{"id":11806,"date":"2024-09-06T08:30:29","date_gmt":"2024-09-06T08:30:29","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11806"},"modified":"2024-09-06T08:30:29","modified_gmt":"2024-09-06T08:30:29","slug":"brent-crude-oil-was-72-dollars-and-69-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11806\/","title":{"rendered":"Brent crude oil was 72 dollars and 69 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices held at a 14-month low on Thursday as worries about demand in the U.S. and China and a likely rise in supplies out of Libya offset a big withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers.<\/p>\n

Brent<\/span> futures were down 1 cent to settle at $72.69 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 5 cents, or 0.1%, to settle at $69.15.<\/div>\n
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That<\/span> was the lowest close for Brent since June 2023 for a second day in a row and the lowest close for WTI since December 2023 for a third day in a row.<\/div>\n
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The<\/span> U.S.<\/span> Energy Information Administration said energy firms pulled 6.9 million barrels of crude out of storage during the week ended Aug. 30. ,<\/div>\n
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That<\/span> was much bigger than the draw of 1 million barrels analysts forecast in a Reuters poll, but was in line with the draw of 7.4 million barrels reported by the American Petroleum Institute industry group on Wednesday.<\/div>\n
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Further<\/span> support came from discussions between the Organization of the Petroleum Exporting Countries and allies led by Russia, known collectively as OPEC+, about delaying output increases due to start in October.<\/div>\n
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OPEC<\/span>+ agreed to delay a planned oil output increase for October and November, and said it could further pause or reverse the hikes if needed.<\/div>\n
Analysts<\/span> at U.S. investment banking firm Jefferies said the OPEC+ decision has the effect of tightening fourth-quarter balances by about 100,000-200,000 barrels per day (bpd) and should be sufficient to prevent material builds even if demand from China does not improve.<\/div>\n
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Bob<\/span> Yawger, director of energy futures at Mizuho, however, said the market was not impressed with the OPEC+ news.<\/div>\n
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“<\/span>The<\/span> gasoline market would be capable of cratering crude oil even if the OPEC+ chaos was not leaning on (the) price. If you don\u2019t need the gasoline, you don\u2019t need the crude oil to make gasoline,” Yawger said.<\/div>\n
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After<\/span> energy firms added a surprise 0.8 million barrels of gasoline to U.S. stockpiles last week, U.S. gasoline futures fell to their lowest close since March 2021.<\/div>\n
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In<\/span> Libya, some tankers were being allowed to load crude from the OPEC member’s storage even though output remained curtailed amid a political standoff over the central bank and oil revenue.<\/div>\n
CONFLICTING<\/span> US DATA<\/div>\n
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The<\/span> latest U.S. economic data offered some relief about the health of the economy to a market looking for clues about the path of the Federal Reserve interest rate cuts.<\/div>\n
The<\/span> Fed<\/span> hiked rates aggressively in 2022 and 2023 to tame a surge in inflation, but is widely expected to reduce borrowing costs at its Sept. 17-18 policy meeting. Lower rates can boost economic growth and demand for oil.<\/div>\n
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U.S.<\/span> services sector activity was steady in August, but employment gains slowed, remaining consistent with an easing labor market.<\/div>\n
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Meanwhile<\/span>, U.S. private job growth hit a 3-1\/2-year low in August and data for the prior month was revised lower, potentially hinting at a sharp labor market slowdown.<\/div>\n
By<\/span> contrast, the number of Americans filing new applications for jobless benefits declined last week as layoffs remained low.<\/div>\n
“<\/span>In our view, the ‘Beige Book’ suggests that the economy is already growing at a below-trend pace and that recession risks are rising,” analysts at UBS said in a note, referring to the release on Wednesday of a Fed report that acts as a temperature check on the health of the economy about every six weeks.<\/div>\n
Updated on