{"id":3795,"date":"2023-02-21T14:58:02","date_gmt":"2023-02-21T14:58:02","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3795"},"modified":"2023-02-21T14:58:04","modified_gmt":"2023-02-21T14:58:04","slug":"brent-oil-slips-as-growth-fears-offset-china-demand-hopes","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3795\/","title":{"rendered":"Brent oil slips as growth fears offset China demand hopes"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Brent oil slipped in a volatile session on Tuesday as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day&#8217;s gains.<\/p>\n\n\n\n<p>The focus in the wider financial market is firmly on the release on Wednesday of the minutes of the U.S. Federal Reserve&#8217;s latest meeting, after\u00a0recent data\u00a0raised the risk of interest rates remaining higher for longer.<\/p>\n\n\n\n<p>Global benchmark Brent crude was down 44 cents, or 0.5%, at $83.63 a barrel by 1435 GMT. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was up 32 cents at $76.66.<\/p>\n\n\n\n<p>&#8220;Markets are very choppy after a very slow start to the week and crude is no different,&#8221; said Craig Erlam of brokerage OANDA.<\/p>\n\n\n\n<p>&#8220;While China&#8217;s recovery could lift oil prices over the coming months, global concerns are weighing, so we aren&#8217;t quite seeing it being fully priced in.&#8221;<\/p>\n\n\n\n<p>The market rallied, with Brent briefly turning positive, after better than expected\u00a0business activity surveys\u00a0in Europe and the UK pointed to a less gloomy European economic outlook than previously feared.<\/p>\n\n\n\n<p>On Monday oil prices rose by more than 1% on optimism over Chinese demand that analysts expect to rebound this year after COVID-19 restrictions were scrapped.<\/p>\n\n\n\n<p>The U.S. crude contract did not settle on Monday because of a public holiday in the United States. As a result, the weekly American Petroleum Institute report on U.S. inventories will be out on Wednesday rather than the usual Tuesday.<\/p>\n\n\n\n<p>Signs of tighter supply also lent prices some support.<\/p>\n\n\n\n<p>Russia plans to\u00a0cut oil production\u00a0by 500,000 barrels per day, or about 5% of its output, in March after the West imposed price caps on Russian oil and oil products over the invasion of Ukraine.<\/p>\n\n\n\n<p>Russia is part of the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, which agreed in October to cut oil production targets by 2 million bpd until the end of 2023.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-02-21T14:58:04+00:00\"> 21 February 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Brent oil slipped in a volatile session on Tuesday as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day&#8217;s gains. The focus in the wider financial market is firmly on the release on Wednesday of the minutes of the U.S. Federal Reserve&#8217;s latest meeting, after\u00a0recent [&hellip;]","protected":false},"author":1,"featured_media":3796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-3795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3795","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=3795"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3796"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3795"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}