{"id":17226,"date":"2023-06-02T10:21:43","date_gmt":"2023-06-02T14:21:43","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-rise-ahead-of-opec-meeting-but-look-to-post-a-loss-for-the-week\/"},"modified":"2023-06-02T10:21:44","modified_gmt":"2023-06-02T14:21:44","slug":"oil-prices-rise-ahead-of-opec-meeting-but-look-to-post-a-loss-for-the-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17226","title":{"rendered":"Oil prices rise ahead of OPEC+ meeting, but look to post a loss for the week"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002132666\" role=\"document\">\n<p>Oil futures rose Friday, but remained on track for weekly losses, as traders looked ahead to a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for July delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.84%<\/bg-quote><\/p>\n<p>        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+2.84%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"positive\">+2.84%<\/bg-quote><br \/>\n       rose $1.82, or 2.6%, to $71.92 a barrel on the New York Mercantile Exchange. Prices for the front-month contract traded around 1.1% lower for the week, FactSet data show. <\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+2.79%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+2.79%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained $1.81, or 2.4%, to trade at $76.09 a barrel on ICE Futures Europe, down roughly 1.1% for the week. Brent and WTI are poised for their first weekly loss in 3 weeks.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline<br \/>\n        RBN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376520\/delayed\" class=\"positive\">+3.11%<\/bg-quote><br \/>\n       rose 2.7% to $2.502 a gallon, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"positive\">+2.70%<\/bg-quote><br \/>\n       gained 2.5% to $2.3726 a gallon.<\/p>\n<\/li>\n<li>\n      July natural gas<br \/>\n        NGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191117\/delayed\" class=\"positive\">+3.34%<\/bg-quote><br \/>\n       was up 1.5% at $2.191 per million British thermal units after losing 4.8% on Thursday. Prices eyed a weekly loss of more than 9%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers <\/h2>\n<p>WTI and Brent both remain on track for weekly losses of more than 1% after suffering steep May declines that were attributed to worries about the global economic outlook and worries over a potential U.S. government default. Those default worries were put to bed Thursday after the Senate passed legislation to lift the debt ceiling, sending it to President Joe Biden\u2019s desk for signature.<\/p>\n<div class=\"paywall\">\n<p>The focus has shifted to a weekend meeting of OPEC and its allies, including Russia \u2014 a group known as OPEC+. Traders are gauging prospects for additional production cuts after a surprise round of April reductions failed to give crude a lasting lift.<\/p>\n<p><strong>Read:<\/strong>\u00a0Uncertainty over Russia, frustration in Saudi Arabia cloud\u00a0oil-market prospects ahead of\u00a0OPEC+<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span> \u201cThere has been no shortage of drama in the lead up to this weekend\u2019s OPEC+ meeting, leaving the market rife with volatility as traders try to read the tea leaves as to what is going on behind closed doors.\u201d<span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Rebecca Babin, CIBC Private Wealth U.S.<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>\u201cThere has been no shortage of drama in the lead up to this weekend\u2019s OPEC+ meeting, leaving the market rife with volatility as traders try to read the tea leaves as to what is going on behind closed doors,\u201d said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed commentary.<\/p>\n<p>Signs that Russia has failed to comply with its own pledge to cut production by 500,000 barrels a day have sparked speculation of a potential rift between Riyadh and Moscow. <\/p>\n<p>\u201cIn reality, there are many more reasons for the group to work together than break apart and members will likely remain steadfast in defending their relationship. However, the damage to the market has been done as the negative feedback loop of weaker macro data and OPEC+ risk emboldened sellers,\u201d said Babin.<\/p>\n<p>\u201cThe bullish thesis for crude is on life support making the mistake in messaging very costly,\u201d she said.<\/p>\n<p>Babin said the most likely outcome will be no change to output, while a surprise cut would inject more volatility into the market and be interpreted by oil bears as a sign that demand for crude remains weak.<\/p>\n<p>\u201cThe objective of this meeting is likely to convince the market that the Saudi-Russia relationship remains intact and that they are ready to act if needed,\u201d Babin said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-boosted-ahead-of-opec-meeting-fd1c7207?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Friday, but remained on track for weekly losses, as traders looked ahead to a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies. Price action West Texas Intermediate crude for July delivery CL.1, +2.84% CL00, +2.84% CLN23, +2.84% rose $1.82, or 2.6%, to $71.92 a barrel on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-17226","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 rise ahead of OPEC+ meeting, but look to post a loss for the week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures rose Friday, but remained on track for weekly losses, as traders looked ahead to a weekend meeting of the Organization of the Petroleum\" \/>\n<meta name=\"robots\" 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