{"id":583075,"date":"2023-06-08T09:51:39","date_gmt":"2023-06-08T04:21:39","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=583075"},"modified":"2023-06-08T10:49:05","modified_gmt":"2023-06-08T05:19:05","slug":"oil-prices-edge-higher-as-saudi-arabia-cut-outweighs-bearish-backdrop","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-prices-edge-higher-as-saudi-arabia-cut-outweighs-bearish-backdrop\/","title":{"rendered":"Oil prices edge higher as Saudi Arabia cut outweighs bearish backdrop"},"content":{"rendered":"<p>Oil prices edged higher on Wednesday as Saudi Arabia&#8217;s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. <\/p>\n<p>Brent crude futures were up 36 cents, or 0.5%, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5%, to $72.11.<\/p>\n<p>Both benchmarks jumped more than $1 on Monday after Saudi Arabia&#8217;s decision over the weekend to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July. <\/p>\n<p>&#8220;As things stand, the oil market is on the cusp of a massive shortfall,&#8221; said PVM Oil&#8217;s Stephen Brennock.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices edged higher on Wednesday as Saudi Arabia&#8217;s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. Brent crude futures were up 36 cents, or 0.5%, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5%, to $72.11. Both benchmarks jumped more than $1 on Monday after Saudi Arabia&#8217;s decision over the weekend to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July. &#8220;As things stand, the oil market is on the cusp of a massive [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-583075","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/583075","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=583075"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/583075\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=583075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=583075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=583075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}