{"id":23040,"date":"2023-06-15T12:29:30","date_gmt":"2023-06-15T16:29:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oils-yo-yo-act-continues-with-boost-from-china-data-after-slump-on-fed\/"},"modified":"2023-06-15T12:29:30","modified_gmt":"2023-06-15T16:29:30","slug":"oils-yo-yo-act-continues-with-boost-from-china-data-after-slump-on-fed","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23040","title":{"rendered":"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed"},"content":{"rendered":"
\n

Investing.com — Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday, after the previous day\u2019s slump on the hawkish Fed stance that U.S. rate hikes will likely continue despite a .<\/p>\n

New York-traded crude was up $2.03, or 3%, to $70.30 per barrel by 11:53 ET (15:53 GMT). Week-to-date, the U.S. crude benchmark is up a marginal 0.2% after a 3.5% tumble over two prior weeks.<\/p>\n

London-traded rose by $2.05, or 2.8%, to $75.25. For the week, the global crude benchmark was up about 0.7%, after a 3% slump over two prior weeks.<\/p>\n

It has been a swing of a time \u2014 literally \u2014 for oil which began the week with a 4% drop driven by recession concerns, then witnessed a 3% rebound on a China rate cut before sliding 2% on a massive jump in and a hawkish stance by the Fed.<\/p>\n

Thursday\u2019s comeback was based on data showing a 15.4% rise in China’s oil refinery throughput in May rising 15.4% from a year earlier, hitting its second-highest total on record.<\/p>\n

Some expect oil prices to see support later in the year from production cuts announced by Saudi Arabia.\u00a0<\/p>\n

Analysts at UBS said in a note carried by Reuters that they expect a supply deficit of around 1.5 million barrels daily in June and more than 2M per day in July.<\/p>\n

Notwithstanding the UBS projection, others point to Russia’s virtually unsupervised indiscriminate oil sales at around the $60-a-barrel cap sanctioned by the G7.<\/p>\n

\u201cThese are small positives but it could be enough to stop crude from making fresh lows for the year,\u201d said Craig Erlam, analyst at online trading platform OANDA.\u00a0<\/p>\n

Brent\u2019s low thus far for 2023 has been $70.12, against WTI\u2019s $63.70.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday, after the previous day\u2019s slump on the hawkish Fed stance that U.S. rate hikes will likely continue despite a . New York-traded crude was up $2.03, or 3%, to $70.30 per […]<\/p>\n","protected":false},"author":1,"featured_media":16416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-23040","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil\u2019s yo-yo act continues with boost from China data after slump on Fed | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=23040\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=23040\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-15T16:29:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEC2025Y_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"444\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=23040#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=23040\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed\",\"datePublished\":\"2023-06-15T16:29:30+00:00\",\"dateModified\":\"2023-06-15T16:29:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=23040\"},\"wordCount\":303,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=23040#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=23040\",\"url\":\"https:\/\/ifintechworld.com\/?p=23040\",\"name\":\"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-15T16:29:30+00:00\",\"dateModified\":\"2023-06-15T16:29:30+00:00\",\"description\":\"Investing.com -- Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday,\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=23040#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=23040\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=23040#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed | iFintechWorld","description":"Investing.com -- Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=23040","og_locale":"en_US","og_type":"article","og_title":"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed | iFintechWorld","og_description":"Investing.com -- Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday,","og_url":"https:\/\/ifintechworld.com\/?p=23040","og_site_name":"iFintechWorld","article_published_time":"2023-06-15T16:29:30+00:00","og_image":[{"width":728,"height":444,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEC2025Y_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=23040#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=23040"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed","datePublished":"2023-06-15T16:29:30+00:00","dateModified":"2023-06-15T16:29:30+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=23040"},"wordCount":303,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=23040#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=23040","url":"https:\/\/ifintechworld.com\/?p=23040","name":"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-15T16:29:30+00:00","dateModified":"2023-06-15T16:29:30+00:00","description":"Investing.com -- Down one day and up the next: oil\u2019s interim volatility isn\u2019t letting up, with bullish Chinese data propping up crude prices Thursday,","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=23040#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=23040"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=23040#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil\u2019s yo-yo act continues with boost from China data after slump on Fed"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/23040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23040"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/23040\/revisions"}],"predecessor-version":[{"id":23041,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/23040\/revisions\/23041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/16416"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}