{"id":26487,"date":"2023-06-23T09:56:32","date_gmt":"2023-06-23T13:56:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-lower-hefty-weekly-losses-likely\/"},"modified":"2023-06-23T09:56:33","modified_gmt":"2023-06-23T13:56:33","slug":"crude-oil-lower-hefty-weekly-losses-likely","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26487","title":{"rendered":"Crude oil lower; hefty weekly losses likely"},"content":{"rendered":"
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Investing.com — Oil prices retreated Friday, heading for hefty weekly losses, after a series of rate hikes, and the indication of more to come, added to concerns over global economic growth.<\/p>\n

By 08:55 ET (12:55 GMT), futures traded 1.7% lower at $68.25 a barrel, while the contract fell 1.6% to $72.95 a barrel. Both contracts are on course for weekly losses of more than 4%.<\/p>\n

Large Bank of England rate increase hits sentiment<\/strong><\/h2>\n

The surprised markets on Thursday by hiking interest rates by a hefty 50 basis points as it battles the highest of all the major economies.<\/p>\n

Central banks in and also hiked rates, and officials at all of these banks indicated the likelihood of further increases ahead. Add in Fed chief also pointing to the need for further monetary tightening and fears are growing that this will result in worsening economic conditions, hitting the demand for crude.<\/p>\n

U.S. crude inventories shrink<\/strong>\u00a0<\/h2>\n

This weakened sentiment overshadowed a fairly constructive report from the Energy Information Administration, which showed that U.S. shrank far more than expected in the week to June 16<\/p>\n

\u201cIn addition, implied U.S. oil demand (total product supplied) hit 20.93MMbbls\/d over the week \u2013 the highest number seen since December,\u201d said analysts at ING, in a note.\u00a0<\/p>\n

PMI data offers downside risk<\/strong> \u00a0<\/h2>\n

The main economic release Friday will be the June surveys, which are expected to show the country\u2019s activity stagnating while the sector still expands.<\/p>\n

However, this follows surprisingly soft readings in the euro zone, Japan, and Britain, suggesting downside risk is a possibility.<\/p>\n

Baker Hughes rig count due<\/strong>\u00a0<\/h2>\n

The week ends, as usual, with rig count numbers from and positioning data.\u00a0<\/p>\n

\u201cIf it continues to follow the trend seen so far this year, we can expect a further decline in drilling activity,\u201d added ING. \u201cHigher costs have likely contributed to slower drilling activity.\u201d<\/p>\n

Additionally, given the move in the oil market over the last reporting week and the increase in open interest, we could see the net speculative long in having grown over the week.<\/p>\n

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

Investing.com — Oil prices retreated Friday, heading for hefty weekly losses, after a series of rate hikes, and the indication of more to come, added to concerns over global economic growth. By 08:55 ET (12:55 GMT), futures traded 1.7% lower at $68.25 a barrel, while the contract fell 1.6% to $72.95 a barrel. Both contracts […]<\/p>\n","protected":false},"author":1,"featured_media":6133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-26487","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil lower; hefty weekly losses likely | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices retreated Friday, heading for hefty weekly losses, after a series of rate hikes, and the indication of more to come, added to\" \/>\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=26487\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil lower; 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