Oil drops 2 percent on Wall St. losses, weak China data
By Stephanie Kelly NEW YORK (Reuters) - Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer. Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m.
By Stephanie Kelly
NEW YORK (Reuters) - Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.
Global benchmark Brent was set for a weekly loss of about 2.2 percent, while WTI was on track to decline 2.4 percent.
"The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S. dollar as is the case so far today," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
U.S. equity markets broadly fell as China's November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years. The report added to nerves about U.S.-China trade relations.
Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, though runs were 2.9 percent above year-ago levels.
"The energy complex is on the back foot this morning as a batch of soft Chinese economic data triggers a flurry of pre-weekend profit-taking," PVM Oil analyst Stephen Brennock said.
Concerned by mounting oversupply, the Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed last week to reduce output by 1.2 million barrels per day (bpd), or more than 1 percent of global demand.
"For the time being until the OPEC cuts start kicking in, the market is oversupplied in the short term," said Tony Nunan, oil risk manager at Mitsubishi Corp. "If China is slowing down, that's definitely a concern."
U.S. energy firms cut 4 oil rigs in the week to Dec. 14, General Electric Co's
The International Energy Agency said on Thursday it expected a deficit in oil supply by the second quarter of next year, provided OPEC members and other key producers stuck closely to last week's deal to cut output.
As part of the agreement, de facto OPEC leader Saudi Arabia plans to reduce its output to 10.2 million bpd in January.
The IEA kept its 2019 forecast for global oil demand growth at 1.4 million bpd, unchanged from its projection last month, and said it expected growth of 1.3 million bpd this year.
Barclays said on Friday it expects oil prices to rebound in the first half of 2019 on falling inventories, Saudi Arabia's export cuts and an end to the Iran sanction waivers.
(Additional reporting by Christopher Johnson in London and Koustav Samanta in Singapore; Editing by Phil Berlowitz and Chris Reese)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases. Early in the day crude was boosted by a bullish stock market. Even as equities whipsawed on pandemic worries, oil stayed higher, buoyed by expectations that OPEC could staunch a supply glut
By Tina Bellon and C Nivedita (Reuters) - Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet https://bit.ly/2H0JCP0 on Wednesday. The anticipated drop marks the second time this week Tesla has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.
By Jeff Mason DES MOINES, Iowa (Reuters) - Under siege over his handling of the novel coronavirus pandemic, President Donald Trump on Wednesday cited what he said was his son's mild bout of the virus as a reason why American schools should reopen as soon as possible. Trump made the comment about his son, Barron, as the president swept into Iowa on a mission to shore up support in battleground states that he won in 2016 but is in danger of losing to Democrat Joe Biden barely three weeks before the election. First lady Melania Trump announced in a statement earlier in the day that the virus that struck both her and her husband had also infected their 14-year-old son