Oil prices rose on Friday, thanks to expectations that the OPEC + cartel will discuss production cuts at a meeting on the fifth of September, but concerns about restrictions to combat Covid-19 in China and the weakness of the global economy continued to limit the gains.<\/p>\n\n\n\n
By 1140 GMT, Brent crude futures rose $1.42, or 1.5 percent, to $93.78 a barrel, and West Texas Intermediate crude futures rose $1.43, or 1.7 percent, to $88.04 a barrel.<\/p>\n\n\n\n
And crude contracts fell three percent in the previous session, to their lowest level in two weeks. Brent crude is heading towards a weekly decline of about seven percent, and West Texas Intermediate crude is heading towards a decline of about five percent during the week.<\/p>\n\n\n\n
The OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is scheduled to meet on September 5 against an expected demand decline. However, Saudi Arabia says that supplies remain limited.<\/p>\n\n\n\n
OPEC + this week revised its market forecast for this year and now expects demand to fall short of supply by 400,000 barrels per day, downgrading to a previous forecast of 500,000. OPEC + expects a deficit in the oil market in 2023 of 300,000 barrels per day.<\/p>\n\n\n\n
The market is also focused on the possibility of capping the prices of Russian oil exports.<\/p>\n\n\n\n
Group of Seven finance ministers are expected to solidify plans on Friday to impose a ceiling on Russian oil prices, to limit revenue that funds Moscow’s war in Ukraine while keeping oil flowing to avoid price hikes.<\/p>\n\n\n\n
Meanwhile, investors remain concerned about the impact of the new COVID-19 restrictions in China. On Thursday, the Chinese city of Chengdu ordered a shutdown that harmed manufacturers such as Volvo.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Friday, thanks to expectations that the OPEC + cartel will discuss production cuts at a meeting on the fifth of September, but concerns about restrictions to combat Covid-19 in China and the weakness of the global economy continued to limit the gains. By 1140 GMT, Brent crude futures rose $1.42, or …<\/p>\n","protected":false},"author":9,"featured_media":71249,"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":[9950,6846,7536],"class_list":["post-71437","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-fears","tag-oil","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71437","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=71437"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71437\/revisions"}],"predecessor-version":[{"id":71439,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71437\/revisions\/71439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71249"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}