{"id":19737,"date":"2023-06-07T23:55:48","date_gmt":"2023-06-08T03:55:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-steady-as-investors-weigh-supply-and-demand-drivers\/"},"modified":"2023-06-07T23:55:48","modified_gmt":"2023-06-08T03:55:48","slug":"oil-steady-as-investors-weigh-supply-and-demand-drivers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19737","title":{"rendered":"Oil steady as investors weigh supply and demand drivers"},"content":{"rendered":"
\n

By Jeslyn Lerh<\/p>\n

SINGAPORE (Reuters) – Oil prices were little changed in early Asia trade on Thursday as investors weighed demand concerns over a global economic slowdown against an expected fall in supply from Saudi output cuts.<\/p>\n

futures dipped 1 cent at $76.94 a barrel at 0110 GMT, while the U.S. West Texas Intermediate crude futures rose 5 cents at $72.58 a barrel.<\/p>\n

Both benchmarks settled up by about 1% on Wednesday, supported by Saudi Arabia’s plans for deep output cuts, though price gains remain capped by rising U.S. fuel stocks and weak Chinese export data. <\/p>\n

“We considered substantially lowering our oil price deck in the absence of OPEC+ action last Sunday, but even a 1 million barrel\/day cut looks unlikely to underpin a sustainable price increase,” Citi analysts said on Thursday. <\/p>\n

“Both OPEC and IEA forecasts have had an air of wishful thinking about accelerating demand growth by year-end,” the analysts added. <\/p>\n

oil stockpiles fell last week, though fuel product inventories grew, the latest data from Energy Information Administration (EIA) showed on Wednesday.<\/p>\n

Gasoline inventories climbed by 2.7 million barrels in the week, the EIA said, higher than analyst expectations for a 880,000 barrel rise.<\/p>\n

Distillate stockpiles rose by nearly 5.1 million barrels in the week, exceeding analyst predictions of a 1.3 million barrel rise.<\/p>\n

The larger-than-expected build in U.S. fuel inventories raised concerns over demand from the world’s top oil consumer, especially as travel was expected to have grown more during the Memorial Day weekend.<\/p>\n

Meanwhile, U.S. crude inventories fell by 451,000 barrels in the week, while analysts had expected a 1 million barrel rise. <\/p>\n<\/div>\n

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

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