{"id":3354,"date":"2023-01-30T15:03:00","date_gmt":"2023-01-30T15:03:00","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3354"},"modified":"2023-01-30T15:03:01","modified_gmt":"2023-01-30T15:03:01","slug":"oil-falls-as-rate-hikes-loom-and-russian-flows-stay-strong","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3354\/","title":{"rendered":"Oil falls as rate hikes loom and Russian flows stay strong"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices extended losses on Monday as looming increases to interest rates by major central banks and signs of strong Russian exports offset rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand.<\/p>\n\n\n\n<p>Investors expect\u00a0the U.S. Federal Reserve\u00a0to raise rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European Central Bank. Any deviation from that script would be a shock.<\/p>\n\n\n\n<p>&#8220;The risk-off cautious mood in the market ahead of the central bank meetings is hurting risk assets, including oil,&#8221; said City Index analyst Fiona Cincotta.<\/p>\n\n\n\n<p>Brent crude fell 94 cents, or 1.1%, to $85.72 a barrel by 1436 GMT while U.S. West Texas Intermediate crude dropped $1.40, or 1.8%, to $78.28.<\/p>\n\n\n\n<p>The market also came under pressure from indications of\u00a0strong Russian supply\u00a0despite a European Union ban and G7 price cap imposed over its invasion of Ukraine. Both oil benchmarks last week registered their first weekly loss in three.<\/p>\n\n\n\n<p>Besides the central bank meetings, a gathering on Wednesday of key ministers from the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia will also be in focus.<\/p>\n\n\n\n<p>The OPEC+ panel meeting is unlikely to tweak\u00a0output policy, three OPEC+ delegates told Reuters on Monday.<\/p>\n\n\n\n<p>&#8220;The boat is not really in stormy seas right now. So why rock something that&#8217;s not moving about as it is,&#8221; said Ole Hansen, head of commodity strategy at Saxo Bank.<\/p>\n\n\n\n<p>OPEC+ could &#8220;surprise markets with a small cut&#8221;, oil broker PVM said, adding it was unlikely to tweak policy.<\/p>\n\n\n\n<p>Earlier on Monday, oil prices rose on tensions in the Middle East after a\u00a0drone attack\u00a0in Iran.<\/p>\n\n\n\n<p>While it is not clear yet what&#8217;s happening in Iran, any escalation there has the potential to disrupt crude flow, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.<\/p>\n\n\n\n<p>Hopes of a rise in Chinese demand have boosted oil in 2023. The world&#8217;s biggest crude importer pledged over the weekend to\u00a0promote a consumption recovery that would support demand.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-01-30T15:03:01+00:00\"> 30 January 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices extended losses on Monday as looming increases to interest rates by major central banks and signs of strong Russian exports offset rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand. Investors expect\u00a0the U.S. Federal Reserve\u00a0to raise rates by 25 basis points on Wednesday, followed the day [&hellip;]","protected":false},"author":1,"featured_media":3355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-3354","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\/3354","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=3354"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3355"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3354"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}