{"id":37028,"date":"2020-11-12T15:14:25","date_gmt":"2020-11-12T11:14:25","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=37028"},"modified":"2020-11-12T15:14:36","modified_gmt":"2020-11-12T11:14:36","slug":"oil-is-rising-with-potential-supply-cuts-to-offset-weak-demand","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-is-rising-with-potential-supply-cuts-to-offset-weak-demand\/11\/12\/market-updates\/","title":{"rendered":"Oil is Rising With Potential Supply Cuts to Offset Weak Demand"},"content":{"rendered":"\n<p>Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel.<\/p>\n\n\n\n<p>By 07:32 GMT, US West Texas Intermediate crude futures rose 17 cents, or 0.4%, to $ 41.62 a barrel, while Brent crude futures rose seven cents, or about 0.2%, to $ 43.87 a barrel.<\/p>\n\n\n\n<p>The Algerian Energy Minister said on Wednesday that the OPEC+ group, which includes OPEC and other producers, including Russia, may extend the current production cuts of 7.7 million barrels per day until next year or increase them if necessary.<\/p>\n\n\n\n<p>Analysts say the weak expectations are putting pressure on OPEC + to refrain from increasing supplies by 2 million barrels per day from January, with the market now considering delaying the increase.<\/p>\n\n\n\n<p>Currently, demand for fuel is facing pressure with the increase in coronavirus cases in the United States, Europe, and South America. As a result, OPEC said demand will recover more slowly in 2021 than previously expected.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel. By 07:32 GMT, US West Texas Intermediate crude futures &hellip;<\/p>\n","protected":false},"author":9,"featured_media":32431,"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-37028","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\/37028","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=37028"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/37028\/revisions"}],"predecessor-version":[{"id":37029,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/37028\/revisions\/37029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32431"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=37028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=37028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=37028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}