{"id":12955,"date":"2023-05-23T09:07:01","date_gmt":"2023-05-23T07:07:01","guid":{"rendered":"https:\/\/investmentbell.com\/?p=12955"},"modified":"2023-05-23T09:07:04","modified_gmt":"2023-05-23T07:07:04","slug":"oil-extends-gains-on-higher-gasoline-demand-tighter-supply","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/zh\/news\/commodities-news\/oil-extends-gains-on-higher-gasoline-demand-tighter-supply\/","title":{"rendered":"Oil extends gains on higher gasoline demand, tighter supply"},"content":{"rendered":"<p>BEIJING (Reuters) -Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains.<\/p>\n\n\n\n<p>Brent crude\u00a0futures rose 35 cents, or 0.46%, to $76.34 a barrel by 0630 GMT while U.S. West Texas Intermediate (WTI) crude was at $72.41 a barrel, up 36 cents, or 0.50%.<\/p>\n\n\n\n<p>It was the second day of gains after Brent rose 0.5% on Monday. WTI gained 0.6%, amid a 2.8% increase in U.S. gasoline futures ahead of the Memorial Day holiday on May 29 that traditionally marks the start of the peak summer fuel demand season.<\/p>\n\n\n\n<p>&#8220;Oil prices are consolidating their bottoms, helped by a seasonal increase in U.S. gasoline demand from next week, production cuts by OPEC+ from this month and planned U.S. purchases to refill the Strategic Petroleum Reserve (SPR),&#8221; said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan (OTC:NSANY) Securities.<\/p>\n\n\n\n<p>Last week, the U.S. Department of Energy said it would buy 3 million barrels of\u00a0crude <a href=\"https:\/\/www.investing.com\/commodities\/crude-oil\" target=\"_blank\" rel=\"noopener\">oil<\/a>\u00a0to replenish the SPR for delivery in August.<\/p>\n\n\n\n<p>Voluntary production cuts by the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, that went into effect this month are also expected to keep oil markets tight.<\/p>\n\n\n\n<p>Goldman Sachs (NYSE:GS) analysts said in a report on Monday that they &#8220;expect sustained (oil supply) deficits from June as OPEC+ production cuts fully realize and demand rises further.&#8221;<\/p>\n\n\n\n<p>Asia will lead much of that oil demand growth, adding about around 2 million barrels per day (bpd) of consumption in the second half of the year, a Vitol executive said on Monday.<\/p>\n\n\n\n<p>Still, investors are also focused on negotiations to raise the debt limit of the U.S., the world&#8217;s biggest oil consumer. A U.S. default would likely spark chaos in financial markets and a spike in interest rates, impacting fuel demand growth both domestically and globally.<\/p>\n\n\n\n<p>President Joe Biden and House Speaker Kevin McCarthy ended discussions on Monday with no agreement on how to raise the U.S. government&#8217;s $31.4 trillion debt ceiling and will keep talking with just 10 days before a possible default.<\/p>\n\n\n\n<p>&#8220;The central focus for the broader risk environment has been revolving around the U.S. debt ceiling talks, and while that is keeping a cautious lid on upside for now, a positive up move on any eventual resolution on that front may remain on the table,&#8221; said Jun Rong Yeap, a market strategist at IG in Singapore.<\/p>\n<div class=\"rate-now\"><span id=\"rate-mypost12955\"><\/span> <span id=\"rate-points\"> 0<\/span><\/div>\n\t\t\t<script type=\"text\/javascript\">jQuery('#rate-mypost12955').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>BEIJING (Reuters) -Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains. Brent crude\u00a0futures rose 35 cents, or 0.46%, to $76.34 a barrel by 0630 GMT [&hellip;]<\/p>","protected":false},"author":13,"featured_media":12956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-12955","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\/zh\/wp-json\/wp\/v2\/posts\/12955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/comments?post=12955"}],"version-history":[{"count":0,"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/posts\/12955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/media\/12956"}],"wp:attachment":[{"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/media?parent=12955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/categories?post=12955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbell.com\/zh\/wp-json\/wp\/v2\/tags?post=12955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}