{"id":3259,"date":"2023-01-24T15:21:50","date_gmt":"2023-01-24T15:21:50","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3259"},"modified":"2023-01-24T15:21:55","modified_gmt":"2023-01-24T15:21:55","slug":"oil-steady-as-china-reopening-is-balanced-by-economic-concerns","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3259\/","title":{"rendered":"Oil steady as China reopening is balanced by economic concerns"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China.<\/p>\n\n\n\n<p>Brent crude was up 12 cents, or 0.1%, at $88.31 a barrel by 1450 GMT. U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to $81.70.<\/p>\n\n\n\n<p>&#8220;The (United States) economy still could roll over and some energy traders are still sceptical on how quickly China&#8217;s crude demand will bounce back this quarter,&#8221; OANDA analyst Edward Moya said in a note.<\/p>\n\n\n\n<p>This week traders are watching for more business data as corporate earnings season gathers momentum, offering clues to the health of economies around the globe.<\/p>\n\n\n\n<p>On the inventory side, U.S. stocks of crude oil and gasoline were expected to have risen last week while distillate stocks were forecast to fall, a preliminary Reuters poll showed on Monday.<\/p>\n\n\n\n<p>Reports are due from the American Petroleum Institute, at 4:30 p.m. ET (2130 GMT) on Tuesday, and from the Energy Information Administration, at 10:30 a.m. (1530 GMT) on Wednesday.<\/p>\n\n\n\n<p>Bank JP Morgan raised its forecast for Chinese crude demand but maintained its projection for a 2023 price average of $90 a barrel for Brent crude.<\/p>\n\n\n\n<p>&#8220;Absent any major geopolitical events, it would be difficult for oil prices to breach $100 in 2023 as there should be more supply than demand this year,&#8221; it said in an analyst note.<\/p>\n\n\n\n<p>Crude oil prices in physical markets have started the year\u00a0with a rally\u00a0on increased buying from China after the relaxation of pandemic controls and on trader concern that sanctions on Russia could tighten supply.<\/p>\n\n\n\n<p>The dollar , meanwhile, hovered near a nine-month low against the euro and gave back recent gains against the yen as traders continued to gauge the risks of U.S. recession and the path for Federal Reserve policy.<\/p>\n\n\n\n<p>A weaker U.S. currency makes dollar-denominated commodities such as oil cheaper for buyers using other currencies.<\/p>\n\n\n\n<p>Investors have\u00a0piled back\u00a0into petroleum futures and options at the fastest rate for more than two years as concerns over a global business cycle downturn have eased.<\/p>\n\n\n\n<p>Euro zone business activity made a\u00a0surprise return to modest growth\u00a0in January, S&amp;P Global&#8217;s flash Composite Purchasing Managers&#8217; Index (PMI) showed on Tuesday, but British private sector economic activity fell at its fastest rate in two years.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-01-24T15:21:55+00:00\"> 24 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China. Brent crude was up 12 cents, or 0.1%, at $88.31 a barrel by 1450 GMT. U.S. West Texas Intermediate (WTI) crude [&hellip;]","protected":false},"author":1,"featured_media":3260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-3259","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\/3259","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=3259"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3260"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3259"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}