{"id":345100,"date":"2020-04-03T11:40:53","date_gmt":"2020-04-03T06:10:53","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=345100"},"modified":"2020-04-03T11:40:53","modified_gmt":"2020-04-03T06:10:53","slug":"oil-market-still-under-pressure-despite-record-futures-surge","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-market-still-under-pressure-despite-record-futures-surge\/","title":{"rendered":"Oil market still under pressure despite record futures surge"},"content":{"rendered":"<p>While oil futures got a record boost from President Donald Trump\u2019s claim that Saudi Arabia and Russia would make deep supply cuts, the market for physical barrels of crude still strains under a massive glut.<\/p>\n<p>West Texas Intermediate crude rallied as much as 35% after President Trump tweeted that the world\u2019s largest producers would be cutting as much as 15 million barrels, and ended with the biggest intraday gain in its history. Texas Railroad Commission member Ryan Sitton, in a rare move for the state\u2019s oil regulator, later tweeted that he spoke with Russia\u2019s energy minister and discussed a 10 million barrel-a-day global output cut and would talk to the Saudi oil minister soon.<\/p>\n<p>While a supply deal &#8212; if one is concluded &#8212; would help take some oil off the market, the biggest hurdle facing oil producers and refiners is an unprecedented loss of demand.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While oil futures got a record boost from President Donald Trump\u2019s claim that Saudi Arabia and Russia would make deep supply cuts, the market for physical barrels of crude still strains under a massive glut. West Texas Intermediate crude rallied as much as 35% after President Trump tweeted that the world\u2019s largest producers would be cutting as much as 15 million barrels, and ended with the biggest intraday gain in its history. Texas Railroad Commission member Ryan Sitton, in a rare move for the state\u2019s oil regulator, later tweeted that he spoke with Russia\u2019s energy minister and discussed a 10 [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-345100","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/345100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=345100"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/345100\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=345100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=345100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=345100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}