{"id":7065,"date":"2023-08-17T11:42:31","date_gmt":"2023-08-17T11:42:31","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7065"},"modified":"2023-08-17T11:42:33","modified_gmt":"2023-08-17T11:42:33","slug":"oil-edges-up-as-china-seeks-to-calm-economic-fears","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7065\/","title":{"rendered":"Oil edges up as China seeks to calm economic fears"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices crept up on Thursday after China&#8217;s central bank sought to stem the rising tide of pessimism over the country&#8217;s property market and wider economy.<\/p>\n\n\n\n<p>Prices had fallen for the previous session on simmering worries over the impact on fuel demand from a deepening property crisis that is stifling momentum in China&#8217;s economy and the potential for further increases to U.S. interest rates.<\/p>\n\n\n\n<p>Brent crude futures rose 67 cents to $84.12 a barrel by 1058 GMT and U.S. West Texas Intermediate crude (WTI) was up 63 cents at $80.01.<\/p>\n\n\n\n<p>&#8220;Oil traders like the fact that China isn\u2019t going to tolerate weakness in economic activity,&#8221; said Naeem Aslam at Zaye Capital Markets after China&#8217;s central bank said that it will adjust and optimise property policies in a timely manner.<\/p>\n\n\n\n<p>Interest rates also remain in focus, with minutes of the U.S. Federal Reserve&#8217;s July meeting released on Wednesday. The minutes showed the central bank&#8217;s officials did not give strong indications about pausing rate hikes in an effort to\u00a0prioritise the battle against inflation.<\/p>\n\n\n\n<p>Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.<\/p>\n\n\n\n<p>&#8220;Crude prices are going to struggle here as we have bearish sentiment in the world&#8217;s two largest economies,&#8221; said OANDA analyst Edward Moya.<\/p>\n\n\n\n<p>On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage.<\/p>\n\n\n\n<p>Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.<\/p>\n\n\n\n<p>If the market had received that data in friendlier macroeconomic climes, the narrative of a tightening market would be at the top of news screens rather than today&#8217;s blight of financial considerations, said John Evans at oil broker PVM.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-08-17T11:42:33+00:00\"> 17 August 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices crept up on Thursday after China&#8217;s central bank sought to stem the rising tide of pessimism over the country&#8217;s property market and wider economy. Prices had fallen for the previous session on simmering worries over the impact on fuel demand from a deepening property crisis that is stifling [&hellip;]","protected":false},"author":1,"featured_media":7066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-7065","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\/7065","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=7065"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/7065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/7066"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=7065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=7065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=7065"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=7065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}