{"id":38753,"date":"2023-07-21T14:36:44","date_gmt":"2023-07-21T18:36:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-up-4th-week-on-russia-saber-rattling-opec-rhetoric\/"},"modified":"2023-07-21T14:36:45","modified_gmt":"2023-07-21T18:36:45","slug":"oil-up-4th-week-on-russia-saber-rattling-opec-rhetoric","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38753","title":{"rendered":"Oil up 4th week on Russia saber-rattling, OPEC rhetoric"},"content":{"rendered":"
\n

Investing.com — OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine raised supply concerns in a market already besieged by the oil cartel\u2019s rhetoric over cuts.\u00a0<\/p>\n

Crude prices were headed for a fourth straight week of gains as Russia continued to target Ukrainian food export facilities on Friday, seizing ships in the Black Sea and escalating tensions after withdrawing from a U.N.-brokered safe sea corridor agreement.<\/p>\n

OPEC, or the Organization of the Petroleum Exporting Countries, meanwhile, continued its megaphone policy as Suhail al-Mazrouei, energy minister of the United Arab Emirates, told Reuters in an interview that the oil cartel is “only a phone call away” if more choking of supplies were needed.\u00a0<\/p>\n

With nearly 90 minutes to the day\u2019s close, New York-based West Texas Intermediate, or , crude was up $1.24, or 1.6%, to $76.89 per barrel on Friday. For the week, the U.S. crude benchmark was up 2%, after gains of 2.1%, 4.6% and 2.1% over three prior weeks.<\/p>\n

London-based rose by $1.19, or 1.5%, to $80.83 per barrel. For the week, the global crude benchmark gained 1.1%, after rising 1.8%, 4.8% and 1.4% over three previous weeks.<\/p>\n

On a monthly basis, crude has climbed about 9% in July after June\u2019s 4% gain. The run-up comes amid Saudi and Russian rhetoric about production cuts \u2014 an additional one million barrels per day each for the kingdom and half a million a day pledged by Moscow \u2014 as well as receding inflation data that suggested the Federal Reserve will be less aggressive with interest rates going forth.\u00a0<\/p>\n

WTI still stuck below $77 resistance\u00a0<\/h2>\n

Notwithstanding those gains, the market has had trouble reaching beyond the OPEC target of $80 and above due to dismal growth data out of China, the world\u2019s largest importer of oil, and in top oil consumer the United States \u2014 despite the advent of summer travel, which usually results in runaway usage of fuels.\u00a0<\/p>\n

\u201cWTI crude has been rising since the end of June but has clearly found resistance just above the $77 level,\u201d said Ed Moya, analyst at online trading platform OANDA.\u00a0\u00a0<\/p>\n

\u201cNext week, energy traders will have to pay attention to global flash PMI readings, a handful of major energy companies earnings, the standard weekly stockpile data points and some energy conferences which could provide some insight for the future shifts with supply and demand. WTI crude might continue its consolidation pattern between the $74 to $77 level.\u201d<\/p>\n<\/div>\n

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

Investing.com — OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine raised supply concerns in a market already besieged by the oil cartel\u2019s rhetoric over cuts.\u00a0 Crude prices were headed for a fourth straight week of gains as Russia continued to target […]<\/p>\n","protected":false},"author":1,"featured_media":2233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-38753","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil up 4th week on Russia saber-rattling, OPEC rhetoric | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine\" \/>\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=38753\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil up 4th week on Russia saber-rattling, OPEC rhetoric | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=38753\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-21T18:36:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-21T18:36:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/LYNXNPEAB10O6_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=38753#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=38753\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil up 4th week on Russia saber-rattling, OPEC rhetoric\",\"datePublished\":\"2023-07-21T18:36:44+00:00\",\"dateModified\":\"2023-07-21T18:36:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=38753\"},\"wordCount\":413,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=38753#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=38753\",\"url\":\"https:\/\/ifintechworld.com\/?p=38753\",\"name\":\"Oil up 4th week on Russia saber-rattling, OPEC rhetoric | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-21T18:36:44+00:00\",\"dateModified\":\"2023-07-21T18:36:45+00:00\",\"description\":\"Investing.com -- OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=38753#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=38753\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=38753#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil up 4th week on Russia saber-rattling, OPEC rhetoric\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil up 4th week on Russia saber-rattling, OPEC rhetoric | iFintechWorld","description":"Investing.com -- OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=38753","og_locale":"en_US","og_type":"article","og_title":"Oil up 4th week on Russia saber-rattling, OPEC rhetoric | iFintechWorld","og_description":"Investing.com -- OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine","og_url":"https:\/\/ifintechworld.com\/?p=38753","og_site_name":"iFintechWorld","article_published_time":"2023-07-21T18:36:44+00:00","article_modified_time":"2023-07-21T18:36:45+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/LYNXNPEAB10O6_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=38753#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=38753"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil up 4th week on Russia saber-rattling, OPEC rhetoric","datePublished":"2023-07-21T18:36:44+00:00","dateModified":"2023-07-21T18:36:45+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=38753"},"wordCount":413,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=38753#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=38753","url":"https:\/\/ifintechworld.com\/?p=38753","name":"Oil up 4th week on Russia saber-rattling, OPEC rhetoric | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-21T18:36:44+00:00","dateModified":"2023-07-21T18:36:45+00:00","description":"Investing.com -- OPEC\u2019s bid for $80 and above oil got a boost from ally Russia this week as Moscow\u2019s increasingly desperate offensives against Ukraine","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=38753#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=38753"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=38753#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil up 4th week on Russia saber-rattling, OPEC rhetoric"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/38753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38753"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/38753\/revisions"}],"predecessor-version":[{"id":38754,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/38753\/revisions\/38754"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2233"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}