{"id":42374,"date":"2023-08-21T13:19:46","date_gmt":"2023-08-21T13:19:46","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august"},"modified":"2023-08-21T13:39:10","modified_gmt":"2023-08-21T13:39:10","slug":"global-oil-prices-rise-as-opec-cuts-export-in-august","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august","title":{"rendered":"Global oil prices rise as OPEC cuts export in August"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>Oil prices rose on Monday in the global market amid lower exports from OPEC member states and observers including major suppliers Saudi Arabia and Russia, as global demand grows.<\/p>\n

Brent crude climbed 61 cents to $85.41 a barrel by 0649 GMT, while U.S. West Texas Intermediate crude was at $81.88 a barrel, up 63 cents, according to Reuters news agency.<\/p>\n

The September WTI contract expires on Tuesday and the more active October contract gained 56 cents to $81.22 a barrel.<\/p>\n

Both front-month benchmark prices snapped a 7-week winning streak last week to post a weekly loss of 2% after the U.S. dollar strengthened on the possibility interest rates could remain higher for longer, with China\u2019s property crisis adding to concerns about its sluggish economic growth and oil demand.<\/p>\n

\u201cWe still see a tight oil balance for the remainder of the year, which suggests that prices still have some room to run higher,\u201d Warren Patterson, ING\u2019s head of commodities research told Reuters.<\/p>\n

As well, \u201cthe dollar seems to be taking somewhat of a breather, which would be providing some support,\u201d he said.<\/p>\n

Oil prices typically move inversely in relation to the U.S. dollar, with a weaker dollar making oil purchases less expensive for holders of other currencies and sparking demand.<\/p>\n

On the supply side, OPEC+ crude exports set to fall a second month in August, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, citing preliminary data from shiptracking firm Kpler.<\/p>\n

Meanwhile, China, the world\u2019s top crude importer, is drawing on record inventories amassed earlier this year as refiners scale back purchases after supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, drove global prices above $80 a barrel.<\/p>\n

In July, Saudi Arabia\u2019s shipments to China fell 31% from June while Russia, with its discounted crude, remained the Asian giant\u2019s largest supplier, Chinese customs data showed.<\/p>\n

Chinese refiners also ramped up refined products exports in July, drawn by strong export margins.<\/p>\n

In the United States, the number of operating oil rigs, an early indicator of future output, fell by five to 520 last week, their lowest since March 2022, according to Baker Hughes\u2019 report on Friday.<\/p>\n

\u201cOverall supply is going down, demand is going up,\u201d Grasso said.<\/p>\n

\u201cUnless there is a recession and demand slows or drops, OPEC+ is in control.\u201d<\/p>\n

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

Africa-Press – South-Sudan. Oil prices rose on Monday in the global market amid lower exports from OPEC member states and observers including major suppliers Saudi Arabia and Russia, as global demand grows. Brent crude climbed 61 cents to $85.41 a barrel by 0649 GMT, while U.S. West Texas Intermediate crude was at $81.88 a barrel, […]<\/p>\n","protected":false},"author":84,"featured_media":42373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-42374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nGlobal oil prices rise as OPEC cuts export in August - South Sudan<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Monday in the global market amid lower exports from OPEC member states and observers including major ...\" \/>\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\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global oil prices rise as OPEC cuts export in August\" \/>\n<meta property=\"og:description\" content=\"Oil prices rose on Monday in the global market amid lower exports from OPEC member states and observers including major ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-21T13:19:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-21T13:39:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/08\/sm_1692612465.939341.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\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\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Global oil prices rise as OPEC cuts export in August\",\"datePublished\":\"2023-08-21T13:19:46+00:00\",\"dateModified\":\"2023-08-21T13:39:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august\"},\"wordCount\":409,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/08\/sm_1692612465.939341.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/global-oil-prices-rise-as-opec-cuts-export-in-august\",\"name\":\"Global oil prices rise as OPEC cuts export in August - 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