Analysis-Global oil demand needs to rise faster to absorb OPEC+ hike

Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from October, according to data, analysts and industry sources. Oil demand growth in the first seven months of the year from top consumers the United States and China had failed to meet some expectations even before renewed fears of a U.S. recession triggered a global stock and bond sell-off this week. If the economy slows further, oil demand growth will likely slow with it.

Oil Poised for Weekly Gain With Eyes on Middle East, Equities

(Bloomberg) -- Oil steadied after a three-day rebound, with traders monitoring developments in the Middle East and a rally in wider markets. Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel Rooms Meant for MigrantsNew York City’s Outdoor Dining Sheds Will Start DisappearingBrent traded near $79 a

Colombian Inflation Slows More Than Forecast to Least Since 2021

(Bloomberg) -- Colombian inflation slowed more than forecast to its lowest level since 2021, bolstering President Gustavo Petro’s calls for faster monetary easing. Most Read from BloombergAfrica’s Richest City Needs $12 Billion to Fix InfrastructureHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel Rooms Meant for MigrantsNew York City’s Outdoor Dining Sheds Will Start Disappearing

Fed's Schmid says he's more confident inflation heading to 2% goal

"Given the multi-decade shock to inflation that we have experienced, we should be looking for the worst in the data rather than the best," Schmid said, noting that prices can be volatile and the Fed needs "longer periods" to be sure of inflation's path. "However, if inflation continues to come in low, my confidence will grow that we are on track to meet the price stability part of our mandate, and it will be appropriate to adjust the stance of policy," he said in remarks prepared for delivery to the Kansas Bankers Association's annual meeting in Colorado Springs, Colorado. With inflation at around 2.5% and the Fed's goal at 2%, he said, the Fed is "close, but we are still not quite there."

RBA Governor Stresses Optionality amid Risks to Inflation and Growth

The RBA maintained a slight hawkish bias on Tuesday, holding interest rates despite rising unemployment and signs pointing to subdued growth in Q2. Focus on stubborn CPI

Mexico Inflation Overshoots Forecast Ahead of Rate Decision

(Bloomberg) -- Mexico’s headline inflation accelerated slightly more than expected in July, boosting the chances that the central bank keeps its key rate unchanged for a third straight meeting later Thursday.Most Read from BloombergAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNew York City’s Outdoor Dining Sheds Will Start DisappearingNYC Subway Riders See ‘Exceptionally High’ Air PollutionNew York City Paid $2 Million for Empty Hotel Rooms Meant for MigrantsThe 5 Coastal States

Nasdaq 100 and Dow struggle but Dax moves higher

Japanese Yen Latest – USD/JPY Stable as Japanese Rate Hike Bets Pushed Back

Exclusive-Western insurers provide cover for Russian oil despite price cap concerns

A group of Western insurers have provided cover for tankers carrying Russian crude, keeping its oil flowing after many in the trade sector withdrew for fear of breaching the rules of a G7 price cap, data from traders and shippers shows. The data seen by Reuters showed that five insurers, including American Club, Luxembourg-headquartered West of England and Norway's Gard, provided cover for 10 tankers that sailed from Russia to Asia this year. American Club and West of England provided insurance for two vessels - the Gioiosa and the Orion I - that made similar voyages in early 2024.

Oil Extends Recovery Rally as Traders Wait for Iran Retaliation

(Bloomberg) -- Oil extended its biggest advance in a week as traders remain on edge over a possible retaliatory strike by Iran on Israel as payback for assassinations of Hezbollah and Hamas leaders.Most Read from BloombergAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNew York City’s Outdoor Dining Sheds Will Start DisappearingThe 5 Coastal States That Face the Most Devastating Flood RiskNew York City Paid $2 Million for Empty Hotel Rooms Meant for MigrantsNYC Subway Riders See ‘Ex