{"id":33197,"date":"2023-07-08T23:14:36","date_gmt":"2023-07-09T03:14:36","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-oil-prices-score-largest-weekly-gain-in-3-months\/"},"modified":"2023-07-08T23:14:37","modified_gmt":"2023-07-09T03:14:37","slug":"u-s-oil-prices-score-largest-weekly-gain-in-3-months","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33197","title":{"rendered":"U.S. oil prices score largest weekly gain in 3 months"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002254059\" role=\"document\">\n<p>Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. <\/p>\n<p>Prices got a boost this week following recent data showing a third straight weekly decline in U.S. crude inventories and Saudi Arabia\u2019s decision to extend its oil production cuts.<\/p>\n<div class=\"paywall\">\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\">-0.26%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.26%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-0.26%<\/bg-quote><br \/>\n       rose $2.06, or 2.9%, to settle at $73.86 a barrel on the New York Mercantile Exchange. The front-month contract registered a 4.6% weekly rise, the largest since the week ending April 6, according to Dow Jones Market Data. It settled at its highest since May 24.<\/p>\n<\/li>\n<li>\n      September Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.38%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.38%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained $1.95, or nearly 2.6%, to settle at $78.47 a barrel on ICE Futures Europe, the highest finish since May 1. It advanced by 4.1% for the week.<\/p>\n<\/li>\n<li>\n      August gasoline<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       rose 1.8% to $2.5893 a gallon, up 1.7% for the week, while August heating oil<br \/>\n        HOQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376442\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       added 3.2% at $2.5591 a gallon, for a 4.6% weekly rise.<\/p>\n<\/li>\n<li>\n      August natural gas<br \/>\n        NGQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210192744\/delayed\" class=\"negative\">-0.74%<\/bg-quote><br \/>\n       fell 1% to $2.582 per million British thermal units, tallying a 7.7% weekly drop \u2014 the largest since the week ended May 26.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil prices posted a second successive weekly gain, but \u201cwhen you consider the tightness of the market, and the announcement of further output cuts this week, it\u2019s somewhat surprising\u201d they weren\u2019t even higher, said Michael Hewson, chief market analyst at CMC Markets UK. \u00a0<\/p>\n<p>Crude prices found support Thursday after the Energy Information Administration on Thursday reported that\u00a0U.S. commercial crude inventories fell\u00a0by 1.5 million barrels for the week ended June 30. That followed back-to-back weekly declines.<\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights expected the report, to show a decline of 3.6 million barrels. <\/p>\n<p>The EIA report also revealed weekly inventory decreases of 2.5 million barrels for gasoline and 1 million barrels for distillates.<\/p>\n<p><strong>Also see: <\/strong>Baker Hughes data show a fourth straight weekly decline in active U.S. oil-drilling rigs<\/p>\n<p>Oil also gained this week after Saudi Arabia and Russia extended their production cuts, though prices continue to \u201cfind resistance as the Federal Reserve has hinted at more interest-rate hikes to come, possibly at its policy meeting later this month, StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Friday\u2019s newsletter.<\/p>\n<p>Crude had been stuck in a tight trading range for the past month, with upside limited by worries over global demand as traders fret over interest rate rises by the Federal Reserve and other major central banks, as well as China\u2019s lackluster economic recovery following the lifting of strict COVID restrictions late last year. <\/p>\n<p>The physical market for crude remains mixed, though prices for Forties crude \u2014 the North Sea grade seen as the most important physical marker due to its role in setting the Brent price \u2014 has been softening, said Michael Tran, analyst at RBC Capital Markets, in a note.<\/p>\n<p>Given the sluggish physical market over the last few quarters, \u201cit is challenging to have a highly convicted view on deploying upside risk into Brent spreads until there is indication that the physical market is clearing at an accelerated pace,\u201d he wrote. \u201cIn the same vein, the soft market pricing appears to be reflecting little room for error.<\/p>\n<p>\u201cWe believe that any true signs of physical strength should result in a new strong and swift change in trend for summer pricing,\u201d Tran said. <\/p>\n<p>Meanwhile, prices for natural gas continued to trade higher after the release of the EIA\u2019s weekly report on U.S. supplies of the commodity.<\/p>\n<p>The government agency reported on Friday that U.S. natural-gas supplies in storage rose by 72 billion cubic feet for the week ended June 30. Analysts had called for a storage increase of 65 billion cubic feet on average, according to a survey conducted by S&amp;P Global Commodity Insights. <\/p>\n<p>However, the EIA report, which was delayed by a day this week due to Tuesday\u2019s Fourth of July holiday, included revisions to figures tied to reclassifications of some natural gas in storage from base gas to working gas. Working gas is the volume of gas available in the market. <\/p>\n<p>The EIA\u2019s reclassifications resulted in an increase of 4 bcf in working gas stocks in the nonsalt South central region, so the implied flow for the week is an increase of 68 bcf to working gas stocks, the EIA said. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-on-track-for-weekly-gains-6ebc9835?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following recent data showing a third straight weekly decline in U.S. crude inventories and Saudi Arabia\u2019s decision to extend its oil production cuts. Price action West Texas Intermediate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-33197","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>U.S. oil prices score largest weekly gain in 3 months | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following\" \/>\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=33197\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. oil prices score largest weekly gain in 3 months | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=33197\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-09T03:14:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-09T03:14:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1684412434_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=33197#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=33197\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"U.S. oil prices score largest weekly gain in 3 months\",\"datePublished\":\"2023-07-09T03:14:36+00:00\",\"dateModified\":\"2023-07-09T03:14:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=33197\"},\"wordCount\":739,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=33197#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=33197\",\"url\":\"https:\/\/ifintechworld.com\/?p=33197\",\"name\":\"U.S. oil prices score largest weekly gain in 3 months | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-09T03:14:36+00:00\",\"dateModified\":\"2023-07-09T03:14:37+00:00\",\"description\":\"Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=33197#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=33197\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=33197#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"U.S. oil prices score largest weekly gain in 3 months\"}]},{\"@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":"U.S. oil prices score largest weekly gain in 3 months | iFintechWorld","description":"Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following","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=33197","og_locale":"en_US","og_type":"article","og_title":"U.S. oil prices score largest weekly gain in 3 months | iFintechWorld","og_description":"Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following","og_url":"https:\/\/ifintechworld.com\/?p=33197","og_site_name":"iFintechWorld","article_published_time":"2023-07-09T03:14:36+00:00","article_modified_time":"2023-07-09T03:14:37+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1684412434_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=33197#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=33197"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"U.S. oil prices score largest weekly gain in 3 months","datePublished":"2023-07-09T03:14:36+00:00","dateModified":"2023-07-09T03:14:37+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=33197"},"wordCount":739,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=33197#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=33197","url":"https:\/\/ifintechworld.com\/?p=33197","name":"U.S. oil prices score largest weekly gain in 3 months | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-09T03:14:36+00:00","dateModified":"2023-07-09T03:14:37+00:00","description":"Oil futures climbed Friday, with U.S. prices up nearly 5% for the week \u2014 the largest weekly gain since early April. Prices got a boost this week following","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=33197#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=33197"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=33197#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"U.S. oil prices score largest weekly gain in 3 months"}]},{"@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\/33197","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=33197"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/33197\/revisions"}],"predecessor-version":[{"id":33198,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/33197\/revisions\/33198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/10358"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}