{"id":31457,"date":"2020-07-16T00:38:50","date_gmt":"2020-07-15T20:38:50","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=31457"},"modified":"2020-07-16T00:39:42","modified_gmt":"2020-07-15T20:39:42","slug":"oil-gains-2-despite-opec-decision","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-gains-2-despite-opec-decision\/07\/16\/market-updates\/","title":{"rendered":"Oil Gains 2% Despite OPEC+ Decision"},"content":{"rendered":"\n<p>Oil prices settled higher on Wednesday after showing a mixed performance during the session, finding support from a decline in the United States crude oil inventories, according to data by the US Energy Information Administration (EIA).<\/p>\n\n\n\n<p>A major factor that impacted oil prices today was the expected OPEC+ agreement between major producers to reduce output curbs, or rather raise production by 2 million barrels per day (bpd), thus moving production levels to 7.7 million bpd below normal levels, versus a previous cut of 9.7 million bpd, which was extended until the end of July.<\/p>\n\n\n\n<p>Global benchmark Brent crude oil futures for September delivery settled up by 89 cents, or 2.1%, at $43.79 per barrel.<\/p>\n\n\n\n<p>Meanwhile, the US benchmark, the West Texas Intermediate (WTI), August futures increased by crude 2.3% and closed at $41.20 per barrel.<\/p>\n\n\n\n<p>EIA data showed a draw in US oil stocks by 7.5 million barrels last week, exceeding market expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices settled higher on Wednesday after showing a mixed performance during the session, finding support from a decline in the United States crude oil inventories, according to data by the US Energy Information Administration (EIA). A major factor that impacted oil prices today was the expected OPEC+ agreement between major producers to reduce output &hellip;<\/p>\n","protected":false},"author":10,"featured_media":31014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-31457","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/31457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=31457"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/31457\/revisions"}],"predecessor-version":[{"id":31459,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/31457\/revisions\/31459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31014"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=31457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=31457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=31457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}