{"id":2007604,"date":"2023-08-21T23:15:02","date_gmt":"2023-08-22T03:15:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dips-on-possible-easing-of-tight-supply-china-woes-hurt-demand-outlook\/"},"modified":"2023-08-21T23:19:49","modified_gmt":"2023-08-22T03:19:49","slug":"oil-dips-on-possible-easing-of-tight-supply-china-woes-hurt-demand-outlook","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dips-on-possible-easing-of-tight-supply-china-woes-hurt-demand-outlook\/","title":{"rendered":"Oil prices drop as tight supply concerns ease and China&#8217;s economic troubles dampen demand prospects."},"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\">30<\/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-dips-on-possible-easing-of-tight-supply-china-woes-hurt-demand-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=2007604&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 as Market Awaits Iraqi Oil\u200c Exports<\/h2>\n<p>By\u200b Muyu Xu<\/p>\n<p>SINGAPORE (Reuters) &#8211; \u2062Oil prices edged lower on Tuesday as\u200d the market eagerly awaited \u2062the resumption of Iraqi oil exports, \u2062which could alleviate \u200cthe supply tightness caused by the OPEC+ cut. However, concerns\u2064 over a faltering\u2063 Chinese economy continued to weigh on the \u2063global demand 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 was down 8 cents at $84.38 a barrel and U.S. West Texas Intermediate crude was \u2064trading 7 cents lower at $80.65 a barrel at 0241 GMT. WTI\u2019s contract with September \u200dexpiry \u200bslipped 8 \u200ccents\u2062 at $80.04 a barrel.\u2063 <\/p>\n<blockquote><p>\u201cCrude oil struggled to keep its head above water on signs of supply\u2063 tightness\u200d easing,\u201d said Brian Martin and Daniel Hynes, \u200canalysts from ANZ Bank\u200c in a note to clients.<\/p><\/blockquote>\n<p>Iraq\u2019s oil minister Hayan Abdel-Ghani arrived in the\u200d Turkish capital Ankara to discuss several issues including \u2063the\u2063 resumption of\u2063 oil exports\u2062 through the Ceyhan oil\u200d terminal, a source in the minister\u2019s office told Reuters on Monday. <\/p>\n<p>Turkey halted Iraq\u2019s 450,000 \u200dbarrels per day (bpd) of exports through the northern Iraq-Turkey pipeline on March 25 after an arbitration \u200cruling by the \u2062International Chamber of Commerce (ICC).<\/p>\n<p>More Iraqi crude oil coming on to the market could \u200chelp alleviate the supply crunch for sour crude as the\u200c Organization of the Petroleum Exporting Countries and the allies (OPEC+) prolonged \u200band \u2062deepened production cuts.<\/p>\n<p>Meanwhile, gloom \u2062over\u2063 the economic outlook in\u2064 China, \u200bthe world\u2019s second\u2063 biggest oil \u2064consumer, continued to pressure oil\u200b prices and heighten worries about fuel demand.<\/p>\n<p>China\u2019s central bank on Monday cut its one<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-banks-are-flush-with-cash-nobody-wants-to-borrow\/\" title=\"Chinese Banks Are Flush With Cash Nobody Wants to Borrow\">-year lending rate<\/a> only moderately to the disappointment of the market which had expected \u200bmore aggressive stimulus\u2062 steps amid a rapid loss in economic momentum.<\/p>\n<p>\u201cChina\u2019s economic weakness is weighing on\u200c oil prices and \u200dwill create a ceiling\u200b for them this year, especially as Beijing appears committed to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dips-on-possible-easing-of-tight-supply-china-woes-hurt-demand-outlook\/\" title=\"Oil prices drop as tight supply concerns ease and China's economic troubles dampen demand prospects.\">avoiding large-scale fiscal stimulus<\/a>,\u201d\u2062 Eurasia Group\u2063 said in a note. <\/p>\n<p>J.P.Morgan analysts estimated that global demand growth for\u200c mobility \u2063fuels decelerated to \u20630.6 mbd\u2064 year-on-year for the reference week ending August 12. <\/p>\n<p>Year-to-date, with China\u2019s base effect now out of the numbers, growth in demand\u200d for mobility fuels\u2062 slipped to 1.6 mbd compared to the same period\u200d last year, they\u200d said.<\/p>\n<p>Putting a floor to oil prices, U.S. crude oil \u2064and gasoline inventories were expected to have fallen last \u200dweek,\u200d a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday.<\/p>\n<p>The Energy Information \u200cAdministration, the statistical arm\u200d of \u200cthe U.S. Department \u200dof Energy, is due \u2062to \u2062release its own \u200bdata \u2062on Wednesday. <\/p>\n<p>The\u2062 market is also focusing on preliminary\u200d U.S. August PMI data and\u2063 the \u2064Federal Reserve\u2019s annual economic symposium at Jackson Hole both due \u2063later \u2063this week.<\/p>\n<p>U.S. economic data over recent weeks has\u200b bolstered expectations\u2064 for the Fed to keep rates higher for longer, putting a dampener on the \u2063demand \u2064outlook for oil and \u2063a broad range \u200dof consumer goods.<\/p>\n<p>  (Reporting\u2062 by Muyu Xu in Singapore and Katya\u2062 Golubkova in Tokyo; Editing by \u200cShri Navaratnam)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-dips-on-possible\/attachment\/file-photo-a-pump-jack-is-seen-at-sunrise-near-3\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other \u2062News:<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Joe Biden \u200djets off to Hawaii, Trump pays $200,000 \u200din Fulton County and Fat Bottomed\u2062 Girls get blacklisted.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Trump spokeswoman Liz Harrington suggests the timing of the\u200c latest indictment of Donald Trump \u200creeks of\u200b collusion.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The death toll from the Maui\u200b wildfires continues to rise, with at \u200cleast 111 confirmed fatalities as of Friday while \u200dnearly 1,000 others remain missing.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Nebraska Governor Jim Pillen signs the Opportunity\u200d Scholarship Act, which <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-falls-to-fourth-place-in-new-hampshire-poll-pres-trump-dominates\/\" title=\"DeSantis slips to fourth in NH poll, Trump prevails.\">commits  million dollars<\/a> in\u2064 tax \u2064credits to children across the\u200c state.\u2064 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>OSLO (Reuters) \u2013 Meta Platforms will ask a court in Norway\u2064 on Tuesday to stop a fine the country\u2019s data regulator\u200c has\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Coinbase Global said on Monday it\u200d would acquire an equity stake in\u200c cryptocurrency operator Circle Internet Financial and shut down\u2026 \u200b <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jaspreet Singh (Reuters) -Zoom Video Communications forecast\u200c third-quarter profit above Wall Street estimates on Monday,\u2063 a positive sign \u2063for the company\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By \u2063Chavi Mehta \u200b(Reuters) -Nvidia investors expect the chip designer to\u200d forecast quarterly \u2064revenue \u2064above estimates when it reports results on Wednesday.\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dipped slightly on Tuesday as the market anticipated the resumption of Iraqi oil exports, potentially alleviating supply constraints from the OPEC+ cut. Additionally, concerns over a weakening Chinese economy continued to weigh on global demand prospects. Brent crude fell by 8 cents to $84.38 per barrel.<\/p>\n","protected":false},"author":66,"featured_media":2007605,"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":[],"tags":[],"class_list":["post-2007604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"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\/2007604","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=2007604"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2007605"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2007604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2007604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2007604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}