Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil price gains capped by demand fears

    Oil price gains capped by demand fears

    June 9, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Oil prices

    London — Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts.

    Brent crude futures rose 36 cents, or 0.5%, to $76.32 a barrel by 0932 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.5%, at $71.63.

    Both benchmarks lost about $1 on Thursday, having rebounded from a slump of more than $3 after the U.S. and Iran denied a report by the Middle East Eye that they were close to a nuclear deal that could have brought Iranian barrels back to the market.

    Oil prices had risen early in the week, buoyed by Saudi Arabia’s pledge over the weekend to cut output, but pared gains on a rise in U.S. fuel stocks and weak Chinese export data.

    “Attention will now shift back to the precarious state of the oil demand picture,” said PVM analyst Stephen Brennock.

    Expectations of tighter supply and higher demand as the United States enters the summer holiday season, when more people drive, are being offset by worries over a slow pickup in China’s fuel demand.

    Though the Chinese economic recovery has been slower than expected, India – the world’s third-largest oil consumer – has managed to sustain economic momentum.

    Strong factory activity helped to lift Indian fuel consumption in May, driving diesel sales to a record high.

    Some analysts expect oil prices to rise if the U.S. Federal Reserve skips a interest rate hike at its next meeting over June 13-14.

    *Shadia Nasralla, Yuka Obayashi & Sudarshan Varadhan, Editing: David Goodman – Reuters

    Follow us on twitter

    Related News

    NCDMB commends Heritage Energy on NOGICD Act implementation, reiterates commitment to HCD

    NEPZA, Federal Committee, Dangote Refinery FZE to crash petroleum products prices

    NNPC/First E&P JV achieves 10 million LTI-free man-hours across operations

    E-book
    Resilience Exhibition

    Latest News

    Stakeholders raise alarm over dangers of marine debris

    June 27, 2025

    NCDMB pledges oil industry support for Yikodeen safety footwear

    June 27, 2025

    BPSR applauds NIMASA for championing public service reforms

    June 27, 2025

    NCDMB commends Heritage Energy on NOGICD Act implementation, reiterates commitment to HCD

    June 27, 2025

    Oyetola, NIMASA pledge zero tolerance for harassment at sea 

    June 27, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.