{"id":394888,"date":"2021-01-13T11:10:26","date_gmt":"2021-01-13T05:40:26","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=394888"},"modified":"2021-01-13T11:10:26","modified_gmt":"2021-01-13T05:40:26","slug":"oil-rises-above-56-as-tighter-supply-offsets-virus-concern","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-rises-above-56-as-tighter-supply-offsets-virus-concern\/","title":{"rendered":"Oil rises above $56 as tighter supply offsets virus concern"},"content":{"rendered":"<p>Oil rose above $56 a barrel on Tuesday and stayed close to an 11-month high, as tighter supply and expectations of a drop in US inventories offset concerns over climbing coronavirus cases globally.<\/p>\n<p>Saudi Arabia has said it will cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest US oil supply reports are expected to show crude stocks fell for a fifth straight week.<\/p>\n<p>&#8220;I think the market will be rapid to conclude that yesterday&#8217;s modest pullback in price, provided the virus spread in China remains contained, was but a blip on the radar screen,&#8221; Stephen Innes, chief global market strategist at Axi, said in a report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil rose above $56 a barrel on Tuesday and stayed close to an 11-month high, as tighter supply and expectations of a drop in US inventories offset concerns over climbing coronavirus cases globally. Saudi Arabia has said it will cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest US oil supply reports are expected to show crude stocks fell for a fifth straight week. &#8220;I think the market will be rapid to conclude that yesterday&#8217;s modest pullback in price, provided the virus spread in China remains [&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-394888","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\/394888","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=394888"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/394888\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=394888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=394888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=394888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}