{"id":6617,"date":"2023-07-18T11:59:09","date_gmt":"2023-07-18T11:59:09","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6617"},"modified":"2023-07-18T12:01:34","modified_gmt":"2023-07-18T12:01:34","slug":"oil-inches-higher-as-investors-eye-us-crude-supplies","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6617\/","title":{"rendered":"Oil inches higher as investors eye US crude supplies"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices edged higher on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected\u00a0Chinese economic growth.<\/p>\n\n\n\n<p>Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields.<\/p>\n\n\n\n<p>Brent crude was up 51 cent at $79.01 a barrel by 0956 GMT, while U.S. West Texas Intermediate (WTI) crude rose 55 cents to $74.7 a barrel in relatively muted trading, with the contract set to expire on Thursday. The September WTI contract was also up 55 cents to $74.63.<\/p>\n\n\n\n<p>Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week.<\/p>\n\n\n\n<p>Meanwhile, U.S. shale oil production is projected to see in August its first monthly decline since December 2022, data from the Energy Information Administration showed on Monday.<\/p>\n\n\n\n<p>Sluggish gross domestic product (GDP)\u00a0data\u00a0from China released on Monday &#8220;kept a cautious lid on prices with some reservations in its demand recovery,&#8221; said Jun Rong Yeap, a market strategist at IG in Singapore.<\/p>\n\n\n\n<p>China&#8217;s GDP grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum.<\/p>\n\n\n\n<p>Still, global supplies are expected to see a boost from the resumption of output at two of three\u00a0Libyan fields\u00a0that were shuttered last week. Output was thwarted by a protest against the abduction of a former finance minister.<\/p>\n\n\n\n<p>&#8220;Brand new shiny months normally see OPEC wheel out friendly drop quotes or of late, the voluntary cut bombs as promised by Saudi enabling a surge in enthusiasm,&#8221; said PVM analyst John Evans.<\/p>\n\n\n\n<p>&#8220;But as the month moves on and the calendar comes across more data on economic performance and markers, a sense of pragmatism ensues and an inevitable deflation in mood.&#8221;<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-07-18T12:01:34+00:00\"> 18 July 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices edged higher on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected\u00a0Chinese economic growth. Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Brent crude was up 51 cent at $79.01 a barrel [&hellip;]","protected":false},"author":1,"featured_media":6618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-6617","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\/6617","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=6617"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6618"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6617"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}