![]() ![]() OPEC, however, said that increase in Chinese demand could be offset by economic risks elsewhere, including the U.S. OPEC projected Chinese oil demand would rise by 800,000 barrels per day (bpd), up from its 760,000-bpd forecast last month. The oil market largely ignored the Organization of the Petroleum Exporting Countries (OPEC) global oil demand forecast for 2023, which projected demand in China, the world's biggest oil importer, would increase. ![]() "Oil prices are lower after another round of Chinese data, this time money metrics, confirmed their economic reopening from COVID continues to disappoint," said Edward Moya, senior market analyst at data and analytics firm OANDA. New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy's post-pandemic recovery is losing steam. news, President Joe Biden's administration unveiled a sweeping plan to slash greenhouse gas emissions from the power industry, one of the biggest steps so far in its effort to decarbonize the economy to fight climate change. producer prices rose moderately last month, the smallest annual producer inflation increase in more than two years. Dow and S&P 500 stock indexes (.DJI), (.SPX) fell after California-based bank PacWest Bancorp's (PACW.O) latest woes sparked another rout in the regional banking sector.Īn extended period of high interest rates could put more stress on banks, but would be necessary if inflation stays stubbornly high, said Minneapolis Federal Reserve President Neel Kashkari. significant obstacles" for oil markets, analysts at energy consulting firm Ritterbusch and Associates said in a note. debt ceiling, recent banking issues that could prompt a credit crunch across much of the oil industry and continued strong possibility of a recession remain. Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn. Higher interest rates can weigh on oil demand by boosting borrowing costs, pressuring economic growth. ![]() The dollar data strengthened the case for the Federal Reserve to halt interest rate hikes but did not prompt expectations of year-end rate cuts.Ī stronger greenback makes oil more expensive in other countries. Those were the lowest closes for both benchmarks since May 4. jobless claims and weak Chinese economic data weighed.īrent crude futures fell $1.43, or 1.9%, to settle at $74.98 a barrel, while West Texas Intermediate crude (WTI) fell $1.69, or 2.3%, to settle at $70.87. debt ceiling stoked recession jitters in the world's biggest oil consumer, while rising U.S. Oil Homepage (Website), Department of Energyĭepartment of Energy hub for information on oil, including news stories, trends over time, and the work of the Department of Energy in oil resources.May 11 (Reuters) - Oil prices fell about 2% to a one-week low on Thursday as a political standoff over the U.S.petroleum supply and disposition with the ability to filter by year/month and region Petroleum Supply and Disposition (Data), Energy Information Administrationĭata for U.S. Energy Explained: Crude Oil and Petroleum Products (Website), Energy Information AdministrationĪ portal for introductory and in-depth information on oil products in the U.S.Product supplied measures the disappearance of these products from petroleum refineries, natural gas processing plants, blending plants, pipelines, and bulk terminals." Learn More: 1 EIA uses product supplied as a proxy for U.S. 1 In 2017, the United States consumed a total of 7.28 billion barrels of petroleum products, an average of about 19.96 million barrels per day. Energy Information Administration (EIA) includes biofuels in consumption of petroleum products. Renewable biofuels, such as ethanol and biodiesel, are used as substitutes for, or as additives to, refined petroleum products. Liquids produced from natural gas processing are also consumed as petroleum products. Nearly all of the crude oil that is produced in or imported into the United States is refined into petroleum products such as gasoline, diesel fuel, heating oil, and jet fuel, which are then consumed. Energy Information Administration's FAQs: "Only a small amount of crude oil is directly consumed in the United States. ![]()
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