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Oil prices eased on Monday due to renewed concerns over waning demand in the United States and China. The drop in oil prices sent the value of Russia’s flagship Urals crude grade back into the $60 range. Despite negative sentiment regarding China’s oil demand, OPEC reported healthy Chinese crude imports and argued against excessively negative sentiment in the oil market. OPEC raised the 2023 non-OPEC supply-growth forecast and kept the 2024 world oil demand growth forecast unchanged. The selloff in crude prices has left oil drillers, energy traders, and fuel producers wondering about OPEC's potential actions. Additionally, US shale oil output is expected to fall in December, and money managers have quadrupled bearish bets on US oil due to demand angst. However, oil prices edged up after OPEC reported strong market fundamentals and concerns about potential supply disruptions due to the U.S. crackdown on Russian oil exports.
Almost no Russian oil is sold below $60 cap, say western officials https://t.co/OaZgUG8yFl via @financialtimes
Oil traders turn bearish, daring OPEC⁺ to cut again https://t.co/veNpU04666 https://t.co/CAzmmEsU05
OIL PRICES EDGE UP AFTER OPEC SAYS MARKET FUNDAMENTALS ARE STRONG (Reuters) Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. https://t.co/nffYM4GGaC
⚡️ IEA: Russian revenues from oil exports drop due to sanctions, global market forces. Russian revenues from oil exports in October dropped by almost 2.5% from the previous month in part due to Western sanctions against those violating the $60 per barrel price cap, the… https://t.co/SSQtWsJtGS
Russia's seaborne crude exports edged lower ahead of a meeting of OPEC+ oil minsters later this month, leaving weekly flows close to the level pledged by Moscow, writes @JLeeEnergy https://t.co/XSWjQM7Nfq
Russia's seaborne crude exports edged lower ahead of a meeting of OPEC+ oil minsters later this month, leaving weekly flows close to the level pledged by Moscow, writes @JLeeEnergy https://t.co/YbfSAfrnti
Russia’s wheat exports are slowing from their record pace as traders see lower demand https://t.co/uTbiwcDdZH
Russia’s wheat exports are slowing from their record pace as traders see lower demand https://t.co/Mb6DWnzXUd
Russia's seaborne crude exports edged lower ahead of a meeting of OPEC+ oil minsters later this month, leaving weekly flows close to the level pledged by Moscow, writes @JLeeEnergy https://t.co/DWl32LXxHm
Russia’s wheat exports are slowing from their record pace as traders see lower demand https://t.co/fWtwSOekRA
OPEC Oil Production Inches Up In October, Sees "Healthy" Demand In US And China https://t.co/zFOJu5L4qe
Russia’s revenue from oil exports in October drop, according to the International Energy Agency https://t.co/MOac2G8ZZI
Russia’s revenue from oil exports in October drop, according to the International Energy Agency https://t.co/oSxUFyg7xA
The G7 has struggled to succeed in the battle to cap Russian oil sales at $60 a barrel, a key sanction to limit the Kremlin’s funding for its war in Ukraine https://t.co/rhT6Bkiq3Y https://t.co/9XXO2JzVOd
Russia’s revenue from oil exports in October drop, according to the International Energy Agency https://t.co/GstTzyili4
Russia’s revenue from oil exports in October drop, according to the International Energy Agency https://t.co/SHJLnhiNdC
🔴 IEA: CHINESE OIL DEMAND ROSE TO A RECORD HIGH OF 17.1 MLN BPD IN SEPTEMBER.
I don't know you, but I didn't realise that's how a cap works. Almost no Russian oil is sold below $60 cap, say western officials https://t.co/r4gnQhaJj7
Oil prices edge up after OPEC says market fundamentals are strong https://t.co/78QFqoaKVt https://t.co/WQFXWZOAU3
⚠️ OIL PRICES EDGE UP AFTER OPEC SAYS MARKET FUNDAMENTALS ARE STRONG Full Story → https://t.co/6PNnHlQlFU https://t.co/vM8P3hfPcN
US shale oil output expected to fall in December -EIA https://t.co/BszQlamG0K https://t.co/Trkj86EHd1
Money managers have more than quadrupled bearish bets on US oil in the past month as demand angst returns to markets. https://t.co/X2YtYAWDqq
Money managers have more than quadrupled bearish bets on US oil in the past month as demand angst returns to markets. https://t.co/zlZtnWm9By
🔴 EIA: US EAGLE FORD OIL OUTPUT SET TO FALL IN DECEMBER TO ITS LOWEST SINCE FEBRUARY.
🔴 EIA: US PERMIAN OIL OUTPUT DUE TO RISE IN DECEMBER TO ITS HIGHEST ON RECORD.
🔴 US OIL OUTPUT FROM TOP SHALE-PRODUCING REGIONS DUE TO DECLINE MARGINALLY IN DECEMBER FOR SECOND MONTH IN A ROW - EIA.
🔴 EIA: US EAGLE FORD OIL PRODUCTION FOR DECEMBER WAS DOWN 3,000 BPD AT 1.151 MLN BPD (VS 9,300 BPD FALL IN NOVEMBER)
🔴 EIA RIG PRODUCTIVITY REPORT: US BAKKEN OIL PRODUCTION FOR DECEMBER SEEN UP 2,400 BPD AT 1.272 MLN BPD (VS 300 BPD FALL IN NOVEMBER)
OPEC says oil demand strong despite 'overblown negative sentiment' https://t.co/NBItmPRZ5f by @ines_ferre
Russian crude exports are rising despite pledge to cut, helping keep oil prices in check https://t.co/jXOlAuqylb
A selloff that dragged crude prices near their lowest levels in four months has left many oil drillers, energy traders and fuel producers wondering whether OPEC will act https://t.co/Hq1ZJIyjXY https://t.co/Hq1ZJIyjXY
Oil wavers on weak demand outlook in US and China, Fed hedging - Reuters https://t.co/Aowo8VXQ9g
🔴 OPEC KEEPS 2024 WORLD OIL DEMAND GROWTH FORECAST UNCHANGED AT 2.25 MBPD.
🔴 OPEC: DESPITE FAVOURABLE MARKET FUNDAMENTALS, OIL PRICES HAVE FALLEN IN RECENT WEEKS, OWING PRIMARILY TO FINANCIAL SECTOR SPECULATORS.
🔴 OPEC: GLOBAL OIL MARKET FUNDAMENTALS REMAIN STRONG DESPITE EXAGGERATED NEGATIVE SENTIMENTS.
🔴 OPEC: DESPITE OVERBLOWN NEGATIVE SENTIMENT REGARDING CHINA’S OIL DEMAND PERFORMANCE, CHINESE CRUDE IMPORTS REMAIN VERY HEALTHY.
🔴 OPEC: OPEC CRUDE OIL OUTPUT ROSE BY 80,000 BPD TO 27.90 MILLION BPD IN OCTOBER LED BY IRAN, ANGOLA AND NIGERIA.
🔴 OPEC RAISES 2023 NON-OPEC SUPPLY-GROWTH FORECAST BY 100,000 BPD TO 1.8 MLN BPD.
🔴 OPEC ARGUES AGAINST EXCESSIVELY NEGATIVE SENTIMENT IN THE OIL MARKET.
The drop in oil prices sends the value of Russia’s flagship Urals crude grade back into the $60 range https://t.co/iHILYfeDTF
The drop in oil prices sends the value of Russia’s flagship Urals crude grade back into the $60 range https://t.co/mOz8WCmUAr
The drop in oil prices sends the value of Russia’s flagship Urals crude grade back into the $60 range https://t.co/RH2oHPhHlo
OIL PRICES EASE ON WORRIES OF WANING DEMAND IN US AND CHINA (Reuters) Oil prices eased on Monday, reversing their rally on Friday, as renewed concerns over waning demand in the United States and China dented market sentiment. https://t.co/VvlDKE3TyQ