{"id":45838,"date":"2023-08-31T20:26:26","date_gmt":"2023-08-31T20:26:26","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-prices-slightly-up-with-demand-optimism-in-us"},"modified":"2023-09-01T10:31:57","modified_gmt":"2023-09-01T10:31:57","slug":"oil-prices-slightly-up-with-demand-optimism-in-us","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-prices-slightly-up-with-demand-optimism-in-us","title":{"rendered":"Oil prices slightly up with demand optimism in US"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil prices rose on Thursday amid optimism on demand in the US, the world’s biggest oil consumer.<\/p>\n

International benchmark Brent crude traded at $85.47 per barrel at 10.58 a.m. local time (0758 GMT), up 0.27% from the closing price on Wednesday of $85.24 per barrel.<\/p>\n

At the same time American benchmark West Texas Intermediate (WTI) traded at $81.92 per barrel, up 0.36% from the previous session’s close of $81.63 per barrel.<\/p>\n

As oil markets focused on the Fed\u2019s monetary policy, prospects of further interest rate hikes eased following data released on Tuesday and Wednesday.<\/p>\n

According to Labor Department figures on Tuesday, US job openings fell to 8.8 million in July, coming in lower than expectations.<\/p>\n

Moreover, the US government revised gross domestic product growth downward to 2.1% in the second quarter, from the 2.4% pace reported last month.<\/p>\n

Data released on Wednesday also showed private payroll growth slowed significantly in August.<\/p>\n

Meanwhile, data released by the US Energy Information Administration on Wednesday showed a 10.6 million barrel decline in commercial crude oil inventories during the week ending Aug. 25.<\/p>\n

The fall in inventory, despite being slightly lower than the American Petroleum Institute’s expectation of a drop of about 11.5 million barrels, still reflected strong demand in the world’s top oil-consuming country.<\/p>\n

Moreover, the military coup in Gabon, a member of the Organization of the Petroleum Exporting Countries (OPEC), created the threat of supply disruption.<\/p>\n

Shortly after election officials confirmed that incumbent President Ali Bongo officially won a third term, a group of senior Gabonese army officers appeared on national television early Wednesday and announced that they had seized power.<\/p>\n

In July the Central African country produced 211,000 barrels of oil per day, according to the latest monthly oil market report by OPEC. No coup-related disruption in Gabon’s oil output has been reported yet.<\/p>\n

However, China’s weak industrial data, which paved the way for demand worries, limited upward price movements.<\/p>\n

China’s official Purchasing Managers’ Index (PMI) rose to 49.7 in July, according to the National Bureau of Statistics (NBS) on Thursday. The increase in PMI remained below the 50-point level demarcating contraction from expansion.<\/p>\n

Manufacturing PMI measures the activity level in the manufacturing sector, which can be a leading indicator of its overall performance. A reading above 50 shows expansion in the sector and below 50 indicates contraction.<\/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 rose on Thursday amid optimism on demand in the US, the world’s biggest oil consumer. International benchmark Brent crude traded at $85.47 per barrel at 10.58 a.m. local time (0758 GMT), up 0.27% from the closing price on Wednesday of $85.24 per barrel. At the same time American benchmark West […]<\/p>\n","protected":false},"author":84,"featured_media":45837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,1561,283,832,1562],"class_list":["post-45838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-brent","tag-mozambique","tag-oil","tag-wti"],"yoast_head":"\nOil prices slightly up with demand optimism in US - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Thursday amid optimism on demand in the US, the world's biggest oil consumer. 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