{"id":96727,"date":"2024-02-09T02:57:54","date_gmt":"2024-02-08T22:57:54","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=96727"},"modified":"2024-02-09T04:32:26","modified_gmt":"2024-02-09T00:32:26","slug":"additional-10-increase-in-crude-oil-prices-expected-by-may","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/additional-10-increase-in-crude-oil-prices-expected-by-may\/02\/09\/market-updates\/","title":{"rendered":"Additional $10 increase in crude oil prices expected by May"},"content":{"rendered":"\n<p>Crude oil futures rose sharply after Israel rejected a ceasefire offer in Gaza, reinforcing concerns of a wider Middle East conflict. <br><br>The recent bombing of Rafah by Israeli forces in Gaza has also boosted crude prices. Geopolitical tensions, particularly between the US and Iran, have been a key source of support. <br><br>J.P. Morgan predicts a tightening market with prices rising by another $10 by May. OPEC&#8217;s implementation of new cuts has been ambiguous, but shipments have fallen by 1.3 million bbl\/day from the October peak. <br><br>Data suggests an improving global economy, and crude inventories have been steadily drawn down in the US, Europe, Singapore, Japan, and China. <br><br>The JPM forecast assumes no risk premium from Middle East turmoil and that OPEC+ leaders will unwind 400K bbl\/day of cuts from April.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil futures rose sharply after Israel rejected a ceasefire offer in Gaza, reinforcing concerns of a wider Middle East conflict. The recent bombing of Rafah by Israeli forces in Gaza has also boosted crude prices. Geopolitical tensions, particularly between the US and Iran, have been a key source of support. J.P. Morgan predicts a &hellip;<\/p>\n","protected":false},"author":13,"featured_media":60920,"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":[7436,10909,10910,6876],"class_list":["post-96727","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil","tag-j-p-morgan","tag-middle-east-conflict","tag-opec"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96727","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=96727"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96727\/revisions"}],"predecessor-version":[{"id":96732,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96727\/revisions\/96732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=96727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=96727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=96727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}