{"id":3281,"date":"2023-01-25T14:55:36","date_gmt":"2023-01-25T14:55:36","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3281"},"modified":"2023-01-25T14:55:40","modified_gmt":"2023-01-25T14:55:40","slug":"oil-steadies-as-u-s-inventory-rise-counters-china-demand-hopes","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3281\/","title":{"rendered":"Oil steadies as U.S. inventory rise counters China demand hopes"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil steadied on Wednesday after a decline in the previous session, as a rise in U.S. crude inventories and global recession worries countered optimism for a demand recovery in China.<\/p>\n\n\n\n<p>Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December on the ending of China&#8217;s COVID-19 controls and hopes that the rise in U.S. interest rates\u00a0will soon taper off.<\/p>\n\n\n\n<p>&#8220;Whether or not oil prices can resume their march higher will depend on how quickly China&#8217;s crude demand bounces back this quarter,&#8221; said Stephen Brennock of oil broker PVM.<\/p>\n\n\n\n<p>&#8220;In the meantime, attention is shifting to the state of U.S. oil inventories.&#8221;<\/p>\n\n\n\n<p>Brent crude was up 7 cents, or 0.1%, to $86.06 a barrel by 1227 GMT after declining 2.3% in the previous session. West Texas Intermediate (WTI) U.S. crude added 27 cents, or 0.3%, to $80.40, after a 1.8% drop on Tuesday.<\/p>\n\n\n\n<p>Weighing on prices was a report on Tuesday that U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, according to market sources citing American Petroleum Institute figures.<\/p>\n\n\n\n<p>Official inventory data from the U.S. Energy Information Administration is out at 1530 GMT.<\/p>\n\n\n\n<p>Also weighing on oil were concerns about an economic slowdown.\u00a0U.S. business activity contracted\u00a0in January for the seventh-straight month, figures showed on Tuesday.<\/p>\n\n\n\n<p>Advertisement \u00b7 Scroll to continue<\/p>\n\n\n\n<p>Elsewhere on the supply side, volume should remain steady from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+.<\/p>\n\n\n\n<p>An OPEC+ panel is likely to endorse\u00a0the group&#8217;s current policy at a Feb. 1 meeting, OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-01-25T14:55:40+00:00\"> 25 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil steadied on Wednesday after a decline in the previous session, as a rise in U.S. crude inventories and global recession worries countered optimism for a demand recovery in China. Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December on the [&hellip;]","protected":false},"author":1,"featured_media":3282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-3281","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\/3281","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=3281"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3282"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3281"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}