Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil prices advance amid U.S. supply tightness signals

Category: Economy

Date: 2021-09-21T06:25:38+0000
Oil prices advance amid U.S. supply tightness signals

Shafaq News/ Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.

Brent crude gained 774 cents or 1% to $74.66 a barrel by 0520 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 80 cents or 1.14 at $70.94 after dropping 2.3% in the previous session.

Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said.

“While slowing Chinese economic growth and uncertainty around the (U.S.) Fed’s tapering timetable weighed on market sentiment, other developments still point to higher oil prices,” ANZ Research said in a note.

Investors across financial assets have been rocked by the fallout from heavily indebted Evergrande and the threat of a wider market shakeout.

The broader state of China’s economy is also weighing on markets, while the U.S. Federal Reserve is expected to start tightening monetary policy, which is likely to make investors warier of riskier assets such as oil.

Source: Reuters, only oil prices updated by Shafaq News Agency

related

Basra crude closes at +6.06% weekly gains amid soaring global demand

Date: 2022-05-28 06:31:34
Basra crude closes at +6.06% weekly gains amid soaring global demand

Oil prices rise on hopes of recovery in demand

Date: 2020-12-30 07:12:27
Oil prices rise on hopes of recovery in demand

Oil falls with possible return of Iranian supply

Date: 2021-05-20 11:10:47
Oil falls with possible return of Iranian supply

Oil prices mixed, U.S. crude falls after COVID-19 flight cancellations

Date: 2021-12-27 06:35:28
Oil prices mixed, U.S. crude falls after COVID-19 flight cancellations

Oil prices jump more than 1% to 7-year highs on supply jitters

Date: 2022-02-14 05:43:57
Oil prices jump more than 1% to 7-year highs on supply jitters

Oil climbs on prospect of OPEC supply cut, demand growth

Date: 2022-08-29 07:38:27
Oil climbs on prospect of OPEC supply cut, demand growth

Oil slides before consumer nations' meeting on stocks release

Date: 2022-04-01 08:47:23
Oil slides before consumer nations' meeting on stocks release

Oil prices steady after U.S. call for more oil raises supply concerns

Date: 2021-08-12 06:53:19
Oil prices steady after U.S. call for more oil raises supply concerns