{"id":26898,"date":"2023-06-24T07:45:04","date_gmt":"2023-06-24T11:45:04","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-see-weekly-fall-as-central-banks-stoke-recession-worries\/"},"modified":"2023-06-24T07:45:04","modified_gmt":"2023-06-24T11:45:04","slug":"oil-prices-see-weekly-fall-as-central-banks-stoke-recession-worries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26898","title":{"rendered":"Oil prices see weekly fall as central banks stoke recession worries"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002203655\" role=\"document\">\n<p>Oil futures fell Friday and posting a weekly decline after a flurry of central bank interest rate increases around the world this week heightened fears of a sharp economic slowdown.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.01%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.01%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       fell 35 cents, or 0.5%, to close at $$69.16 a barrel on the New York Mercantile Exchange, leaving the U.S. benchmark down 3.9% for the week. <\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.80%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, settled at $73.85 a barrel, down 29 cents, or 0.4%, on ICE Futures Europe. It fell 3.6% for the week.<\/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\">-0.66%<\/bg-quote><br \/>\n       dropped 1.3% to $2.517 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\">-1.85%<\/bg-quote><br \/>\n       dropped 2.4% to $2.407 a gallon. Gasoline saw a 6.1% weekly tumble, while heating oil declined 5.7%.<\/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=\"positive\">+4.72%<\/bg-quote><br \/>\n       rose 4.6% to end at $2.729 per million British thermal units, leaving it up 3.7% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>WTI futures have dropped below $70 a barrel four times this year with increasing frequency, but each time technical support between $67 and $69 a barrel has held, noted analysts at Sevens Report Research, in a Friday note. Each subsequent bounce in prices has run out of steam at a lower price point. <\/p>\n<div class=\"paywall\">\n<p>\u201cThis heavy price action with repetitive tests of the same support and continuously weaker recoveries suggests the oil market is approaching a tipping point; poised to either break down to new 2023 lows or finally move beyond the $72-$73 area, triggering a squeeze as sentiment and positioning in the energy markets is very bearish,\u201d they wrote.<\/p>\n<p>Oil-field services firm Baker Hughes on Friday reported that the number of U.S. oil rigs fell by 6 last week to 546.<\/p>\n<p>Crude prices dropped sharply Thursday after the Bank of England and Norway\u2019s central bank each raised interest rates by half a percentage point, while the Swiss National Bank delivered a quarter percentage point increase. Federal Reserve Chair Jerome Powell, in a second day of congressional testimony, reiterated expectations by policy makers for two more rate increases after the central bank left rates unchanged last week.<\/p>\n<p><strong>See: <\/strong>Global growth outlook deteriorates on central bank rate hikes, raising risks for U.S. and markets<\/p>\n<p>The focus on central banks outweighed what analysts described as a largely supportive weekly fall of 3.8 million barrels in U.S. crude inventories reported by the Energy Information Administration.<\/p>\n<p>The U.S. dollar was rallying versus major rivals, with the ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.47%<\/bg-quote><span>,<\/span><br \/>\n       a measure of the currency against a basket of six others, was up 0.6% on Friday. A stronger dollar can put pressure on commodities priced in the unit, making them more expensive to users of other currencies.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-extend-fall-after-rate-hikes-head-for-weekly-loss-36b01f65?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures fell Friday and posting a weekly decline after a flurry of central bank interest rate increases around the world this week heightened fears of a sharp economic slowdown. Price action West Texas Intermediate crude for August delivery CL00, -0.01% CL.1, -0.01% CLQ23, -0.01% fell 35 cents, or 0.5%, to close at $$69.16 a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-26898","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 see weekly fall as central banks stoke recession worries | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures fell Friday and posting a weekly decline after a flurry of central bank interest rate increases around the world this week heightened fears of\" \/>\n<meta name=\"robots\" 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