• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Thursday, September 28, 2023
Jefferson County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

Oil Prices Gain After IEA Says Market Tight – Reuters

oil-prices-gain-after-iea-says-market-tight-–-reuters
Share on FacebookShare on Twitter

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. REUTERS/Nick Oxford

Register now for FREE unlimited access to Reuters.com
  • Saudi, UAE could calm volatility by hiking output – IEA
  • Inflation, rate hike concerns weigh on oil prices
  • Brent, WTI in line for first weekly fall since early Dec.

LONDON, Feb 11 (Reuters) – Oil prices rose on Friday after the International Energy Agency (IEA) said oil markets were tight, but were still heading for weekly losses on inflation worries and U.S.-Iran which could boost global supplies.

Brent crude futures rose $1.01, or 1.1%, to $92.42 a barrel at 1203 GMT, while U.S. West Texas Intermediate crude gained $1.15, or 1.3%, to $91.03 a barrel.

Prices are on track for their first weekly decline after seven consecutive weekly gains, however.

Register now for FREE unlimited access to Reuters.com

Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude, the IEA said on Friday, adding that the OPEC+ alliance produced 900,000 barrels per day (bpd) below target in January.

The two OPEC+ producers have the most spare production capacity and could help to relieve dwindling global oil inventories that have been among factors pushing prices towards $100 a barrel, deepening inflation worldwide.

The IEA also raised its 2022 demand forecast by 800,000 bpd based on revisions to historical data. It expects global demand to expand by 3.2 million bpd this year reaching an all-time record 100.6 million bpd.

This comes after the Organization of the Petroleum Exporting Countries (OPEC) said that world oil demand might rise even more steeply this year amid a strong post-pandemic economic recovery.

The prospect of an aggressive U.S. Federal Reserve interest rate hike and ongoing talks between the United States and Iran on the latter’s nuclear programme capped further gains in prices, however.

“Yesterday’s inflation number likely puts more pressure on the U.S. Fed to act more aggressively with rate hikes. This expectation is weighing on oil and the broader commodities complex somewhat,” said Warren Patterson, ING’s head of commodities research.

St. Louis Federal Reserve Bank President James Bullard had said he wanted a full percentage point of interest rate hikes by July 1, following the release of U.S. inflation data that saw its biggest annual increase in 40 years. read more

Indirect talks between the United States and Iran to revive a nuclear deal, resumed this week after a 10-day break. A deal could see the lifting of sanctions on Iranian oil and ease global supply tightness.

Register now for FREE unlimited access to Reuters.com

Additional reporting by Emily Chow in Beijing; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

Jefferson County News Online

© 2021 Jefferson COunty News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Jefferson COunty News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT