{"id":97414,"date":"2024-02-22T15:07:54","date_gmt":"2024-02-22T11:07:54","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=97414"},"modified":"2024-02-22T15:07:57","modified_gmt":"2024-02-22T11:07:57","slug":"oil-prices-hold-steady-amid-signs-of-supply-shortages","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-prices-hold-steady-amid-signs-of-supply-shortages\/02\/22\/market-updates\/","title":{"rendered":"Oil Prices Hold Steady Amid Signs of Supply Shortages"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Oil prices experienced a slight uptick on Thursday, maintaining gains from the previous session amidst indications of supply shortages.<\/p>\n\n\n\n<p>US West Texas Intermediate (WTI) crude futures inched up by 17 cents to $78.08 per barrel for the next month. Meanwhile, the May contract saw a modest increase of 14 cents, reaching $77.45 per barrel by 0150 GMT.<\/p>\n\n\n\n<p>Brent crude for April delivery also saw a marginal rise, climbing by 14 cents to $83.17 per barrel, with May contracts adding 13 cents to reach $82.24 per barrel.<\/p>\n\n\n\n<p>According to analysts at ANZ, the premium for spot prices compared to nearby futures contracts has widened in recent weeks, signaling a robust outlook for near-term demand.<\/p>\n\n\n\n<p>The previous day, oil prices had surged by one percent, with contracts linked to near-term delivery reaching their highest premium in months.<\/p>\n\n\n\n<p>The restart of refineries in the United States has bolstered demand, following a series of shutdowns that had earlier led to a decline in US refinery operating rates to their lowest level in two years.<\/p>\n\n\n\n<p>Official data from the Energy Information Administration (EIA) is scheduled to be released at 1600 GMT on Thursday, delayed by a day due to a holiday in the United States.<\/p>\n\n\n\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Oil prices saw a slight increase on Thursday, maintaining gains from the previous session.<\/li><li>US WTI crude futures rose to $78.08 per barrel for the next month.<\/li><li>Brent crude for April delivery climbed to $83.17 per barrel.<\/li><li>Analysts note widening premiums for spot prices compared to nearby futures contracts, indicating strong near-term demand.<\/li><li>Refinery restarts in the US support demand after previous shutdowns led to a decline in operating rates.<\/li><li>Official data from the Energy Information Administration is delayed by a day due to a US holiday, expected to be released later in the day.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices experienced a slight uptick on Thursday, maintaining gains from the previous session amidst indications of supply shortages. US West Texas Intermediate (WTI) crude futures inched up by 17 cents to $78.08 per barrel for the next month. Meanwhile, the May contract saw a modest increase of 14 cents, reaching $77.45 per barrel by &hellip;<\/p>\n","protected":false},"author":9,"featured_media":95025,"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":[38,6827,49,36],"tags":[6876,9021,6909],"class_list":["post-97414","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-opec","tag-saudi-arabia","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/97414","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=97414"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/97414\/revisions"}],"predecessor-version":[{"id":97415,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/97414\/revisions\/97415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95025"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=97414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=97414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=97414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}