{"id":5904,"date":"2023-06-09T14:33:40","date_gmt":"2023-06-09T14:33:40","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5904"},"modified":"2023-06-09T14:37:51","modified_gmt":"2023-06-09T14:37:51","slug":"oil-prices-stable-as-gains-capped-by-demand-fears","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5904\/","title":{"rendered":"Oil prices stable as gains capped by demand fears"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices were broadly stable on Friday and were set for a second week of declines as concern over oil demand growth outweighed Saudi output cuts.<\/p>\n\n\n\n<p>Brent crude futures dipped 18 cents, or 0.3%, to $75.78 a barrel by 1334 GMT, while U.S. West Texas Intermediate crude was down 27 cents, or 0.4%, at $71.02.<\/p>\n\n\n\n<p>Both benchmarks lost about $1 on Thursday, having rebounded from a slump of more than $3 after the\u00a0U.S. and Iran denied a report\u00a0by the Middle East Eye that they were close to a nuclear deal that could have brought Iranian barrels back to the market.<\/p>\n\n\n\n<p>Oil prices had risen early in the week, buoyed by\u00a0Saudi Arabia&#8217;s pledge\u00a0over the weekend to cut output, but pared gains on a\u00a0rise in U.S. fuel stocks and weak\u00a0Chinese export data.<\/p>\n\n\n\n<p>&#8220;Attention will now shift back to the precarious state of the oil demand picture,&#8221; said PVM analyst Stephen Brennock.<\/p>\n\n\n\n<p>Expectations of tighter supply and higher demand as the United States enters the summer holiday season, when more people drive, are being offset by worries over a slow pickup in China&#8217;s fuel demand.<\/p>\n\n\n\n<p>China&#8217;s factory gate prices\u00a0fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery.<\/p>\n\n\n\n<p>Meanwhile, strong factory activity in India &#8211; the world&#8217;s third-largest oil consumer &#8211; helped to lift fuel consumption in May, driving\u00a0diesel sales\u00a0to a record high.<\/p>\n\n\n\n<p>Some analysts expect oil prices to rise if the\u00a0U.S. Federal Reserve\u00a0skips a interest rate hike at its next meeting over June 13-14.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-06-09T14:37:51+00:00\"> 9 June 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices were broadly stable on Friday and were set for a second week of declines as concern over oil demand growth outweighed Saudi output cuts. Brent crude futures dipped 18 cents, or 0.3%, to $75.78 a barrel by 1334 GMT, while U.S. West Texas Intermediate crude was down 27 [&hellip;]","protected":false},"author":1,"featured_media":5905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5904","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\/5904","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=5904"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5905"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5904"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}