{"id":636,"date":"2023-05-23T04:41:45","date_gmt":"2023-05-23T04:41:45","guid":{"rendered":"https:\/\/nayaujala.com\/english\/?p=636"},"modified":"2023-05-23T04:41:45","modified_gmt":"2023-05-23T04:41:45","slug":"oil-prices","status":"publish","type":"post","link":"https:\/\/nayaujala.com\/english\/oil-prices\/","title":{"rendered":"Oil prices rise on outlook for higher gasoline demand, tighter supply"},"content":{"rendered":"

Oil prices climbed for a second day on Tuesday as investors expect 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.<\/h2>\n

Brent crude futures rose 20 cents, or 0.3%, to $76.19 a barrel by 0052 GMT while U.S. West Texas Intermediate (WTI) crude was at $72.26 a barrel, up 21 cents, or 0.3%.<\/p>\n

Brent rose 0.5% on Monday, while 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.<\/strong><\/p>\n

“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),” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.<\/p>\n

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“But worries over the U.S. debt ceiling talks and a possible further hike in U.S. interest rates limited gains,” he said.<\/p>\n

Last week, the U.S. Department of Energy said it would buy 3 million barrels of crude oil to replenish the SPR for delivery in August.<\/strong><\/p>\n

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

Goldman Sachs analysts said in a report on Monday that they “expect sustained (oil supply) deficits from June as OPEC+ production cuts fully realize and demand rises further.”<\/p>\n

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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

Still, investors are also focused on negotiations to raise the debt limit of the U.S., the world’s biggest oil consumer.<\/strong><\/p>\n

President Joe Biden and House Speaker Kevin McCarthy ended discussions on Monday with no agreement on how to raise the U.S. government’s $31.4 trillion debt ceiling and will keep talking with just 10 days before a possible default.<\/p>\n

 <\/p>\n

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Oil prices climbed for a second day on Tuesday as investors expect 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. 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