• 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 prices extend gains as fundamentals come into focus

2 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
138
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil prices extend gains as fundamentals come into focus

Crude oil prices were set to book their third week of gains today as fundamentals begin to resurface as a factor for traders.

In pre-noon trade in Asia Brent crude was trading at close to $81 per barrel and West Texas Intermediate was changing hands for $76.41 per barrel, not least because of production disruptions in Libya.

Prices moved higher despite a new oil demand estimate from the International Energy Agency that said it expected demand to grow more weakly than previously estimated, because of slower economic growth.

The agency continues to see a record-high global oil demand in 2023, at 102.1 million barrels per day, its closely-watched Oil Market Report showed on Thursday.

However, the pace of growth in demand was lowered by 220,000 bpd from last month’s projection, the first downward revision to oil demand growth for this year from the IEA.

“Persistent macroeconomic headwinds, apparent in a deepening manufacturing slump, have led us to revise our 2023 growth estimate lower for the first time this year,” the agency said.

RelatedPosts

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

2025 Study: Where High Earners Keep Most of Their Money 

On the other hand, the U.S. reported lower inflation figures than expected, which stimulated expectations about greater oil demand that would be bullish for prices in a tight-supply environment, contributing to the oil benchmarks’ weekly performance.

In addition, the first signs are emerging of lower Russian oil exports, contributing to the tighter supply environment perception.

“Crude prices are getting a boost from expectations that the oil market will get very tight as Libya and Nigeria deal with disruptions, also while Russian crude exports finally decline,” Reuters quoted OANDA senior analyst Edward Moya as saying.

Prices have “some room to run with the oil balance looking increasingly tight for the remainder of the year,” the head of commodities for the Commonwealth Bank of Australia, Vivek Puri, told Bloomberg.

Tags: oil pricesOil prices extend gains as fundamentals come into focus
No Result
View All Result

Highlights

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Trending

Business

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

August 27, 2025

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah Ranking Member of...

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 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.