{"id":10357,"date":"2023-05-18T08:20:34","date_gmt":"2023-05-18T12:20:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-steady-after-rising-to-1-week-high\/"},"modified":"2023-05-18T08:20:35","modified_gmt":"2023-05-18T12:20:35","slug":"oil-prices-steady-after-rising-to-1-week-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10357","title":{"rendered":"Oil prices steady after rising to 1-week high"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002070526\" role=\"document\">\n<p>Oil futures edged lower early Thursday as investors kept tabs on debt-ceiling negotiations, a day after crude bounced to its highest finish in a week.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for June delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.30%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.30%<\/bg-quote><\/p>\n<p>        CLM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724952\/delayed\" class=\"negative\">-0.30%<\/bg-quote><br \/>\n       fell 19 cents, or 0.3%, to $72.64 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.34%<\/bg-quote><\/p>\n<p>        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"negative\">-0.34%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was off 20 cents or 0.3%, at $76.76 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, June gasoline<br \/>\n        RBM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376517\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       edged down 0.1% to $2.568 a gallon, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"negative\">-0.50%<\/bg-quote><br \/>\n       dropped 0.6% to $2.408 a gallon.<\/p>\n<\/li>\n<li>\n      June natural gas<br \/>\n        NGM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190794\/delayed\" class=\"positive\">+0.80%<\/bg-quote><br \/>\n       gained 0.6% to $2.38 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude oil futures found support Wednesday after upbeat comments by President Joe Biden and House Speaker Kevin McCarthy on talks toward lifting the debt ceiling and averting a potentially catastrophic default by the federal government. <\/p>\n<div class=\"paywall\">\n<p><strong>See: <\/strong>\u2018Doomsday machine\u2019: Here\u2019s what could happen if the debt ceiling is breached<\/p>\n<p>Talks have yet to produce a breakthrough, however.<\/p>\n<p><strong>Need to Know: <\/strong>Debt ceiling is a buy-the-rumor but sell-the-news event, cautions this strategist<\/p>\n<p>Analysts said concerns over supply may be undercutting crude, which was struggling to extend gains as other assets perceived as risky remained on the rise.<\/p>\n<p>\u201cThe fact that Investors continue to cheer that the two most extensive markets overhangs are easing ( debt limit and bank deposit runs) and oil is not bouncing higher in tandem with broader risk sentiment today continues to suggest supply, not demand, is hurting the bullish thesis with the ubiquitous dark fleets moving Russian and Iraqi oil to destinations around the world and keep inventories topped,\u201d said Stephen Innes, managing director of SPI Asset Management, in a note.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-steady-after-rising-to-1-week-high-fe3b4b4?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures edged lower early Thursday as investors kept tabs on debt-ceiling negotiations, a day after crude bounced to its highest finish in a week. Price action West Texas Intermediate crude for June delivery CL00, -0.30% CL.1, -0.30% CLM23, -0.30% fell 19 cents, or 0.3%, to $72.64 a barrel on the New York Mercantile Exchange. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10357","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices steady after rising to 1-week high | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures edged lower early Thursday as investors kept tabs on debt-ceiling negotiations, a day after crude bounced to its highest finish in a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10357\" \/>\n<meta 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