{"id":2986,"date":"2023-01-05T14:51:02","date_gmt":"2023-01-05T14:51:02","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=2986"},"modified":"2023-01-05T14:51:02","modified_gmt":"2023-01-05T14:51:02","slug":"oil-steadies-after-biggest-start-of-the-year-drop-in-decades","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/2986\/","title":{"rendered":"Oil steadies after biggest start of the year drop in decades"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil steadied on Thursday in volatile trade after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support and economic concerns capping gains.<\/p>\n\n\n\n<p>Big declines in the previous two days were driven by worries about a global recession, especially since short-term economic signs in the world&#8217;s two biggest oil consumers, the United States and China, looked weak.<\/p>\n\n\n\n<p>Helping drive gains early on Thursday was a statement from top U.S. pipeline operator Colonial Pipeline, which said its Line 3 had been shut for unscheduled maintenance with a restart expected on Jan. 7.<\/p>\n\n\n\n<p>Tamas Varga of oil broker PVM said the rebound was due to the pipeline shutdown and added: &#8220;There is no doubt that the prevailing trend is down; it is a bear market.&#8221;<\/p>\n\n\n\n<p>Brent crude was up 60 cents, or 0.8%, to $78.44 a barrel at 1435 GMT, while U.S. West Texas Intermediate crude was down 26 cents, or 0.4%, to $72.58. Both contracts were up over $2 earlier.<\/p>\n\n\n\n<p>Both benchmarks&#8217; cumulative declines of more than 9% on Tuesday and Wednesday were the biggest two-day losses at the start of a year since 1991, according to Refinitiv Eikon data.<\/p>\n\n\n\n<p>Reflecting near-term bearishness, the nearby contracts of the two benchmarks traded at a discount to the next month, a structure known as contango. ,<\/p>\n\n\n\n<p>On Wednesday, figures showing\u00a0U.S. manufacturing contracted further in Decemberpressured prices, as did concerns about economic disruption as COVID-19 works its way through China, which has abruptly dropped strict curbs on travel and activity.<\/p>\n\n\n\n<p>&#8220;China&#8217;s pandemic and reopening challenges weigh on the market mood and put the bull thesis of a demand rebound under scrutiny,&#8221; said Norbert R\u00fccker, analyst at Swiss private bank Julius Baer.<\/p>\n\n\n\n<p>Also weighing were inventory figures from the American Petroleum Institute, which according to market sources showed a rise in U.S. crude and gasoline stocks.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-01-05T14:51:02+00:00\"> 5 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil steadied on Thursday in volatile trade after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support and economic concerns capping gains. Big declines in the previous two days were driven by worries about a global recession, especially since short-term [&hellip;]","protected":false},"author":1,"featured_media":2987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-2986","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\/2986","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=2986"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/2987"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=2986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=2986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=2986"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=2986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}