{"id":428439,"date":"2024-09-01T09:51:46","date_gmt":"2024-09-01T04:51:46","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=428439"},"modified":"2024-09-01T09:51:46","modified_gmt":"2024-09-01T04:51:46","slug":"oil-set-for-weekly-gain-on-supply-concerns","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/oil-set-for-weekly-gain-on-supply-concerns\/","title":{"rendered":"Oil set for weekly gain on supply concerns"},"content":{"rendered":"<p>Karachi: Oil prices edged higher on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the US economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October delivery, which expire on Friday, were up 46 cents, or 0.58%, at $80.40 a barrel by 0845 GMT. The more actively traded contract for November rose 42 cents, or 0.53%, to $79.24. US West Texas Intermediate crude futures gained 43 cents, or 0.57%, to $76.34. A day earlier both benchmarks settled more than $1 higher and were up 1.75% and 1.9% respectively for the week so far. \u201cOil prices benefit from latest US economic data suggesting a soft landing and no recession, reducing demand fears,\u201d UBS analyst Giovanni Staunovo said. \u201cOn the other hand, falling exports in Libya and the prospect of lower Iraqi crude production in September should help keep the oil market undersupplied.\u201d More than half of Libya\u2019s oil production, or about 700,000 barrels per day (bpd), was offline on Thursday and exports were halted at several ports following a standoff between rival political factions. Consulting firm Rapidan Energy Group has estimated production losses could reach between 900,000 and 1 million bpd and last for several weeks. Web Desk<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: Oil prices edged higher on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the US economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October [&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-428439","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 set for weekly gain on supply concerns<\/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-set-for-weekly-gain-on-supply-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil set for weekly gain on supply concerns\" \/>\n<meta property=\"og:description\" content=\"Karachi: Oil prices edged higher on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the US economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. 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