{"id":25818,"date":"2023-06-22T02:58:38","date_gmt":"2023-06-22T06:58:38","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-end-lower-failing-to-hold-gains-after-china-delivers-rate-cut\/"},"modified":"2023-06-22T02:58:39","modified_gmt":"2023-06-22T06:58:39","slug":"oil-prices-end-lower-failing-to-hold-gains-after-china-delivers-rate-cut","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25818","title":{"rendered":"Oil prices end lower, failing to hold gains after China delivers rate cut"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002190289\" role=\"document\">\n<p>Oil futures ended lower Tuesday, failing to hold modest, early gains scored after China delivered an interest-rate cut amid concerns over the demand picture from the world\u2019s second-largest crude importer.<\/p>\n<p>U.S. traders were returning from a three-day weekend after markets were closed Monday for the Junteenth holiday.<\/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        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.23%<\/bg-quote><\/p>\n<p>        CLN23<span><\/span><br \/>\n       fell $1.28, or 1.8%, to close at $70.50 a barrel on the New York Mercantile Exchange. The July contract expired on Monday. August WTI<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.23%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-0.23%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract and new front month, $1.55, or 2.2%, at $70.38 a barrel. WTI futures didn\u2019t settle Monday due to the holiday.<\/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\">-0.27%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"negative\">-0.27%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, declined 19 cents, or 0.3%, to settle at $75.90 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=\"negative\">-0.89%<\/bg-quote><br \/>\n       fell 2.7% to end at $2.609 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\">+0.11%<\/bg-quote><br \/>\n       dropped 3% to $2.475 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=\"\"><\/bg-quote><br \/>\n       lost 5.3% to $2.492 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The People\u2019s Bank of China on Tuesday cut both its short- and long-term benchmark lending rates by 10 basis points Tuesday, in an effort to support the nation\u2019s slowing economic recovery. The move came after the PBOC last week reduced two key policy rates by 10 basis points each.<\/p>\n<p>Crude prices rose last week, following back-to-back weekly declines, after finding support in Thursday\u2019s session when\u00a0The Wall Street Journal\u00a0reported that Chinese authorities were\u00a0preparing a range of aggressive economic stimulus measures.<\/p>\n<p>Disappointment in China\u2019s economic recovery after the lifting of COVID curbs has dogged the oil market in 2023, with WTI and Brent both down more than 20% for the year to date. Skeptics question whether the efforts Tuesday will provide a meaningful lift.<\/p>\n<p>\u201cOil prices are a bit rangy to start the week and seemingly moved into short-term Tug of War mode as China\u2019s economic headwinds clash with increased PBOC policy support,\u201d said Stephen Innes, managing partner at SPI Asset Management, in a note.<\/p>\n<p>\u201cBut before confidently pushing the oil market higher from here, you would ideally like to see a convincing fall in U.S. storage this week,\u201d he wrote.<\/p>\n<p>Analysts said concerns around Iranian supply also weighed on the market. Reuters, citing industry data, reported that Iranian crude exports topped 1.5 million barrels a day in May, the highest monthly figure since 2018 when they ran near 2.5 million barrels a day before the U.S. withdrawal from a nuclear deal.<\/p>\n<p>Reports of talks between the Biden administration and Iran aimed at achieving an interim nuclear pact weighed down crude last week.<\/p>\n<p><strong>Commodities Corner: <\/strong>Talk of an interim U.S.-Iran nuclear deal is just \u2018noise\u2019, but has potential to \u2018upset the oil applecart\u2019<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-higher-after-china-delivers-interest-rate-cut-14903aee?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended lower Tuesday, failing to hold modest, early gains scored after China delivered an interest-rate cut amid concerns over the demand picture from the world\u2019s second-largest crude importer. U.S. traders were returning from a three-day weekend after markets were closed Monday for the Junteenth holiday. Price action West Texas Intermediate crude for July [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-25818","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 end lower, failing to hold gains after China delivers rate cut | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended lower Tuesday, failing to hold modest, early gains scored after China delivered an interest-rate cut amid concerns over the demand\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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