{"id":4735,"date":"2023-04-10T13:39:26","date_gmt":"2023-04-10T13:39:26","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4735"},"modified":"2023-04-10T13:39:27","modified_gmt":"2023-04-10T13:39:27","slug":"oil-edges-higher-as-tighter-supply-looms-growth-concerns-weigh","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4735\/","title":{"rendered":"Oil edges higher as tighter supply looms, growth concerns weigh"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices edged higher on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers offset concern about weakening global growth that may dampen fuel demand.<\/p>\n\n\n\n<p>Crude last week jumped more than 6% after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, surprised the market with a new round of production cuts starting in May.<\/p>\n\n\n\n<p>Brent crude rose 19 cents, or 0.2%, to $85.31 a barrel by 1200 GMT on Monday, while U.S. West Texas Intermediate crude gained 9 cents to $80.79, Reuters reported.<\/p>\n\n\n\n<p>&#8220;Those who were bearish are questioning the demand outlook in light of the cuts, whilst clearly those who were bullish are now seeing even a tighter market over the second half,&#8221; ING&#8217;s head of commodities research Warren Patterson said.<\/p>\n\n\n\n<p>&#8220;I am in the latter camp and still see prices moving higher from here as we go through the year.&#8221;<\/p>\n\n\n\n<p>Adding to tightness in supply has been a shutdown of Iraq&#8217;s northern exports. A deal was signed last week to restart the flows, but as of Thursday they hadn&#8217;t resumed.<\/p>\n\n\n\n<p>Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand.<\/p>\n\n\n\n<p>In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.<\/p>\n\n\n\n<p>&#8220;This week&#8217;s U.S. data could be a drag on sentiment if strong numbers reinforce expectations of the Fed continuing on its tightening path, while weak numbers point to economic pain, which means either way, risk-aversion grows,&#8221; said Vandana Hari, founder of oil market analysis provider Vanda Insights.<\/p>\n\n\n\n<p>Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-04-10T13:39:27+00:00\"> 10 April 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices edged higher on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers offset concern about weakening global growth that may dampen fuel demand. Crude last week jumped more than 6% after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, [&hellip;]","protected":false},"author":1,"featured_media":4736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-4735","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\/4735","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=4735"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/4736"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=4735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=4735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=4735"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=4735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}