{"id":7459,"date":"2023-09-06T12:20:15","date_gmt":"2023-09-06T12:20:15","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7459"},"modified":"2023-09-06T12:20:16","modified_gmt":"2023-09-06T12:20:16","slug":"oil-prices-shuffle-back-as-markets-shrug-off-supply-jitters","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7459\/","title":{"rendered":"Oil prices shuffle back as markets shrug off supply jitters"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil prices reversed course on Wednesday after rising over 1% in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia.<\/p>\n\n\n\n<p>Brent crude futures were down by 59 cents to $89.45 a barrel at 1145 GMT. U.S. West Texas Intermediate crude (WTI) futures traded at $86.21 a barrel, down 48 cents.<\/p>\n\n\n\n<p>Against a basket of currencies, the dollar was at 104.69, not far off the six-month high of 104.90 touched overnight. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies.<\/p>\n\n\n\n<p>&#8220;The reason the market gave back half of the gains and is listless this morning, is because within the language of the joint announcement there is a caveat that these cuts will be reviewed on a monthly basis,&#8221; said John Evans of oil broker PVM.<\/p>\n\n\n\n<p>&#8220;This flexibility add-in allows for wiggle room, but the market smells a taper,&#8221; he said, citing conditions like anti-inflation battles in the U.S. and other countries, whether crude prices near $100 a barrel, or the effect on Saudi oil revenues.<\/p>\n\n\n\n<p>Reflecting supply concerns in the near term, the front-month Brent futures had traded near 9-month highs at $4.13 a barrel above prices in six months.<\/p>\n\n\n\n<p>For U.S. WTI futures, the spread between front-month and the six-month contract widened to as much as $4.88 a barrel on Wednesday, also hovering near nine-month highs.<\/p>\n\n\n\n<p>Saudi Arabia and Russia on Tuesday extended their voluntary oil cuts to the end of the year, the\u00a0former\u00a0to the tune of 1 million barrels per day (bpd) and the\u00a0latter\u00a0by 300,000 bpd. These are on top of the April cut agreed by several OPEC+ producers running to the end of 2024.<\/p>\n\n\n\n<p>Both countries will review their decisions monthly to consider deepening cuts or raising output depending on market conditions.<\/p>\n\n\n\n<p>However, analysts warned that price rises could meet with obstacles as demand may dip when U.S. refineries enter their September-October maintenance period, while potentially higher supply from Iran, Venezuela and Libya could also weigh.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-09-06T12:20:16+00:00\"> 6 September 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil prices reversed course on Wednesday after rising over 1% in the previous session, on a firmer dollar and as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia. Brent crude futures were down by 59 cents to $89.45 a barrel at 1145 GMT. U.S. West [&hellip;]","protected":false},"author":1,"featured_media":7460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-7459","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\/7459","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=7459"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/7459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/7460"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=7459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=7459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=7459"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=7459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}