{"id":14713,"date":"2023-05-27T16:29:18","date_gmt":"2023-05-27T20:29:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-score-a-weekly-gain-as-traders-assess-potential-for-more-opec-production-cuts\/"},"modified":"2023-05-27T16:29:19","modified_gmt":"2023-05-27T20:29:19","slug":"oil-prices-score-a-weekly-gain-as-traders-assess-potential-for-more-opec-production-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14713","title":{"rendered":"Oil prices score a weekly gain as traders assess potential for more OPEC+ production cuts"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002106772\" role=\"document\">\n<p>Oil futures settle higher on Friday, contributing to a gain for the week, as investors weighed prospects for further cuts in crude production when the Organization of the Petroleum Exporting Countries and its allies meet in early June.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for July delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.28%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.28%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"positive\">+0.28%<\/bg-quote><br \/>\n       rose 84 cents, or 1.2%, to settle at $72.67 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract ended 1.4% higher for the week, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"positive\">+0.22%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added  69 cents, or 0.9%, to $76.95 a barrel on ICE Futures Europe, for a weekly rise of 1.8%. August Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.25%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.25%<\/bg-quote><span>,<\/span><br \/>\n       the most-active contract, rose 80 cents, or nearly 1.1%, to $76.98 a barrel.<\/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\">+0.17%<\/bg-quote><br \/>\n       rose 1.2% to $2.70 a gallon, with prices tacking on 4.9% for the week, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"positive\">+0.25%<\/bg-quote><br \/>\n       added 1% to $2.37 a gallon, up 0.3% for the week.<\/p>\n<\/li>\n<li>\n      June natural gas<br \/>\n        NGM23<span><\/span><br \/>\n       dropped 5.5% to $2.18 per million British thermal units, on the contract\u2019s expiration day. It marked a weekly tumble of 15.6%. Prices have lost around half their value so far this year.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>WTI and Brent crude on Friday both posted gains for a second week in a row. <\/p>\n<div class=\"paywall\">\n<p><strong>Read:<\/strong> Is the U.S. stock market closed on on Memorial Day?<\/p>\n<p>Crude had found support earlier this week after Saudi Arabia\u2019s energy minister, Prince Abdulaziz bin Salman, warned that oil short sellers should \u201cwatch out,\u201d threatening a rerun of the price spike that occurred after OPEC+ output cuts were announced in early April. Analysts took the remarks as a threat that more output cuts may be in store.<\/p>\n<p>However, oil\u2019s advance for the week was \u201csignificantly pared after Russia hinted that another OPEC+ supply cut may not be forthcoming,\u201d Han Tan, chief market analyst at Exinity Group, told MarketWatch.  <\/p>\n<p>On Thursday, Russia\u2019s deputy prime minister, Alexander Novak, poured cold water on prospects for further reductions in remarks to a Russian newspaper, Reuters reported. OPEC+ ministers are slated to meet June 4 in Vienna.<\/p>\n<p>OPEC+ countries in early April announced around 1.15 million barrels a day in production cuts that took effect at the beginning of this month, while Russia pledged to continue cuts of 500,000 barrels a day through year-end.<\/p>\n<p>Further cuts appear unlikely since the latest round of reductions came into force only at the beginning of May, Barbara Lambrecht, commodity analyst at Commerzank, said in a note.<\/p>\n<p>\u201cNonetheless, the production cut is not off the table yet, which should lend support to prices for the time being,\u201d she said.<\/p>\n<p><strong>Read:<\/strong> Gas will be much cheaper this Memorial Day Weekend. Now, for all the bad news.<\/p>\n<p><strong>Also see:<\/strong> Here\u2019s what might lead to a spike in gasoline prices this summer<\/p>\n<p>Lambrecht said that survey-based estimates by news agencies of OPEC production for May are likely to confirm that a reduction of around 1 million barrels a day is being consistently implemented, which means the market is likely already undersupplied.<\/p>\n<p>For now, oil benchmarks are \u201cstill caught up in the market\u2019s cross-currents, ranging from optimism surrounding a U.S. debt deal to the prospects of further demand-destroying [Federal Reserve interest] rate hikes,\u201d said Exinity\u2019s Tan. <\/p>\n<p>\u201cShould U.S. lawmakers soon clinch a deal to raise the debt ceiling, that may offer further some measure of relief for oil,\u201d he said. \u201cBarring further OPEC+ intervention on global supplies, oil benchmarks are set to remain primarily gripped by demand-side woes, leaving oil bulls to bide their time\u201d before potentially restoring prices back to the $80-a-barrel handle.<\/p>\n<p>In other news Friday, Baker Hughes<br \/>\n        BKR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205323712\/composite\" class=\"positive\">+0.29%<\/bg-quote><br \/>\n       reported a fourth straight weekly decline in the number of active U.S. rigs drilling for oil, suggesting a fall ahead for domestic production. <\/p>\n<p><strong>Also see:<\/strong> Why gold still has a shot to reach a record high this year<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-on-track-for-weekly-gains-as-traders-assess-potential-for-more-opec-production-cuts-2a6a00ef?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settle higher on Friday, contributing to a gain for the week, as investors weighed prospects for further cuts in crude production when the Organization of the Petroleum Exporting Countries and its allies meet in early June. Price action West Texas Intermediate crude for July delivery CL00, +0.28% CL.1, +0.28% CLN23, +0.28% rose 84 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14713","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices score a weekly gain as traders assess potential for more OPEC+ production cuts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settle higher on Friday, contributing to a gain for the week, as investors weighed prospects for further cuts in crude production when the\" \/>\n<meta name=\"robots\" content=\"index, follow, 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