{"id":66467,"date":"2024-08-15T20:19:17","date_gmt":"2024-08-15T20:19:17","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions"},"modified":"2024-08-15T20:40:25","modified_gmt":"2024-08-15T20:40:25","slug":"oil-rises-on-weak-us-production-data-geopolitical-tensions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions","title":{"rendered":"Oil rises on weak US production data, geopolitical tensions"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil prices rose on Thursday, driven by a reported decline in U.S. crude production, intensifying geopolitical tensions, and growing expectations of interest rate cuts from the US Federal Reserve.<\/p>\n

International benchmark Brent crude rose 0.6% to $80.27 per barrel at 10.37 a.m. local time (0737GMT), down from the previous session’s close of $79.76. US benchmark West Texas Intermediate (WTI) climbed 0.3% to $77.19 per barrel, after closing at $76.98 in the prior session.<\/p>\n

Both benchmarks climbed after the Energy Information Administration (EIA) reported a 128,000 barrel per day (bpd) drop in U.S. crude oil production, bringing output down to approximately 13.6 million bpd for the week ending Aug. 9.<\/p>\n

Concerns over potential supply shortages have pushed oil prices higher.<\/p>\n

Ongoing global geopolitical tensions are also driving prices up, as market participants remain wary of supply disruptions.<\/p>\n

Late Wednesday, the Israeli army announced it had killed two Hezbollah fighters in a drone strike on the town of Marjayoun in southern Lebanon. This was the first Israeli strike on the town since hostilities between Israel and Hezbollah intensified last October.<\/p>\n

Tensions in the region, which holds the majority of global oil reserves, are intensifying concerns over potential supply disruptions and supporting upward price movements.<\/p>\n

Additionally, the escalating conflict between Ukraine and Russia is further driving crude prices by fueling supply fears.<\/p>\n

On Wednesday, Russian authorities ordered the mandatory evacuation of a village and district in the Kursk region, where Ukrainian forces launched an incursion last week.<\/p>\n

Meanwhile, market expectations for a Fed rate cut in September have risen following data showing that U.S. inflation slowed in July.<\/p>\n

This development has alleviated concerns about the U.S. economy and reinforced the belief that oil demand will rise in the world’s largest oil consumer.<\/p>\n

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

Africa-Press – Mozambique. Oil prices rose on Thursday, driven by a reported decline in U.S. crude production, intensifying geopolitical tensions, and growing expectations of interest rate cuts from the US Federal Reserve. International benchmark Brent crude rose 0.6% to $80.27 per barrel at 10.37 a.m. local time (0737GMT), down from the previous session’s close of […]<\/p>\n","protected":false},"author":84,"featured_media":66466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[1561,2921,283,832],"class_list":["post-66467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-brent","tag-energy-information-administration","tag-mozambique","tag-oil"],"yoast_head":"\nOil rises on weak US production data, geopolitical tensions - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Thursday, driven by a reported decline in U.S. crude production, intensifying geopolitical tensions, ...\" \/>\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\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil rises on weak US production data, geopolitical tensions\" \/>\n<meta property=\"og:description\" content=\"Oil prices rose on Thursday, driven by a reported decline in U.S. crude production, intensifying geopolitical tensions, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-15T20:19:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-15T20:40:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/08\/sm_1723738151.025088.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil rises on weak US production data, geopolitical tensions\",\"datePublished\":\"2024-08-15T20:19:17+00:00\",\"dateModified\":\"2024-08-15T20:40:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions\"},\"wordCount\":307,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/08\/sm_1723738151.025088.jpg\",\"keywords\":[\"Brent\",\"Energy Information Administration\",\"Mozambique\",\"Oil\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-rises-on-weak-us-production-data-geopolitical-tensions\",\"name\":\"Oil rises on weak US production data, geopolitical tensions - 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