{"id":11489,"date":"2024-08-02T09:31:39","date_gmt":"2024-08-02T09:31:39","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11489"},"modified":"2024-08-02T09:31:39","modified_gmt":"2024-08-02T09:31:39","slug":"oil-prices-up-but-on-course-for-fourth-weekly-fall-amid-demand-concerns","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11489\/","title":{"rendered":"Oil prices up but on course for fourth weekly fall amid demand concerns"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices rose on Friday but were on course for a fourth successive weekly decline as signs of disappointing global fuel demand growth outweigh fears of supply disruptions on rising Mideast tensions.<\/p>\n

Brent crude futures gained 46 cents, or 0.6%, to $79.98 a barrel by 0841 GMT, while U.S. West Texas Intermediate crude futures rose 51 cents, or 0.7%, to $76.82.<\/p>\n

Both benchmarks have declined by more than 7% over the last four weeks in the longest streak of consecutive weekly losses this year.<\/p>\n

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BP shares jump as oil giant beats forecasts, hikes dividend<\/span>BP shares jump as oil giant beats forecasts, hikes dividend<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Disappointing economic data from top oil importer China and a survey showing weaker manufacturing activity across Asia, Europe and the United States raised the risk of an underpowered global economic recovery that would weigh on oil consumption.<\/div>\n
Falling manufacturing activity in China also inhibited prices, adding to concerns about demand growth after June data showed imports and refinery activity were lower than last year.<\/div>\n
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Asia’s crude oil imports in July fell to their lowest level in two years, sapped by weak demand in China and India, data from LSEG Oil Research showed.<\/div>\n
Meanwhile OPEC+ in a meeting on Thursday kept its oil output policy unchanged including a plan to start unwinding one layer of cuts from October, which could keep supply buoyant.<\/div>\n

“Crude futures were marginally higher early Friday … as demand concerns continued to tip the balance against supply worries stoked by a surge in Mideast geopolitical tensions,” said Vandana Hari, founder of analysis provider Vanda Insights.<\/p>\n

Oil investors are also cautiously watching developments in the Middle East, where the killing of senior leaders of Iran-aligned militant groups Hamas and Hezbollah stoked fears that the region could be on the brink of all-out war, threatening to disrupt supplies.<\/p>\n

“Heightened geopolitical tensions were reflected in a rising premium for call options as traders are taking a view that prices will rise,” ANZ said, adding that Brent call option contract purchases rose hit their highest level since April.<\/p>\n

“Oil three-month implied volatility rose to 26.6% from a low of 22.6% in mid-July.”<\/p>\n

Updated on