{"id":6717,"date":"2023-07-25T13:53:11","date_gmt":"2023-07-25T13:53:11","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6717"},"modified":"2023-07-25T13:56:11","modified_gmt":"2023-07-25T13:56:11","slug":"oil-prices-steady-near-3-month-highs","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6717\/","title":{"rendered":"Oil prices steady near 3-month highs"},"content":{"rendered":"
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Roydad Naft News Agency – Oil prices were steady on Tuesday, hovering near three-month highs as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment, while weaker Western economic data weighed.<\/p>\n\n\n\n

Brent futures were down 9 cents, or 0.1%, at $82.65 a barrel by 1340 GMT, while U.S. West Texas Intermediate (WTI) crude dipped 7 cents, or 0.1%, to $78.67.<\/p>\n\n\n\n

The crude benchmarks have already chalked up four weekly gains in a row, with supplies expected to tighten\u00a0due to output cuts\u00a0from the Organization of the Petroleum Exporting Countries (OPEC) and allies.<\/p>\n\n\n\n

Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high.<\/p>\n\n\n\n

“On the supply side, whilst remote for now, risks are growing following Russia\u2019s escalation and bombing of Ukrainian port infrastructure along the Danube River,” ING said in a note saying\u00a0attacks on grains assets\u00a0could spill into energy markets.<\/p>\n\n\n\n

“The market is starting to become a little nervous over a potential supply disruption.”<\/p>\n\n\n\n

In China, the world’s second-biggest oil consumer, leaders pledged to\u00a0step up economic policy support. In the euro zone, business activity\u00a0shrank more than expected in July, a survey showed.<\/p>\n\n\n\n

In the United States,\u00a0business activity slowed\u00a0to a five-month low in July, a closely watched survey showed, but falling input prices and slower hiring indicate the Federal Reserve could be making progress on its bid to reduce inflation. Markets anticipate 25-basis-point rate hikes from both the Fed and the European Central Bank this week.<\/p>\n\n\n\n

U.S. industry data on inventories is expected at around 2030 GMT. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.<\/p>\n\n\n\n

Sending a bearish signal, a 110,000 barrel-per-day unit at the huge U.S. refinery in Baton Rouge\u00a0will be shut for up to four weeks, sources said.<\/p>\n

Updated on