{"id":42353,"date":"2023-07-10T11:54:39","date_gmt":"2023-07-10T11:54:39","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-prices-fall-ahead-of-release-of-economic-data-from-worlds-biggest-consumers"},"modified":"2023-07-10T12:34:42","modified_gmt":"2023-07-10T12:34:42","slug":"oil-prices-fall-ahead-of-release-of-economic-data-from-worlds-biggest-consumers","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-prices-fall-ahead-of-release-of-economic-data-from-worlds-biggest-consumers","title":{"rendered":"Oil prices fall ahead of release of economic data from world’s biggest consumers"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil prices declined on Monday amid demand uncertainty ahead of the release of economic data from the world’s largest oil consumers.<\/p>\n

International benchmark Brent crude traded at $78 per barrel at 10.10 am local time (0710 GMT), a 0.60% fall from the closing price of $78.47 a barrel in the previous trading session on Friday.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $73.50 per barrel, down 0.49% from the previous session’s close of $73.86 per barrel.<\/p>\n

Prices declined amid uncertainty before new economic data expected from the US and China, the world’s largest oil consumer and importer, respectively.<\/p>\n

China’s latest economic data showed a slowdown in economic growth, raising the prospect of a reduction in oil demand, which would impact prices. Market players remain cautious ahead of the US CPI readings and Chinese GDP data later this week.<\/p>\n

The rise of the US dollar against other currencies aided the fall in oil costs. The US dollar index, which measures the US dollar’s value against other currencies, increased 0.22% to 102.49. The strong dollar is expected to lower demand by making oil more expensive for those who use foreign currencies.<\/p>\n

Meanwhile, expected crude oil supply cuts from Saudi Arabia and Russia are limiting price declines. Both Saudi Arabia and Russia recently decided to extend existing crude oil supply cuts.<\/p>\n

Saudi Arabia, the world’s largest exporter of crude oil, announced its intention last Monday to unilaterally extend production cuts of 1 million barrels per day (bpd) through August, leaving the door open for further extensions.<\/p>\n

Russia followed suit with an announcement of a voluntary reduction of exports by 500,000 bpd in August, on top of the 700,000 bpd in place since March.<\/p>\n

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

Africa-Press – Mozambique. Oil prices declined on Monday amid demand uncertainty ahead of the release of economic data from the world’s largest oil consumers. International benchmark Brent crude traded at $78 per barrel at 10.10 am local time (0710 GMT), a 0.60% fall from the closing price of $78.47 a barrel in the previous trading […]<\/p>\n","protected":false},"author":84,"featured_media":42352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,1566,1561,283,832,1567],"class_list":["post-42353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-american-benchmark-west-texas-intermediate-wti","tag-brent","tag-mozambique","tag-oil","tag-oil-price"],"yoast_head":"\nOil prices fall ahead of release of economic data from world's biggest consumers - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil prices declined on Monday amid demand uncertainty ahead of the release of economic data from the world's largest 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