{"id":1636145,"date":"2022-09-08T11:23:20","date_gmt":"2022-09-08T15:23:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1636145"},"modified":"2022-09-08T11:23:28","modified_gmt":"2022-09-08T15:23:28","slug":"oil-prices-climb-on-tight-supply-worries-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-climb-on-tight-supply-worries-2\/","title":{"rendered":"Oil prices climb on tight supply worries"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-prices-climb-on-tight-supply-worries-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1636145&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Laura Sanicola and Muyu Xu<\/p>\n<p>(Reuters) -Oil prices rose by as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.<\/p>\n<p>Brent crude futures gained 63 cents, or 0.7%, to $88.63 per barrel by 0628 GMT after closing at their lowest since early February in the previous session. U.S. crude futures were up 70 cents, or 0.9%, at $82.64 per barrel.<\/p>\n<p>Prices drew support from Russian President Vladimir Putin\u2019s threat to halt the country\u2019s oil and gas exports if price caps are imposed by European buyers.<\/p>\n<p>The European Union proposed capping Russian gas prices only hours later, raising the risk of rationing in some of the world\u2019s richest countries this winter if Moscow carries out its threat. Russia\u2019s Gazprom has already halted flows from the Nord Stream 1 pipeline, cutting off a substantial percentage of supply to Europe.<\/p>\n<p>The oil price trend is being shaped by \u201cvarious external forces such as the energy battle between Western countries and Russia,\u201d said analysts from Haitong Futures in a note.<\/p>\n<p>The potential impact of any deal or reinstating an accord between the West and Iran on Tehran\u2019s nuclear programme would also be significant, they noted. An agreement would see sanctions on Iranian oil exports lifted.<\/p>\n<p>Elsewhere, reacting to soaring energy prices, Britain\u2019s new Prime Minister Liz Truss will on Thursday scrap the country\u2019s fracking ban and will seek to make more use of its reserves in the North Sea, the Telegraph newspaper reported earlier.<\/p>\n<p>The British government is expected to announce dozens of new North Sea oil and gas exploration licences in an effort to boost domestic production, two sources familiar with the government\u2019s discussions told Reuters.<\/p>\n<p>Meanwhile a number of central banks around the world are expected to begin a new round of interest rate hikes to fight inflation.<\/p>\n<p>The European Central Bank is expected to raise interest rates sharply when it meets later on Thursday. A U.S. Federal Reserve meeting follows on Sept. 21.<\/p>\n<p> (Reporting by Laura Sanicola and Muyu Xu; Editing by Kenneth Maxwell)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2746421\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI87012-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI87012-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Laura Sanicola and Muyu Xu (Reuters) -Oil prices rose by as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session,<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1636145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1636145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1636145"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1636145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1636145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1636145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1636145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}