{"id":100259,"date":"2023-12-04T19:47:54","date_gmt":"2023-12-04T19:47:54","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties"},"modified":"2023-12-04T20:25:26","modified_gmt":"2023-12-04T20:25:26","slug":"oil-down-amid-supply-and-demand-uncertainties","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties","title":{"rendered":"Oil down amid supply and demand uncertainties"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, and demand fears in the world’s largest oil consumers, the US and China.<\/p>\n

International benchmark crude Brent traded at $78.10 per barrel at 11.07 a.m. local time (0807 GMT), a 0.99% decrease from the closing price of $78.88 a barrel in the previous trading session on Friday.<\/p>\n

The American benchmark, West Texas Intermediate (WTI), traded at the same time at $73.37 per barrel, down 0.95% from Friday’s close of $74.07 per barrel.<\/p>\n

During the 36th OPEC and non-OPEC ministerial meeting held on Thursday, OPEC+ producers endorsed their previous output cut decisions, which had been agreed to extend until the end of next year.<\/p>\n

Soon after the meeting, several members of the group introduced some voluntary cuts individually, most of which were extensions of current output cuts.<\/p>\n

Meanwhile, production in the US hit a record high last month, while the oil rig count continues to rise.<\/p>\n

The oil rig count in the US increased by 5 this week, according to the latest data released by oilfield services company Baker Hughes on Friday.<\/p>\n

However, experts predict that the OPEC+ group’s output cuts will keep the market tight.<\/p>\n

Concerns about an estimated demand weakness in the world’s largest oil consumers, the US and China, also supported downward price movements.<\/p>\n

US Federal Reserve Chair Jerome Powell on Friday indicated that lowering interest rates would be “premature” and that more rate hikes may occur in the coming months.<\/p>\n

“It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease,” he said in a speech at Spelman College in Atlanta, Georgia.<\/p>\n

“We are prepared to tighten policy further if it becomes appropriate to do so,” Powell added.<\/p>\n

According to official data released on Thursday, China’s manufacturing activity declined for a second straight month in November. China’s official Purchasing Managers’ Index (PMI) fell to 49.4, at a quicker pace than expected.<\/p>\n

Markets are also closely watching the tension in the Middle East and its possible impact on oil trading routes. The risk of supply disruptions from the region limited the losses.<\/p>\n

The Israeli war continues in the Gaza Strip, killing more than 15,500 people, 70% of whom are women and children, while injuries surpass 41,000.<\/p>\n

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

Africa-Press – Tanzania. Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, and demand fears in the world’s largest oil consumers, the US and China. International benchmark crude Brent traded at $78.10 per barrel at 11.07 […]<\/p>\n","protected":false},"author":84,"featured_media":100258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,8842,9546,711,8843],"class_list":["post-100259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-brent","tag-crude-oil","tag-tanzania","tag-wti"],"yoast_head":"\nOil down amid supply and demand uncertainties - Tanzania<\/title>\n<meta name=\"description\" content=\"Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of t ...\" \/>\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\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil down amid supply and demand uncertainties\" \/>\n<meta property=\"og:description\" content=\"Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-04T19:47:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T20:25:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\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\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil down amid supply and demand uncertainties\",\"datePublished\":\"2023-12-04T19:47:54+00:00\",\"dateModified\":\"2023-12-04T20:25:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\"},\"wordCount\":412,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"Brent\",\"crude oil\",\"tanzania\",\"WTI\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\",\"name\":\"Oil down amid supply and demand uncertainties - Tanzania\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg\",\"datePublished\":\"2023-12-04T19:47:54+00:00\",\"dateModified\":\"2023-12-04T20:25:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of t ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg\",\"width\":864,\"height\":485,\"caption\":\"Oil down amid supply and demand uncertainties\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/tanzania\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil down amid supply and demand uncertainties\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#website\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/\",\"name\":\"Tanzania\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/tanzania\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Oil down amid supply and demand uncertainties - Tanzania","description":"Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of t ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties","og_locale":"en_US","og_type":"article","og_title":"Oil down amid supply and demand uncertainties","og_description":"Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of t ...","og_url":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties","og_site_name":"Tanzania","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-12-04T19:47:54+00:00","article_modified_time":"2023-12-04T20:25:26+00:00","og_image":[{"width":864,"height":485,"url":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Oil down amid supply and demand uncertainties","datePublished":"2023-12-04T19:47:54+00:00","dateModified":"2023-12-04T20:25:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties"},"wordCount":412,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg","keywords":["Africa Press","Africa Press-Tanzania","Brent","crude oil","tanzania","WTI"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties","url":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties","name":"Oil down amid supply and demand uncertainties - Tanzania","isPartOf":{"@id":"https:\/\/www.africa-press.net\/tanzania\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg","datePublished":"2023-12-04T19:47:54+00:00","dateModified":"2023-12-04T20:25:26+00:00","author":{"@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Oil prices contracted on Monday amid supply uncertainties following the production cut decision of the Organization of t ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#primaryimage","url":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg","contentUrl":"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/12\/sm_1701708585.211723.jpg","width":864,"height":485,"caption":"Oil down amid supply and demand uncertainties"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-down-amid-supply-and-demand-uncertainties#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/tanzania\/"},{"@type":"ListItem","position":2,"name":"Oil down amid supply and demand uncertainties"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/tanzania\/#website","url":"https:\/\/www.africa-press.net\/tanzania\/","name":"Tanzania","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/tanzania\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/posts\/100259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/comments?post=100259"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/posts\/100259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/media\/100258"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/media?parent=100259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/categories?post=100259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/tanzania\/wp-json\/wp\/v2\/tags?post=100259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}