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Home»Business»Oil prices hit fresh 3-month highs on tightening supplies
Business

Oil prices hit fresh 3-month highs on tightening supplies

July 25, 2023No Comments3 Mins Read
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  • China to step up policy adjustments amid slow recovery
  • Brent 6-month backwardation near 2.5-month highs
  • POLL-US crude, product inventories seen down last week
  • Coming up: API data on U.S. crude stocks at 2030 GMT

NEW YORK, July 25 (Reuters) – Oil prices rose to fresh three-month highs on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment.

Brent futures gained 31 cents at $83.05 a barrel by 11:03 a.m. EDT, after hitting $83.30 earlier, the highest since April 19.

U.S. West Texas Intermediate (WTI) crude rose 35 cents at $79.09. The contract earlier rose to $79.34 a barrel, the highest since April 19.

The crude benchmarks have already clinched four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies.

Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high.

“The market is getting more concerned about the trend of tightening oil supplies, and it’s becoming more obvious to the naysayers that the expected drop-off in demand isn’t happening,” Price Futures Group analyst Phil Flynn said.

In China, the world’s second-biggest oil consumer, leaders pledged to step up economic policy support.

But still, some economic data limited gains. In the euro zone, business activity shrank more than expected in July, a survey showed.

In the United States, business activity slowed to a five-month low in July, a closely watched survey showed, but falling input prices and slower hiring indicate the Federal Reserve could be making progress on its bid to reduce inflation. Markets anticipate 25-basis-point rate hikes from both the Fed and the European Central Bank this week.

See also  Centene Profits Hit $1 Billion On Big Obamacare Growth

U.S. industry data on inventories is expected at around 2030 GMT. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Sending a bearish signal, a 110,000 barrel-per-day unit at the huge U.S. refinery in Baton Rouge (C}RO7309414611) will be shut for up to four weeks, sources said.

Reporting by Stephanie Kelly; additional reporting by Shadia Nasralla and Sudarshan Varadhan; Editing by Jan Harvey, Susan Fenton and Sharon Singleton

: .

A New-York-based correspondent covering the U.S. crude market and member of the energy team since 2018 covering the oil and fuel markets as well as federal policy around renewable fuels.
Contact: 646-737-4649

3month Fresh Highs hit Oil Prices supplies tightening
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