{"id":35638,"date":"2023-07-14T11:04:24","date_gmt":"2023-07-14T15:04:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-edges-lower-positive-week-on-disrupted-supply-u-s-optimism\/"},"modified":"2023-07-14T11:04:25","modified_gmt":"2023-07-14T15:04:25","slug":"crude-oil-edges-lower-positive-week-on-disrupted-supply-u-s-optimism","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35638","title":{"rendered":"Crude oil edges lower; positive week on disrupted supply, U.S. optimism"},"content":{"rendered":"
\n

Investing.com — Crude oil prices edged lower Friday but remained on course for hefty weekly gains on the back of disrupted global supplies, hopes for higher U.S. demand and a weaker dollar.<\/p>\n

By 09:20 ET (13.20 GMT), the futures traded 0.5% lower at $76.54 a barrel, while the contract dropped 0.4% to $81.00.<\/p>\n

Both benchmarks are on course to register gains of around 4% this week, with the Brent contract climbing above $81 a barrel, at its highest level since late April.<\/p>\n

Disrupted supplies from Libya, Nigeria<\/strong><\/h2>\n

The market received a boost on Thursday with the news that political protests had shut down some oilfields in Libya, while Shell (LON:) suspended loadings of Nigerian oil owing to a potential leak at a terminal.<\/p>\n

These two disruptions, when added together, are likely to have impacted the supply of around 600,000 barrels per day, and come in the wake of the Saudi one-million-barrel cut to the end of August and Russia’s 500,000 barrel export reduction.<\/p>\n

\u201cCombined, these disruptions are significant and will be felt in a market that is already set to tighten,\u201d said analysts at ING, in a note.<\/p>\n

Optimism over U.S. economic activity<\/strong><\/h2>\n

That said, the majority of the week\u2019s gains followed the release of the softest U.S. growth in more than two years.<\/p>\n

This eased worries that the aggressive rate hiking-cycling by the would continue for longer than July\u2019s expected increase, potentially pushing the largest economy in the world into recession in the second half of the year.<\/p>\n

This also resulted in the slumping to 15-month lows, making commodities denominated in dollars, like crude, cheaper for foreign buyers.<\/p>\n

Additionally, demand for power in Texas hit a record high for a second day in a row on Thursday as homes and businesses kept air conditioners working full time during a lingering heat wave.<\/p>\n

The Electric Reliability Council of Texas said it expected usage will set another record on Friday.<\/p>\n

Positive monthly energy reports<\/strong><\/h2>\n

Further price support came from Thursday’s reports by the and , with both predicting that oil demand will pick up in the second half of the year, particularly in China.<\/p>\n<\/div>\n

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

Investing.com — Crude oil prices edged lower Friday but remained on course for hefty weekly gains on the back of disrupted global supplies, hopes for higher U.S. demand and a weaker dollar. By 09:20 ET (13.20 GMT), the futures traded 0.5% lower at $76.54 a barrel, while the contract dropped 0.4% to $81.00. 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