{"id":2571,"date":"2023-05-01T02:43:56","date_gmt":"2023-05-01T06:43:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-edges-higher-despite-slowdown-in-u-s-economic-growth\/"},"modified":"2023-05-01T02:43:56","modified_gmt":"2023-05-01T06:43:56","slug":"crude-oil-edges-higher-despite-slowdown-in-u-s-economic-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2571","title":{"rendered":"Crude oil edges higher despite slowdown in U.S. economic growth"},"content":{"rendered":"
\n

Investing.com — Oil prices stabilized Thursday as signs of tightening U.S. supplies helped to balance fresh concerns over a slowing U.S. economy, the largest consumer of crude in the world.<\/p>\n

By 09:40 ET (13:40 GMT), futures traded 0.2% higher at $74.45 a barrel, while the contract rose 0.1% to $77.83 a barrel.\u00a0<\/p>\n

U.S. crude stocks fell by 5.1 million barrels last week, data from the showed Wednesday, following a 4.6M barrel draw in the prior week and below the expected 1.5M barrel decrease.<\/p>\n

Adding to the positive news Thursday were comments from Russian Deputy Prime Alexander Novak, who used to be the country\u2019s minister for energy and described oil markets as balanced.\u00a0<\/p>\n

He added there was no need for the OPEC+ group of leading oil producers to introduce further oil output cuts, but crucially added the cartel is always able to adjust its policy.<\/p>\n

The Organisation of Petroleum Exporting Countries and allies including Russia, known as OPEC+, announced a surprise production cut earlier this month.<\/p>\n

That said, both crude benchmarks dropped almost 4% on Wednesday, trading close to a one-month low and below the $80 a barrel level widely seen as OPEC+\u2019s target price.<\/p>\n

This weakness was down to jitters about a U.S. economic downturn, which would likely result in a slip in demand for crude in the largest energy consumer in the world.<\/p>\n

These worries were added to Thursday after data showed that U.S. increased at an annual rate of 1.1% in the first quarter of 2023, a sharp slowdown from growth of 2.6% in the final three months of 2022.\u00a0<\/p>\n

Economists had predicted that the reading would come in at 2.0%, and this adds to numerous signs that the Federal Reserve\u2019s aggressive interest rate increases over the past year to cool red-hot inflation have come at a cost to growth.<\/p>\n

\u201cThe price action we have seen in the last two weeks would suggest that OPEC+ made the right decision to announce further supply cuts,\u201d said analysts at ING, in a note. \u201cHowever, our balance sees significant tightening over the second half of the year, which should still mean that the market moves higher.\u201d\u00a0<\/p>\n

The , the and, in particular, the are all expected to raise interest rates in the coming days, stunting economic growth further, potentially leading to a global recession later in the year.<\/p>\n<\/div>\n

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

Investing.com — Oil prices stabilized Thursday as signs of tightening U.S. supplies helped to balance fresh concerns over a slowing U.S. economy, the largest consumer of crude in the world. By 09:40 ET (13:40 GMT), futures traded 0.2% higher at $74.45 a barrel, while the contract rose 0.1% to $77.83 a barrel.\u00a0 U.S. crude stocks […]<\/p>\n","protected":false},"author":1,"featured_media":1421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-2571","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil edges higher despite slowdown in U.S. economic growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices stabilized Thursday as signs of tightening U.S. supplies helped to balance fresh concerns over a slowing U.S. economy, the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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