Oil eases as traders and investors grow edgy ahead of OPEC

NEW YORK (Reuters) – Oil prices slipped on Monday, extending recent weakness ahead of an OPEC meeting next week, while a rally in the dollar negatively affected commodities across the board.
Brent crude futures LCOc1 were down 84 cents at $61.86, or 1.4 percent, by 11:37 a.m. EST (1637 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 1.2 percent, to $55.85 a barrel. Oil has been under pressure for the last two weeks since peaking in early November; U.S. crude has lost 2.6 percent…

Growth in Developed Economies Slowed in Third Quarter, OECD Says

Economic growth in developed countries slowed in the three months to September, but remains on course for a pickup in 2017 overall. The Organization for Economic Cooperation and Development said Monday the combined economic output of its 35 members was 0.6% higher in the third quarter than in the three months through June. This was a slowdown from the 0.8% growth recorded in the second quarter…

Global stocks still on track for second weekly fall

NEW YORK (Reuters) – The U.S. dollar was lower on Friday along with Wall Street stocks as investors pulled back from technology stocks and were skeptical President Donald Trump’s Republican party would succeed in its efforts at U.S. tax reform. U.S. Treasury yields edged lower, in line with declines in U.S. stock indexes and German 10-year bond yields, as risk appetites faded. The yield curve continued to flatten after strong U.S. housing starts data for October…

German growth data boosts euro; World stocks, oil prices fall

NEW YORK (Reuters) – The euro was set for its strongest session in more than four months on Tuesday, boosted by strong economic growth in Germany, but world stocks fell for the fourth straight day as oil prices fell and investors worried about U.S. tax reform. U.S. Treasury two-year note yields climbed to a nine-year peak while long-dated debt yields fell, flattening the yield curve flattened for a second straight day, while investors braced for a Federal Reserve December rate hike…

Oil prices slide for fourth day after U.S. crude, gasoline stocks rise

LONDON (Reuters) – Oil prices fell for a fourth session on Wednesday, weighed down by worries that data would show U.S. crude inventories rising after this week’s gloomy global demand outlook from the International Energy Agency (IEA). Brent crude futures LCOc1 were down 68 cents at $61.53 a barrel at 1335 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.08 per barrel, down 62 cents…

OPEC raises its oil demand forecast for 2018

LONDON (Reuters) – OPEC raised its forecast on Monday for demand for its oil in 2018 and said its deal with other producers to cut output was reducing excess oil in storage, potentially pushing the global market into a larger deficit next year. The Organization of the Petroleum Exporting Countries also said in a monthly report it had cut its estimate of 2018 supply from non-OPEC producers and said oil use would grow faster than previously thought due to a stronger-than-expected world economy…

Oil pain continues: IMF slashes growth forecast for Gulf states

Oil markets have stabilized but Middle East economies are still feeling the pain of the price collapse that began more than three years ago. The Gulf states will barely grow this year, according to the International Monetary Fund. It has slashed its forecast for GDP growth across the six members of the Gulf Cooperation Council to just 0.5%, down from 0.9% it forecast in May. “Oil exporters are continuing to adjust to these low prices, which have dampened growth and contributed to large fiscal and external deficits,” the IMF said on Tuesday its regional economic outlook…

Saudi Arabia seeks foreign help for its economic overhaul

The kingdom is open for business. That’s the message in the Saudi capital of Riyadh, where some of the world’s top business leaders are gathering this week.
The Arab nation is holding a big investment conference as it pursues an aggressive economic overhaul to reduce its dependence on oil. HSBC boss Stuart Gulliver, IMF chief Christine Lagarde and SoftBank chairman Masayoshi Son will attend, according to the conference website…

Will world growth continue – or are we heading for a slowdown? | Nouriel Roubini

Following IMF’s World Economic Outlook, here are three scenarios for global economy in medium term

For the past few years, the global economy has been oscillating between periods of acceleration (when growth is positive and strengthening) and periods of deceleration (when growth is positive but weakening). After more than a year of acceleration, is the world heading towards another slowdown, or will the recovery persist?

The current upswing in growth and equity markets has been going strong since the summer of 2016. Despite a brief hiccup after the Brexit vote, the acceleration endured not only Donald Trump’s election as US president but the heightening policy uncertainty and geopolitical chaos that he has generated. In response to this apparent resilience, the International Monetary Fund, which in recent years had characterised global growth as the “new mediocre”, upgraded its World Economic Outlook in July.

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Oil rises on tighter market, but doubts swirl on sustainability

NEW YORK (Reuters) – Oil prices were virtually flat on Wednesday as Saudi Arabia said it pumped more in September than August, even as OPEC forecast higher demand for 2018. Brent crude futures LCOc1 were trading down 14 cents, or 0.3 percent, to $56.47 per barrel by 12:32 p.m. EDT (1232 GMT). Brent closed 2 percent higher the previous day…

Oil rises to $56 on Saudi export cut

NEW YORK (Reuters) – Oil prices rose about 2 percent on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact…

Oil stable on lower U.S. rig count, expectation of ongoing Saudi output restraint

AMSTERDAM (Reuters) – Oil prices stabilized on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the possibility of further action to restore market balance in the long term. Oil production platforms in the Gulf of Mexico started returning to service after Hurricane Nate had forced the shutdown of more than 90 percent of crude output in the area. The prospective restarts kept price gains in check…

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