• 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

Oil prices falling back but set for another weekly gain

2 years ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
61
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil prices falling back but set for another weekly gain

Despite a dip earlier today, crude oil prices were set for another weekly gain following the announcement by Saudi Arabia and Russia they would extend their collective production cuts until the end of the year.

Early in the week, Riyadh and Moscow said they would keep their production curb of 1.3 million bpd in place until December. Prices soared to the highest in almost a year.

Since then, there has been a certain retreat, mostly on now chronic uncertainty about the resilience of Chinese demand and a strong U.S. dollar.

The Chinese concern remained in place despite a fresh report indicating demand for oil in the world’s largest importer remained robust. In August, China’s oil imports jumped by over 20% from July, and by 31% from August 2022.

The U.S. dollar, meanwhile, benefited from expectations that the Fed is done with rate hikes.

Finally, many took profit after the latest surge in prices, exerting downward pressure on benchmarks.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

“Investors took profits after the recent rally which was driven by concerns over tighter supply following extended production cuts in Saudi Arabia and Russia,” Nomura Securities analyst Tatsufumi Okoshi told Reuters.

“The market has factored in the news of lower supply and it would need clear signs of stronger global demand, especially in China, to move higher,” Okoshi also said.

Several substantial crude oil inventory draws in the United States also contributed to this week’s rally. In its latest weekly report, the EIA estimated a draw of over 6 million barrels, which followed one that stood at 10.6 million barrels.

U.S. oil inventories have been on the decline for four weeks in a row now.

“If these draws are not a sign of resilient domestic demand in the world’s largest economy, what is?” Phillip Nova senior market analyst Priyanka Sachdeva told Bloomberg.

While predictions of triple-digit oil prices are once again making headlines and the OPEC+ production cuts have limited downside risk, demand concerns persist and could cause problems further down the line.

 

Source: oilprice
Via: norvanreports
Tags: oil pricesOil prices falling back but set for another weekly gain
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 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.