{"id":6663,"date":"2023-07-21T12:20:48","date_gmt":"2023-07-21T12:20:48","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6663"},"modified":"2023-09-13T12:27:22","modified_gmt":"2023-09-13T12:27:22","slug":"oil-climbs-fuelled-by-tighter-supplies-china-stimulus","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6663\/","title":{"rendered":"Oil climbs, fuelled by tighter supplies, China stimulus"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China.<\/p>\n\n\n\n<p>Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel.<\/p>\n\n\n\n<p>&#8220;The supply deficit that had been looming in the second half of the year is now backed up by hard figures,&#8221; Commerzbank analysts said, citing recent data indicating China and India&#8217;s imports of crude oil from Russia had hit an all-time high in June.<\/p>\n\n\n\n<p>However, buying interest from India is likely to weaken, given narrowing discounts and payment problems. Meanwhile, in early July Russia joined Saudi Arabia in cutting output for August.<\/p>\n\n\n\n<p>&#8220;Demand from China and India could therefore shift more towards other suppliers, which would push up oil prices,&#8221; the analysts said.<\/p>\n\n\n\n<p>In the U.S.,\u00a0crude inventories\u00a0have also fallen, supported by a jump in crude exports as well as higher refinery utilisation, the Energy Information Administration (EIA) said on Wednesday.<\/p>\n\n\n\n<p>&#8220;That tightness in supply is already showing up in inventories,&#8221; analysts from ANZ Bank said.<\/p>\n\n\n\n<p>Meanwhile, investors welcomed stimulus measures designed to reinvigorate China&#8217;s sluggish economy.<\/p>\n\n\n\n<p>Latest figures from the world&#8217;s second-biggest oil consumer suggest the rate of gross domestic product growth in the second quarter augurs a miss of the government&#8217;s 5% annual growth target.<\/p>\n\n\n\n<p>On Friday, Chinese authorities unveiled plans to help boost sales of\u00a0automobiles\u00a0and electronics.<\/p>\n\n\n\n<p>&#8220;The announcement remains short on detail but notions of China buying more cars gives rise in hope for oil investor bulls,&#8221; PVM analyst John Evans said.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-09-13T12:27:22+00:00\"> 13 September 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. &#8220;The supply deficit that had been looming in [&hellip;]","protected":false},"author":1,"featured_media":6664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,44,36,19,16],"tags":[],"services":[],"class_list":["post-6663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-fuel","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6663","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=6663"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6664"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6663"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}