{"id":92094,"date":"2023-08-01T11:05:02","date_gmt":"2023-08-01T11:05:02","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china"},"modified":"2023-08-01T11:23:10","modified_gmt":"2023-08-01T11:23:10","slug":"oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china","title":{"rendered":"Oil edges lower as supplies tighten amid weak demand signs in China"},"content":{"rendered":"

By Sibel Morrow<\/b><\/p>\n

 <\/p>\n

Africa-Press – Tanzania. <\/strong><\/span>Oil prices edged lower on Tuesday after traders cashed out on high prices over tightening market supplies a day before the OPEC+ voluntary cuts come online, while persistent demand fears in China blunted the price momentum.<\/p>\n

International benchmark Brent crude traded at $85.24 per barrel at 10.10 a.m. local time (0710 GMT), a 0.22% loss from the closing price on Monday of $85.43 per barrel.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $81.64 per barrel, down 0.19% from the session close of $81.80 per barrel on Monday.<\/p>\n

Brent oil traded over $85 a barrel in late trade as investors bet on tightening market supply ahead of the voluntary cuts by Saudi Arabia, Russia, and Algeria on Aug. 1.<\/p>\n

Producers of the 23-member OPEC+ group had pledged to reduce their output “to ensure market stability” amid weak demand signs in China, with a possible extension beyond August.<\/p>\n

However, the Chinese National Bureau of Statistics (NBS) reported restricted growth on Monday, further fueling demand fears.<\/p>\n

Analysts say the Saudi cutback of 1 million barrels per day may be extended for at least another month if the world\u2019s largest oil importer and second-largest oil consumer, China, continues to post weak economic data.<\/p>\n

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

By Sibel Morrow   Africa-Press – Tanzania. Oil prices edged lower on Tuesday after traders cashed out on high prices over tightening market supplies a day before the OPEC+ voluntary cuts come online, while persistent demand fears in China blunted the price momentum. International benchmark Brent crude traded at $85.24 per barrel at 10.10 a.m. […]<\/p>\n","protected":false},"author":84,"featured_media":92093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,8842,3568,9231,711],"class_list":["post-92094","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-oil-prices","tag-opec-2","tag-tanzania"],"yoast_head":"\nOil edges lower as supplies tighten amid weak demand signs in China - Tanzania<\/title>\n<meta name=\"description\" content=\"Oil prices edged lower on Tuesday after traders cashed out on high prices over tightening market supplies a day before 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-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil edges lower as supplies tighten amid weak demand signs in China\" \/>\n<meta property=\"og:description\" content=\"Oil prices edged lower on Tuesday after traders cashed out on high prices over tightening market supplies a day before t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china\" \/>\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=\"2023-08-01T11:05:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-01T11:23:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/08\/sm_1690872666.501624.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil edges lower as supplies tighten amid weak demand signs in China\",\"datePublished\":\"2023-08-01T11:05:02+00:00\",\"dateModified\":\"2023-08-01T11:23:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china\"},\"wordCount\":224,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/08\/sm_1690872666.501624.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"Brent\",\"oil prices\",\"OPEC+\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-lower-as-supplies-tighten-amid-weak-demand-signs-in-china\",\"name\":\"Oil edges lower as supplies tighten amid weak demand signs in China - 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