2023-07-21 18:44:33
WTI crude futures rose nearly 2% to $77 amid concerns regarding tight oil.
At 1:38 a.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in September. Which traded on NYMEX plus $ 1.42, or 1.88%, to $ 77.07 / barrel.
The market was positive on concerns regarding oil tightness. The US Energy Information Administration (EIA) said crude inventories fell by 700,000 barrels last week. Gasoline stocks fell by 1.1 million barrels.
In addition, Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended its voluntary cut of 1 million barrels per day of oil production until the end of August. While Russia will reduce oil exports by 500,000 barrels per day in August.
Saudi oil production cuts And cuts in Russian oil exports will lead to a 1.5% drop in world oil supplies.
Oil prices were also supported by China’s record imports of Russian crude in June. and the hope that China is preparing to stimulate the economy
China’s National Development and Reform Commission (NDRC) said on Tuesday that China will speed up stimulus measures covering the revitalization of domestic demand and consumption. After the gross domestic product (GDP) figure for the second quarter of 2023 grew by 6.3% year-on-year. This was below analysts’ expectations of 7.3%.
In addition, the market expects The Federal Reserve (Fed) is nearing an end to its cycle of raising interest rates. After revealing retail sales, the consumer price index (CPI) and the producer price index (PPI) were lower than expected. by investors predicting that The Fed will raise interest rates this month for the last time this year. before cutting interest rates next year
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