Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
* OPEC+ to discuss slowing demand on Thursday - Novak
* WoodMac cuts oil demand growth forecast to 700,000 bpd
* EIA, JBC, ANZ cut growth forecasts to 1 mln bpd or less
* WoodMac, JBC say recovery of higher growth coming in 2020 (Adds Russian comments, OPEC forecast)
SINGAPORE, Sept 11 (Reuters) - Oil executives and traders attending major industry gatherings in Singapore and Abu Dhabi this week have flagged deteriorating demand growth in key markets such as China and India for downbeat expectations on crude oil heading into 2020.
Disappointing data releases across key economies, including historically weak car sales in China and India and a contraction in China's factory activity, have helped to fuel the gloom.
Benchmark crude oil prices have shed about $10 a barrel since April to just under $63 as global economic malaise set in. On Tuesday, the U.S. Energy Information Administration (EIA) forecast that Brent would average $60 a barrel in the fourth quarter.
"The flat price had the best it's going to have this year. We're bearish until year-end," said Ben Luckock, co-head of oil at trading house Trafigura at the Asia Pacific Petroleum Conference in Singapore this week.
That bearish outlook echoed sentiments from the World Energy Congress in Abu Dhabi.
Russian Energy Minister Alexander Novak said the Organization of the Petroleum Exporting Countries and its allies including Russia would discuss slowing oil demand when they meet on Thursday.
He added that there were no fresh proposals to change oil production volumes within a current deal to cut global output by 1.2 million barrels per day (bpd), but the group may discuss new metrics for monitoring the agreement.
In a monthly report, OPEC cut its growth forecast for world oil demand in 2020 to 1.08 million bpd, 60,000 bpd less than previously estimated.
China's latest factory data was emblematic of the broader economic concerns, with factory-gate prices shrinking last month at their fastest in three years as the trade war with the United States weighed on the manufacturing sector.
"There are signals from our consuming markets that our industry should prepare for slower GDP growth. And hence it will translate into tougher days," Rainer Seele, chief executive of Austrian energy group OMV, told Reuters.
Energy consultancy Wood Mackenzie cut its forecast of global growth in demand for energy liquids to 700,000 bpd for 2019, down from 850,000-900,000 bpd, due to stiffening economic headwinds related to the U.S.-China trade war.
At a presentation in Singapore this week, WoodMac said weakness in China's manufacturing sector due to the trade war had restricted the country's overall fuel consumption.
The EIA also shaved its global growth forecast for 2019, to 890,000 bpd from 1 million bpd previously.
JBC Energy, an oil and gas research firm that tracks demand data from more than 100 countries, also pegged global growth in oil demand at below 1 million bpd for 2019.
"There is simply no strong engine for growth in the market. Large economies are constrained by geopolitical uncertainty (trade war/Brexit), while emerging/developing economies are dealing with this and relatively high prices," said Richard Gorry, managing director at JBC Asia in Singapore.
"We are of course also tracking the Fed fund rates, treasury rates, commodity indices, PMIs etc, all of which support our concerns on demand," Gorry said.
ANZ economists joined the bearish chorus in a research note that cut its 2019 oil demand growth forecast to 1.0 million bpd from 1.2 million, also citing weakening purchasing managers' index (PMI) data and shrinking global car sales.
Looking to 2020, though, JBC and WoodMac forecast a modest recovery in demand growth.
"Next year we would see demand back around 1.2 million bpd, marginally IMO-driven, and partially as a base effect of low demand growth in 2018 and 2019," said Gorry, referencing new maritime rules that will force ships to upgrade their fuel.
WoodMac's 2020 growth forecast is 1.3 million bpd.
(Reporting by Nidhi Verma, Jane Chung and Florence Tan in SINGAPORE and Dmitry Zhdannikov in ABU DHABI; Writing by Gavin Maguire and Shadia Nasralla; Editing by Tom Hogue and Dale Hudson)