{"id":246157,"date":"2023-07-07T13:27:15","date_gmt":"2023-07-07T13:27:15","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=246157"},"modified":"2023-07-07T13:27:15","modified_gmt":"2023-07-07T13:27:15","slug":"oil-prices-rise-for-second-weekly-rise","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-prices-rise-for-second-weekly-rise\/","title":{"rendered":"Oil Prices Rise for Second Weekly Rise"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; The price of oil increased on Friday, putting it on course for its second weekly rise in a row. This occurred as sustained demand led to a larger-than-expected drop in US oil stocks, raising\u00a0concerns about growing US interest rates.<\/p>\n<p style=\"text-align: justify;\">At 0819 GMT, Brent oil futures rose\u00a031 cents, or 0.4%, to $76.83 per\u00a0barrel. However, West Texas Intermediate crude in the United States rose 31 cents, or 0.4%, to $72.11 per barrel.<\/p>\n<p style=\"text-align: justify;\">Both were expected to rise by approximately 2% this week.<\/p>\n<p style=\"text-align: justify;\">Brent crude\u00a0keeps trading roughly $10 per barrel lower than its April highs. Since early May, it has been trading between $71 and $79 a barrel. In the face of interest rate rises and bad Chinese economic statistics, it remained robust.<\/p>\n<p style=\"text-align: justify;\">\u201cThe crude demand outlook is starting to look better as we enter peak summer travel in the US,\u201d said analyst Edward Moya from OANDA. \u201cThe Saudis were able to\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-hikes-august-oil-prices-asia-after-supply-cuts-sources-2023-07-06\/\">raise prices<\/a>\u00a0to Europe and Asia.\u201d<\/p>\n<h4 style=\"text-align: justify;\"><strong>US Crude Oil Reserves Decline Beyond Projections<\/strong><\/h4>\n<p style=\"text-align: justify;\">Due to solid refining demand, US crude reserves declined beyond what was projected. Gasoline inventory, on the other hand, had a significant drop following an increase in transportation last week.<\/p>\n<p style=\"text-align: justify;\">Rising predictions that the US Federal Reserve will hike interest rates restricted oil price advances. Indeed, an increase in interest rates may weigh on GDP and consequently on oil consumption.<\/p>\n<p style=\"text-align: justify;\">According to statistics, the number of Americans submitting new jobless claims climbed slightly last week. In addition, private payrolls increased in June.<\/p>\n<p style=\"text-align: justify;\">Major oil producers\u00a0Saudi Arabia and Russia both declared further output curbs for August this week. The overall\u00a0amount reduced by OPEC and its partners is currently about five million barrels per day. This is equivalent to around 5% of world oil production.<\/p>\n<p style=\"text-align: justify;\">According to sources close to OPEC, the organisation will likely retain an optimistic outlook for a rise in\u00a0oil demand next year.<\/p>\n<p style=\"text-align: justify;\">Next week\u2019s US and Chinese inflation statistics will be scrutinised by investors for clues on rate paths.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; The price of oil increased on Friday, putting it on course for its second weekly rise in a row. This occurred as sustained demand led to a larger-than-expected drop in US oil stocks, raising\u00a0concerns about growing US interest rates. At 0819 GMT, Brent oil futures rose\u00a031 cents, or 0.4%, to $76.83 per\u00a0barrel. However, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":246158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2081],"tags":[11408,278,1165,169,1140,1141],"class_list":["post-246157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2081","tag-crude","tag-featured","tag-inflation","tag-oil","tag-opec","tag-opec-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil Prices Rise for Second Weekly Rise - Business News Report<\/title>\n<meta name=\"description\" content=\"The price of oil increased, putting it on course for its second weekly rise in a row, as sustained demand led to a huge drop in US oil stocks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/oil-prices-rise-for-second-weekly-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Prices Rise for Second Weekly Rise - 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