https://sputnikglobe.com/20230722/oil-prices-up-4th-week-in-row-amid-black-sea-tensions-opec-production-cuts-1112054919.html
Oil Prices Up 4th Week in Row Amid Black Sea Tensions, OPEC Production Cuts
Oil Prices Up 4th Week in Row Amid Black Sea Tensions, OPEC Production Cuts
Sputnik International
Oil markets settled up for a fourth straight week, responding to tensions in the Black Sea and a reminder from the United Arab Emirates that OPEC stood by to do more production cuts as needed.
2023-07-22T00:18+0000
2023-07-22T00:18+0000
2023-07-22T00:15+0000
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New York-based West Texas Intermediate (WTI) for delivery in September settled Friday’s session up $1.42, or 1.9%, at $77.07 per barrel. For the week, the US crude benchmark rose 2.2%, after gains of 2.1%, 4.6% and 2.1% over three preceding weeks. London-based Brent for September delivery finished its latest New York trading session up $1.43, or 1.8%, at $81.07 per barrel. For the week, the global crude benchmark gained 1.5%, after rising 1.8%, 4.8% and 1.4% over three previous weeks. Tensions spiked in the Black Sea as Russia did not extend the United Nations-brokered grain exports agreement, formally known as the Black Sea Initiative, and declared it would consider any approaching vessels as military targets. OPEC through UAE Energy Minister Suhail al-Mazrouei said in an interview that production cuts were only a "phone call away" if more were needed. After June’s 4% gain, crude prices have climbed some 9% in July, helped also by softening US inflation data that suggested the Federal Reserve will be less aggressive with interest rates going forth. Even so, Brent has had trouble staying above the OPEC target of $80 due to dismal growth data out of China, the world’s largest importer of oil, and spotty demand for gasoline in the top oil consumer - the United States - despite the advent of summer travel, which usually results in runaway usage of fuels. Moya also said the WTI might consolidate under $77 next week if Brent slipped back to beneath $80.
https://sputnikglobe.com/20230719/russia-ready-to-supply-grain-while-west-sabotages-global-food-security---putin-1111995808.html
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oil prices, black sea tensions, opec production cuts, oil markets, united arab emirates
oil prices, black sea tensions, opec production cuts, oil markets, united arab emirates
Oil Prices Up 4th Week in Row Amid Black Sea Tensions, OPEC Production Cuts
NEW YORK (Sputnik) - Oil markets settled up for a fourth straight week, responding to tensions in the Black Sea and a reminder from the United Arab Emirates that OPEC stood by to do more production cuts as needed.
New York-based West Texas Intermediate (WTI) for delivery in September settled Friday’s session up $1.42, or 1.9%, at $77.07 per barrel. For the week, the US crude benchmark rose 2.2%, after gains of 2.1%, 4.6% and 2.1% over three preceding weeks.
London-based Brent for September delivery finished its latest New York trading session up $1.43, or 1.8%, at $81.07 per barrel. For the week, the global crude benchmark gained 1.5%, after rising 1.8%, 4.8% and 1.4% over three previous weeks.
Tensions spiked in the Black Sea as Russia did not extend the United Nations-brokered grain exports agreement, formally known as the Black Sea Initiative, and declared it would consider any approaching vessels as military targets.
OPEC through UAE Energy Minister Suhail al-Mazrouei said in an interview that production cuts were only a "phone call away" if more were needed.
After June’s 4% gain, crude prices have climbed some 9% in July, helped also by softening US inflation data that suggested the Federal Reserve will be less aggressive with interest rates going forth.
Even so, Brent has had trouble staying above the OPEC target of $80 due to dismal growth data out of China, the world’s largest importer of oil, and spotty demand for gasoline in the top oil consumer - the United States - despite the advent of summer travel, which usually results in runaway usage of fuels.
"Next week, energy traders will have to pay attention to global flash PMI readings, a handful of major energy companies earnings, the standard weekly stockpile data points and some energy conferences which could provide some insight for the future shifts with supply and demand," Ed Moya, analyst at online trading platform OANDA, said.
Moya also said the WTI might consolidate under $77 next week if Brent slipped back to beneath $80.
