{"id":51346,"date":"2023-08-21T22:52:33","date_gmt":"2023-08-22T02:52:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-up-on-expected-u-s-oil-stock-drawdown-but-china-gloom-tempers-gain\/"},"modified":"2023-08-21T22:52:35","modified_gmt":"2023-08-22T02:52:35","slug":"oil-up-on-expected-u-s-oil-stock-drawdown-but-china-gloom-tempers-gain","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51346","title":{"rendered":"Oil up on expected U.S. oil stock drawdown, but China gloom tempers gain"},"content":{"rendered":"
\n

By Katya Golubkova<\/p>\n

TOKYO (Reuters) – Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in oil and gasoline inventories, though persistent concerns over a slowdown in China’s economy limited the upside. <\/p>\n

was up 10 cents at $84.56 a barrel and U.S. West Texas Intermediate crude was trading 9 cents higher at $80.81 a barrel at 0101 GMT. WTI’s contract with September expiry was up 11 cents at $80.23 a barrel. <\/p>\n

U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday.<\/p>\n

The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its own data on Wednesday. <\/p>\n

The market is also focusing on preliminary U.S. August PMI data and the Federal Reserve’s annual economic symposium at Jackson Hole both due later this week, ANZ Research said in a note. <\/p>\n

U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.<\/p>\n

Moreover, gloom over the economic outlook in China, the world’s second biggest oil consumer, has also pressured oil prices.<\/p>\n

Brent and U.S. crude oil ended on Monday at a loss, after China’s central bank cut its one-year lending rate only moderately to the disappointment of the market which had expected more aggressive stimulus steps amid a rapid loss in economic momentum.<\/p>\n

“China’s economic weakness is weighing on oil prices and will create a ceiling for them this year, especially as Beijing appears committed to avoiding large-scale fiscal stimulus,” Eurasia Group said in a note. <\/p>\n<\/div>\n

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

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