{"id":5989,"date":"2023-06-13T14:30:57","date_gmt":"2023-06-13T14:30:57","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5989"},"modified":"2023-06-13T14:33:05","modified_gmt":"2023-06-13T14:33:05","slug":"oil-prices-rise-on-bargain-hunting-as-demand-worries-weigh","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5989\/","title":{"rendered":"Oil prices rise on bargain hunting as demand worries weigh"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices rose on Tuesday on apparent bargain hunting, recovering some ground from the previous day&#8217;s plunge.<\/p>\n\n\n\n<p>But gains were limited as investors remained cautious ahead of key policy decisions by central banks and on weak economic data from China.<\/p>\n\n\n\n<p>Brent crude futures climbed $2.28, or 3.2%, to $74.12 a barrel by 1330 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.22 a barrel, up $2.10, or 3.1%.<\/p>\n\n\n\n<p>Equities, which often trade in tandem with oil, also rose.<\/p>\n\n\n\n<p>Brent&#8217;s six-month backwardation, a market structure whereby shorter-dated futures trade above longer-dated ones, has fallen to its lowest since March at around $1.30, indicating faltering market confidence in demand outstripping supply over the year.<\/p>\n\n\n\n<p>&#8220;For market participants to start building up long positions again, they likely need to see larger inventory declines,&#8221; said UBS strategist Giovanni Staunovo, adding he expected this to happen within weeks.<\/p>\n\n\n\n<p>Both benchmarks fell around $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about demand growth just ahead of a U.S. Fed monetary policy meeting concluding on Wednesday.<\/p>\n\n\n\n<p>Most market participants expect the Fed to\u00a0leave interest rates unchanged, a view boosted after data showed\u00a0U.S. consumer prices\u00a0barely rose in May.<\/p>\n\n\n\n<p>The Fed&#8217;s rate hikes have strengthened the greenback , making dollar-denominated commodities more expensive for holders of other currencies and weighing on oil prices, so a rate hike pause could be bullish.<\/p>\n\n\n\n<p>The European Central Bank, meanwhile, is expected to hike interest rates on Thursday.<\/p>\n\n\n\n<p>In the world&#8217;s biggest crude importer, China, which posted\u00a0disappointing economic data\u00a0last week, the central bank\u00a0lowered a short-term\u00a0lending rate to restore market confidence.<\/p>\n\n\n\n<p>Demand jitters offset a temporary boost in oil prices from\u00a0Saudi Arabia&#8217;s pledge to cut\u00a0more production in July.<\/p>\n\n\n\n<p>The Organization of Petroleum Exporting Countries (OPEC) kept its\u00a0forecast for 2023 global oil demand\u00a0growth steady for a fourth month on Tuesday, slightly increasing expectations of Chinese demand growth.<\/p>\n\n\n\n<p>Another monthly report by the International Energy Agency (IEA) due on Wednesday will provide further trading cues.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-06-13T14:33:05+00:00\"> 13 June 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices rose on Tuesday on apparent bargain hunting, recovering some ground from the previous day&#8217;s plunge. But gains were limited as investors remained cautious ahead of key policy decisions by central banks and on weak economic data from China. Brent crude futures climbed $2.28, or 3.2%, to $74.12 a [&hellip;]","protected":false},"author":1,"featured_media":5990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5989","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\/5989","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=5989"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5990"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5989"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}