{"id":1964324,"date":"2023-07-05T07:02:02","date_gmt":"2023-07-05T11:02:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brent-dips-as-economic-headwinds-outweigh-supply-cuts\/"},"modified":"2023-07-05T07:03:24","modified_gmt":"2023-07-05T11:03:24","slug":"brent-dips-as-economic-headwinds-outweigh-supply-cuts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brent-dips-as-economic-headwinds-outweigh-supply-cuts\/","title":{"rendered":"Brent falls due to economic challenges surpassing supply reductions."},"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\">18<\/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%2Fbrent-dips-as-economic-headwinds-outweigh-supply-cuts%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=1964324&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<h2>Oil Prices Dip Amid Global Economic Concerns<\/h2>\n<blockquote>\n<p>By Natalie Grover<\/p>\n<\/blockquote>\n<p>LONDON (Reuters) \u2013 Oil benchmark Brent edged lower on Wednesday as concern over a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brent-dips-as-economic-headwinds-outweigh-supply-cuts\/\" title=\"Brent falls due to economic challenges surpassing supply reductions.\">global economic slowdown overshadowed supply cuts announced<\/a> this week by top crude exporters Saudi Arabia and Russia. <\/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 was down 18 cents, or 0.24%, at $76.07 a barrel by 1003 GMT, having risen by $1.60 on Tuesday. <\/p>\n<p>U.S. West Texas Intermediate crude traded at $70.23, up $1.44, or 2.06%, from Monday\u2019s close. <\/p>\n<p>Given there was no settlement on Tuesday because of the Independence Day holiday, trade on Wednesday appeared to narrow the spread between the benchmarks, with WTI catching up with Brent\u2019s gains the previous day.<\/p>\n<p>\u201cThese measures are designed to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opecs-planned-price-hike-could-pummel-democrats\/\" title=\"OPEC\u2019s Planned Price Hike Could Pummel Democrats\">push oil prices higher<\/a>, but currently they are being pulled down by macroeconomic anxiety,\u201d PVM analyst Tamas Varga said of the price impact from the supply cuts. <\/p>\n<p>\u201cSome would argue that the latest decision to supply less oil to the market is actually bearish because it can be viewed as an admission that demand is struggling to grow at a healthy clip due to global economic headwinds.\u201d<\/p>\n<p>Recent surveys have shown a slump in global factory activity, reflecting sluggish demand in China and Europe. <\/p>\n<p>China\u2019s services activity in June expanded at the slowest pace in five months while euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc\u2019s dominant services sector. <\/p>\n<p>Saudi Arabia, the world\u2019s biggest crude exporter, on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August. Russia and Algeria, meanwhile, are lowering their August output and export levels by 500,000 bpd and 20,000 bpd respectively.<\/p>\n<p>Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.<\/p>\n<p>Market attention is also focused on interest rates, with U.S. and European central banks expected to increase rates further to address stubbornly high inflation.<\/p>\n<\/p>\n<p> (Reporting by Natalie Grover in London; Additional reporting by Yuka Obayashi in Tokyo and Muyu Xu in Singapore; Editing by David Goodman)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/brent-dips-as-economic\/attachment\/file-photo-a-worker-pumps-petrol-for-a-customer-at\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>More News:<\/h3>\n<ul>\n<li><strong>A.J. Hurley<\/strong><\/li>\n<li><strong>Joshua Coleman<\/strong><\/li>\n<li><strong>Ryan Helfenbein<\/strong><\/li>\n<li><strong>Tom Maoli<\/strong><\/li>\n<\/ul><\/div>\n<div class=\"entry-content\">\n<h3>Related Articles:<\/h3>\n<ul>\n<li><strong>Kanishka Singh<\/strong> &#8211; A U.S. federal judge restricts some agencies and officials of the administration of President Joe\u2026<\/li>\n<li><strong>Kane Wu<\/strong> &#8211; Beijing Fourth Paradigm Technology completes procedural work for a Hong Kong\u2026<\/li>\n<li><strong>Nick Carey<\/strong> &#8211; Lack of data on electric vehicle (EV) batteries continues to challenge insurers\u2026<\/li>\n<li><strong>Taipei<\/strong> &#8211; Taiwan\u2019s Foxconn reports a 13.8% year-on-year drop in second quarter revenue\u2026<\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brent crude fell slightly to $76.07 a barrel due to worries about a global economic slowdown, despite supply cuts from Saudi Arabia and Russia.<\/p>\n","protected":false},"author":66,"featured_media":1964325,"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-1964324","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\/1964324","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=1964324"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1964324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1964325"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1964324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1964324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1964324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}