{"id":3297,"date":"2023-01-27T14:26:13","date_gmt":"2023-01-27T14:26:13","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3297"},"modified":"2023-01-27T14:26:15","modified_gmt":"2023-01-27T14:26:15","slug":"oil-prices-firm-on-upbeat-u-s-economic-data","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3297\/","title":{"rendered":"Oil prices firm on upbeat U.S. economic data"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices rose for a second session on Friday, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.<\/p>\n\n\n\n<p>Brent futures gained $1.17, or 1.34%, to trade at $88.64 a barrel by 1332 GMT. U.S. crude was up $1.17, or 1.44%, at $82.18 and on track for its highest daily jump in percentage terms for two weeks.<\/p>\n\n\n\n<p>Both benchmarks advanced by more than 1% on Thursday and are heading for a third straight week of gains.<\/p>\n\n\n\n<p>OPEC+ delegates meet next week to review crude production levels, with sources from the oil producer group expecting\u00a0no change\u00a0to current output policy.<\/p>\n\n\n\n<p>The U.S. Federal Reserve&#8217;s next decision on interest rates will be made at meeting over Jan. 31 and Feb. 1 against a backdrop of a dip to inflation and\u00a0gross domestic product\u00a0that grew by a faster than expected 2.9% in the fourth quarter.<\/p>\n\n\n\n<p>&#8220;The positive batch of data gave oil prices a lift,&#8221; said PVM analyst Stephen Brennock.<\/p>\n\n\n\n<p>Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week.<\/p>\n\n\n\n<p>&#8220;We believe soaring middle-distillate prices and cracks are mostly behind crude\u2019s bullish price action,&#8221; JPMorgan said in a note, pointing to heavy refinery maintenance and outages, plus the European ban on Russian refined products from Feb. 5.<\/p>\n\n\n\n<p>In China, critically ill\u00a0COVID-19 cases are down 72%\u00a0from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped by 79% from their peak, pointing to a normalisation of the Chinese economy and boosting expectations of a recovery in oil demand.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-01-27T14:26:15+00:00\"> 27 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices rose for a second session on Friday, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures gained $1.17, or 1.34%, to trade at $88.64 a barrel by 1332 GMT. U.S. crude was up $1.17, or 1.44%, at $82.18 [&hellip;]","protected":false},"author":1,"featured_media":3298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-3297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3297","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=3297"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3298"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3297"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}