{"id":6644,"date":"2023-07-20T12:23:38","date_gmt":"2023-07-20T12:23:38","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6644"},"modified":"2023-07-20T12:26:20","modified_gmt":"2023-07-20T12:26:20","slug":"oil-edges-higher-on-lower-u-s-crude-stocks-cautious-outlook","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6644\/","title":{"rendered":"Oil edges higher on lower U.S. crude stocks, cautious outlook"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious.<\/p>\n\n\n\n<p>September Brent futures climbed 6 cents, or 0.1%, to$79.52 a barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3%, to $75.56 a barrel.<\/p>\n\n\n\n<p>The August WTI contract expires on Thursday. The more active September WTI crude was 8 cents, or 0.1%, higher at $75.37.<\/p>\n\n\n\n<p>Prices fell in the previous session after data showed U.S.\u00a0inventories fell\u00a0less than analysts expected.<\/p>\n\n\n\n<p>&#8220;Yesterday&#8217;s U.S. EIA (Energy Information Administration) oil stock report proved something of a disappointment for those that were looking for inspiration,&#8221; PVM Oil analysts said.<\/p>\n\n\n\n<p>China&#8217;s economic recovery following its end to COVID-19 curbs has fallen short of expectations. Its oil imports year-on-year surged by nearly half in June, but at the same time stock levels rose to near an all-time high. Traders said China had been pragmatically buying discounted Russian crude.<\/p>\n\n\n\n<p>The Organization of the Petroleum Exporting Countries and the International Energy Agency have said China&#8217;s demand is expected to continue to rise in the second half of this year and remain the main driver of global growth.<\/p>\n\n\n\n<p>China&#8217;s imports of crude oil from Russia hit an all-time high in June, Chinese government data showed on Thursday, even as discounts against international benchmarks narrowed.<\/p>\n\n\n\n<p>Crude prices may struggle to find a clear direction given a mixed global demand outlook in the next few weeks, Citi analysts said in a note.<\/p>\n\n\n\n<p>Demand is &#8220;a mixed picture with stronger gasoline and jet fuel demand, but weaker petchems and diesel,&#8221; the analysts said.<\/p>\n\n\n\n<p>Brent crude prices have broken through to a higher range this month, after being stuck at $72-$78 in May and June, the Citi analysts added, after Saudi output cuts and geopolitical risks supported demand.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-07-20T12:26:20+00:00\"> 20 July 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious. September Brent futures climbed 6 cents, or 0.1%, to$79.52 a barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3%, to [&hellip;]","protected":false},"author":1,"featured_media":6645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-6644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6644","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=6644"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6645"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6644"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}