• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oil lower on demand concerns, but tight supply caps downside

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets, Trade
1 min read
0 0
0
53
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil lower on demand concerns, but tight supply caps downside

Oil prices edged lower on Friday as demand concerns emerged following this week’s rate hikes, although persisting supply tightness and new sanctions on Iran limited the downside.

Brent crude futures fell 35 cents, or 0.3%, to US$119.46 a barrel at 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell to US$117.16 a barrel, down 43 cents, or 0.4%.

If losses hold through the day, Brent futures would post their first weekly dip in five weeks, while U.S. crude futures would see their first decline in eight weeks.

“Brent crude and WTI saw some heavy selling intraday as markets tried to price in a plethora of central bank hikes and potential recessions,” said Jeffrey Halley, a senior Asia Pacific market analyst at OANDA.

“Unfortunately, none of that changes the fact that despite those risks, the world remains short of crude supply from OPEC+, and global refining capacity, squeezing gasoline and diesel prices higher in a stagflationary embrace,” Halley added.

Central banks across Europe raised interest rates on Thursday, some by amounts that shocked markets, and hinted at even higher borrowing costs to come to tame soaring inflation that is eroding savings and squeezing corporate profits.

RelatedPosts

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

In South America, Argentina’s central bank raised its benchmark rate by the most in three years on Thursday, as it fights inflation running at over 60%.

Those moves came on the heels of Wednesday’s 75 basis point rate hike by the U.S. Federal Reserve, the highest since 1994.

However, investors remained focused on tight supplies after the United States announced new sanctions on Iran.

“The market has been watching negotiations between the West and Iran in anticipation of revival of the nuclear deal in recent months. This brought back into focus the ongoing supply side issues in the market,” ANZ Research analysts said in a note.

Washington on Thursday imposed sanctions on Chinese and Emirates companies and a network of Iranian firms that help export Iran’s petrochemicals, a step that may aim to raise pressure on Tehran to revive the 2015 nuclear deal.

Tags: Brent crudebut tight supply caps downsidecrude oilOil lower on demand concernsWest Texas Intermediate
No Result
View All Result

Highlights

Sinner Dominates Tien to Secure China Open Title

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

Government to Establish Cyber Security Fund to Bolster Digital Defences

Headline Inflation Hits Single-Digit With 9.4% Rate in September 2025

Bank of Ghana Prices 1oz Gold Coin at GHS 49,131.99

Ghana Hosts IGAD Delegation on Land Governance Exchange

Trending

Business

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

October 1, 2025

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds Crude oil inventories in the United...

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

October 1, 2025

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

October 1, 2025

Sinner Dominates Tien to Secure China Open Title

October 1, 2025

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

October 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.