Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Oil climbs close to April peak on tighter supply

Oil climbs close to April peak on tighter supply

By Alex Lawler

LONDON (Reuters) -Oil climbed by almost 1% on Thursday, recouping losses from the previous session, supported by supply tightness owing to OPEC+ production cuts and renewed optimism on the outlook for Chinese demand and global growth.

Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, as well as some involuntary outages.

Brent crude advanced 65 cents, or 0.8%, to $83.57 a barrel by 1155 GMT while U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 0.9%, to $79.52. Intra-day peaks for both contracts were near their highest since April 19.

We see the oil market undersupplied,” UBS analysts said in a report. We retain a positive outlook and look for Brent to rise to $85–90 over the coming months.

Still, oil dropped on Wednesday after data showed U.S. crude inventories fell less than expected and the U.S. Federal Reserve raised interest rates by a quarter of a percentage point, leaving the door open to another increase.

While the consensus broadly expects demand to exceed supply for the remainder of this year, oil prices themselves have so far refrained from providing a signal of such a fundamental trend,” said Norbert Ruecker of Swiss bank Julius Baer.

Risk appetite in wider financial markets is being boosted by growing hopes that central banks such as the Fed are nearing the end of policy tightening campaigns, which would boost the outlook for global growth and energy demand.

The European Central Bank, also viewed as approaching the end of its tightening cycle, is expected to raise interest rates for the ninth time in a row on Thursday.

A pledge on Monday from China to boost policy support for the economy has spurred hopes of oil demand regeneration from the world’s largest crude importer, Phillip Nova analyst Priyanka Sachdeva said in a note.

Coming into focus is an Aug. 4 meeting of key OPEC+ ministers to review the market.

(Reporting by Alex LawlerAdditional reporting by Katya Golubkova in Tokyo and Muyu Xu in SingaporeEditing by David Goodman)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts