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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil rises on the back of OPEC+ cuts and traders focus on economic data

    Rocky
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    Oil rises on the back of OPEC+ cuts and traders focus on economic data Empty Oil rises on the back of OPEC+ cuts and traders focus on economic data

    Post by Rocky Tue 11 Jul 2023, 4:54 am

    Oil rises on the back of OPEC+ cuts and traders focus on economic data

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    Economy News _ Baghdad
    Oil prices rose today, Tuesday, compensating for some of the losses of the previous session, with dealers focusing on Saudi Arabia and Russia cutting production and anticipating economic data that may help confirm the status of demand for crude.  
     Brent crude futures rose 33 cents, or 0.4 percent, to $78 a barrel by 0050 GMT, and US West Texas Intermediate crude rose 35 cents, or 0.5 percent, to $73.34.  
     Prices fell 1 percent on Monday amid expectations of an increase in the possibility of raising US interest rates, and as investors reap profits.  
      While US central bank officials said the bank would likely need to raise interest rates further to bring down inflation, markets were relieved by indications that officials also believe that the current tightening cycle is nearing an end.  
     Supply cuts from the world's two largest oil exporters, Saudi Arabia and Russia, scheduled for August helped lift record prices, which were also supported by the dollar's drop to a two-month low. A weaker dollar makes crude oil cheaper for holders of other currencies and often increases demand for oil.  
     Saudi Arabia said last week it would extend its cut of at least one million barrels per day until August, and Russia said it would cut its oil exports next month by 500,000 barrels per day.  
    Traders are also looking forward to US crude inventory data due to be released by the American Petroleum Institute later on Tuesday. Analysts expect an increase in stocks by 200 thousand barrels.  
    Investors are also awaiting the release of US consumer price index data, a key report on inflation, this week, as well as economic reports from China to gauge demand expectations.  


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