{"id":20601,"date":"2023-06-09T16:07:10","date_gmt":"2023-06-09T20:07:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-futures-tally-a-second-weekly-decline\/"},"modified":"2023-06-09T16:07:11","modified_gmt":"2023-06-09T20:07:11","slug":"oil-futures-tally-a-second-weekly-decline","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20601","title":{"rendered":"Oil futures tally a second weekly decline"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002157542\" role=\"document\">\n<p>Oil futures finished lower on Friday, contributing to a loss for the week as subdued China data fed concerns over the outlook for energy demand.  <\/p>\n<p>Prices have failed to find much support in the wake of Saudi Arabia\u2019s decision last weekend to voluntarily cut more of its oil production in July.<\/p>\n<div class=\"paywall\">\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\">-1.40%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.40%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"negative\">-1.40%<\/bg-quote><br \/>\n       fell $1.12, or 1.6%, to settle at $70.17 a barrel on the New York Mercantile Exchange, leaving front-month prices for the U.S. benchmark down 2.2% 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\">+0.13%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.13%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost $1.17, or 1.5%, at $74.79 a barrel on ICE Futures Europe, for a weekly loss of 1.8%,<\/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=\"negative\">-0.49%<\/bg-quote><br \/>\n       declined by nearly 0.8% to $2.59 a gallon, with prices up 3.7% for the week, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"negative\">-1.03%<\/bg-quote><br \/>\n       fell 1.2% at $2.36 a gallon, paring the weekly rise to 0.2%.<\/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=\"negative\">-3.70%<\/bg-quote><br \/>\n       fell 4.2% to $2.25 per million British thermal units, trimming its weekly advance to 3.8%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil prices had started the week higher after Saudi Arabia last Sunday announced it would voluntarily cut production by an additional 1 million barrels a day in July, with the option to extend the reduction, while the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed to extend previously agreed cuts through 2024.<\/p>\n<p><strong>Also see:<\/strong> EIA predicts record-high 2023 and 2024 U.S. oil output<\/p>\n<p>However, traders \u201cfaded the move\u201d up, as the Saudi cut would only remove one-third of a single day\u2019s worth of global oil production over the course of July, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That will \u201cnot meaningfully impact supply and demand dynamics.\u201d<\/p>\n<p>A Platts survey by S&amp;P Global Commodity Insights released Friday showed that crude output from OPEC+ fell 670,000 barrels per day to 41.33 million barrels a day in the first month of expanded voluntary cuts in May.   <\/p>\n<p>However, uncertainty over demand from China continues to limit upside for crude, analysts said. Weaker-than-expected Chinese producer and consumer inflation readings on Friday were seen as a negative.<\/p>\n<p>The country\u2019s producer-price index declined 4.6% from a year earlier in May, compared with the 3.6% decline in April and marking the weakest reading since February 2016. The PPI result was also lower than the 4.3% decline expected by economists polled by The Wall Street Journal.<\/p>\n<p>China\u2019s consumer-price index rose 0.2% from a year earlier in May, up slightly from the 0.1% year-over-year increase in April. Economists had penciled in a 0.3% rise.<\/p>\n<p>\u201cDespite the softer U.S. dollar, the\u00a0oil\u00a0price is struggling to gain traction and the latest Chinese data have not helped the cause. The low CPI and PPI prints from China again demonstrate that the global demand outlook for\u00a0oil\u00a0is murky at best, which is acting as a constraint on the\u00a0oil\u00a0price,\u201d said Tim Waterer, chief market analyst at KCM Trade.<\/p>\n<p>Looking ahead, \u201cmore resilient demand readings and a dovish tilt\u201d to Federal Reserve policy expectations could drive oil prices towards the upper end of this year\u2019s trading range in the low $80s,\u201d said Sevens Report\u2019s Richey. <\/p>\n<p>However, \u201cthe prospects for new YTD highs are slim given the widely held view that the economy is on the brink of recession,\u201d he said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-futures-edge-higher-set-for-mixed-weekly-performance-729f6f57?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished lower on Friday, contributing to a loss for the week as subdued China data fed concerns over the outlook for energy demand. Prices have failed to find much support in the wake of Saudi Arabia\u2019s decision last weekend to voluntarily cut more of its oil production in July. Price action West Texas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-20601","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 futures tally a second weekly decline | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished lower on Friday, contributing to a loss for the week as subdued China data fed concerns over the outlook for energy demand. 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