AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Oil Prices Ease as Demand Concerns Outweigh Supply Cuts Prospect

admin-augaf by admin-augaf
November 21, 2023
in Business, Finance, International
Reading Time: 2 mins read
0
Oil Prices Ease as Demand Concerns Outweigh Supply Cuts Prospect
Share on FacebookShare on TwitterWhatsapp

TOKYO, November 21 2023: Oil futures eased on Tuesday, reversing the previous day’s rally, as concerns over weaker demand amid a slowing global economy outweighed the prospect of deepening supply cuts by OPEC and its allies such as Russia.

Brent crude futures fell 19 cents, or 0.2%, to $82.13 a barrel by 0013 GMT while U.S. West Texas Intermediate crude was at $77.68 a barrel, down 15 cents, or 0.2%.

Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is set to consider whether to make additional oil supply cuts when it meets on Nov. 26.

“Since worries on the demand side have not been dispelled, investors took a wait-and-see attitude to confirm the actual OPEC+ decision,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.

“Going forward, the market will focus on U.S. and Chinese economic indicators and U.S. crude oil inventory levels to assess global demand trend,” Ueno said, adding that investors will also consider a weakening U.S. dollar, which will provide support for oil prices.

The oil market has dropped almost 20% since late September as crude output in the U.S., the world’s top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No. 1 importer of oil.

Traders were also watching for signs of demand destruction from a possible U.S. recession in 2024 and considering last week’s warning about possible deflation from Walmart (WMT.N), the largest U.S. retailer.

U.S. crude and gasoline stockpiles likely rose last week, while distillates inventories were seen dropping, a preliminary Reuters poll showed on Monday. A weekly report from the American Petroleum Institute is due later on Tuesday, and from the Energy Information Administration is due on Wednesday.

On the supply side, the OPEC+ are likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.

Among the analysts, Goldman Sachs said that based on its statistical model of OPEC decisions, deeper cuts should not be ruled out given the fall in speculative positioning and in timespreads, and higher-than-expected inventories.

Tags: OIL
admin-augaf

admin-augaf

Related Posts

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month
Business

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

May 17, 2025
Pakistan New Budget Will Tax Cars on Prices
Business

Pakistan to Reduce Customs Duty to 15% and Phase Out Regulatory Duty in Five Years

May 17, 2025
IT
Budget

Pakistan Central Development Body Approves PKR 143 Billion for Projects Including Tech Industry and Laptop Scheme

May 17, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

May 17, 2025
Pakistan New Budget Will Tax Cars on Prices

Pakistan to Reduce Customs Duty to 15% and Phase Out Regulatory Duty in Five Years

May 17, 2025
IT

Pakistan Central Development Body Approves PKR 143 Billion for Projects Including Tech Industry and Laptop Scheme

May 17, 2025
Pakistan Textile Exports Fall 15.2% to Hit Low of 17 Months in October on Inventory Pileup at Export Destinations

Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025

May 16, 2025
Rupee

Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners

May 16, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month
  • Pakistan to Reduce Customs Duty to 15% and Phase Out Regulatory Duty in Five Years
  • Pakistan Central Development Body Approves PKR 143 Billion for Projects Including Tech Industry and Laptop Scheme

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

AirSial Launches Direct Flights to Dubai from Islamabad and Lahore Starting Next Month

May 17, 2025
Pakistan New Budget Will Tax Cars on Prices

Pakistan to Reduce Customs Duty to 15% and Phase Out Regulatory Duty in Five Years

May 17, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.