By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Investment banks lift China growth outlook after surprise trade deal with U.S.
    Investment banks lift China growth outlook after surprise trade deal with U.S.
    May 13, 2025
    First group of white South Africans lands in U.S. under Trump refugee plan
    First group of white South Africans lands in U.S. under Trump refugee plan
    May 13, 2025
    Seattle Storm set roster for 2025 season
    Seattle Storm set roster for 2025 season
    May 13, 2025
    Chiefs superfan Xaviar Babudar, or ‘Chiefsaholic,’ sentenced to more time in prison after bank robbery spree
    Chiefs superfan Xaviar Babudar, or ‘Chiefsaholic,’ sentenced to more time in prison after bank robbery spree
    May 13, 2025
    Where in the world are babies at the lowest risk of dying?
    Where in the world are babies at the lowest risk of dying?
    May 13, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Strategy Pumps Fresh .34 Billion Into Its Crypto Coffers
    Strategy Pumps Fresh $1.34 Billion Into Its Crypto Coffers
    May 13, 2025
    Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
    Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
    May 13, 2025
    Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
    Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
    May 13, 2025
    Bitcoin profit taking at 6K the first stop before new all-time BTC price highs
    Bitcoin profit taking at $106K the first stop before new all-time BTC price highs
    May 13, 2025
    Quantum computing a risk to Bitcoin network: Blackrock
    Quantum computing a risk to Bitcoin network: Blackrock
    May 13, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Oil Edges Lower After Seven-Week Rally Driven by Tighter Market
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > Oil Edges Lower After Seven-Week Rally Driven by Tighter Market
Oil Edges Lower After Seven-Week Rally Driven by Tighter Market
Business

Oil Edges Lower After Seven-Week Rally Driven by Tighter Market

Published August 14, 2023
Share
2 Min Read
SHARE

(Bloomberg) — Oil edged lower after capping seven weeks of gains — the longest rally since mid-2022 — driven by signs of a tightening market.

Most Read from Bloomberg

West Texas Intermediate fell below $83 a barrel following the 20% surge in that span. Global crude demand has swelled to a record 103 million barrels a day amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said in a report on Friday.

Signals from the physical market reinforce that picture. Indian purchases of Russian crude are showing no sign of letting up even as prices rise, while flows from the world’s biggest seller to the largest buyer — Saudi Arabia to China — are set to soar as a new mega-refinery begins operations.

Crude has risen by about a quarter since its lows in June as OPEC+ linchpins Russia and Saudi Arabia curtailed supply. That’s helped push the market into a deficit of more than 2 million barrels a day this quarter, the producer group has estimated. Rising risks to flows of Russian crude through the Black Sea amid the war in Ukraine have also aided gains.

To get Bloomberg’s Energy Daily newsletter direct into your inbox, click here.

Most Read from Bloomberg Businessweek

©2023 Bloomberg L.P.

#Oil #Edges #SevenWeek #Rally #Driven #Tighter #Market

TAGGED:DrivenedgesmarketOilrallySevenWeekTighter
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article ‘Historical justice has been restored,’ says Ukraine border chief as soldiers place sign on Snake Island ‘Historical justice has been restored,’ says Ukraine border chief as soldiers place sign on Snake Island
Next Article Commanders preseason opener does little to ease concerns about offensive line Commanders preseason opener does little to ease concerns about offensive line
- Advertisement -

Latest Post

Strategy Pumps Fresh .34 Billion Into Its Crypto Coffers
Strategy Pumps Fresh $1.34 Billion Into Its Crypto Coffers
Cryptocurrency
Investment banks lift China growth outlook after surprise trade deal with U.S.
Investment banks lift China growth outlook after surprise trade deal with U.S.
World News
First group of white South Africans lands in U.S. under Trump refugee plan
First group of white South Africans lands in U.S. under Trump refugee plan
World News
Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
Cryptocurrency
Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Price predictions 5/12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Cryptocurrency
Seattle Storm set roster for 2025 season
Seattle Storm set roster for 2025 season
World News
- Advertisement -

You Might Also Like

Shiba Inu (SHIB) Rapidly Breaks Down, Ethereum (ETH) Loses Traction, While Solana (SOL) Presents Hidden Opportunity By U.Today
Business

Shiba Inu (SHIB) Rapidly Breaks Down, Ethereum (ETH) Loses Traction, While Solana (SOL) Presents Hidden Opportunity By U.Today

January 28, 2024
Adyen tops profit forecast on market expansion and slower hiring, shares jump
Business

Adyen tops profit forecast on market expansion and slower hiring, shares jump

August 15, 2024
Tech giants faced major market cap drop in July on earnings worries
Business

Tech giants faced major market cap drop in July on earnings worries

August 1, 2024
Edtech platform Zick Learn secures £430k funding to accelerate growth
Business

Edtech platform Zick Learn secures £430k funding to accelerate growth

August 5, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?