{"id":877,"date":"2022-07-27T16:30:52","date_gmt":"2022-07-27T16:30:52","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=877"},"modified":"2022-07-27T16:30:55","modified_gmt":"2022-07-27T16:30:55","slug":"oil-rises-on-u-s-inventory-drop-russian-gas-cuts","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/877\/","title":{"rendered":"Oil rises on U.S. inventory drop, Russian gas cuts"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike.<\/p>\n\n\n\n<p>Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four times the forecast decline. The Energy Information Administration&#8217;s official figures are out at 1430 GMT.<\/p>\n\n\n\n<p>&#8220;Coupled with the Fed decision on interest rates, today is sure to be a heavy U.S.-centric session,&#8221; said Stephen Brennock of oil broker PVM.<\/p>\n\n\n\n<p>Brent crude rose $1.19, or 1.1%, to $105.59 a barrel at 1340 GMT. U.S. West Texas Intermediate (WTI) crude gained $1.47, or 1.6%, to $96.45.<\/p>\n\n\n\n<p>&#8220;It looks the more vulnerable from a technical perspective, and a large gain by official U.S. crude inventories tonight could spark more selling,&#8221; said Singapore-based analyst Jeffrey Halley of brokerage OANDA, referring to WTI.<\/p>\n\n\n\n<p>Oil has soared in 2022, reaching a 14-year high of $139 a barrel in March after Russia&#8217;s invasion of Ukraine added to supply worries and as demand recovered from the pandemic.<\/p>\n\n\n\n<p>Since then, concerns of economic slowdown and rising interest rates have weighed, despite supply outages in Libya and Nigeria and cuts in Russian gas flows to Europe.<\/p>\n\n\n\n<p>Gas flows through the Nord Stream 1 pipeline fell to a fifth of the pipeline&#8217;s capacity on Wednesday, while Italy&#8217;s Eni said it will receive lower volumes from Russia&#8217;s Gazprom.<\/p>\n\n\n\n<p>Later on Wednesday the U.S. Federal Reserve is expected to announce an aggressive rate rise of 75 basis points, a prospect that analysts said was limiting the rally.<\/p>\n\n\n\n<p>A large rate hike would add to concern about the demand outlook and a stronger dollar, which would make dollar-denominated commodities more expensive for other currency holders.<\/p>\n\n\n\n<p>Addiitonal reporting by Emily Chow in Kuala Lumpur, Editing by Louise Heavens and Bernadette Baum<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-07-27T16:30:55+00:00\"> 27 July 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike. Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four [&hellip;]","protected":false},"author":1,"featured_media":878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,18,36,19,16],"tags":[],"services":[],"class_list":["post-877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-headline","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/877","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=877"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/878"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=877"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}