{"id":591104,"date":"2023-07-31T00:00:00","date_gmt":"2023-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july\/"},"modified":"2023-07-31T00:00:00","modified_gmt":"2023-07-31T00:00:00","slug":"oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july\/","title":{"rendered":"Oil prices look to notch biggest monthly gains since January 2022 in July"},"content":{"rendered":"

Oil is having a big July:<\/strong> Oil is on course for its best month since January 2022 as the market tightens on OPEC+ supply cuts and rising demand in Asia, Bloomberg<\/a> reports. US crude has risen 14% this month to sit above USD 80 a barrel for the first time since April. Brent is also at its highest level in more than three months, climbing 12% in July to more than USD 84 a barrel. <\/p>\n

What they\u2019re saying:<\/strong> \u201cRecord high demand and Saudi supply cuts have brought back deficits,\u201d Goldman Sachs analysts wrote in a note, forecasting Brent to hit USD 86 by the end of the year. \u201cThe market has abandoned its growth pessimism.\u201d <\/p>\n

US to tread softly as Russian oil trades over G7\u2019s cap: <\/strong> The Biden administration is reportedly imploring Western oil stakeholders to adhere to the G7\u2019s USD 60 per barrel price cap on Russian crude, which Reuters data shows has been trading above the cap for two weeks, the newswire reports<\/a>. Washington is reluctant to come down more harshly on traders and tanker owners flouting the cap out of fears of spooking the market. <\/p>\n

<\/a> <\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong> <\/p>\n<\/td>\n

\n

17,555 <\/p>\n<\/td>\n

\n

+1.2% (YTD: +20.3%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong> <\/p>\n<\/td>\n

\n

Buy 30.84 <\/p>\n<\/td>\n

\n

Sell 30.96 <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong> <\/p>\n<\/td>\n

\n

Buy 30.85 <\/p>\n<\/td>\n

\n

Sell 30.95 <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong> <\/p>\n<\/td>\n

\n

18.25% deposit <\/p>\n<\/td>\n

\n

19.25% lending <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong> <\/p>\n<\/td>\n

\n

11,789 <\/p>\n<\/td>\n

\n

-0.5% (YTD: +12.5%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

9,761 <\/p>\n<\/td>\n

\n

0.0% (YTD: -4.4%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

4,037 <\/p>\n<\/td>\n

\n

+0.2% (YTD: +21.0%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

4,582 <\/p>\n<\/td>\n

\n

+1.0% (YTD: +19.3%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong> <\/p>\n<\/td>\n

\n

7,694 <\/p>\n<\/td>\n

\n

0.0% (YTD: +3.3%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

4,467 <\/p>\n<\/td>\n

\n

+0.4% (YTD: +17.7%) <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 84.99 <\/p>\n<\/td>\n

\n

+0.9% <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex) <\/p>\n<\/td>\n

\n

USD 2.64 <\/p>\n<\/td>\n

\n

+1.7% <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong> <\/p>\n<\/td>\n

\n

USD 1,999.90 <\/p>\n<\/td>\n

\n

+0.7% <\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 29,246 <\/p>\n<\/td>\n

\n

-0.4% (YTD: +76.5%) <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong> <\/p>\n

The EGX30 rose 1.2% at yesterday\u2019s close<\/strong> on turnover of EGP 2.0 bn. Local investors were net buyers. The index is up 20.3% YTD. <\/p>\n

In the green: <\/strong> Eastern Company (+8.7%), Juhayna (+5.9%) and ADIB (+4.6%). <\/p>\n

In the red: <\/strong> Qalaa Holding (-3.0%), Ibnsina Pharma (-3.0%) and Mopco (-2.5%). <\/p>\n","protected":false},"excerpt":{"rendered":"

Brent and US crude have hit their highest levels since April as the market tightens<\/p>\n","protected":false},"author":1,"featured_media":591105,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[93,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"38eee88e-031e-4df5-b93a-3a15aa8c679b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1257.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Oil prices look to notch biggest monthly gains since January 2022 in July","related_issue":[591079],"teaser":"Brent and US crude have hit their highest levels since April as the market tightens","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.e0be50b0-e8b6-45a7-b584-d30005186e82.mp3"},"yoast_head":"\nOil prices look to notch biggest monthly gains since January 2022 in July - 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