{"id":1963893,"date":"2023-07-04T08:01:02","date_gmt":"2023-07-04T12:01:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-rises-as-market-weighs-supply-cuts-against-gloomy-economic-outlook\/"},"modified":"2023-07-04T08:03:37","modified_gmt":"2023-07-04T12:03:37","slug":"oil-rises-as-market-weighs-supply-cuts-against-gloomy-economic-outlook","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-rises-as-market-weighs-supply-cuts-against-gloomy-economic-outlook\/","title":{"rendered":"Oil prices increase as market considers the impact of supply reductions in contrast to a bleak economic forecast."},"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\">36<\/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-rises-as-market-weighs-supply-cuts-against-gloomy-economic-outlook%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=1963893&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--><div class=\"entry-content\">\n<p><strong>Oil Prices Rise as Saudi Arabia and Russia Cut Supply<\/strong><\/p>\n<p>By Natalie Grover<\/p>\n<p>LONDON (Reuters) &#8211; Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Brent crude futures were up 85 cents, or 1.1%, to $75.50 a barrel at 0950 GMT. U.S. West Texas Intermediate crude was at $70.61 a barrel, up 82 cents, or 1.2%.  <\/p>\n<p>On Monday, Saudi Arabia said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August, while Russia and Algeria volunteered to lower their output and export levels for August by 500,000 bpd and 20,000 bpd respectively. <\/p>\n<p>If fully implemented, that would lead to a combined reduction of 5.36 million bpd versus August 2022 levels \u2013 possibly even more as several countries in the OPEC+ producer group are unable to fulfil their output quotas, said PVM analyst Tamas Varga. <\/p>\n<p>However, oil benchmarks settled down about 1% in the previous session, after an initial rally, on the back of a gloomy macroeconomic outlook. <\/p>\n<p>Business surveys have shown a slump in global factory activity because of sluggish demand in China and Europe, and U.S. manufacturing also fell further in June \u2013 reaching levels last seen in the initial wave of the COVID-19 pandemic.<\/p>\n<p>This broader uncertainty will likely overshadow the OPEC+ effort to tighten supply, some analysts said. <\/p>\n<p>Even before these new cut announcements, International Energy Agency (IEA) data suggested the oil market was set to show a supply deficit of roughly 2 million bpd in the third and fourth quarters, noted Commerzbank analysts. <\/p>\n<p>Still, oil prices did not jump significantly on the news, largely due to demand concerns, particularly given <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cuomos-new-york-has-the-worst-economic-rebound-in-the-nation-slowing-other-states-recoveries\/\" title=\"Cuomo\u2019s New York Has The Worst Economic Rebound In The Nation, Slowing Other States\u2019 Recoveries\">sluggish economic recovery<\/a> in China following the lifting of coronavirus restrictions. Meanwhile, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-to-leapfrog-u-s-as-worlds-biggest-economy-by-2028-think-tank\/\" title=\"China to leapfrog U.S. as world\u2019s biggest economy by 2028 \u2013 think tank\">rising interest rates<\/a> in the U.S. and Europe to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-rises-as-market-weighs-supply-cuts-against-gloomy-economic-outlook\/\" title=\"Oil prices increase as market considers the impact of supply reductions in contrast to a bleak economic forecast.\">address persistently high inflation<\/a> are expected, they said. <\/p>\n<p>Despite the best efforts of Saudi Arabia and Russia, said Naeem Aslam, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-plans-to-unveil-advisory-warning-for-americans-doing-business-with-deteriorating-hong-kong\/\" title=\"Biden Plans To Unveil \u2018Advisory\u2019 Warning For Americans Doing Business With \u2018Deteriorating\u2019 Hong Kong\">chief investment officer<\/a> at Zaye Capital Markets, \u201cthe days may be over for oil prices to jump back above the 90 price mark, and the prices are more likely to consolidate between the 65 and 70 price ranges.\u201d <\/p>\n<p>U.S. markets will be closed on Tuesday for the Independence Day holiday.  <\/p>\n<p> (Reporting by Natalie Grover in London; Additional Reporting by Arathy Somasekhar in Houston and Trixie Yap in Singapore; Editing by Alexander Smith and Mark Potter)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-rises-as-market-2\/attachment\/file-photo-an-aerial-view-shows-shibushi-national-petroleum-stockpiling\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Joshua Coleman<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Ryan Helfenbein<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Tom Maoli<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with A.J. Hurley<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) &#8211; Elon Musk&#8217;s Twitter Implements Daily Tweet Limit<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) &#8211; Elon Musk&#8217;s Twitter Implements Daily Tweet Limit<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Martin Coulter (Reuters) &#8211; Meta Platforms to Launch Twitter-Rivaling App<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Martin Coulter (Reuters) &#8211; Meta Platforms to Launch Twitter-Rivaling App<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rose on Tuesday as the market considered supply cuts by Saudi Arabia and Russia for August, despite concerns about a weak global economy. Brent crude futures increased by 1.1% to $75.50 a barrel, while U.S. West Texas Intermediate crude remained steady.<\/p>\n","protected":false},"author":66,"featured_media":1963894,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1963893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1963893","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=1963893"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1963893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1963894"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1963893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1963893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1963893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}