuters) -Oil prices fell more than $1 on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. Brent crude futures were down 82 cents, or 1%, at $79.95 a barrel at 0700 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped 82 cents, or 1.1%, to $73.98 a barrel. On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December. The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the U.S. Federal Reserve's sharp interest rate hikes over the last year. Traders now no longer expect a 50-basis points (bps) rate hike by the Federal Reserve next week, with a current projection of a 25 bps rise, even ahead of the release of U.S. consumer price data on Tuesday. Economists surveyed by Reuters forecast consumer prices increased by 0.4% in February, which would lower the year-on-year increase in the CPI to 6.0% in February and mark the smallest year-on-year rise since September 2021. A stronger-than-expected U.S. consumer inflation outcome would put further downward pressure on near term oil prices, National Australia Bank (OTC:NABZY) analysts said in a note. Beyond the Silicon Valley Bank shockwaves, oil prices were also under pressure due to signs of a weaker-than-expected economic recovery in China, despite the lifting of its strict COVID-19 restrictions, said Leon Li, an analyst at CMC Markets. "The market had previously expected a strong recovery of the Chinese economy, but the latest February inflation rate was only 1% year-on-year, reflecting the current deflationary state of the Chinese economy and weak demand," he said. China's statistics bureau released data last week showing consumer inflation in the world's second largest economy slowed to the lowest rate in a year in February as shoppers remained cautious even after pandemic curbs were lifted in late 2022. In U.S. supply news, the American Petroleum Institute is expected to release industry data on U.S. oil inventories on Tuesday. Six analysts polled by Reuters estimated on average that crude inventories rose by about 600,000 barrels in the week to March 10.

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By Sruthi Shankar and Shristi Achar A (Reuters) - The S&P 500 and Dow indexes slipped in the final trading session of Februray as Treasury yields rose to multi-month highs on bets of more interest rate hikes by the Federal Reserve. Wall Street's main indexes were set for monthly declines after a strong performance at the start of the year as signs of a strong U.S. economy and elevated inflation spurred worries that the Fed will stick to its hawkish policy for longer. Five of the 11 major S&P 500 sectors were lower on Tuesday, with defensive utilities and consumer staples leading losses. Traders have started to price in the possibility of a bigger 50 basis-point rate hike in March, although the odds remain low at about 23%, according to Fed fund futures, which also suggest rates peaking at 5.41% by September, up from 4.57% now. BofA Global Research warned the Fed could even hike interest rates to nearly 6%. The yield on two-year Treasury notes, which tracks investors' expectations of the path of interest rates, rose to 4.82%, trading just below a near four-month high hit in the previous session. "We're talking about stickier inflation in the economy and higher interest rates for longer. Markets still seem to think that we're going to get rate cuts sometime in the next 12 months and the evidence just does not support that," said Michael Hewson, chief market analyst at CMC Markets. Chicago Fed President Austan Goolsbee, a voter in the rate-setting committee this year, will speak later in the day. At 9:42 a.m. ET, the Dow Jones Industrial Average was down 116.83 points, or 0.36%, at 32,772.26 and the S&P 500 was down 2.73 points, or 0.07%, at 3,979.51. The tech-heavy Nasdaq Composite, however, rose 7.40 points, or 0.06%, to 11,474.38, supported by Meta Platforms and Applied Materials (NASDAQ:AMAT). Target Corp (NYSE:TGT) rose 1.9% after the big-box retailer reported a surprise rise in holiday-quarter sales but cautioned on 2023 earnings due to an uncertain U.S. economy. Zoom Video Communications (NASDAQ:ZM) Inc climbed 2.1% after it forecast annual profit above Wall Street estimates and said it will integrate more artificial intelligence into its products. Chevron Corp (NYSE:CVX) slipped 0.1% even after the oil giant raised its annual share buyback outlook to between $10 billion and $20 billion. Advancing issues outnumbered decliners by a 1.17-to-1 ratio on the NYSE and 1.32-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and seven new lows, while the Nasdaq recorded 33 new highs and 40 new lows.

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By Rae Wee SINGAPORE (Reuters) - The dollar surged on Friday to hit a six-week high against a basket of currencies as a bout of resilient economic data out of the United States raised market expectations that more interest rate hikes were in the offing. Data on Thursday showed that the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, while other data revealed that monthly producer prices increased by the most in seven months in January. The latest data releases gave the U.S. dollar a leg up, knocking sterling, the euro and the Japanese yen to fresh six-week lows on Friday. That pushed the U.S. dollar index to a six-week top of 104.44. It was last 0.28% higher at 104.40, and was on track for a third straight week of gains. The euro was last 0.34% lower at $1.0635, having bottomed at $1.0632 earlier in the session, while sterling slid 0.32% to $1.1949. Similarly, the kiwi tumbled to a six-week trough of $0.6216, and likewise for the Aussie, which plunged more than 0.6% to $0.68325, its lowest level since Jan. 6. "The U.S. economy, from recent data, shows that it's still healthy. It doesn't seem to be going into a recession any time soon," said Tina Teng, market analyst at CMC Markets. "The markets are pricing for higher-for-longer rates." Thursday's reports followed data from earlier this week that showed robust growth in U.S. retail sales in January and signs of sticky inflation, stoking fears that the Federal Reserve would have to raise rates higher than previously expected. U.S. Treasury yields have also surged on the back of further hawkish rate repricing, with the two-year yields last at 4.6762%. The benchmark 10-year U.S. Treasury yield climbed to a top of 3.9010% on Friday, its highest since Dec. 30. Markets are now expecting rates to peak at about 5.29% by July. Fed officials have also signalled that the U.S. central bank has further to go in raising rates, with two policymakers saying on Thursday that it likely should have lifted interest rates more than the 25-basis-point hike earlier this month. Against the Japanese yen, the dollar surged over 0.6% to a more than one-month peak of 134.815, and was eyeing a weekly gain of roughly 2.5%, its best week since last August. Japan's government picked academic Kazuo Ueda as its new central bank chief on expectations he can help keep inflation on target and sustain economic growth and wage hikes, finance minister Shunichi Suzuki said on Friday. "It is expected that the most important task of nominee Governor Ueda will be to guide the BOJ to an exit of its ultra-accommodative (quantitative and qualitative easing) policies," Jane Foley, head of FX strategy at Rabobank. "That, however, does not suggest that the BOJ will be in any rush to change direction."

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By Sudarshan Varadhan (Reuters) -Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, counter to expectations from some traders that the release could be cancelled or delayed. Brent crude futures fell by 43 cents, or 0.5%, to $86.18 per barrel by 0730 GMT, while U.S. crude futures fell by 71 cents, or 0.89%, to $79.43 per barrel. The U.S. Department of Energy (DOE) said after the previous session ended it would sell 26 million barrels of oil from the SPR, a release that would likely push the reserve to its lowest level since 1983. "Energy traders were expecting to hear news about refilling the SPR and not tapping them for more supplies," Edward Moya, an analyst at OANDA said. The DOE had considered cancelling the fiscal year 2023 sale after U.S. President Joe Biden's administration last year sold a record 180 million barrels from the reserve. But that would have required Congress to act to change the mandate. Traders will be looking for clues from Tuesday's crucial U.S. consumer price index (CPI) data for January. U.S. monthly consumer prices rose in the previous two months instead of falling as previously estimated, raising the risk of higher inflation readings in the months ahead. "Any higher-than-expected data may cause a renewed sell-off in risk assets, including oil," Tina Teng, an analyst at CMC Markets said. Supply concerns also eased after the Energy Information Administration said it expected record March production from the seven biggest U.S. shale basins. Elsewhere, crude exports resumed at a key Turkish port after a devastating earthquake rocked the region. "Oil is on the defensive and it could get uglier if inflation proves to be harder to tame," OANDA's Moya said.

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By Sudarshan Varadhan (Reuters) -Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month's peak levels. Brent futures gained 18 cents, or 0.2%, to $87.65 a barrel by 0724 GMT, while U.S. crude rose 22 cents to $81.23 per barrel, a 0.4% gain. Both benchmarks had gained more than 1% on Thursday. The prices were flat compared with last Friday's close. If they end at higher levels, it would mark the third straight week of gains for crude. "Oil might have trouble making any substantial moves to finish the week as many traders will wait to see what happens with next week's two massive events; the OPEC+ virtual meeting on output and the FOMC decision," said Edward Moya, senior market analyst at OANDA. OPEC+ delegates will meet next week to review crude production levels, amid steady support for crude prices from strong demand for jet fuel and diesel. The U.S. Federal Reserve will decide on another rate hike, as inflation cools and gross domestic product improves. Gains on U.S. crude were limited by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, earlier this week. Still, oil markets were boosted by broad optimism on the first day of the return of Chinese stock markets as China's reopening still plays a main role in boosting the demand outlook, said Tina Teng, analyst at CMC Markets. Critically ill COVID-19 cases in China are down 72% from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79% from their peak, pointing to a normalisation of the Chinese economy and boosting expectations of a recovery in oil demand. "The short-term bullish factor is that the recent outage in the U.S. refineries helped push up gasoline prices, though the U.S. crude inventories hit a 16-month high," Teng said.

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By Emily Chow KUALA LUMPUR (Reuters) -Oil futures fell by nearly $1 on Thursday, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data. Brent crude futures were last down 84 cents, or 1%, to $84.14 a barrel at 0710 GMT, after earlier easing to $83.76. U.S. West Texas Intermediate (WTI) crude futures also declined 91 cents, or 1.1%, to $78.57 a barrel. It earlier fell to a low of $78.13. "The deterioration in U.S. economic data darkened the (oil) demand outlook as recession fears mount again. Risk-off sentiment has sent growth-sensitive commodities down," said Tina Teng, an analyst at CMC Markets, adding that profit-taking could have played a part also. U.S. December retail sales fell by the most in a year, while manufacturing output recorded its biggest drop in nearly two years, as higher borrowing costs hurt demand for goods. Still, Federal Reserve officials said interest rates needed to rise beyond 5% even as inflation shows signs of having peaked and economic activity is slowing. "This raised the spectre of a recession, with risk appetite suffering as a consequence," ANZ Research analysts said in a client note. Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. The mean average forecast from a Reuters' poll of nine analysts had been for a fall of about 600,000 barrels. The big build marked the second consecutive week of large inventory increases. However, distillate stockpiles, which include diesel and heating oil, fell by about 1.8 million barrels against analysts' expectations for a 120,000-barrel increase. The API report was delayed by a day due to Monday's Martin Luther King Day public holiday in the United States. The government's Energy Information Administration will release its weekly inventory report on Thursday. With aggressive rate hikes still on the cards, the U.S. dollar climbed, weighing on oil demand as a stronger greenback makes the commodity more expensive for those holding other currencies.

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By Sonali Paul and Trixie Sher Li Yap SINGAPORE (Reuters) -Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the United States, the world's biggest oil consumer, and economic uncertainty reignited demand worries. U.S. West Texas Intermediate (WTI) crude futures slipped by 54 cents, or 0.72%, to $74.58 a barrel at 0700 GMT, while Brent crude futures fell by 50 cents, or 0.62%, to $79.60. Both contracts rose on Monday and Tuesday, rebounding from a sharp selloff in the first week of 2023. U.S. crude oil stockpiles jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API). At the same time, distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels. Analysts polled by Reuters had expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels. The large increase in U.S. inventories in the API estimates has dragged down oil prices, while the risk of recession is also capping the oil price uptrend in the short run, said analyst Leon Li at CMC Markets. Traders will be looking out for inventory data from the U.S. Energy Information Administration due later on Wednesday to see if it matches the preliminary view from API. [EIA/S] The oil market has been pulled lower by worries that sharply higher interest rate hikes to tame inflation would trigger a recession and curtail fuel demand. The prevailing market sentiment is bearish on the demand side, with China still dealing with a widespread COVID-19 outbreak and the U.S. and Europe at risk of economic slowdowns, with supply disruptions minimal for the time being, Claudio Galimberti, a senior vice president at Rystad Energy, said by email. The market structure for futures reflects that weakness with both the front-month Brent and WTI contracts remaining in contango, where prompt month prices are trading lower than forward month prices, typically a sign that there is less short-term demand for oil. Prices gained earlier this week on hopes for fuel demand growth in China, the world's second-largest oil consumer, after it eased its COVID-19 curbs and allowed the resumption of international travel. "Monday's news that China had issued a fresh batch of import quotas suggests the world's large importer is ramping up to meet higher demand," ANZ Research analysts said in a note. The big focus this week is on U.S. inflation data, due on Thursday. If inflation comes in below expectations that would drive the dollar down, analysts said. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

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By Shariq Khan NEW YORK (Reuters) -Oil prices dipped on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world's top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand. Brent crude futures fell $1.69, or 2%, to $82.64 a barrel by 10:01 a.m. EST [1501 GMT], while the U.S. West Texas Intermediate crude futures fell $1.55, or 2%, to $77.98 per barrel. China said it will stop requiring inbound travellers to go into quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. However, Chinese hospitals have been under intense pressure due to a surge in COVID-19 infections. "Even after China eased COVID restrictions, it is difficult for demand to recover in a short time due to the rapid decline of people's outdoor activities due to the massive infection (numbers)," said Leon Li, an analyst at CMC Markets. Oil markets were also buffeted by rising expectations of another interest rate hike in the United States, as the U.S. Federal Reserve tries to limit price rises in a tight labor market. Trading volumes over this week are expected to be lower than usual as the end of the year approaches, leading to volatility in oil prices. Both benchmarks had hit their highest in three weeks on Tuesday, as a cold snap across the U.S. forced shutdowns at production sites and refineries, including production and refining shutdowns across North Dakota and Texas at the weekend. Meanwhile, Russia said it aims to ban oil sales from Feb. 1 to countries that abide by a G7 price cap imposed on Dec. 5, although details of how the ban would work were unclear. U.S. crude oil stocks were estimated to have fallen 1.6 million barrels last week with distillate inventories also seen down, a preliminary Reuters poll showed on Tuesday. Industry group the American Petroleum Institute is due to release data at 4.30 p.m. EDT [2130 GMT] on Wednesday. The U.S. government will release its figures at 10.30 a.m. on Thursday.

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By Jeslyn Lerh SINGAPORE (Reuters) -Oil prices dipped in Asian trade on Thursday as the dollar firmed, while the possibility of further interest rate hikes from global central banks also heightened demand concerns. Brent crude futures fell 64 cents, or 0.8%, to $82.06 per barrel by 0730 GMT, while U.S. crude futures slid 73 cents, or 0.9%, to $76.55. Both contracts fell as the dollar gained. A stronger dollar weakens oil demand as it makes the commodity more expensive for those holding other currencies. Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will raise interest rates further next year, even as the economy slips towards a possible recession. "Oil price is under pressure today as the Fed's hawkish guidance for its monetary policy sparked renewed concerns about economic growth again, lifting the U.S. dollar and sending commodity prices down," said Tina Teng, an analyst at CMC Markets. Chinese economic data for November were "much lower than expected, further darkening the demand outlook," Teng added. The world's second-biggest economy lost more steam as factory output slowed and retail sales extended declines, both missing forecasts and clocking their worst readings in six months amid surging COVID-19 cases. Also weighing on oil prices, Canada's TC Energy (NYSE:TRP) Corp said it is resuming operations in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe's shutdown. Price declines were capped by projections from the International Energy Agency, which see Chinese oil demand recovering next year after a contraction this year of 400,000 barrels per day. Meanwhile, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, the Energy Information Administration (EIA) said. [EIA/S] U.S. gasoline stocks rose by 4.5 million barrels in the week to 223.6 million barrels, while distillate stockpiles rose by 1.4 million barrels to 120.2 million barrels. "Commercial crude oil inventories rose as refineries trimmed their runs," said Citi analysts in a note. Refined product inventories also rose robustly as end-user demand continues to taper off in light of high energy prices and net exports of refined products rose, the analysts wrote.

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By Sonali Paul and Isabel Kua SINGAPORE (Reuters) -Oil prices were steady on Wednesday as concerns about lower fuel demand from China amid tightening COVID-19 curbs offset data showing a larger-than-expected U.S. crude draw last week. Brent crude futures dropped 15 cents, or 0.2%, to $88.21 a barrel at 0508 GMT, while U.S. West Texas Intermediate (WTI) crude futures lost 9 cents, or 0.1%, to $80.86 a barrel. Both benchmark contracts rose about 1% on Tuesday as the United Arab Emirates, Kuwait, Iraq and Algeria reinforced comments from Saudi Arabia's energy minister that the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, were not considering boosting oil output. OPEC+ next meets to review output on Dec. 4. Meanwhile, top crude oil importer China has been grappling with a surge in COVID-19 cases that has deepened worries about its economy. Late on Tuesday, financial hub Shanghai tightened rules for people entering the city while Beijing shut parks and museums. "Oil is having a tug-of-war with China COVID demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight," said Edward Moya, senior market analyst with OANDA, in a note. Traders are also being cautious ahead of the release of the U.S. Federal Reserve's minutes from its November policy meeting due at 1900 GMT, CMC Markets analyst Tina Teng said. "The Fed is expected to signal a slowdown in rate hikes but any surprising hawkish reiteration will weigh on sentiment, lifting the U.S. dollar and pressuring commodity prices," Teng added. Underpinning oil prices on Wednesday, U.S. crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed, according to market sources. Analysts polled by Reuters on average had expected a 1.1 million barrel drawdown in crude inventories. Distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels compared with analysts' expectations for a drop of 600,000 barrels. Uncertainty over how Russia will respond to plans by the Group of Seven (G7) nations to cap Russian oil prices also provided some support to the market. The price cap is due to be announced soon, a senior U.S. Treasury official said on Tuesday, adding that it will probably be adjusted a few times a year. "Traders closely monitor Russia's exports and will look for how much they might trim the nation's foreign sales in retaliation, which could be a bullish fillip for oil prices," SPI Asset Management managing partner Stephen Innes said in a note.

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plus was the only green ticker in the whole cmc crash

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By Isabel Kua SINGAPORE (Reuters) -Oil prices rose more than 1% on Tuesday, paring losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world's second-largest oil consumer. Brent crude for January delivery rose $1.53, or 1.7%, to $94.34 per barrel at 0718 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%. U.S. West Texas Intermediate (WTI) crude rose $1.38, or 1.6%, to $87.91 a barrel, after falling 1.6% in the previous session. The Brent and WTI benchmarks both ended October higher, posting their first monthly gains since May, after the Organization of the Petroleum Exporting Countries and allies including Russia said they would cut output by 2 million barrels per day (bpd). "Oil prices cut early losses as the U.S. dollar weakened, with the major global equity markets rising in today’s Asian session ahead of the U.S. Federal Reserve's rate decision later this week," CMC Markets analyst Tina Teng said. The greenback sank on Tuesday from a one-week high against a basket of major peers, as traders weighed the odds of a less aggressive Federal Reserve at Wednesday's monetary policy meeting. A weaker dollar makes oil cheaper for holders of other currencies and usually reflects greater investor appetite for risk. "OPEC+’s upcoming oil output cuts and the U.S.’s record oil export data also support oil prices fundamentally," Teng said. OPEC raised its forecasts for world oil demand in the medium-and longer-term on Monday, saying that $12.1 trillion of investment is needed to meet this demand despite the transition to renewable energy sources. COVID-19 curbs in China forced the temporary closure of Disney's Shanghai resort on Monday and have spurred worries of lower fuel demand in the world's top crude oil importer as it persists with its zero-COVID policy. Strict pandemic restrictions have caused China's factory activity to fall in October and cut into its imports from Japan and South Korea. Stephen Innes, managing partner at SPI Asset Management said that "the market has digested the latest string of China lockdowns". "The further we move into November, the closer we get to the EU-Russian oil embargo taking effect, which will have a material impact on Russia's supply and by extension global supply," Innes said. Keeping a check on oil prices, though, U.S. oil output climbed to nearly 12 million bpd in August, the highest since the start of the COVID-19 pandemic, even as shale companies said they do not expect production to accelerate in coming months. That is likely to lead to a rise in U.S. crude oil stocks in the week to Oct. 28 of about 300,000 barrels, a preliminary Reuters poll showed, while distillate and gasoline inventories were expected to fall. The poll was conducted ahead of reports from the American Petroleum Institute due at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the Energy Information Administration due at 10:30 a.m. (1430 GMT) on Wednesday.

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$CMC good earnings and move

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SWEEP DETECTED: >> 998 $CMC Oct22 39.0 Puts $1.10 (CboeTheo=1.03) ASKSIDE [MULTI] IV=62.6% +2.3 PHLX 33 x $0.95 - $1.10 x 125 MIAX ISO - OPENING Pre-Earnings Vol=1013, OI=54,

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By Isabel Kua SINGAPORE (Reuters) -Oil prices edged higher on Tuesday as expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday offset concerns about the global economy. Brent crude futures rose 46 cents, or 0.5%, to $89.32 per barrel by 0629 GMT after gaining more than 4% in the previous session. U.S. crude futures rose 30 cents, or 0.4%, to $83.93 a barrel. The benchmark gained more than 5% in the previous session, its largest daily gain since May. Oil prices rallied on Monday on renewed concerns about supply tightness. Investors expect that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, will cut output by more than 1 million barrels per day (bpd) at their first in-person meeting since 2020 on Wednesday. Voluntary cuts by individual members could come on top of this, making it their largest cut since the start of the COVID-19 pandemic, OPEC sources said. "Despite everything going on with the war in Ukraine, OPEC+ has never been this strong and they will do whatever it takes to make sure prices are supported here," said Edward Moya, a senior analyst with OANDA, in a note. OPEC+ has boosted output this year after record cuts put in place in 2020 due to demand destruction caused by the COVID-19 pandemic. But in recent months, the organisation has failed to meet its planned output increases, missing in August by 3.6 million bpd. "Whilst OPEC+ might announce a large cut (in excess of 1 million bpd), in reality, the cut could be much smaller. This is due to most OPEC+ members producing well below their target production levels," ING analysts said in a note. The production cut being considered was justified by the sharp decline in oil prices from recent highs, said Goldman Sachs (NYSE:GS), adding that this reinforced its bullish oil view. Concerns about the global economy could cap the upside, said Tina Teng, an analyst at CMC Markets, as investors also look to take profit on gains made in the previous session. "Uncertainties remain in the global markets, such as bond market turmoil, the sell-off in risk assets, and a skyrocketing U.S. dollar," said Teng. Oil prices have dropped for four straight months as COVID-19 lockdowns in top oil importer China curbed demand while interest rate hikes and a soaring U.S. dollar pressured global financial markets. Major central banks have embarked on the most aggressive round of rate rises in decades, sparking fears of a global economic slowdown. U.S. crude oil stocks were estimated to have increased by around 2 million barrels in the week to Sept. 30, a preliminary Reuters poll showed on Monday.

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By Isabel Kua SINGAPORE (Reuters) -Oil prices steadied on Tuesday after rising in the previous session on concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world's biggest oil consumer. Brent crude futures for November settlement rose 3 cents to $92.03 a barrel by 0449 GMT. U.S. West Texas Intermediate crude for October delivery was at $85.76 a barrel, up 3 cents. The October contract will expire on Tuesday and the more active November contract was at $85.29, down 7 cents, or 0.1%. The dollar remained firm below a two-decade high versus major peers on Tuesday, ahead of a slew of central bank meetings around the world this week led by the U.S. Federal Reserve, which is likely to raise interest rates by another 75 basis points to rein in inflation. The stronger greenback makes dollar-denominated oil more expensive for buyers using other currencies and the expected rate increases have increased concerns that the tightening could trigger a global recession. "Oil prices have been sliding in a downtrend since mid-June, and recession fears and a slowdown growth in China are still the major bearish factors in general," said Tina Teng, an analyst at CMC Markets. While other major economies are tightening, China, the world's second-largest oil user on Tuesday left its benchmark lending rates unchanged as it tries to balance supporting its sluggish economic growth against the weakening yuan. Fears of aggressive central bank tightening are still driving concerns for a "quickly weakening global economy" and pressuring crude prices, said Edward Moya, a senior market analyst at OANDA, in a note. U.S. crude oil stocks are estimated to have risen last week by around 2 million barrels in the week to Sept. 16, a preliminary Reuters poll showed on Monday. The U.S. Energy Department will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve for delivery in November, extending the timing of a plan to sell 180 million barrels from the stockpile to tame fuel prices. Signs that major producers are unable to meet their output quotas did give prices some support. An internal document from the Organization of Petroleum Exporting Countries and allies led by Russia, known as OPEC+, showed the group fell short of its oil production target by 3.583 million barrels per day (bpd) in August. In July, the group missed its target by 2.892 million bpd. The impasse over a revival of the Iran nuclear deal is also continuing to keep that country's exports from fully returning to the market. Russia said on Monday that unresolved issues remained in the negotiations while France's foreign minister said that it was up to Tehran to make a decision as the window to find a solution was closing. However, they are signs that higher oil prices this year are curbing demand. U.S. vehicle travel in July fell 3.3% from a year earlier, dropping for a second month.

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By Isabel Kua SINGAPORE (Reuters) - Oil prices inched lower on Wednesday on concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast. Brent crude futures fell 17 cents, or 0.2%, to $93.00 a barrel by 0633 GMT. U.S. West Texas Intermediate crude was at $87.20 a barrel, down 11 cents, or 0.1%. Pressuring prices was a hotter-than-expected U.S. inflation report on Tuesday that dashed hopes the Fed could scale back its rate policy tightening in the coming months. Fed officials are set to meet next Tuesday and Wednesday, with inflation remaining way above the U.S. central bank's 2% target. "A strong U.S. dollar and an expectation for another super-sized rate hike by the Fed weighed on sentiment," said Tina Teng, an analyst at CMC Markets. In China, tough ongoing COVID-19 curbs are squeezing fuel demand at the world's largest oil importer. "China's zero-COVID policy remains intact and that will keep any rebounds that emerge over the coming weeks capped," said Edward Moya, a senior market analyst at OANDA, in a note. "The U.S. is the big wildcard and if that demand outlook weakens, oil could resume its downward trajectory that has been in place since the start of the summer." On the supply side, U.S. crude stocks rose by about 6 million barrels for the week ended Sept. 9, according to market sources citing American Petroleum Institute figures on Wednesday. The U.S. government will release inventory data at 10:30 a.m. EDT (1430 GMT) on Wednesday. Lending some support to oil prices, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday reiterated forecasts for growth in global oil demand in 2022 and 2023, citing signs that major economies were faring better than expected despite headwinds such as surging inflation. Oil demand will increase by 3.1 million barrels per day (bpd) in 2022 and by 2.7 million bpd in 2023, OPEC said in a monthly report, leaving its forecasts unchanged from last month.

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By Alex Lawler LONDON (Reuters) -Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a second weekly decline as aggressive interest rate hikes and China's COVID-19 curbs weighed on the demand outlook. Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed and a small cut to OPEC+ oil output plans announced this week also supported prices. Brent crude rose $1.36, or 1.5%, to $90.51 a barrel by 1200 GMT. U.S. West Texas Intermediate (WTI) crude climbed $1.55, or 1.9%, to $85.09. "Over the coming months, the West will have to contend with the risk of losing Russian energy supplies and oil prices soaring," said Stephen Brennock of oil broker PVM. Brent is down sharply from a surge in March close to its all-time high of $147 after Russia invaded Ukraine, pressured by worries about a recession and demand. Despite Friday's bounce, both crude benchmarks were headed for a weekly drop of more than 2%, with Brent this week hitting its lowest since January. "I think the sell-off in oil prices may come to a pause for now due to a recovery in risk sentiment across the board," said CMC Markets analyst Tina Teng, adding that a weaker dollar and falls in bond yields have offered support for a rebound in risk assets. While supply tightness supports the market, the European Central Bank's unprecedented rate hike of 75 basis points this week and more COVID-19 lockdowns in China have weighed. The city of Chengdu extended a lockdown for most of its more than 21 million residents on Thursday while millions more in other parts of China were told to shun travel during upcoming holidays.

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By Sonali Paul and Mohi Narayan (Reuters) -Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring natural gas prices in Europe, helped offset a dire outlook for U.S. growth. U.S. West Texas Intermediate (WTI) crude futures were up 45 cents, or 0.48%, to $93.51 a barrel by 0632 GMT, adding to a gain of 2.5% last week. Brent crude futures rose 16 cents, or 0.16%, to $101.15 a barrel, extending last week's gain of 4.4%. "Oil prices are inching higher on hopes of a production cut from OPEC and its allies to restore market balance in response to the revival of Iran's nuclear deal," said Sugandha Sachdeva, vice president of commodity research at Religare Broking. Strong U.S. oil exports and a bigger-than-expected draw of oil inventory in the last couple of weeks have also eased some demand concerns amid slowdown fears, Sachdeva added. Both benchmark contracts had traded lower earlier in the day as the dollar climbed after Friday's blunt comments from Federal Reserve Chairman Jerome Powell that the United States faced a prolonged period of slow growth amid further rate hikes. "While a strong dollar restrains broad commodity prices, the undersupply issue in the oil markets will probably continue to support the upside bias," CMC Markets analyst Tina Teng said. Oil prices have been buoyed by hints from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, that they could cut output in order to balance the market. The United Arab Emirates is aligned with Saudi thinking on output policy, a source told Reuters on Friday, while the Omani oil ministry also said it supported OPEC+ efforts to maintain market stability. Sources said last week OPEC would consider cutting output to offset any increase from Iran, should oil sanctions be lifted if Tehran agrees to revive a nuclear deal. Heavy clashes in Libya's capital that killed 32 on the weekend sparked concern that the country could slide into a full-blown conflict, leading to a disruption in supply of crude from the OPEC nation. "Besides, soaring gas prices are likely to result in gas-to-oil switching, which remains a positive trigger for prices," Sachdeva said.

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By Florence Tan SINGAPORE (Reuters) - Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down 82 cents, or 0.8%, at $103.15 a barrel at 0608 GMT. U.S. West Texas Intermediate crude was at $97.44 a barrel, down $1.18, or 1.2%. Fresh COVID-19 lockdowns snuffed out a brief recovery seen in June for factory activity in China, the world's largest crude oil importer. The Caixin/Markit manufacturing purchasing managers' index (PMI) eased to 50.4 in July from 51.7 in the previous month, well below analysts' expectations, data showed on Monday. Japanese manufacturing activity expanded at its weakest rate in 10 months in July, data showed on Monday. "China's disappointing manufacturing PMI is the primary factor that pressed on oil prices today," CMC Markets analyst Tina Teng said. "The data shows a surprising contraction of economic activities, suggesting that the recovery of the world-second-largest economy from the covid lockdowns may not be as positive as previously expected, which darkened the demand outlook of the crude oil markets." Brent and WTI ended July with their second straight monthly losses for the first time since 2020, as soaring inflation and higher interest rates raise fears of a recession that would erode fuel demand. ANZ analysts said fuel sales to drivers in Britain were waning, while gasoline demand remained below its five-year average for this time of the year. Reflecting this, analysts in a Reuters poll reduced for the first time since April their forecast for 2022 average Brent prices to $105.75 a barrel. Their estimate for WTI fell to $101.28. The Organization of the Petroleum Exporting Countries (OPEC)and allies including Russia, a group known as OPEC+, will meet on Wednesday to decide on September output. Two of eight OPEC+ sources in a Reuters survey said a modest increase for September would be discussed at the Aug. 3 meeting, while the rest said output would likely be held steady. The meeting comes after U.S. President Joe Biden visited Saudi Arabia last month. "While President Biden's visit to Saudi Arabia produced no immediate oil deliverables, we believe that the Kingdom will reciprocate by continuing to gradually increase output," RBC Capital analyst Helima Croft said in a note. The start of August sees OPEC+ having fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020. The group's new secretary general, Haitham al-Ghais, reiterated on Sunday that Russia's membership in OPEC+ is vital for the success of the agreement, Kuwait's Alrai newspaper reported. Meanwhile, U.S. oil production continued to climb as the rig count rose by 11 in July, increasing for a record 23rd month in a row, data from Baker Hughes showed. [RIG/U] A break for Brent prices below key support level of $102.68 could trigger a drop into the range of $99.52 to $101.26, Reuters technical analyst Wang Tao said. [TECH/C]

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By Jeslyn Lerh and Sonali Paul SINGAPORE (Reuters) -Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week. Brent crude futures rose $1.61, or 1.6%, to $105.47 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1.43, or 1.5%, to $97.78 a barrel. "Things are still negative on the economic front, but we are still in a structural shortfall for prompt oil and that means physical buyers will be there to support dips knowing the uncertainty of what lies ahead on the geopolitical front," said Stephen Innes, managing partner at SPI Asset Management. Innes said investors had next week's U.S. Federal Reserve decision on interest rates firmly on their minds. Fed officials have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting. "While 75 is in the cards, guidance will be important and any softening in the rate hike outlook would be great for global growth," Innes added. While signs of softening U.S. demand weighed on oil prices and sent benchmark contracts sliding around 3% in the previous session, tight global supplies continued to keep the market buoyed. "Despite the sharp decline in oil prices, the outlook for the supply issue remains problematic. Until proven evidence for softened demands comes into sight, the (Ukraine) war-intensified supply shortage will keep the oil prices staying strong," said Tina Teng, an analyst at CMC Markets. WTI has been pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump. In contrast, signs of strong demand in Asia propped up the Brent benchmark, putting it on course for its first weekly gain in six weeks. Demand in India for gasoline and distillate fuels rose to record highs in June, despite higher prices, with total refined product consumption running at 18% more than a year ago and Indian refineries operating near their busiest levels ever, RBC analysts said. "This signals much more than a strong recovery from COVID-plagued years," RBC analyst Michael Tran said in a note.

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Key Metrics

Market Cap

6.28 B

Beta

1.34

Avg. Volume

841.08 K

Shares Outstanding

116.39 M

Yield

1.18%

Public Float

0

Next Earnings Date

2024-03-21

Next Dividend Date

Company Information

at cmc, we firmly believe that our people are the key to our success. our energetic and entrepreneurial spirit has enabled us to remain a leader in the metals industry for over 100 years, and we believe our success is a direct result of the contributions and work ethic of the most talented work force in the industry. we take pride in recruiting and developing the best talent for every facet of our business and encourage that each job is done the right way - correct, consistent and safe. the safety and well-being of our employees is our number one priority. learn more about the cmc family and discover the world of possibilities that awaits when you have a career with a spark!

CEO: Barbara Smith

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HQ: 6565 N Macarthur Blvd Ste 800 Irving, 75039-6283 Texas

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