{"id":585052,"date":"2023-06-17T09:59:44","date_gmt":"2023-06-17T04:29:44","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=585052"},"modified":"2023-06-17T10:40:17","modified_gmt":"2023-06-17T05:10:17","slug":"oil-heads-for-weekly-gains-as-supply-cuts-balance-demand-concerns","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-heads-for-weekly-gains-as-supply-cuts-balance-demand-concerns\/","title":{"rendered":"Oil heads for weekly gains as supply cuts balance demand concerns"},"content":{"rendered":"<p>Oil edged higher on Friday and was on course for a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. <\/p>\n<p>Brent crude gained 48 cents to $76.15 a barrel by 1:16 p.m. EDT (1316 GMT). U.S. West Texas Intermediate (WTI) crude rose 59 cents to $71.21.<\/p>\n<p>Brent was on track for a weekly gain of 1.9% and WTI was on course for a 1.6% rise. <\/p>\n<p>Oil has gained this week on hopes of growing Chinese demand. China&#8217;s refinery throughput rose in May to its second-highest total on record and Kuwait Petroleum Corp&#8217;s CEO expects Chinese demand to keep climbing during the second half.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil edged higher on Friday and was on course for a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes. Brent crude gained 48 cents to $76.15 a barrel by 1:16 p.m. EDT (1316 GMT). U.S. West Texas Intermediate (WTI) crude rose 59 cents to $71.21. Brent was on track for a weekly gain of 1.9% and WTI was on course for a 1.6% rise. Oil has gained this week on hopes of growing Chinese demand. China&#8217;s refinery throughput rose in May [&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-585052","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\/585052","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=585052"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/585052\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=585052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=585052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=585052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}