{"id":3687,"date":"2023-02-15T14:44:29","date_gmt":"2023-02-15T14:44:29","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3687"},"modified":"2023-02-15T14:44:31","modified_gmt":"2023-02-15T14:44:31","slug":"oil-drops-on-inventory-jump-demand-outlook-limits-loss","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3687\/","title":{"rendered":"Oil drops on inventory jump; demand outlook limits loss"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices dropped for a second day on Wednesday on signs of ample U.S. supplies and expectations of further interest rate hikes, though forecasts of higher 2023 demand growth and a potentially tighter market limited losses.<\/p>\n\n\n\n<p>U.S. crude stocks rose by a more than forecast 10.5 million barrels, according to market sources citing American Petroleum Institute (API) figures ahead of official Energy Information Administration (EIA) data at 1530 GMT.<\/p>\n\n\n\n<p>&#8220;Simply put, the U.S. is swimming in oil,&#8221; said Stephen Brennock of oil broker PVM.<\/p>\n\n\n\n<p>Brent crude futures fell 45 cents, or 0.5%, to $85.13 a barrel by 1240 GMT after dropping by more than $1 in earlier trading. U.S. West Texas Intermediate (WTI) crude slipped 49 cents, or 0.6%, to $78.57.<\/p>\n\n\n\n<p>U.S. inflation data\u00a0and remarks from central bank officials that have been perceived as indications that interest rates will go higher for longer also weighed on the market.<\/p>\n\n\n\n<p>Federal Reserve officials on Tuesday said that the U.S. central bank will need to maintain gradual increases to interest rates to beat inflation and suggested that price pressures driven by a hot jobs market could push borrowing costs higher than previously expected.<\/p>\n\n\n\n<p>Also applying downward pressure on crude was the\u00a0announcement this week\u00a0that the United States would sell 26 million barrels of oil from the nation&#8217;s strategic reserve, which is already at its lowest level in about four decades.<\/p>\n\n\n\n<p>Lending some support was\u00a0Wednesday&#8217;s reportfrom the International Energy Agency (IEA), which raised its forecast for 2023 oil demand growth and said that restrained OPEC+ production could bring a supply deficit in the second half.<\/p>\n\n\n\n<p>The IEA said that about 1 million barrels per day (bpd) of production from OPEC+ member Russia will be shut in by the end of the first quarter, citing a European ban on seaborne imports and a G7 price cap over the invasion of Ukraine.<\/p>\n\n\n\n<p>On Tuesday the Organization of the Petroleum Exporting Countries (OPEC) also\u00a0raised its projection\u00a0for global oil demand growth and pointed to a tighter market in 2023.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-02-15T14:44:31+00:00\"> 15 February 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices dropped for a second day on Wednesday on signs of ample U.S. supplies and expectations of further interest rate hikes, though forecasts of higher 2023 demand growth and a potentially tighter market limited losses. U.S. crude stocks rose by a more than forecast 10.5 million barrels, according to market sources citing American Petroleum [&hellip;]","protected":false},"author":1,"featured_media":3688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-3687","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\/3687","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=3687"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3688"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3687"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}