{"id":12035,"date":"2023-09-15T12:34:16","date_gmt":"2023-09-15T12:34:16","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/commodities\/oil-set-for-another-weekly-gain-on-tight-supply-and-china-optimism\/"},"modified":"2023-09-15T12:34:17","modified_gmt":"2023-09-15T12:34:17","slug":"oil-set-for-another-weekly-gain-on-tight-supply-and-china-optimism","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=12035","title":{"rendered":"Oil set for another weekly gain on tight supply and China optimism"},"content":{"rendered":"
\n

By Natalie Grover<\/p>\n

LONDON (Reuters) -Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines with optimism that the Chinese economy is finally turning a corner.<\/p>\n

Oil prices were little changed at 1149 GMT. futures gained 37 cents to $94.07 a barrel while West Texas Intermediate (WTI) was up 43 cents at $90.59.<\/p>\n

Both benchmarks were up about 4% on the week. <\/p>\n

Saudi Arabia, boosted by OPEC+ partner Russia, this month extended 1.3 million barrels per day (bpd) of combined cuts to the end of the year, accelerating a drawdown in global inventories. <\/p>\n

The supply concerns have pushed the Brent and WTI benchmarks to their highest levels since November. <\/p>\n

China, the world’s biggest oil importer, is considered crucial to oil demand growth over the rest of the year. Its economy’s sluggish post-pandemic recovery has raised demand concerns, but industrial output and retail sales grew at a faster than expected rate in August.<\/p>\n

Data on Friday also showed oil refinery processing rose by nearly a fifth from a year earlier as processors kept run rates high to capitalise on high global demand for oil products.<\/p>\n

A brightening picture on borrowing costs is also emerging.<\/p>\n

Though U.S. headline inflation rose in August, the core figure moderated, foreshadowing a possible pause in interest rate hikes by the Federal Reserve next week. However, the U.S. central bank is likely leave the door open for a possible final increase in November. <\/p>\n

The European Central Bank implemented a tenth consecutive increase this week but implied that it was likely to stop there. On Friday, however, it another hike was not off the table. <\/p>\n

“Betting on oil is becoming a favourite trade on Wall Street.\u00a0No one is doubting the OPEC+ (oil output) decision at the end of last month will keep the oil market very tight in the fourth quarter,” said OANDA analyst Edward Moya.<\/p>\n<\/div>\n

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

By Natalie Grover LONDON (Reuters) -Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines with optimism that the Chinese economy is finally turning a corner. Oil prices were little changed at 1149 GMT. futures gained 37 cents to $94.07 a barrel while West Texas Intermediate […]<\/p>\n","protected":false},"author":1,"featured_media":12036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[],"class_list":{"0":"post-12035","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities"},"yoast_head":"\nOil set for another weekly gain on tight supply and China optimism | Prosfunds<\/title>\n<meta name=\"description\" content=\"By Natalie Grover LONDON (Reuters) -Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=12035\" \/>\n<meta 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