Crude futures settle down by more than $1/bbl on demand fears
Benchmark prices have fallen sharply in past week
Hit by soft US, China data; possible Libya output return
OPEC+ could delay planned output increase, sources say
Updates with settlement prices
By Erwin Seba
HOUSTON, Sept 4 (Reuters) - Crude futuresLCOc1 fell by more than $1 a barrel on Wednesday in see-saw trading, with traders worriedabout demand in coming months as crude producers offered mixed signals about supply increases.
Brent crude futures LCOc1 settled down $1.05, or 1.42%,to $72.70 a barrel.U.S. West Texas Intermediate crude futures CLc1 settleddown $1.14,or 1.62%,at $69.20.
During the session, bothbenchmarks swung from$1 down to $1 up following news OPEC+ was discussing delaying a possible output increase because Libyan production is expected to rise.
In abroader sell-off, Brent crude futures tumbled as much as 11%, or about $9, in a little over a week, hitting a low of $72.63 on Wednesday.
Lackluster data from the U.S. and China reinforcedexpectations of a weaker global economy and oil demand, helping set off a broader decline in world markets.
"It's definitely worries about a slowdown in manufacturing," said Phil Flynn, senior analyst at Price Futures Group. "That's the only negative we're seeing."
Meanwhile, traders believed there could be an end in sight to a dispute halting Libyan oil exports, which would bringmore crude supply back online.
"This sell off moved the attention to what OPEC+’s response would be, which last week looked set to start the planned output hikes in October," wrote Alex Hodes, analyst at StoneX. "The group is now concerned about pricing and sources say that a delay to the hikes is now being discussed."
Recent data releases fedconcerns ofweak demand from China, the world's biggest crude importer, and U.S. consumption taking a hit.
On Saturday, Chinesedata showed manufacturing activity sank to a six-month low in August, when growth in new home prices slowed.
On Tuesdayin the U.S., the Institutefor Supply Management data showed manufacturing remained subdued.
Weekly U.S. oil inventorydata was delayed by Monday's Labor Day holiday. The report from the American Petroleum Institute is due at 4:30 p.m. EDT (2030 GMT) on Wednesday and data from the U.S. Energy Information Administration will be published at 11:00 a.m. EDT (1500 GMT) on Thursday.
U.S. crude and gasoline stockpiles were expected to have fallen last week, a preliminary Reuters poll showed. EIA/SAPI/S
While traders were pessimistic on demand fears, changes in supply could easily change sentiments, Flynn said.
"We could flip on a dime," he said. "It could very easily turn positive. We could see a pretty decent crude draw later today."
Reporting by Erwin Seba, Additional reporting by Paul Carsten, Ahmad Ghaddar in London, Yuka Obayashi in Tokyo and Jeslyn Lerh in Singapore; Editing by Louise Heavens, Mark Potter, Emelia Sithole-Matarise and David Gregorio
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
