{"id":18929,"date":"2023-06-06T11:52:42","date_gmt":"2023-06-06T15:52:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-with-a-tepid-gain-after-saudi-arabia-sets-july-production-cut\/"},"modified":"2023-06-06T11:52:42","modified_gmt":"2023-06-06T15:52:42","slug":"oil-prices-settle-with-a-tepid-gain-after-saudi-arabia-sets-july-production-cut","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18929","title":{"rendered":"Oil prices settle with a \u2018tepid\u2019 gain after Saudi Arabia sets July production cut"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002137198\" role=\"document\">\n<p>Oil futures settled with a modest gain on Monday, after Saudi Arabia over the weekend agreed to deliver an additional 1 million\u2013barrel daily production cut next month as the Organization of the Petroleum Exporting Countries and its allies moved to extend existing production targets.<\/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=\"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><br \/>\n        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"negative\">-0.30%<\/bg-quote><br \/>\n       climbed 41 cents, or 0.6%, to settle at $72.15 a barrel on the New York Mercantile Exchange, after trading as high as $75.06 Sunday evening.<\/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=\"negative\">-0.42%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"negative\">-0.42%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained 58 cents, or 0.8%, to settle at $76.71 a barrel on ICE Futures Europe.<\/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\">+1.35%<\/bg-quote><br \/>\n       rose nearly 1% to $2.52 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=\"negative\">-0.19%<\/bg-quote><br \/>\n       added 0.9% at $2.38 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\">+0.80%<\/bg-quote><br \/>\n       rose 3.4% to $2.25 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Saudi Arabia on Sunday said it would cut oil output by 1 million barrels a day in July, and that the reduction could be extended if needed. The announcement came as OPEC+ agreed to extend current production levels through the end of 2024 at a contentious meeting in Vienna.<\/p>\n<div class=\"paywall\">\n<p><strong>See:<\/strong> Saudis to cut oil production by 1 million barrels a day in July as OPEC+ extends output deal<\/p>\n<p>\u201cSpurring a bout of short-covering via a further surprise cut appears the best way to spur a relief rally but for now, the response by oil prices has been exceptionally tepid, \u201csaid Matt Smith, lead oil analyst, Americas, at Kpler.<\/p>\n<p><strong>Read:<\/strong> Saudi Arabia\u2019s planned oil cut could lead to \u2018cracks\u2019 within OPEC+ \u2014 but not a spike in gasoline prices <\/p>\n<p>OPEC+ agreed last October to cut production by 2 million barrels a day. Some OPEC+ members in early April announced further cuts totaling 1.6 million barrels a day through year-end, including 500,000 barrels a day in reductions by Saudi Arabia. <\/p>\n<p>Saudi Energy Minister Abdulaziz bin Salman last month warned that short sellers should \u201cwatch out\u201d and that they would be \u201couching\u201d much as they did in early April, when the surprise cuts caused a sharp, but short-lived, spike in crude prices.<\/p>\n<p>The outcome of the meeting reinforces Saudi Arabia\u2019s \u201cuneasiness with the level of short positions in the market rather than signaling concerns around demand outlook,\u201d said Giacomo Romeo, energy equity analyst at Jefferies, in a Sunday evening note to clients. \u201cThe open-ended part of the measure was likely put in place to discourage future short positioning.\u201d<\/p>\n<p>Analysts said bears didn\u2019t appear to be that intimidated. Crude popped sharply higher at the open Sunday evening, but soon trimmed gains with prices settling Monday with a gain of less than 1%. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-jump-more-than-2-after-saudi-arabia-sets-july-production-cut-afada578?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled with a modest gain on Monday, after Saudi Arabia over the weekend agreed to deliver an additional 1 million\u2013barrel daily production cut next month as the Organization of the Petroleum Exporting Countries and its allies moved to extend existing production targets. Price action West Texas Intermediate crude for July delivery CL00, -0.30% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-18929","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 settle with a \u2018tepid\u2019 gain after Saudi Arabia sets July production cut | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled with a modest gain on Monday, after Saudi Arabia over the weekend agreed to deliver an additional 1 million\u2013barrel daily production\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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