{"id":12337,"date":"2023-05-22T21:52:19","date_gmt":"2023-05-23T01:52:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-rise-on-outlook-for-higher-gasoline-demand-tighter-supply\/"},"modified":"2023-05-22T21:52:20","modified_gmt":"2023-05-23T01:52:20","slug":"oil-prices-rise-on-outlook-for-higher-gasoline-demand-tighter-supply","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12337","title":{"rendered":"Oil prices rise on outlook for higher gasoline demand, tighter supply"},"content":{"rendered":"
\n

By Yuka Obayashi<\/p>\n

TOKYO (Reuters) – Oil prices climbed for a second day on Tuesday as investors expect a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains.<\/p>\n

futures rose 20 cents, or 0.3%, to $76.19 a barrel by 0052 GMT while U.S. West Texas Intermediate (WTI) crude was at $72.26 a barrel, up 21 cents, or 0.3%.<\/p>\n

Brent rose 0.5% on Monday, while WTI gained 0.6%, amid a 2.8% increase in U.S. gasoline futures ahead of the Memorial Day holiday on May 29 that traditionally marks the start of the peak summer fuel demand season. <\/p>\n

“Oil prices are consolidating their bottoms, helped by a seasonal increase in U.S. gasoline demand from next week, production cuts by OPEC+ from this month and planned U.S. purchases to refill the Strategic Petroleum Reserve (SPR),” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan (OTC:) Securities. <\/p>\n

“But worries over the U.S. debt ceiling talks and a possible further hike in U.S. interest rates limited gains,” he said.<\/p>\n

Last week, the U.S. Department of Energy said it would buy 3 million barrels of to replenish the SPR for delivery in August.<\/p>\n

Voluntary production cuts by the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, that went into effect this month are also expected to keep oil markets tight.<\/p>\n

Goldman Sachs (NYSE:) analysts said in a report on Monday that they “expect sustained (oil supply) deficits from June as OPEC+ production cuts fully realize and demand rises further.”<\/p>\n

Asia will lead much of that oil demand growth, adding about around 2 million barrels per day (bpd) of consumption in the second half of the year, a Vitol executive said on Monday. <\/p>\n

Still, investors are also focused on negotiations to raise the debt limit of the U.S., the world’s biggest oil consumer. <\/p>\n

President Joe Biden and House Speaker Kevin McCarthy ended discussions on Monday with no agreement on how to raise the U.S. government’s $31.4 trillion debt ceiling and will keep talking with just 10 days before a possible default.<\/p>\n

A U.S. default would likely sparking chaos in financial markets and a spike in interest rates, impacting fuel demand growth both domestically and globally. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Yuka Obayashi TOKYO (Reuters) – Oil prices climbed for a second day on Tuesday as investors expect a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains. futures rose 20 cents, or 0.3%, to $76.19 […]<\/p>\n","protected":false},"author":1,"featured_media":12338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-12337","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices rise on outlook for higher gasoline demand, tighter supply | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Yuka Obayashi TOKYO (Reuters) - Oil prices climbed for a second day on Tuesday as investors expect a tighter market led by a seasonal rise in gasoline\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=12337\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise on outlook for higher gasoline demand, tighter supply | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Yuka Obayashi TOKYO (Reuters) - 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