Oil steady as prospect of more supply offsets Middle East conflict worries
Oil steady in early trade
Investors weigh escalating tensions between Israel and Lebanon
OPEC+ additional supply expected in December
U.S. oil stocks expected to have fallen last week, poll shows
Oct 1 (Reuters) -Oil prices were steady on Tuesday as the prospect of additional supply entering the market amid lacklustre global demand growth offset concerns that the escalating Middle East conflict could disrupt exports in the key producing region.
Brent crude futures LCOc1 for December delivery increased 13 cents, or 0.18%, to $71.83 a barrel as of 0050 GMT. U.S. West Texas Intermediate crude futures CLc1 for November delivery gained 11 cents, or 0.16%, to $68.28 a barrel.
Oil markets have been under pressure from weaker-than-expected demand growth this year, particularly in China, the world's biggest crude importer. Those demand concerns were reinforced on Monday after data showed the country's manufacturing activity shrank for a fifth month in September.
On Monday, Brent futures ended September down 9%, its third month of declines and largest monthly drop since November 2022. It slumped 17% in the third quarter for its biggest quarterly loss in a year. WTI fell 7% last month and dropped 16% for the quarter.
Despite the demand worries, escalating tensions between Israel and the Islamic militant group Hezbollah in Lebanon has increased potential for Iran, a key oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC) that backs the militia, to be directly drawn into the conflict and possibly disrupt oil exports from the region.
The Israeli military began limited, localized and targeted raids against Hezbollah targets in the border area of southern Lebanon, it said in a statement early on Tuesday.
Still, major producers are set to increase their output before the end of the year.
"Crude oil was little changed as traders took stock of the outlook amid rising tensions in the Middle East," ANZ analysts said in a note.
"The risk of supply disruptions in the Middle East are being offset by the prospect of production hikes from OPEC. Despite its efforts to stabilise the oil market, prices have remained under pressure," they added.
OPEC+, which groups OPEC members and allies such as Russia, is scheduled to raise output by 180,000 barrels per day in December.
U.S. crude oil and fuel stockpiles were expected to have fallen last week by about 2.1 million barrels in the week to Sept. 27, a preliminary Reuters poll showed on Monday.
The poll was conducted ahead of a report from the American Petroleum Institute industry group due at 4:30 p.m. EDT (2030 GMT) on Tuesday.
Reporting by Georgina McCartney in Houston; Editing by Christian Schmollinger
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
