{"id":11930,"date":"2024-09-19T08:57:50","date_gmt":"2024-09-19T08:57:50","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11930"},"modified":"2024-09-19T08:57:50","modified_gmt":"2024-09-19T08:57:50","slug":"brent-oil-prices-hit-74-46-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11930\/","title":{"rendered":"Brent oil prices hit $ 74, 46 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but Brent was still hovering around its lowest levels of the year, below $75, on expectations of weaker global demand.<\/p>\n

Brent<\/span> crude<\/span> futures for November were up 81 cents, or 1.1%, to $74.46 a barrel at 0750 GMT, while WTI crude futures for October were also up 1.1%, rising 75 cents to $71.66 a barrel. The benchmarks recovered after falling in early Asian trade.<\/div>\n
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The<\/span> U.S.<\/span> central bank cut interest rates by half a percentage point on Wednesday. Interest rate cuts typically boost economic activity and energy demand, but the market also saw it as a sign of a weaker U.S. labor market that could slow the economy.<\/div>\n
“<\/span>While the 50 basis point cut hints at harsh economic headwinds ahead, bearish investors were left unsatisfied after the Fed raised the medium-term outlook for rates,” ANZ analysts said in a note.<\/div>\n
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Weak<\/span> demand from China’s slowing economy also continued to weigh.<\/div>\n
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Refinery<\/span> output<\/span> in China slowed for a fifth month in August, statistics bureau data showed over the weekend. China’s industrial output growth also slowed to a five-month low last month, and retail sales and new home prices weakened further.<\/div>\n
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Markets<\/span> were also keeping an eye on events in the Middle East after walkie-talkies used by Lebanese armed group Hezbollah exploded on Wednesday following similar explosions of pagers the previous day.<\/div>\n
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Security<\/span> sources said Israeli spy agency Mossad was responsible, but Israeli officials did not comment on the attacks.<\/div>\n
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Citi<\/span> analysts say they expect a counter-seasonal oil market deficit of around 0.4 million barrels per day (bpd) to support Brent crude prices in the $70 to $75 a barrel range during the next quarter, but that would be temporary.<\/div>\n
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“<\/span>As 2025 global oil balances deteriorate in most scenarios, we still anticipate renewed price weakness in 2025 with Brent on a path to $60\/barrel,” Citi said in a note on Thursday.<\/div>\n
Updated on