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Oil prices steady as market juggles supply shortage, demand worries

Category: Economy

Date: 2022-08-05T06:39:30+0000
Oil prices steady as market juggles supply shortage, demand worries

Shafaq News / Oil prices steadied in Asia trade on Friday, after hitting their lowest levels since before Russia's February invasion of Ukraine in the previous session, as the market juggled concerns of supply shortage and slower demand.

Brent crude rose 13 cents, or 0.1%, to $94.25 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81 a barrel,

Oil prices have come under pressure this week as the market fretted over the impact of inflation on economic growth and demand, though signs of tight supply kept a floor under prices.

"OPEC's meagre supply hike highlights the limited capacity the market has to handle further shortages," ANZ Research analysts said.

For September, OPEC+ is set to raise its oil output goal by 100,000 barrels per day. The hike is one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows.

The global crude oil markets remained firmly in backwardation, where prompt prices are higher than those in future months, indicating tight supplies.

Supply concerns are expected to ratchet up closer to winter with the European Union sanctions banning seaborne imports of Russian crude and oil products set to take effect on Dec. 5.

(Reuters)

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