{"id":6162,"date":"2023-06-22T11:58:49","date_gmt":"2023-06-22T11:58:49","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6162"},"modified":"2023-06-22T12:02:01","modified_gmt":"2023-06-22T12:02:01","slug":"oil-falls-with-interest-rate-hikes-and-inventories-in-focus","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6162\/","title":{"rendered":"Oil falls with interest rate hikes and inventories in focus"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil futures fell on Thursday, with trader concern over bearish impact from interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks.<\/p>\n\n\n\n<p>Brent futures dropped by $1.69, or 2.2%, to $75.43 a barrel by 1109 GMT and U.S. West Texas Intermediate (WTI) crude futures were down $1.63, or 2.3%, at $70.90.<\/p>\n\n\n\n<p>The benchmarks erased gains from the previous session, during which U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls could lower biofuels blending and increase oil demand.<\/p>\n\n\n\n<p>On Thursday the market was cautious after Fed Chair Jerome Powell said two more interest rate hikes of 25 basis points each by the end of the year was &#8220;a pretty good guess&#8221;.<\/p>\n\n\n\n<p>Equities, which often move in tandem with oil, were also down.<\/p>\n\n\n\n<p>The Bank of England on Thursday\u00a0raised interest rates\u00a0by a bigger than expected half a percentage point to fight stubbornly high inflation. The increase was the central bank&#8217;s 13th straight hike.<\/p>\n\n\n\n<p>Higher interest rates could slow economic growth and reduce oil demand.<\/p>\n\n\n\n<p>Further price drivers include official U.S. oil inventory data due at 1430 GMT and Chinese factory activity data due next week.<\/p>\n\n\n\n<p>In a preliminary indicator, industry data showed U.S. crude oil inventories fell by about 1.2 million barrels last week, defying forecasts for a build of 300,000 barrels.<\/p>\n\n\n\n<p>Meanwhile, an executive at U.S. shale producer EOG Resources\u00a0said\u00a0oil prices could rise as\u00a0muted increases\u00a0in U.S. oil production and\u00a0cuts by OPEC+\u00a0producers will limit supply in the months ahead.<\/p>\n\n\n\n<p>&#8220;With demand seasonally rising over the coming months, we expect larger oil inventory declines to become visible and support oil prices,&#8221; said UBS strategist Giovanni Staunovo.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-06-22T12:02:01+00:00\"> 22 June 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil futures fell on Thursday, with trader concern over bearish impact from interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures dropped by $1.69, or 2.2%, to $75.43 a barrel by 1109 GMT and U.S. West Texas Intermediate [&hellip;]","protected":false},"author":1,"featured_media":6163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-6162","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\/6162","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=6162"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6163"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6162"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}