{"id":3074,"date":"2023-01-12T15:06:14","date_gmt":"2023-01-12T15:06:14","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3074"},"modified":"2023-01-12T15:06:16","modified_gmt":"2023-01-12T15:06:16","slug":"oil-rises-over-1-on-china-demand-hopes-u-s-inflation-in-focus","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3074\/","title":{"rendered":"Oil rises over 1% on China demand hopes, U.S. inflation in focus"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil rose more than 1% on Thursday supported by optimism over China&#8217;s demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates.<\/p>\n\n\n\n<p>Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023.<\/p>\n\n\n\n<p>Brent crude rose $1.18, or 1.4%, to $83.85 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude gained $1.15, or 1.5%, to $78.56.<\/p>\n\n\n\n<p>Both benchmarks jumped 3% on Wednesday driven by hopes that the outlook for the global economy may not be quite as pessimistic as has been feared.<\/p>\n\n\n\n<p>&#8220;A softer landing for the U.S., and perhaps elsewhere, combined with a strong economic rebound in China following the current COVID wave could make for a much better year than feared and stimulate extra crude demand,&#8221; said Craig Erlam of brokerage OANDA.<\/p>\n\n\n\n<p>The U.S. CPI data due at 1330 GMT is set to have a big impact on oil and the wider market by shaping expectations of the speed of interest rate hikes in the world&#8217;s biggest economy.<\/p>\n\n\n\n<p>&#8220;The mood is unreservedly upbeat but let us remember: it can turn sour as quickly as it has improved if inflationary pressure proves entrenched,&#8221; said Tamas Varga of oil broker PVM.<\/p>\n\n\n\n<p>Economists expect the rise in core U.S. consumer prices\u00a0(USCPFY=ECI)\u00a0to have slowed to an annual pace of 5.7% in December, versus 6% a month earlier. Month-on-month headline inflation is seen at zero\u00a0(USCPI=ECI).<\/p>\n\n\n\n<p>The market is also bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine.<\/p>\n\n\n\n<p>The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-01-12T15:06:16+00:00\"> 12 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil rose more than 1% on Thursday supported by optimism over China&#8217;s demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will [&hellip;]","protected":false},"author":1,"featured_media":3075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-3074","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\/3074","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=3074"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3075"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3074"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}