{"id":41277,"date":"2023-07-27T16:06:16","date_gmt":"2023-07-27T20:06:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-higher-u-s-gdp-suggests-resilient-economy\/"},"modified":"2023-07-27T16:06:17","modified_gmt":"2023-07-27T20:06:17","slug":"crude-oil-higher-u-s-gdp-suggests-resilient-economy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41277","title":{"rendered":"Crude oil higher; U.S. GDP suggests resilient economy"},"content":{"rendered":"
\n

Investing.com — Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies as the year progresses.<\/p>\n

By 09:10 ET (13.10 GMT), the futures traded 1.3% higher at $79.83 a barrel, while the contract climbed 0.9% to $83.33, with both contracts near their highest levels since mid-April.<\/p>\n

U.S. economy shows strength<\/strong><\/h2>\n

Helping the crude benchmarks take a new step forward was the news that the U.S. economy, the world’s largest and biggest crude consumer, on an annual basis in the April to June period, much higher than the expected 1.8%.<\/p>\n

The reading accelerated from 2.0% in the first three months of the year, and suggests that the U.S. economy is remaining relatively strong despite an aggressive bout of Federal Reserve policy tightening, the latest example of which took place on Wednesday.<\/p>\n

Crude producers to cut supplies in August<\/strong><\/h2>\n

Oil markets have recorded four consecutive weeks of gains, boosted by the decisions of Saudi Arabia and Russia, the world\u2019s biggest oil exporters, to cut an additional combined 1.5 million barrels per day, respectively, from their July production level, starting in August.<\/p>\n

\u201cThe decision that Saudi Arabia will need to make in the coming weeks is whether they will roll this additional cut into September or start to unwind it,\u201d said analysts at ING, in a note.<\/p>\n

\u201cThe recent price strength might give the Saudis the confidence to start unwinding these cuts, but expectations will have to be managed and they will have to be careful how they go about it \u2013 too aggressively and it could put renewed pressure back on the market.\u201d<\/p>\n

U.S. inventories disappoint<\/strong><\/h2>\n

That said, the crude market closed lower on Wednesday after government data showed U.S. crude fell by just a quarter of expected levels last week despite an end to supply injections from the national reserve.<\/p>\n

This raised questions about U.S. demand in a summer travel period that should logically see large draws.<\/p>\n<\/div>\n

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

Investing.com — Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies as the year progresses. By 09:10 ET (13.10 GMT), the futures traded 1.3% higher at $79.83 a barrel, while the contract climbed 0.9% to $83.33, with both contracts near their highest […]<\/p>\n","protected":false},"author":1,"featured_media":7024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-41277","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil higher; U.S. GDP suggests resilient economy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies\" \/>\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=41277\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil higher; U.S. GDP suggests resilient economy | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=41277\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-27T20:06:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-27T20:06:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEC190AN_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\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=41277#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=41277\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Crude oil higher; U.S. GDP suggests resilient economy\",\"datePublished\":\"2023-07-27T20:06:16+00:00\",\"dateModified\":\"2023-07-27T20:06:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=41277\"},\"wordCount\":342,\"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=41277#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=41277\",\"url\":\"https:\/\/ifintechworld.com\/?p=41277\",\"name\":\"Crude oil higher; U.S. GDP suggests resilient economy | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-27T20:06:16+00:00\",\"dateModified\":\"2023-07-27T20:06:17+00:00\",\"description\":\"Investing.com -- Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=41277#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=41277\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=41277#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crude oil higher; U.S. GDP suggests resilient economy\"}]},{\"@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":"Crude oil higher; U.S. GDP suggests resilient economy | iFintechWorld","description":"Investing.com -- Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies","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=41277","og_locale":"en_US","og_type":"article","og_title":"Crude oil higher; U.S. GDP suggests resilient economy | iFintechWorld","og_description":"Investing.com -- Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies","og_url":"https:\/\/ifintechworld.com\/?p=41277","og_site_name":"iFintechWorld","article_published_time":"2023-07-27T20:06:16+00:00","article_modified_time":"2023-07-27T20:06:17+00:00","og_image":[{"width":728,"height":420,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEC190AN_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=41277#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=41277"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Crude oil higher; U.S. GDP suggests resilient economy","datePublished":"2023-07-27T20:06:16+00:00","dateModified":"2023-07-27T20:06:17+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=41277"},"wordCount":342,"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=41277#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=41277","url":"https:\/\/ifintechworld.com\/?p=41277","name":"Crude oil higher; U.S. GDP suggests resilient economy | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-27T20:06:16+00:00","dateModified":"2023-07-27T20:06:17+00:00","description":"Investing.com -- Crude oil prices rose Thursday, boosted by signs of resilient economic activity in the U.S. as well as expectations of tighter supplies","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=41277#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=41277"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=41277#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Crude oil higher; U.S. GDP suggests resilient economy"}]},{"@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\/41277","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=41277"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/41277\/revisions"}],"predecessor-version":[{"id":41278,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/41277\/revisions\/41278"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/7024"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}