{"id":45198,"date":"2023-07-07T09:57:12","date_gmt":"2023-07-07T09:57:12","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us"},"modified":"2023-07-07T10:20:36","modified_gmt":"2023-07-07T10:20:36","slug":"oil-prices-rise-with-demand-uptick-from-us","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us","title":{"rendered":"Oil prices rise with demand uptick from US"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Oil prices increased on Friday with a positive demand outlook from the US, but fears of rising interest rates in the country limited price growth.<\/p>\n

International benchmark Brent crude traded at $76.92 per barrel at 09.20 am local time (0720 GMT), a 0.52% rise from the closing price of $76.52 a barrel in the previous trading session on Thursday.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $72.22 per barrel, up 0.58% from the previous session’s close of $71.80 per barrel.<\/p>\n

US commercial crude oil inventories declined by 1.5 million barrels during the week ending June 30, according to data released by the Energy Information Administration (EIA) late Thursday.<\/p>\n

Inventories decreased less than the American Petroleum Institute’s expectation of a fall of 1.8 million barrels. Despite a lower-than-expected draw in stocks, oil prices increased with renewed hope of a demand rebound in the world’s largest oil consumer.<\/p>\n

The weakening of the US dollar against other currencies aided the rise in oil costs. The US dollar index, which measures the US dollar’s value against other currencies, fell 0.18% to 102.685. The weak dollar is expected to enhance demand by making oil cheaper for those who use foreign currencies.<\/p>\n

Nonetheless, the increase in oil prices was curbed as strong US job data stoked investor concerns about tighter monetary policy and more aggressive Federal Reserve interest rate hikes.<\/p>\n

Private sector employment in the US increased by 497,000 in June, exceeding market expectations and recording the largest increase since February 2022.<\/p>\n

Market players expect the Fed to raise interest rates by 25 basis points during its July 26 meeting.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Oil prices increased on Friday with a positive demand outlook from the US, but fears of rising interest rates in the country limited price growth. International benchmark Brent crude traded at $76.92 per barrel at 09.20 am local time (0720 GMT), a 0.52% rise from the closing price of $76.52 a barrel […]<\/p>\n","protected":false},"author":84,"featured_media":45197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,371,6035,234,3857,2801,6034],"class_list":["post-45198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-malawi","tag-brent","tag-malawi","tag-oil","tag-oil-prices","tag-wti"],"yoast_head":"\nOil prices rise with demand uptick from US - Malawi<\/title>\n<meta name=\"description\" content=\"Oil prices increased on Friday with a positive demand outlook from the US, but fears of rising interest rates in the cou ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise with demand uptick from US\" \/>\n<meta property=\"og:description\" content=\"Oil prices increased on Friday with a positive demand outlook from the US, but fears of rising interest rates in the cou ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-07T09:57:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-07T10:20:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1688708946.598082.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"393\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices rise with demand uptick from US\",\"datePublished\":\"2023-07-07T09:57:12+00:00\",\"dateModified\":\"2023-07-07T10:20:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us\"},\"wordCount\":277,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1688708946.598082.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Brent\",\"Malawi\",\"Oil\",\"Oil prices\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-rise-with-demand-uptick-from-us\",\"name\":\"Oil prices rise with demand uptick from US - 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