{"id":11070,"date":"2023-05-19T16:49:34","date_gmt":"2023-05-19T20:49:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-climbs-set-to-post-first-weekly-gain-in-a-month\/"},"modified":"2023-05-19T16:49:35","modified_gmt":"2023-05-19T20:49:35","slug":"crude-oil-climbs-set-to-post-first-weekly-gain-in-a-month","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11070","title":{"rendered":"Crude oil climbs; set to post first weekly gain in a month"},"content":{"rendered":"
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Investing.com — Oil prices rose Friday, adding to the week\u2019s strong gains with the market benefiting from the risk-on sentiment generated by the fading risk of a U.S. debt default.\u00a0<\/p>\n

By 09:05 ET (13:05 GMT), futures traded 1.8% higher at $73.16 a barrel, while the contract rose 1.9% to $77.27 a barrel.<\/p>\n

Both benchmarks are on track to post gains of over 4% this week on optimism that U.S. lawmakers can come to an agreement to raise the federal government’s $31.4 trillion debt ceiling and thus avoid a default that would in all likelihood plunge the U.S. into recession and have a devastating impact on the global economy.<\/p>\n

That said, this would be the first weekly gain in a month as traders fretted about the possibility of additional monetary tightening from the U.S. Federal Reserve as well as China\u2019s lackluster recovery from its self-imposed severe COVID restrictions.<\/p>\n

A number of Fed officials have voiced their concerns about the still-elevated inflation levels this week, suggesting there still is a chance the hikes interest rates once more in June rather than the widely expected pause.<\/p>\n

Fed Chairman and former Chair Ben Bernanke will participate in a panel discussion in Washington, D.C. later Friday, and Powell\u2019s comments, in particular, will be studied carefully for clues of future action.<\/p>\n

The risk-on sentiment has seen the dollar hand back some of this week\u2019s gains, after it climbed to a two-month high on the perceived increased chance the Fed will raise rates at its June meeting.<\/p>\n

Oil is denominated in dollars, and thus gains in the greenback make it more expensive for holders of other currencies.<\/p>\n

The second half of the year could see the oil market appreciate as traders return to concentrating on supply and demand fundamentals.\u00a0<\/p>\n

\u201cBoth the U.S. and India have announced plans to repurchase oil for their reserves, and that will only add to the supply deficit that we have seen coming and seems to be confirmed by the likes of the International Energy Agency,\u201d said Phil Flynn, a senior energy analyst at The PRICE Futures Group, in a note.<\/p>\n

Additionally, the Joint Organisations Data Initiative reported that global oil demand increased by 3 million barrels a day month-month in March to the highest level ever registered by JODI-reporting 114 countries.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil prices rose Friday, adding to the week\u2019s strong gains with the market benefiting from the risk-on sentiment generated by the fading risk of a U.S. debt default.\u00a0 By 09:05 ET (13:05 GMT), futures traded 1.8% higher at $73.16 a barrel, while the contract rose 1.9% to $77.27 a barrel. Both benchmarks are […]<\/p>\n","protected":false},"author":1,"featured_media":11071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-11070","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil climbs; set to post first weekly gain in a month | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices rose Friday, adding to the week\u2019s strong gains with the market benefiting from the risk-on sentiment generated by the fading\" \/>\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=11070\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil climbs; 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