{"id":1995085,"date":"2023-08-09T06:56:02","date_gmt":"2023-08-09T10:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-hits-new-highs-as-tighter-supply-offsets-china-demand-concern\/"},"modified":"2023-08-09T06:59:12","modified_gmt":"2023-08-09T10:59:12","slug":"oil-hits-new-highs-as-tighter-supply-offsets-china-demand-concern","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-hits-new-highs-as-tighter-supply-offsets-china-demand-concern\/","title":{"rendered":"Oil prices surge to new highs as the impact of tighter supply outweighs concerns over China&#8217;s demand."},"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\">34<\/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-hits-new-highs-as-tighter-supply-offsets-china-demand-concern%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=1995085&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 Hits\u200d New Peaks as\u200d Supply Cuts Offset Demand Concerns<\/h2>\n<p>By\u200b Alex Lawler<\/p>\n<p>LONDON\u200d (Reuters) &#8211; Oil hit new peaks on Wednesday with Brent crude touching \u200dthe highest since April as tighter \u200bsupply owing to Saudi and\u2064 Russian output cuts offset concerns \u200bover slow \u200bdemand from China and a report\u200c showing \u2062rising U.S. crude \u200dinventories. \u2062  <\/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>Saudi Arabia\u2019s cabinet said on Tuesday that it reaffirms its support for precautionary measures by the Organization of the Petroleum Exporting Countries and its \u200callies, known as OPEC+, to stabilise the market, \u200bstate media reported.<\/p>\n<p>Brent crude rose \u206464 cents,\u200b or 0.7%, to $86.81 by 1012 GMT and touched $86.94, the highest since April 13. \u2062U.S. West Texas Intermediate\u2064 (WTI)\u200d crude gained 78 cents, or\u2063 0.9%, to $83.70. The U.S. benchmark touched $83.81, the highest \u200csince \u200cNovember 2022.<\/p>\n<p>Crude posted its sixth consecutive weekly gains last week and hit its highest levels\u2064 since mid-April on Monday, helped by a reduction in OPEC+ supplies \u200band hopes of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-hits-new-highs-as-tighter-supply-offsets-china-demand-concern\/\" title=\"Oil prices surge to new highs as the impact of tighter supply outweighs concerns over China's demand.\">stimulus boosting oil demand recovery<\/a>\u200c in China.<\/p>\n<p>\u201cThere is no doubt that there is plenty of momentum here,\u201d said Naeem Aslam, chief investment officer at Avatrade. \u201cThe clear trend seems to be skewed to the upside.\u201d<\/p>\n<p>Some bearish pressure came from American Petroleum Institute (API) figures on Tuesday, which according to market sources \u200bshowed U.S. crude stocks\u200d rose by 4.1 million\u200c barrels \u2062last week,\u200b although gasoline and distillate inventories fell. <\/p>\n<p>\u201cPrices remain stable\u200d this morning despite economic headwinds helped \u2064by U.S. product draws reported by\u2064 the API, albeit\u2064 crude inventories built more than expected,\u201d oil broker PVM said.<\/p>\n<p>Official U.S. Energy Information Administration inventory figures are out at 1430 GMT.<\/p>\n<p>On Tuesday, oil came under pressure from Chinese data showing crude oil imports in July fell 18.8% from the previous month to their lowest\u2063 daily rate since January, although they\u2064 were up \u200c17% from a\u200c year earlier.<\/p>\n<p>But adding\u2064 support, Saudi Arabia last week extended \u200bits \u2062voluntary production cut of 1 million barrels per day to the end of September and Russia said it would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-will-reduce-oil-supply-higher-gasoline-prices-to-possibly-hit-u-s-soon\/\" title=\"Saudi Arabia to cut oil supply, U.S. may face pricier gas.\">cut oil exports<\/a> by 300,000\u2062 bpd in September.<\/p>\n<p>  \u200d (Additional reporting by Yuka Obayashi in Tokyo and Andrew Hayley in Beijing; editing by Jason \u200cNeely and Bernadette Baum)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-hits-new-highs\/attachment\/crude-oil-tanker-in-zhoushan-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Latest News:<\/h3>\n<p>On Monday, President Joe Biden headed\u200d to the Southwest in order to praise his Administration\u2019s efforts in climate and conservation<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Breaking News:<\/h3>\n<p>Something \u2062fishy is going\u200d on in \u2064Cuyahoga Falls, while the Biden\u200b Admin. is sued\u200d for allegedly censoring \u2063Vaccine discourse.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Featured Event:<\/h3>\n<p>Hundreds of Trump supporters turn out in Windham, New Hampshire \u2064to hear from the 45th president. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Opinion:<\/h3>\n<p>Spokeswoman for\u200c Make America Great Again Inc. Karoline Leavitt says \u200cthat Americans want a true commander-in-chief once again.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Business News:<\/h3>\n<p>BENGALURU (Reuters) \u2013 South Korea\u2019s Hyundai Motor Group said on Tuesday it\u200b plans to \u200blaunch more electric vehicles under the Hyundai and\u2026 \u2062 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Technology\u200c Update:<\/h3>\n<p>BERLIN (Reuters) \u2013 German \u2063technology group Robert Bosch said on Tuesday that it \u200cwill establish\u200d a joint\u2064 venture with TSMC, Infineon and\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Financial News:<\/h3>\n<p>TAIPEI (Reuters) \u2013 Taiwan\u2063 Semiconductor Manufacturing Co (TSMC)\u2063 said on Tuesday \u200cthat its board had \u200bapproved a 3.5 billion euro ($3.8 billion)\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>World News:<\/h3>\n<p>By Gwladys Fouche OSLO (Reuters)\u2064 \u2013 Meta Platforms is asking a court in Norway \u2064to stop a fine the Nordic country\u2019s data\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices reached new highs on Wednesday, as supply reductions from Saudi Arabia and Russia outweighed worries about weak demand from China and increasing U.S. crude inventories. Brent crude hit its highest level since April, indicating the success of output cuts. Saudi Arabia&#8217;s cabinet reiterated its commitment to stabilizing the oil market.<\/p>\n","protected":false},"author":66,"featured_media":1995086,"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-1995085","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\/1995085","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=1995085"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1995085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1995086"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1995085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1995085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1995085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}