{"id":270876,"date":"2022-07-13T09:10:12","date_gmt":"2022-07-13T04:10:12","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=270876"},"modified":"2022-07-13T09:10:12","modified_gmt":"2022-07-13T04:10:12","slug":"oil-prices-rebound-following-morning-drop","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/oil-prices-rebound-following-morning-drop\/","title":{"rendered":"Oil Prices Rebound Following Morning Drop"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nCrude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57.<br \/>\nEarlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China\u2019s lockdowns and recession fears against tight global oil supplies.<br \/>\nThe bearish case has focused on covid disruptions in China, which just identified over the weekend its first Omicron subvariant BA.5.21 in Shanghai. The zero-covid policy in the world\u2019s largest crude oil importer sparked fears of decreased oil demand. Further limiting oil\u2019s gains are fears of a recession in the United States.<br \/>\nBut oil prices have remained elevated on tight supplies, waning crude inventories, and concerns that OPEC\u2014specifically Saudi Arabia\u2014doesn\u2019t have the spare capacity that some think it has. The fear that sanctions against Russia, which is set to go into effect at the end of this year, could take too many oil barrels out of the market is compounding those fears, with no real plan in place to replace lost Russian oil barrels.<br \/>\nThe price of WTI clawed back some gains as well as Monday. After sinking to just over $101 per barrel earlier on Monday, the price of WTI rose to $103.57 at the close of the trading day.<br \/>\nWTI is still trading down nearly $17 per barrel from a month ago, with Brent trading down $!6 per barrel in that timeframe. Gasoline prices in the United States have fallen as well, with the recession fears lending significant weight and providing relief to the Biden Administration, which has been desperate to lower gasoline prices ahead of mid-term elections this fall.<br \/>\nU.S. average gasoline prices fell to $4.678 per gallon on Monday, down from $5.004 a month ago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD Crude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57. Earlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China\u2019s lockdowns and recession fears against tight global oil supplies. The bearish case [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-270876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil Prices Rebound Following Morning Drop<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/oil-prices-rebound-following-morning-drop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Prices Rebound Following Morning Drop\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD Crude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57. Earlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China\u2019s lockdowns and recession fears against tight global oil supplies. 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