Oil prices moved in a narrow range on Thursday, after two days of a sharp decline on Wednesday, as a downgrade in the credit rating of the United States affected sentiment, but fears of a shortage of supply provided some support.<\/p>\n\n\n\n
Fitch downgraded the credit rating of the United States, the world’s largest oil consumer, reflecting expectations of financial deterioration, political polarization and the global situation of the dollar.<\/p>\n\n\n\n
Despite the broader decline in sentiment, oil prices received some support on concerns of supply shortages due to production cuts by major producers which are expected to be extended at a scheduled meeting on Friday.<\/p>\n\n\n\n
Brent crude futures rose four cents to $83.24 a barrel by 0422 GMT, while US West Texas Intermediate crude rose 0.1% to $79.53 a barrel.<\/p>\n\n\n\n
Both benchmarks traded near their highest since April on Wednesday, but settled down 2 percent after the U.S. credit rating downgrade. WTI prices rose about 16 percent in July, while Brent crude rose more than 14 percent.<\/p>\n\n\n\n
The next meeting of the Joint Ministerial Monitoring Committee of the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies, is scheduled to take place on Friday.<\/p>\n\n\n\n
Reuters reports indicate that it is unlikely that the OPEC + alliance will amend current production policies, as Saudi Arabia is expected to extend the voluntary cut by one million barrels per day for another month, to include September.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices moved in a narrow range on Thursday, after two days of a sharp decline on Wednesday, as a downgrade in the credit rating of the United States affected sentiment, but fears of a shortage of supply provided some support. Fitch downgraded the credit rating of the United States, the world’s largest oil consumer, …<\/p>\n","protected":false},"author":9,"featured_media":77220,"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":[8690,7905,6909,7485],"class_list":["post-87313","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-adp-data","tag-oil-stockpile","tag-wti","tag-yellen"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87313","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=87313"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87313\/revisions"}],"predecessor-version":[{"id":87314,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87313\/revisions\/87314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=87313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=87313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=87313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}