{"id":4818,"date":"2023-04-14T13:14:41","date_gmt":"2023-04-14T13:14:41","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=4818"},"modified":"2023-04-14T13:19:19","modified_gmt":"2023-04-14T13:19:19","slug":"oil-prices-on-track-for-a-fourth-consecutive-weekly-gain","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/4818\/","title":{"rendered":"Oil Prices On Track For A Fourth Consecutive Weekly Gain"},"content":{"rendered":"
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Oil prices are on course for their fourth consecutive weekly gain, with WTI trading above $82 and Brent trading above $86.<\/p>\n\n\n\n

In its latest Monthly Oil Market Report, OPEC warned of a substantial supply deficit later this year, a sentiment echoed by the IEA\u2019s Fatih Birol.<\/p>\n\n\n\n

Russian exports are also showing signs of weakening while demand in China is showing signs of strength.<\/p>\n\n\n\n

Crude oil prices are about to record<\/a> their fourth consecutive week of gains after OPEC said in its monthly report that supply is about to tighten further.<\/p>\n\n\n\n

The latest Monthly Oil Market Report\u00a0showed<\/a> OPEC\u2019s combined daily gaverage output at 28.8 million barrels for March, which was 86,000 bpd less than the average for February.<\/p>\n\n\n\n

Yet OPEC also said in its latest report that the oil market was in for a substantial supply deficit later in the year that would only worsen with time.<\/p>\n\n\n\n

Further contributing to higher prices, the head of the International Energy Agency, Fatih Birol also warned<\/a> of a tighter oil market in the second half of the year.<\/p>\n\n\n\n

Traders are anticipating the IEA\u2019s own monthly oil market update, due out later today.<\/p>\n\n\n\n

An additional bullish factor for prices came from Russia, where there are signs of lower production, according to analysts.<\/p>\n\n\n\n

“Russian exports are showing signs of weakening as production is reported to have been curtailed by 700,000 barrels per day (bpd),” ANZ analysts said in a note, quoted<\/a> by Reuters.<\/p>\n\n\n\n

According to the news agency, if the IEA reports a revised demand outlook and the revision is downward, this could put a lid on oil prices for a while.<\/p>\n\n\n\n

On the other hand, the latest oil import data from China showed a 22.5-percent annual increase<\/a> for March, suggesting that even if there were still signs of an economic slowdown it was not in China when oil demand was concerned.<\/p>\n\n\n\n

On top of all this, the dollar has been sliding for five weeks now, boosting the attractiveness of crude oil since the commodity is overwhelmingly traded in the greenback.<\/p>\n\n\n\n

The slide itself reflects expectations that the Fed could soon announce the end of its rate hike program, even though inflation remains above the central bank\u2019s target.<\/p>\n

Updated on