{"id":60230,"date":"2023-09-12T23:27:21","date_gmt":"2023-09-13T03:27:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-rise-on-tighter-supply-bets-cpi-us-inventories-in-focus\/"},"modified":"2023-09-12T23:27:23","modified_gmt":"2023-09-13T03:27:23","slug":"oil-prices-rise-on-tighter-supply-bets-cpi-us-inventories-in-focus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60230","title":{"rendered":"Oil prices rise on tighter supply bets; CPI, US inventories in focus"},"content":{"rendered":"
\n

Investing.com– Oil prices rose in Asian trade on Wednesday, sticking close to a 10-month high as the OPEC forecast tighter supplies, although anticipation of key U.S. inflation data and signs of a build in inventories kept gains limited.<\/p>\n

Crude prices rallied sharply on Tuesday, hitting their highest levels for the year after a monthly report from the Organization of Petroleum Exporting Countries (OPEC) said that oil markets will tighten further this year amid robust demand and lower production.<\/p>\n

The forecast came just a week after Saudi Arabia and Russia- two of the biggest oil producers in the world- announced deeper-than-expected supply reductions for the remainder of 2023.\u00a0<\/p>\n

This move triggered sharp gains in oil prices, and is expected to keep them underpinned in the coming months.\u00a0<\/p>\n

rose 0.2% to $92.17 a barrel, while rose 0.1% to $89.02 a barrel by 21:02 ET (01:02 GMT). Both contracts were sitting close to their highest level since November 2022.\u00a0<\/p>\n

Supply disruptions in Libya, due to a crippling storm, also pointed to near-term tightness for markets, while Kazakhstan said it was reducing its daily oil output for maintenance.\u00a0<\/p>\n

But on the demand front, U.S. inventory data suggested that fuel consumption in the world\u2019s largest economy may be cooling after a strong summer season.<\/p>\n

US inventories seen rising in past week- API<\/h2>\n

Data from the (API) showed that U.S. crude inventories likely rose 1.2 million barrels (mb) in the week to September 8, ducking market expectations for a 2 mb decline.<\/p>\n

Data also showed an over 4 mb build in gasoline inventories, and a 2.6 mb rise in distillates, coming just as the travel-heavy summer season wound down. The Labor Day holiday usually marks the end of the summer season.<\/p>\n

The API data usually heralds a similar reading from government data, which is due later in the day. Analysts expect a stockpile draw of 2.3 mb, after a nearly 6 mb draw in the prior week.\u00a0<\/p>\n

CPI data on tap, higher fuel prices seen driving up inflation\u00a0<\/h2>\n

Markets were also awaiting key U.S. inflation data later in the day, which is expected to show that inflation likely accelerated in August, amid rising fuel prices.\u00a0<\/p>\n

Any signs of sticky inflation gives the Federal Reserve more impetus to hike interest rates- a scenario that could dent economic activity, and weigh on oil demand in the coming months. The Fed is set to next week.<\/p>\n

A hawkish outlook for the Fed also points to a stronger dollar, which could limit any more gains in oil prices. The greenback hovered below six-month highs on Wednesday.<\/p>\n

Beyond U.S. inflation, Chinese economic cues are also due this week, with and data due on Friday.\u00a0<\/p>\n<\/div>\n

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

Investing.com– Oil prices rose in Asian trade on Wednesday, sticking close to a 10-month high as the OPEC forecast tighter supplies, although anticipation of key U.S. inflation data and signs of a build in inventories kept gains limited. Crude prices rallied sharply on Tuesday, hitting their highest levels for the year after a monthly report […]<\/p>\n","protected":false},"author":1,"featured_media":6015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-60230","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices rise on tighter supply bets; CPI, US inventories in focus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Oil prices rose in Asian trade on Wednesday, sticking close to a 10-month high as the OPEC forecast tighter supplies, although\" \/>\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=60230\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise on tighter supply bets; 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