{"id":95387,"date":"2023-09-19T10:46:00","date_gmt":"2023-09-19T10:46:00","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts"},"modified":"2023-09-19T11:00:10","modified_gmt":"2023-09-19T11:00:10","slug":"oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts","title":{"rendered":"Oil edges higher over persistent supply fears driven by OPEC+ cuts"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Oil prices continued their weekly rally on Tuesday as investors priced in an anticipated supply tightness in the fourth quarter of the year, triggered by voluntary cuts by Saudi Arabia and Russia.<\/p>\n

International benchmark crude Brent traded at $94.84 per barrel at 11.03 a.m. local time (0803GMT), a 0.43% gain from the closing price of $94.43 a barrel in the previous trading session on Monday.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $91.26 per barrel, up 0.75% from the previous session’s close of $90.58 per barrel.<\/p>\n

Brent is currently hovering around $95 a barrel as supply cuts by Saudi Arabia and Russia, the two biggest producers in the OPEC+ group, could exacerbate the supply deficit expected this year and push oil prices higher.<\/p>\n

Eyes are now on China\u2019s industrial data to signal the demand trajectory of the world\u2019s largest oil importer.<\/p>\n

If Chinese demand continues to recover in the fourth quarter, the demand and supply gap will adjust in favor of higher oil prices.<\/p>\n

Another key piece of data that investors are watching this week is US inventories, which will reflect the US short-term demand outlook. If US stockpiles decline, prices are expected to further rise.<\/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 continued their weekly rally on Tuesday as investors priced in an anticipated supply tightness in the fourth quarter of the year, triggered by voluntary cuts by Saudi Arabia and Russia. International benchmark crude Brent traded at $94.84 per barrel at 11.03 a.m. local time (0803GMT), a 0.43% gain from the […]<\/p>\n","protected":false},"author":84,"featured_media":95386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,8842,3568,711,8843],"class_list":["post-95387","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-tanzania","tag-wti"],"yoast_head":"\nOil edges higher over persistent supply fears driven by OPEC+ cuts - Tanzania<\/title>\n<meta name=\"description\" content=\"Oil prices continued their weekly rally on Tuesday as investors priced in an anticipated supply tightness in the fourth ...\" \/>\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-higher-over-persistent-supply-fears-driven-by-opec-cuts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil edges higher over persistent supply fears driven by OPEC+ cuts\" \/>\n<meta property=\"og:description\" content=\"Oil prices continued their weekly rally on Tuesday as investors priced in an anticipated supply tightness in the fourth ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts\" \/>\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=\"2023-09-19T10:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-19T11:00:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/09\/sm_1695104942.027106.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\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil edges higher over persistent supply fears driven by OPEC+ cuts\",\"datePublished\":\"2023-09-19T10:46:00+00:00\",\"dateModified\":\"2023-09-19T11:00:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts\"},\"wordCount\":221,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/09\/sm_1695104942.027106.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"Brent\",\"oil prices\",\"tanzania\",\"WTI\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/oil-edges-higher-over-persistent-supply-fears-driven-by-opec-cuts\",\"name\":\"Oil edges higher over persistent supply fears driven by OPEC+ cuts - 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