Oil prices down 1.5% for the week on recession jitters



* Speculators cut U.S. crude oil net longs -CFTC

* Dollar driven to five-week high by Fed rate hike forecasts

* Fed has 'a lot of time' before next rate decision, Barkin says

* OPEC chief optimistic on demand

* U.S. oil rig count flat for the week -Baker Hughes

By Laila Kearney

NEW YORK, Aug 19 (Reuters) - Oil prices steadied on Friday, but fell for the week on a stronger U.S. dollar and fears that an economic slowdown would weaken crude demand.

Brent crude futures LCOc1 settled at $96.72 a barrel, gaining 13 cents. U.S. West Texas Intermediate crude CLc1 ended 27 cents higher at $90.77. Both benchmarks fell about 1.5% on the week.

Oil briefly jumped in volatile trade on comments by Richmond Federal Reserve President Thomas Barkin nL1N2ZV147 who said the drive to raise rates also needs to be balanced with the impact rate hikes are having on the economy. But crude pared gains as investor concerns about upcoming rate hikes settled back in.

Strength in the U.S. dollar .DXY hit a five-week high, which also capped crude's gains as it makes oil more expensive for buyers in other currencies.

"Although the oil complex has been able to shrug off a strong dollar on any given session, extended strong dollar trends will pose a major headwind against sustainable oil price gains," Jim Ritterbusch, of oil trading advisory firm Ritterbusch and Associates, said in a note.

In a sign of easing oil supply tightness, the price gap between prompt and second-month Brent futures LCOc1-LCOc2 has narrowed by about $5 a barrel since the end of July to under $1. The spread for WTI CLc1-CLc2 has shrunk to a 39-cent premium from a nearly $2 premium in late July.

Haitham Al Ghais, the new secretary general of the Organization of the Petroleum Exporting Countries, told Reuters he was optimistic about oil demand into 2023.

OPEC is keen to ensure Russia remains part of the OPEC+ group, Al Ghais said ahead of a Sept. 5 meeting.

Supplies could tighten again when European buyers start seeking alternative supplies to replace Russian oil ahead of European Union sanctions that take effect from Dec. 5.

"We calculate the EU will need to replace 1.2 million barrels per day of seaborne Russian crude imports with crude from other regions," consultancy FGE said in a note.

Data earlier this week showed U.S. crude inventories fell sharply as the world's top producer exported a record 5 million barrels of oil per day last week, with oil companies finding demand from European nations looking to replace Russian crude.

However, the number of U.S. oil rigs, an early indicator of future supply, was unchanged at 601 this week, according to Baker Hughes Co BKR.O , as energy companies slowly increase production to pre-pandemic levels with shale oil output in September expected to hit its highest since March 2020.

Money managers, meanwhile, cut their net long U.S. crude futures and options positions in New York and London by 18,389 contracts to 154,824 in the week to Aug. 16, the U.S. Commodity Futures Trading Commission (CFTC) said.


Reporting by Laila Kearney in New York Additional reporting by Shadia Nasralla in London, Florence Tan in Singapore and Yuka Obayashi in Tokyo Editing by Marguerita Choy and Matthew Lewis

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明