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(Bloomberg) Oil fell for a fourth day as macroeconomic concerns overshadowed physical market tightness to cloud the demand outlook.Most Read from BloombergWhy a US Recession Is Still Likely — and Coming SoonAirbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.JPMorgan’s Dimon Predicts 3.5-Day Work Week for Next Generation Thanks to AI Severe Crash Is Coming for US Office Properties, Survey SaysBig Tech Spared as Bond Selloff Rattles Stocks: Markets WrapWest Texas Intermediate trad ....
Asian refiners are on the hunt for crude oil to replace Kuwaiti supply as the OPEC producer cuts exports by nearly a fifth to feed its huge new refinery, which is driving up prices for other sour crudes and likely to squeeze profit margins. Lower Kuwaiti exports follow cuts from OPEC kingpin Saudi Arabia that have pushed Brent prices close to $90 a barrel and left little wriggle room for Asia's refiners, reliant on the Middle East for more than two-thirds of crude imports. Chinese refiners, which have invested heavily in new plants designed to process sour oil, are especially exposed. ....
Oil prices steadied after Russian Deputy Prime Minister Alexander Novak said global oil markets were balanced. Brent crude futures settled up 68 cents, while West Texas Intermediate crude settled up 46 cents. Economic data and weak refinery margins could affect crude demand and lead to cuts in runs. ....
Oil rose to nearly $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery. A lack of capacity in some countries has meant that supply additions by the Organization of the Petroleum Exporting Countries (OPEC) are running below the allowed increase under a pact with its allies. "Omicron has yet to wreak the havoc of the Delta variant and may never do so, keeping the global recovery on track," said Jeffrey Halley, analyst at brokerage OANDA. ....