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Oil trades sideways on fears of slower demand, supply uncertainty

The Star Business LogoThe Star Business1 mo ago

Oil trades sideways on fears of slower demand, supply uncertainty

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SINGAPORE: Oil prices traded sideways on Friday after briefly rising nearly US$1 per barrel, as the market balanced fears of slower demand from cooling U.S.economic activity with supply uncertainty.

Official weekly estimates for U.S.oil inventories were scheduled to be released on Thursday but technical problems will delay those figures until next week, the U.S.

However, the group has struggled to hit the monthly increase targets due to underinvestment in oilfields by some OPEC members and, more recently, losses in Russian output.


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Article Details

Author / Journalist: The Star Online

Category: Economy

Topics: /Business/Business News Interest rate Oil price Fed Brent Energy West Texas Intermediate WTI Oil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-24, 11:25:00

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Reading Time: 3 minutes read

Article Length: 363 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 7012

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About The Star Business

The Star Business Logo

Main Topics: Economy

Official Website: thestar.com.my

Update Frequency: 36 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 1h ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #22

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