Oil prices pared earlier gains and fell on Thursday, after a day of sharp declines caused by US interest rate hikes, but the attention was still focused on the supply shortage.<\/p>\n\n\n\n
Brent crude futures fell 45 cents, or 0.4 percent, to $118.06 a barrel, while West Texas Intermediate crude futures fell 44 cents, or 0.4 percent, to $114.87 a barrel.<\/p>\n\n\n\n
The two crudes remained largely within the previous session’s price range.<\/p>\n\n\n\n
Prices fell more than 2 percent on Wednesday after the US Federal Reserve raised interest rates by 75 basis points, the largest increase since 1994.<\/p>\n\n\n\n
The dollar index fell from its highest level since 2002 on Wednesday, easing downward pressure on oil prices. A rising dollar makes oil more expensive for holders of other currencies and limits demand.<\/p>\n\n\n\n
Investors remained focused on tight supplies and a recovery in demand after Western sanctions curbed Russian oil exports.<\/p>\n\n\n\n
In Libya, production has collapsed to between 100,000 and 150,000 barrels per day, an oil ministry spokesman said on Tuesday, a small percentage of the 1.2 million barrels per day production last year.<\/p>\n\n\n\n
This is hurting already tight supply, while the International Energy Agency said it expects demand to increase further in 2023, rising by more than 2 percent to 101.6 million barrels per day.<\/p>\n\n\n\n
Prices are also expected to receive support from the recovery in oil demand in China with the easing of anti-Covid-19 restrictions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices pared earlier gains and fell on Thursday, after a day of sharp declines caused by US interest rate hikes, but the attention was still focused on the supply shortage. Brent crude futures fell 45 cents, or 0.4 percent, to $118.06 a barrel, while West Texas Intermediate crude futures fell 44 cents, or 0.4 …<\/p>\n","protected":false},"author":9,"featured_media":61009,"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":[8159,9641,7431,8431,8734],"class_list":["post-67230","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil-prices","tag-eia-data","tag-gasoline","tag-iran","tag-us-oil-inventory"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67230","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=67230"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67230\/revisions"}],"predecessor-version":[{"id":67231,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67230\/revisions\/67231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61009"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}