{"id":1999912,"date":"2023-08-14T11:52:02","date_gmt":"2023-08-14T15:52:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-steadies-as-china-worries-counter-supply-cuts\/"},"modified":"2023-08-14T11:54:07","modified_gmt":"2023-08-14T15:54:07","slug":"oil-steadies-as-china-worries-counter-supply-cuts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-steadies-as-china-worries-counter-supply-cuts\/","title":{"rendered":"Oil stabilizes as concerns over China offset reductions in supply."},"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\">20<\/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-steadies-as-china-worries-counter-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=1999912&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 Stabilize Amid Economic Concerns<\/h2>\n<blockquote>\n<p>By Natalie Grover<\/p>\n<\/blockquote>\n<p>LONDON (Reuters)\u2062 &#8211; Oil prices stabilized\u200c on \u200dMonday as concerns about China\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tesla-byds-china-deliveries-hit-record-high-in-q2\/\" title=\"Tesla and BYD achieved record-breaking delivery numbers in China during the second quarter.\">faltering economic recovery<\/a> and \u200ca stronger dollar\u2062 took the momentum out \u200bof\u2062 seven weeks of gains on\u2064 tightening\u2064 supply.<\/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\u2063 crude futures slipped 42 cents to $86.39 a barrel by \u200b1431 GMT\u2064 while U.S. West Texas Intermediate crude edged 31 \u200ccents lower\u200b to $82.88 a barrel.<\/p>\n<p><strong>\u201cCrude has been in overbought territory for\u2064 some \u2062time now, defying expectations of a \u2062correction,\u201d<\/strong> said \u200bVandana \u200cHari, founder of\u2064 oil market analysis provider Vanda Insights. <\/p>\n<p>Hari\u2063 said the focus had been on U.S. \u200ceconomic optimism, to the exclusion of economic headwinds in the eurozone and China. <\/p>\n<p><strong>\u201cA rebalancing is overdue but it \u200cmay need \u200ca reality check in the markets stateside,\u201d<\/strong> she added. <\/p>\n<p>China\u2019s sluggish\u200b economic recovery and a stronger U.S. \u200cdollar could\u2064 depress\u200c prices, but OPEC+ has\u200c indicated it would do whatever it takes to tighten supply and stabilize markets, CMC Markets analyst Tina Teng said.<\/p>\n<p>The U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aggressive-fed-hikes-rates-another-75-bp-surprising-no-one\/\" title=\"Aggressive Fed hikes rates another 75 bp, surprising no one\">dollar index extended gains<\/a> after \u2063a \u200bslightly bigger increase \u200bin U.S. producer prices\u2062 in July\u200b lifted Treasury yields \u200ddespite expectations \u2062the \u200cFederal Reserve \u2063is at the end of \u200dhiking\u2062 interest rates. \u2063 [FRX\/]\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-steadies-as-china-worries-counter-supply-cuts\/\" title=\"Oil stabilizes as concerns over China offset reductions in supply.\">stronger dollar pressures oil demand<\/a> by making the \u2064commodity more expensive for buyers holding other currencies.     <\/p>\n<p>Meanwhile, supply cuts by Saudi Arabia and Russia, part of the alliance between the\u2064 Organization of the Petroleum Exporting Countries and their allies, or OPEC+, are \u2064expected to erode\u2064 oil inventories over the rest of this year, potentially driving prices even higher, the\u2063 International Energy Agency said in its monthly report on Friday. <\/p>\n<p>Last week\u2019s\u200b encouraging demand estimates,\u200c falling OPEC supply, declining inventories and mitigated inflationary pressure, said Tamas Varga of oil broker PVM, <strong>\u201cis a warning signal\u2063 that unless China joins the party\u2062 the path upwards will be paved with \u200dpitfalls\u201d<\/strong>.<\/p>\n<p>Separately on Monday,\u200d a Shell spokesperson said exports of\u2063 Nigeria\u2019s Forcados crude oil resumed on Sunday, roughly \u200ba month after loadings of the medium\u2064 sweet grade were suspended because of a potential leak\u200c at \u2064the \u200dexport terminal.<\/p>\n<p>The \u200dsuspension contributed to Nigeria becoming the\u200d second-biggest contributor to \u200bthe drop in\u2063 OPEC crude oil output in July, a Reuters survey showed.  <\/p>\n<p>  (Reporting \u2062by Natalie Grover in London; Additional reporting by Florence \u2062Tan in Singapore and \u200dMohi Narayan in New Delhi; Editing by Sonali Paul, Jason Neely and Alexander Smith)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/oil-eases-on-stronger\/attachment\/file-photo-a-pump-jack-is-seen-at-sunrise-near\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Tucker Carlson&#8217;s Bombshell\u2062 Interviews<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Updates in the Hunter Biden Probe<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Should Trump Participate in the GOP Presidential Debate?<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Frustration Mounts Over \u2063Lack of Answers from Biden Administration<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>SK Telecom to Invest $100 Million in U.S. AI Firm<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Telegram\u2062 Messaging App \u2062Ban Lifted in Iraq<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>GQG \u200bPartners Increases Stake in Nvidia\u2064 Corp<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Artificial Intelligence Helps Spot Wildfires in\u200d California<\/h3>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices steadied on Monday due to worries over China&#8217;s struggling economic rebound and a stronger dollar, which halted the seven-week streak of gains driven by supply constraints. Brent crude futures fell by 42 cents to $86.39 per barrel, while U.S. West Texas Intermediate crude saw a slight decline of 31.<\/p>\n","protected":false},"author":66,"featured_media":1999913,"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-1999912","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\/1999912","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=1999912"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1999912\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1999913"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1999912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1999912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1999912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}