{"id":3326,"date":"2023-01-28T14:58:23","date_gmt":"2023-01-28T14:58:23","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3326"},"modified":"2023-01-28T14:58:24","modified_gmt":"2023-01-28T14:58:24","slug":"oil-prices-settle-lower-on-stronger-supply-outlook","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3326\/","title":{"rendered":"Oil prices settle lower on stronger supply outlook"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil supply offset better-than-expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.<\/p>\n\n\n\n<p>Brent futures settled down 81 cents, or 0.9%, at $86.66 per barrel, up just 3 cents from last week&#8217;s settlement. U.S. crude fell $1.33, or 1.6 %, to settle at $79.68, 2% lower on the week.<\/p>\n\n\n\n<p>Oil loadings from Russia&#8217;s Baltic ports are set to\u00a0rise by 50%\u00a0this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, traders said and Reuters calculations showed.<\/p>\n\n\n\n<p>Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January, traders also.<\/p>\n\n\n\n<p>&#8220;If Russian supply remains strong heading into next month, oil is probably going to continue to trend lower,&#8221; said John Kilduff, partner at Again Capital LLC in New York.<\/p>\n\n\n\n<p>He added that profit taking ahead of the weekend may also have driven prices lower.<\/p>\n\n\n\n<p>U.S. energy firms this week kept oil and natural gas rigs steady at 771, energy services firm Baker Hughes Co BKR.O said in its closely followed report on Friday.<\/p>\n\n\n\n<p>Meanwhile, 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 in inflation and\u00a0gross domestic product\u00a0that grew by a faster than expected 2.9% in the fourth quarter.<\/p>\n\n\n\n<p>A 4.2 million barrel build this week in stocks at Cushing, the pricing hub for NYMEX oil futures, also weighed on the market.<\/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=\"2023-01-28T14:58:24+00:00\"> 28 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil supply offset better-than-expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures settled down 81 cents, or 0.9%, at $86.66 per barrel, up just 3 [&hellip;]","protected":false},"author":1,"featured_media":3327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-3326","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\/3326","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=3326"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3327"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3326"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}