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[size=36]Oil price stability[/size]
Economie| 09:18 - 10/13/2022
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Follow-up - Mawazine News:
Oil prices struggled to find a foothold in Asian trading, on Thursday, after falling in the previous session on the back of weak global demand expectations.
Brent crude futures rose 3 cents, or 0.3 percent, to $92.48 a barrel by 0410 GMT. US West Texas Intermediate crude fell 12 cents, or 0.14 percent, to $87.15 a barrel.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia pushed prices higher when they agreed to cut supplies by 2 million barrels per day.
But on Wednesday, OPEC lowered its forecast for demand growth this year by between 460,000 barrels per day and 2.64 million barrels per day, citing the return of measures to contain the Corona virus in China and high inflation.
The US Department of Energy also lowered its forecast for both US production and demand, and is now seeing only a 0.9% increase in US consumption in 2023, down from the previous forecast for a 1.7% rise.
US crude oil inventories rose by 7.1 million barrels for the week ending October 7, according to data from the American Petroleum Institute.
The energy market is also under pressure from the US dollar, which has rebounded broadly, including against lower-yielding currencies such as the yen.
The Fed's commitment to continue raising interest rates to stem high inflation has increased yields, making the US currency more attractive to foreign investors.
Oil prices struggled to find a foothold in Asian trading, on Thursday, after falling in the previous session on the back of weak global demand expectations.
Brent crude futures rose 3 cents, or 0.3 percent, to $92.48 a barrel by 0410 GMT. US West Texas Intermediate crude fell 12 cents, or 0.14 percent, to $87.15 a barrel.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia pushed prices higher when they agreed to cut supplies by 2 million barrels per day.
But on Wednesday, OPEC lowered its forecast for demand growth this year by between 460,000 barrels per day and 2.64 million barrels per day, citing the return of measures to contain the Corona virus in China and high inflation.
The US Department of Energy also lowered its forecast for both US production and demand, and is now seeing only a 0.9% increase in US consumption in 2023, down from the previous forecast for a 1.7% rise.
US crude oil inventories rose by 7.1 million barrels for the week ending October 7, according to data from the American Petroleum Institute.
The energy market is also under pressure from the US dollar, which has rebounded broadly, including against lower-yielding currencies such as the yen.
The Fed's commitment to continue raising interest rates to stem high inflation has increased yields, making the US currency more attractive to foreign investors.
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