{"id":4011,"date":"2023-03-03T14:00:44","date_gmt":"2023-03-03T14:00:44","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4011"},"modified":"2023-03-03T14:00:45","modified_gmt":"2023-03-03T14:00:45","slug":"oil-prices-dip-but-are-still-poised-for-weekly-gain","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4011\/","title":{"rendered":"Oil prices dip but are still poised for weekly gain"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices dipped on Friday but were poised to register a weekly gain, with renewed optimism on China&#8217;s demand recovery outweighing worries over recession, growing U.S. crude inventories and tightening monetary policy in Europe.<\/p>\n\n\n\n<p>Brent crude futures slipped by 51 cents, or 0.6%, to $84.24 a barrel by 1207 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.5%, at $77.75.<\/p>\n\n\n\n<p>Brent has risen about 1.3% this week while WTI is heading for a gain of 1.9%.<\/p>\n\n\n\n<p>&#8220;Those betting on higher oil prices are basking in the afterglow of the positive macro data out of China,&#8221; said PVM analyst Stephen Brennock.<\/p>\n\n\n\n<p>In China, activity in the services sector expanded at\u00a0the fastest pace in six months\u00a0in February as the removal of tough COVID-19 restrictions revived demand, a private sector survey showed on Friday.<\/p>\n\n\n\n<p>Manufacturing activity\u00a0in China also grew last month, at the fastest pace in more than a decade, reinforcing expectations of a fuel demand recovery. China&#8217;s seaborne imports of Russian oil are set to hit\u00a0a record high this month.<\/p>\n\n\n\n<p>The world&#8217;s top oil importer is becoming increasingly ambitious with its\u00a02023 growth target, aiming as high as 6%, sources involved in policy discussions told Reuters this week.<\/p>\n\n\n\n<p>The market broadly shrugged off a 10th consecutive week of crude stock builds\u00a0(USOILC=ECI)\u00a0in the United States, as record exports of U.S. crude kept the increase smaller than in recent weeks.<\/p>\n\n\n\n<p>Russia&#8217;s plan to\u00a0deepen oil export cuts\u00a0in March also helped to buoy prices.<\/p>\n\n\n\n<p>Meanwhile, analysts polled by Reuters expect the\u00a0dollar to weaken\u00a0in the next 12 months, which would make dollar-denominated oil cheaper for holders of other currencies. ,<\/p>\n\n\n\n<p>On the central bank front,\u00a0hawkish signals continue to emanate from the European Central Bank, with Governing Council member Pierre Wunsch saying its key interest rate could climb as high as 4% if underlying inflation remains high.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-03-03T14:00:45+00:00\"> 3 March 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices dipped on Friday but were poised to register a weekly gain, with renewed optimism on China&#8217;s demand recovery outweighing worries over recession, growing U.S. crude inventories and tightening monetary policy in Europe. Brent crude futures slipped by 51 cents, or 0.6%, to $84.24 a barrel by 1207 GMT. U.S. West Texas Intermediate (WTI) [&hellip;]","protected":false},"author":1,"featured_media":4012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-4011","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\/4011","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=4011"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/4012"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=4011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=4011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=4011"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=4011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}