{"id":18985,"date":"2023-06-06T14:00:03","date_gmt":"2023-06-06T18:00:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-fall-erasing-jump-seen-after-saudi-production-cut\/"},"modified":"2023-06-06T14:00:04","modified_gmt":"2023-06-06T18:00:04","slug":"oil-prices-fall-erasing-jump-seen-after-saudi-production-cut","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18985","title":{"rendered":"Oil prices fall, erasing jump seen after Saudi production cut"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002142483\" role=\"document\">\n<p>Oil futures fell Tuesday, more than erasing the climb that followed Saudi Arabia\u2019s weekend announcement of a 1 million-barrel-a-day July output cut, as traders fretted over the global economic outlook.<\/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\">-0.53%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.53%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"negative\">-0.53%<\/bg-quote><br \/>\n       fell $1.04, or 1.4%, to $71.11 a barrel on the New York Mercantile Exchange after tacking on 0.6% on Monday.<\/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\">-0.50%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"negative\">-0.50%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was down $1.01, or 1.3%, at $75.70 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       added 0.4% to $2.534 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\">-0.42%<\/bg-quote><br \/>\n       was down 0.9% at $2.357 a gallon.<\/p>\n<\/li>\n<li>\n      Juy natural gas<br \/>\n        NGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191117\/delayed\" class=\"negative\">-0.09%<\/bg-quote><br \/>\n       shed 0.1% to $2.243 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude prices surged at the open Sunday evening after Saudi Arabia announced it would voluntarily cut production by an additional 1 million barrels a day in July, with the potential to extend the cut. The announcement came as the OPEC+ \u2014 the Organization of the Petroleum Exporting Countries and its Russia-led allies \u2014 concluded a meeting that saw the group extend existing production cuts through the end of 2024.<\/p>\n<div class=\"paywall\">\n<p>Sunday\u2019s gains faded though over the course of trading Monday, leaving crude with a modest gain at the end of the session. Futures came under renewed pressure Tuesday, with analysts citing concerns about global demand.<\/p>\n<p>\u201cSaudi Arabia is attempting to keep the oil price up for reasons of domestic stability, but it faces two major problems,\u201d said Matt Gertken, chief strategist, geopolitical strategy and U.S. political strategy at BCA Research.<\/p>\n<p><strong>Read:<\/strong>\u00a0Saudi Arabia\u2019s planned oil cut could lead to \u2018cracks\u2019 within OPEC+ \u2014 but not a spike in gasoline prices<\/p>\n<p>The first is \u201cglobal oil demand is proving weaker than expected because of China\u2019s structural problems and the developed world\u2019s tight monetary policy,\u201d and the second is that global oil supply faces \u201cunexpected disruptions stemming from Russia\u2019s and Iran\u2019s geopolitical conflicts with the West,\u201d he told MarketWatch.<\/p>\n<p>The result is oil volatility that \u201ccould include major oil price shocks but will ultimately conclude in lower prices as a result of recession,\u201d said Gertken. <\/p>\n<p>Ultimately, \u201coil prices are likely to weaken due to disappointments in both global and Chinese growth, stemming from China\u2019s debt-deflation and globally tight monetary policy,\u201d he said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-fall-erasing-jump-seen-after-saudi-production-cut-a251a378?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures fell Tuesday, more than erasing the climb that followed Saudi Arabia\u2019s weekend announcement of a 1 million-barrel-a-day July output cut, as traders fretted over the global economic outlook. Price action West Texas Intermediate crude for July delivery CL00, -0.53% CL.1, -0.53% CLN23, -0.53% fell $1.04, or 1.4%, to $71.11 a barrel on the [&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-18985","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 fall, erasing jump seen after Saudi production cut | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures fell Tuesday, more than erasing the climb that followed Saudi Arabia\u2019s weekend announcement of a 1 million-barrel-a-day July output cut, as\" \/>\n<meta name=\"robots\" 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