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UPDATE 3-Oil prices lifted by weaker dollar and soaring equities

Tue, 1st Sep 2020 05:32

* American Petroleum Institute data expected at 2030 GMT

* Strong Chinese data lends support
(Changes dateline to London, updates prices, adds comment)

By Shadia Nasralla

LONDON, Sept 1 (Reuters) - Oil prices rose on Tuesday,
reversing overnight losses against the backdrop of an equities
bull run and a sliding U.S. dollar.

Brent crude futures climbed 40 cents to $45.68 a
barrel by 0930 GMT. U.S. West Texas Intermediate (WTI) crude
futures also rose 40 cents, hitting $43.01 a barrel.

The dollar was at it lowest in more than two years against a
basket of currencies, pressured by the U.S. Federal
Reserve's loosening of inflation policy last week, making
dollar-priced commodities cheaper for global buyers.

Strong Chinese manufacturing data also lifted oil prices,
said Jeffrey Halley, a senior market analyst at OANDA.

The Caixin/Markit Manufacturing Purchasing Managers'
Index(PMI) showed China's factory activity expanded at the
fastest pace in nearly a decade last month, bolstered by the
first increase in new export orders this year.

Bulls also pushed up equities, with the MSCI world equity
index close to a record peak on Tuesday.

Yet oil, which often moves in tandem with equities, remains
reigned in by demand concerns.

PVM analyst Tamas Varga said oil prices are likely to move
below recent levels, citing sizeable downward revisions to
second-half demand estimates by the International Energy Agency
and the Organization of the Petroleum Exporting Countries
(OPEC).

Ahead of the release of U.S. stockpile data from the
American Petroleum Institute, due at 2030 GMT, a Reuters poll
found that analysts expect U.S. crude stocks to have fallen by
about 2 million barrels in the week to Aug. 28.

Gasoline inventories were expected to have fallen by 3.6
million barrels, with distillate inventories including diesel
and heating oil down by 1.5 million barrels, according to six
analysts polled by Reuters.
(Additional reporting by Sonali Paul and Seng Li Peng in
Singapore
Editing by David Goodman)

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