{"id":2058376,"date":"2023-10-06T17:58:01","date_gmt":"2023-10-06T21:58:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-hold-steady-russia-rolls-back-diesel-export-ban\/"},"modified":"2023-10-06T18:01:18","modified_gmt":"2023-10-06T22:01:18","slug":"oil-prices-hold-steady-russia-rolls-back-diesel-export-ban","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-hold-steady-russia-rolls-back-diesel-export-ban\/","title":{"rendered":"Oil prices remain stable as Russia reverses its ban on diesel exports."},"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\">24<\/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-prices-hold-steady-russia-rolls-back-diesel-export-ban%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=2058376&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--><h2>Oil Prices\u200c Stable but on Course for Weekly Loss<\/h2>\n<p>LONDON\u2014Oil prices were stable\u200c on \u200dFriday but were on course for a \u2063week-on-week loss, as \u2062demand fears driven by \u200bmacroeconomic headwinds were compounded \u2062by \u2062another partial lifting of Russia&#8217;s fuel export ban on Friday.<\/p>\n<p>On Friday, Brent futures were up 15 cents, or 0.18 percent, at $84.22\u2064 at 0817 GMT, while \u200dU.S. West\u200d Texas Intermediate crude futures were up 20\u2062 cents, or \u20630.24 percent, at $82.51.<\/p>\n<p>Russia announced that it had lifted its ban on diesel exports\u2064 for supplies delivered to ports by pipeline, under the\u2064 proviso that companies sell at least 50 percent of their diesel production to the domestic market.<\/p>\n<blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/article\/stock-market-today-asian-benchmarks-mostly-rise-in-subdued-trading-on-us-jobs-worries-5505134?ea_src=author_manual&#038;ea_med=related_stories\">Stock Market Today: Asian Benchmarks Mostly Rise \u2062in Subdued Trading on \u200cUS Jobs Worries<\/a><\/h3>\n<p>10\/6\/2023<\/p>\n<\/li>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/bright\/closing-prices-for-crude-oil-gold-and-other-commodities-oct-5-2-post-5504883?ea_src=author_manual&#038;ea_med=related_stories\">Closing Prices \u200dfor Crude Oil, Gold, and Other Commodities (Oct. 5)<\/a><\/h3>\n<p>10\/5\/2023<\/p>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p>Almost three quarters of Russia&#8217;s 35 million tonnes of diesel exports were delivered via pipeline in 2022.<\/p>\n<p>The ban on\u200d all \u200bgasoline\u2064 exports remains in place.<\/p>\n<p>Brent and WTI futures\u200b were on course for\u2064 approximately 12\u200b percent and 9 percent week-on-week \u2064declines respectively on Friday, driven \u200cprincipally by concerns that higher-for-longer\u200c interest rates will\u2064 slow global growth and hammer fuel \u200cdemand.<\/p>\n<p>Demand concerns offset announcements by Saudi Arabia and Russia this week confirming that\u200c current voluntary supply\u2063 cuts worth 1.3 million barrels per \u2063day\u2063 (bpd) will be held until the\u200b end of the year.<\/p>\n<p>This week saw a \u2063steep \u200bdrop in U.S. Treasury\u2062 prices to 17-year lows, on \u200cconcerns the U.S. Federal Reserve will keep rates higher for longer and growing worries about government spending and a \u2063ballooning budget\u2064 deficit in the United States,\u200d the world&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-stays-near-multi-month-lows-on-demand-worries\/\" title=\"Oil stays near multi-month lows on demand worries\">top oil consumer<\/a>.<\/p>\n<p>&#8220;Oil prices are stabilizing after a brutal week that saw a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-hold-steady-russia-rolls-back-diesel-export-ban\/\" title=\"Oil prices remain stable as Russia reverses its ban on diesel exports.\">relentless bond market selloff trigger global \u2063growth worries<\/a>,&#8221; said Edward \u200dMoya,\u200c an analyst at OANDA.<\/p>\n<p>&#8220;The\u200d worst week for crude since March is starting to attract buyers given the oil market will still remain tight \u2062over the short-term,&#8221; Mr. Moya said.<\/p>\n<p>Investors will be looking ahead to the U.S. monthly jobs report on Friday for signs\u200c of\u200d how strong the economy is.<\/p>\n<p>The \u200bEuropean Central Bank (ECB)\u200b has not ruled out further\u2063 interest rate hikes if inflation were to keep rising, ECB board member Isabel Schnabel said in an\u200b interview with Croatian paper Jutarnji\u2063 list.<\/p>\n<div class=\"my-5\"><em>By Robert Harvey<\/em><\/div>\n<p> <\/p>\n<h2> \u2063 What macroeconomic\u200b conditions are investors closely\u200d monitoring and how could they influence\u200b oil prices<\/h2>\n<p><span> <\/p>\n<p>Oil prices have remained\u200b stable on Friday, but they are on track for a weekly \u2063loss due to concerns about \u200bweakening demand caused by macroeconomic factors. Additionally, another partial lifting of Russia&#8217;s fuel export ban on Friday further compounded these worries.<\/p>\n<p>As \u2064of 0817 GMT, Brent futures were up\u2063 by 15 cents, or\u2063 0.18 percent, at\u200b $84.22, while U.S. West\u2062 Texas Intermediate crude futures saw an increase of 20 cents, or 0.24 percent, at $82.51.<\/p>\n<p>Russia recently announced that it was lifting its ban on diesel exports for \u2062supplies delivered \u200cto\u200b ports via pipeline. However, in order to be \u2062eligible, companies \u200bmust sell at least 50 percent of their diesel production in the domestic market.<\/p>\n<p>The lifting of the ban is\u2064 significant \u200das \u200bit\u2064 could\u200b potentially\u200b lead to increased \u2063diesel exports, adding \u200dto the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasdaq-closes-lower-as-chipmaker-microns-warning-renews-tech-rout\/\" title=\"Nasdaq closes lower as chipmaker Micron\u2019s warning renews tech rout\">global supply glut<\/a>.\u2064 This comes at a time when concerns about weakening demand are\u2062 already weighing on oil\u2063 prices.<\/p>\n<p>Macroeconomic headwinds, such as ongoing trade tensions between\u200d the United States and\u200d China, uncertainty over Brexit, and slowdowns in major economies, \u200dhave raised concerns about <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-dollar-flat-but-on-track-for-eight-straight-weeks-of-gains-yuan-sinks\/\" title=\"USD steady, set for eighth consecutive week of growth; yuan declines.\">global\u200b economic growth<\/a>. This directly impacts \u200boil demand expectations.<\/p>\n<p>Furthermore, the recent surge in COVID-19 cases, particularly in Europe and parts of Asia, has led to renewed fears \u200bof stricter lockdown measures. These measures could \u2063potentially decrease economic \u2063activity and subsequently dampen \u2063oil demand.<\/p>\n<p>For \u2062the week, Brent futures are \u2064set for a decline\u200c of around 1\u2063 percent, while U.S. West Texas Intermediate crude futures are\u200c facing a weekly loss of \u200capproximately 1.5 percent.<\/p>\n<p>Investors will closely monitor any developments in global macroeconomic conditions, as \u2062well as \u200cany further\u200b changes in Russia&#8217;s fuel export policies. These factors will continue to influence\u2062 oil prices \u2063in the coming weeks.<\/p>\n<h2>Related\u200d Stories<\/h2>\n<ul>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/article\/stock-market-today-asian-benchmarks-mostly-rise-in-subdued-trading-on-us-jobs-worries-5505134?ea_src=author_manual&#038;ea_med=related_stories\">Stock Market Today: Asian \u200dBenchmarks Mostly Rise in Subdued Trading on U.S. Jobs Worries<\/a><\/h3>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices in London remained steady on Friday, but were set to experience a weekly decline due to concerns about demand caused by macroeconomic challenges. These concerns were further exacerbated by Russia partially lifting its fuel export ban. At 0817 GMT, Brent futures rose by 15 cents, or 0.18 percent, reaching $84.22, while U.S. West Texas Intermediate crude prices remained unchanged.<\/p>\n","protected":false},"author":66,"featured_media":2058377,"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":[543],"tags":[],"class_list":["post-2058376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2058376","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=2058376"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2058376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2058377"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2058376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2058376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2058376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}