{"id":3416,"date":"2023-02-01T14:57:10","date_gmt":"2023-02-01T14:57:10","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3416"},"modified":"2023-02-01T14:57:12","modified_gmt":"2023-02-01T14:57:12","slug":"oil-prices-stable-as-opec-sticks-to-policy-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3416\/","title":{"rendered":"Oil prices stable as OPEC+ sticks to policy ahead of Fed meeting"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices remained relatively stable after OPEC and its allies stuck to their output policy while the market awaits a U.S. interest rate decision and data on U.S. crude and fuel stockpiles later on Wednesday.<\/p>\n\n\n\n<p>Brent crude futures were down 14 cents, or 0.1%, at $85.33 a barrel by 1419 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 13 cents, or 0.2%, to $79.00.<\/p>\n\n\n\n<p>Ministers from the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia kept their output policy unchanged at a virtual meeting on Wednesday.<\/p>\n\n\n\n<p>OPEC&#8217;s oil\u00a0output fell\u00a0in January, as Iraqi exports dropped and Nigerian output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below OPEC+ targeted volumes, a Reuters survey found.<\/p>\n\n\n\n<p>The shortfall was bigger than the 780,000 bpd deficit in December.<\/p>\n\n\n\n<p>Elsewhere, Russia&#8217;s Deputy Prime Minister said he expected oil demand to rise on the back of Chinese economic activity.<\/p>\n\n\n\n<p>Tamer U.S. rate hike expectations\u00a0helped to\u00a0lower the dollar\u00a0index , which supported oil prices, said PVM analyst Stephen Brennock. A weaker U.S. currency makes dollar-priced oil cheaper for buyers holding other currencies.<\/p>\n\n\n\n<p>The U.S. Federal Reserve is expected to deliver its interest rate decision at 1900 GMT.<\/p>\n\n\n\n<p>Data from the American Petroleum Institute shows U.S. crude stocks rose about 6.3 million barrels, more than expected, in the week ended Jan. 27, market sources said.<\/p>\n\n\n\n<p>Government stockpile data is due at 1530 GMT.<\/p>\n\n\n\n<p>&#8220;Commercial storage in North America is ample,&#8221; said Norbert Ruecker, economist at the bank Julius Baer.<\/p>\n\n\n\n<p>&#8220;The improved market mood has lifted prices of late, but this support should remain temporary. We see lower prices longer term, in line with the futures market\u2019s expectations.&#8221;<\/p>\n\n\n\n<p>WTI is trading in contango , which means front-month delivery contracts are trading higher than later deliveries, indicating current oversupply.<\/p>\n\n\n\n<p>Brent is in a shallow backwardation, the opposite market structure.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-02-01T14:57:12+00:00\"> 1 February 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices remained relatively stable after OPEC and its allies stuck to their output policy while the market awaits a U.S. interest rate decision and data on U.S. crude and fuel stockpiles later on Wednesday. Brent crude futures were down 14 cents, or 0.1%, at $85.33 a barrel by 1419 GMT. West Texas Intermediate (WTI) [&hellip;]","protected":false},"author":1,"featured_media":3417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,1],"tags":[],"services":[],"class_list":["post-3416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-opec"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3416","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=3416"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3416\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3417"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3416"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}