{"id":4812,"date":"2023-04-13T13:48:30","date_gmt":"2023-04-13T13:48:30","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4812"},"modified":"2023-04-13T13:48:32","modified_gmt":"2023-04-13T13:48:32","slug":"oil-stable-as-market-weighs-tight-supply-against-u-s-recession-risk","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4812\/","title":{"rendered":"Oil stable as market weighs tight supply against U.S. recession risk"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices were stable on Thursday as the market weighed the prospect of tight supply against possible recession in the United States, the world&#8217;s largest oil consumer.<\/p>\n\n\n\n<p>Brent crude edged down 22 cents, or 0.25%, to $87.11 a barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) slipped 20 cents, or 0.24%, to $83.06.<\/p>\n\n\n\n<p>Both Brent and WTI had risen 2% on Wednesday to their highest in more than a month as\u00a0cooling U.S. inflation\u00a0spurred hopes that the U.S. Federal Reserve will stop raising interest rates.<\/p>\n\n\n\n<p>However, minutes from the Fed&#8217;s last policy meeting\u00a0indicated\u00a0that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand.<\/p>\n\n\n\n<p>The Organization of the Petroleum Exporting Countries (OPEC) flagged downside risks to summer oil demand in\u00a0a monthly report\u00a0on Thursday. But OPEC kept its forecast for global oil demand growth in 2023 unchanged.<\/p>\n\n\n\n<p>The market is a keeping a close eye on indicators of economic growth, which Tamas Varga of oil broker PVM described as fragile.<\/p>\n\n\n\n<p>&#8220;Inflationary pressure could easily become elevated again,&#8221; Varga said.<\/p>\n\n\n\n<p>The market is still reeling from the\u00a0shock decision\u00a0by OPEC and its allies, together known as OPEC+, to cut output further.<\/p>\n\n\n\n<p>The executive director of the International Energy Agency expects the move to\u00a0tighten supply\u00a0in the second half of the year and push oil prices higher.<\/p>\n\n\n\n<p>The International Monetary Fund on Tuesday highlighted\u00a0the risk\u00a0this poses to global economic expansion. For every 10% rise in the price of oil, IMF models show a 0.1 percentage point reduction in growth and a 0.3 percentage point increase in inflation, IMF chief economist Pierre-Olivier Gourinchas said.<\/p>\n\n\n\n<p>Markets on Wednesday shrugged off\u00a0a small build in U.S. crude oil stocks, attributing it in part to a release of oil from the U.S. emergency reserve and lower exports at the start of the month.<\/p>\n\n\n\n<p>The Biden administration plans to\u00a0refill the U.S. Strategic Petroleum Reserve soon\u00a0and hopes to do it at lower oil prices, U.S. Energy Secretary Jennifer Granholm said on Wednesday.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-04-13T13:48:32+00:00\"> 13 April 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices were stable on Thursday as the market weighed the prospect of tight supply against possible recession in the United States, the world&#8217;s largest oil consumer. Brent crude edged down 22 cents, or 0.25%, to $87.11 a barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) slipped 20 cents, or 0.24%, to $83.06. Both [&hellip;]","protected":false},"author":1,"featured_media":4813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-4812","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\/4812","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=4812"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/4812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/4813"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=4812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=4812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=4812"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=4812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}