{"id":16323,"date":"2023-06-27T11:45:53","date_gmt":"2023-06-27T09:45:53","guid":{"rendered":"https:\/\/investmentbell.com\/?p=16323"},"modified":"2023-06-27T11:45:57","modified_gmt":"2023-06-27T09:45:57","slug":"oil-prices-dip-ahead-of-u-s-stocks-data","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/arabic\/news\/commodities-news\/oil-prices-dip-ahead-of-u-s-stocks-data\/","title":{"rendered":"Oil prices dip ahead of U.S. stocks data"},"content":{"rendered":"<p>By Shadia Nasralla<\/p>\n\n\n\n<p>LONDON (Reuters) -Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark&#8217;s price structure indicating bulls are retreating.<\/p>\n\n\n\n<p>By 0916 GMT,\u00a0Brent crude\u00a0futures were down 41 cents, or 0.6%, at $73.77 a barrel, while U.S. West Texas Intermediate (WTI) futures fell 42 cents, or 0.6%, to $68.95 a barrel, erasing some earlier gains.<\/p>\n\n\n\n<p>Both contracts are trading broadly in the middle of a $10 a barrel range traced since early May.<\/p>\n\n\n\n<p>U.S. inventory data from the American Petroleum Institute industry group is due later on Tuesday, followed by government data the next day. A Reuters poll indicated U.S. inventories probably fell in the week to June 23. [API\/S] [EIA\/S]<\/p>\n\n\n\n<p>Brent&#8217;s six-month backwardation &#8211; a price structure whereby sooner-loading contracts trade above later-loading ones &#8211; is hovering near lows last seen in March, indicating shrinking concern about supply crunches.<\/p>\n\n\n\n<p>For the two-month spread, the market is in shallow contango, the opposite price structure, indicating traders are factoring in a currently slightly oversupplied market.<\/p>\n\n\n\n<p>The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.<\/p>\n\n\n\n<p>&#8220;The latest geopolitical flare-up quickly pales into insignificance compared to persistent macroeconomic considerations,&#8221; said PVM&#8217;s Tamas Varga.<\/p>\n\n\n\n<p>This is the case despite Saudi Arabia&#8217;s pledge to slash output from July.<\/p>\n\n\n\n<p>Much depends on whether Chinese oil demand picks up in the second half. Premier Li Qiang said China will take steps to boost demand and invigorate markets, without giving details.<\/p>\n\n\n\n<p>Global gasoline demand grew by 365,000 bpd year-on-year, driven by strong U.S. gasoline data, with consumption at an eight-week high of 9.4 million bpd in the week of June 17, JP Morgan analysts said in a note.<\/p>\n<div class=\"rate-now\"><span id=\"rate-mypost16323\"><\/span> <span id=\"rate-points\"> 0<\/span><\/div>\n\t\t\t<script type=\"text\/javascript\">jQuery('#rate-mypost16323').raty({\n\t\t\t\thalfShow : true,\n\t\t\t\thalf: true,readOnly: true,score: 0,\n\t\t\t\tpath: \"https:\/\/investmentbell.com\/wp-content\/plugins\/userpro-rating\/images\/\"\n\t\t\t\t});<\/script>","protected":false},"excerpt":{"rendered":"<p>By Shadia Nasralla LONDON (Reuters) -Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark&#8217;s price structure indicating bulls are retreating. By 0916 GMT,\u00a0Brent crude\u00a0futures were down 41 cents, or 0.6%, at $73.77 a barrel, while U.S. West Texas Intermediate (WTI) [&hellip;]<\/p>","protected":false},"author":13,"featured_media":16324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-16323","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities-news"},"_links":{"self":[{"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/posts\/16323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/comments?post=16323"}],"version-history":[{"count":0,"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/posts\/16323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/media\/16324"}],"wp:attachment":[{"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/media?parent=16323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/categories?post=16323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbell.com\/arabic\/wp-json\/wp\/v2\/tags?post=16323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}