Oil rises on supply shortage – Al-Qat Channel

Brent crude futures for October delivery, which expires on Thursday, were up 14 cents, or 0.16 percent, at $86 a barrel by 0039 GMT. The most active November contract was up 10 cents, or 0.12 percent, at $85.34.

U.S. West Texas Intermediate crude futures were up 10 cents, or 0.13 percent, at $81.74.

Prices rose this week due to lower-than-expected crude supply and U.S. government data that provided additional support after a military coup in Gabon, a member of the Organization of the Petroleum Exporting Countries (OPEC), raised fears of supply disruptions. For yesterday’s Wednesday price.

In addition to the cuts implemented by the OPEC+ alliance, which includes OPEC and allies led by Russia, analysts expect Saudi Arabia to extend a voluntary cut in oil output of one million barrels per day in October for a third consecutive month.

The US government cut GDP growth to 2.1 percent in the last quarter of the year, instead of the 2.4 percent reported last month. Yesterday, on Wednesday, data showed that private sector job growth slowed significantly in August.

“The bad news is good, weak US economic data has led to lower expectations for a further interest rate hike,” ANZ Research said in a note.

Higher interest rates dampen demand and put downward pressure on oil prices.

A Reuters poll showed factory activity in China may have contracted for a fifth consecutive month in August, as weak demand threatens recovery prospects in the world’s second-largest economy and puts pressure on authorities to support growth.

The official PMI is expected to rise to 49.4 in August, a slight improvement from 49.3 in July, remaining below the key 50.0 level that separates growth from contraction for a fifth straight month.

See also  The Wall Street crash in Thursday's session, and the Standard & Poor's 500 recorded its worst half-year performance since 1970.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    • Economy
    • January 11, 2024
    • 821 views
    By Reuters Oil prices rose amid rising tensions in the Middle East

    © Reuters. An oil pump crane in an oil field in Canada. Image from Reuters archive. BEIJING (Reuters) – Oil rose in Asian trade as markets weighed rising tensions in…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Nail Artistry Unleashed: The Definitive Guide to Acrylic Nails

    Nail Artistry Unleashed: The Definitive Guide to Acrylic Nails

    Celebrity Beauty Secrets: CoolSculpting’s Popularity Among Dubai’s Elite

    Celebrity Beauty Secrets: CoolSculpting’s Popularity Among Dubai’s Elite