{"id":5511,"date":"2023-05-19T12:49:38","date_gmt":"2023-05-19T12:49:38","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5511"},"modified":"2023-05-19T12:51:41","modified_gmt":"2023-05-19T12:51:41","slug":"oil-rebounds-on-fading-risk-of-u-s-debt-default","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5511\/","title":{"rendered":"Oil rebounds on fading risk of U.S. debt default"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default.<\/p>\n\n\n\n<p>Brent futures rose $1.15, or 1.5%, to $77.01 a barrel by 1205 GMT, while West Texas Intermediate U.S. crude &lt;CLc2&gt; for July expiry climbed $1.16, or 1.6%, to $73.10.<\/p>\n\n\n\n<p>The less active U.S. crude contract for May which is due to expire on Monday was up $1.09 to $72.95.<\/p>\n\n\n\n<p>&#8220;I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold conditions,&#8221; said Yeap Jun Rong, a market strategist at IG.<\/p>\n\n\n\n<p>Earlier this week, U.S. President Joe Biden and Speaker of the House of Representatives Kevin McCarthy reiterated their\u00a0aim to strike a deal\u00a0to raise the $31.4 trillion federal debt ceiling, agreeing to talk as soon as Sunday.<\/p>\n\n\n\n<p>&#8220;Traders were reluctant to go into the weekend short, on the off chance that an agreement to raise the U.S. government\u2019s debt ceiling is struck over the weekend,&#8221; said Vandana Hari, founder of oil market analysis provider Vanda Insights.<\/p>\n\n\n\n<p>Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks.<\/p>\n\n\n\n<p>U.S. inflation does not seem to be cooling fast enough to allow the Federal Reserve to pause its interest-rate hike campaign,\u00a0according to two Fed policymakers.<\/p>\n\n\n\n<p>The potential for additional rate hikes increases concerns about demand weakness in the United States, said analysts from National Australia Bank.<\/p>\n\n\n\n<p>The analysts said, however, there is upside to prices as they expect China&#8217;s demand to continue improving throughout 2023, which should offset the slowdown in OECD demand.<\/p>\n\n\n\n<p>China&#8217;s oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week.<\/p>\n\n\n\n<p>Chinese refiners\u00a0maintained high runs\u00a0to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-05-19T12:51:41+00:00\"> 19 May 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose $1.15, or 1.5%, to $77.01 a barrel by 1205 GMT, while West Texas Intermediate U.S. crude &lt;CLc2&gt; for July expiry climbed $1.16, or 1.6%, [&hellip;]","protected":false},"author":1,"featured_media":5512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5511","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\/5511","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=5511"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5512"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5511"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}