{"id":2740,"date":"2022-12-16T14:02:13","date_gmt":"2022-12-16T14:02:13","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=2740"},"modified":"2022-12-16T14:02:15","modified_gmt":"2022-12-16T14:02:15","slug":"oil-falls-still-set-for-weekly-gain-on-demand-hopes","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/2740\/","title":{"rendered":"Oil falls, still set for weekly gain on demand hopes"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil fell almost 3% on Friday as the market assessed the aftermath of interest rates hikes by central banks, but was still poised for a weekly gain amid supply disruption concerns and hopes for a recovery of demand in China.<\/p>\n\n\n\n<p>The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation.<\/p>\n\n\n\n<p>&#8220;There are so many driving forces in the oil market at the moment and a more sombre economic outlook on the back of the hawkish central bank message this week appears to be the dominant one going into the weekend,&#8221; said Craig Erlam, analyst, at OANDA.<\/p>\n\n\n\n<p>Brent crude futures were down $2.08, or 2.6%, to $79.13 per barrel at 1334 GMT. West Texas Intermediate futures slipped $2.07, or 2.7%, to $74.04.<\/p>\n\n\n\n<p>Both benchmarks fell 2% in the previous session as the dollar strengthened and central banks in Europe raised interest rates.<\/p>\n\n\n\n<p>Still, crude is on track for a weekly gain with sentiment buoyed by potential supply tightness after Canada&#8217;s TC Energy Corp\u00a0(TRP.TO)\u00a0shut its Keystone pipeline following a leak and by the prospect of demand increasing in 2023.<\/p>\n\n\n\n<p>The International Energy Agency projects Chinese oil demand growth recovering next year by nearly a million barrels per day (bpd) after a 2022 contraction. The agency raised its 2023 global oil demand growth estimate to 1.7 million bpd.<\/p>\n\n\n\n<p>Analysts from J.P.Morgan Commodity Research also expect the United States to start replenishing its strategic petroleum reserves in the first quarter of 2023.<\/p>\n\n\n\n<p>&#8220;Based on our quarterly projections, this window (for repurchase) will open in 1Q23 with initial purchase of around 60 million barrels over 1H23,&#8221; they said.<\/p>\n\n\n\n<p>Investors are still concerned by downside pressures, including the slow recovery of China&#8217;s demand due to a swelling number of COVID infections and a supply overhang in the West of Suez market.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-12-16T14:02:15+00:00\"> 16 December 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil fell almost 3% on Friday as the market assessed the aftermath of interest rates hikes by central banks, but was still poised for a weekly gain amid supply disruption concerns and hopes for a recovery of demand in China. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as [&hellip;]","protected":false},"author":1,"featured_media":2741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-2740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=2740"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/2741"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=2740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=2740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=2740"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=2740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}