Oil prices wobble ahead of China trade data
2023-11-07
Summary:
Oil prices fell on Tuesday, erasing most prior gains amid renewed demand worries. Saudi Arabia and Russia confirmed extra supply cuts until year-end.
Oil prices eased on Tuesday, giving up most of the gains from the previous day, on renewed demand concerns. Saudi and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
Venezuela's state-owned PDVSA is still in talks with global oilfield firms to hire equipment and services that would allow it to revive depressed output, sources close to the meetings said.
Refinery runs are easing at Chinese refineries from record levels in the third quarter because of profit margin squeeze and a lack of export quotas to the end of the year.
Elsewhere US crude oil refiners this quarter will pull back from high summer run rates as weak gasoline margins and plant overhauls cool operating goals.
Israel said "tactical little pauses" would be considered to facilitate the entry of aid or the exit of hostages, but rejected calls for a general ceasefire despite growing international pressure.
China will release its import and export figures for October later in the day. Investors will keep a close eye on it for more cues on economic recovery of the world’s largest oil importer.
Brent crude shows some bearish bias as it edged closer to the lower end of recent trading range. A break above 50 MA is needed to stage a convincing rally.
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