{"id":45240,"date":"2023-08-06T22:27:59","date_gmt":"2023-08-07T02:27:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-extends-gains-hovers-at-four-month-highs-on-opec-cuts\/"},"modified":"2023-08-06T22:28:01","modified_gmt":"2023-08-07T02:28:01","slug":"oil-extends-gains-hovers-at-four-month-highs-on-opec-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45240","title":{"rendered":"Oil extends gains, hovers at four-month highs on OPEC+ cuts"},"content":{"rendered":"
\n

By Florence Tan<\/p>\n

SINGAPORE (Reuters) – Oil prices extended gains on Monday to touch their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices.<\/p>\n

futures rose 25 cents, or 0.3%, to $86.49 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude was at $83.05 a barrel, up 23 cents, or 0.3%.<\/p>\n

Both contracts notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022.<\/p>\n

Several factors have underpinned prices in recent weeks including expectations of U.S. interest rate hikes tapering off, a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in the world’s top crude importer China after a dismal second quarter.<\/p>\n

The world’s top exporter Saudi Arabia on Thursday extended its voluntary production cut of 1 million barrels per day (bpd) to the end of September, adding that it could be extended beyond then or deepened. The kingdom’s production for September will be around 9 million bpd.<\/p>\n

Russia said on Thursday would cut oil exports by 300,000 bpd in September. In addition, a Russian warship was last week seriously damaged in a Ukrainian naval drone attack on Russia’s Black Sea navy base at Novorossiysk. The port that handles 2% of the world’s oil supply has resumed operations.<\/p>\n

Saudi Arabia’s comments that the cuts may be deepened caught the attention of the market, ANZ analysts said in a note.<\/p>\n

Tightening supplies and falling inventories have also seen key physical crude market indicators strengthen in recent weeks, the ANZ analysts added.<\/p>\n

In line with production cuts, Saudi Aramco <\/span><\/span> (TADAWUL:) raised on Saturday the official selling prices for most grades it sells to Asia for a third month in September.<\/p>\n

OPEC+’s output cuts, China’s stimulus measures, and an improved U.S. economic outlook are supporting crude prices, CMC Markets analyst Tina Teng said in a note, although she said prices were approaching near-term resistance of their April highs.<\/p>\n

IG market analyst Tony Sycamore said a sustained break for WTI above $84.00 a barrel would open a move towards $93.50.<\/p>\n

Investors will watch for Chinese economic data this week to gauge Beijing’s appetite for more stimulus measures to support the world’s second-largest economy.<\/p>\n

In the U.S., the number of operating oil rigs fell by four to 525 last week, dropping for an eighth week in a row to their lowest since March 2022, Baker Hughes said in its weekly report on Friday. <\/p>\n<\/div>\n

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

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