{"id":34315,"date":"2023-07-11T16:59:13","date_gmt":"2023-07-11T20:59:13","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-finish-lower-after-best-week-in-3-months\/"},"modified":"2023-07-11T16:59:14","modified_gmt":"2023-07-11T20:59:14","slug":"oil-prices-finish-lower-after-best-week-in-3-months","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34315","title":{"rendered":"Oil prices finish lower after best week in 3 months"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002259023\" role=\"document\">\n<p>Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports on U.S. and global crude supply and demand due out later this week. <\/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=\"positive\">+2.44%<\/bg-quote><\/p>\n<p>        CLQ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725486\/delayed\" class=\"positive\">+1.91%<\/bg-quote><br \/>\n       shed 87 cents, or 1.2%, to settle at $72.99 a barrel on the New York Mercantile Exchange. That was the biggest daily percentage decline for the front-month contract since July 3, according to Dow Jones Market Data. <\/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\">-0.10%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.10%<\/bg-quote><br \/>\n       the global benchmark, shed 78 cents, or 1%, to settle at $77.69 per ounce on ICE Futures Europe, marking the biggest one-day dollar and percentage decline since June 27.<\/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=\"positive\">+1.90%<\/bg-quote><br \/>\n       settled at $2.5696 a gallon, down 0.8%, while August heating oil<br \/>\n        HOQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376442\/delayed\" class=\"positive\">+0.87%<\/bg-quote><br \/>\n       fell 0.2% at $2.5532 a gallon.<\/p>\n<\/li>\n<li>\n      August natural gas\u00a0<br \/>\n        NGQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210192744\/delayed\" class=\"positive\">+2.32%<\/bg-quote><br \/>\n       rose 3.4% to $2.669 per million British thermal units. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil prices fell on Monday, after scoring a second weekly gain in a row on Friday and their best best weekly rise since April. <\/p>\n<div class=\"paywall\">\n<p>\u201cHaving come off the back of two weeks of gains, the same old concerns over weaker demand are serving to help cap gains,\u201d said Michael Hewson, chief market analyst at CMC Markets UK, in market commentary on Monday.<\/p>\n<p>Oil supply cuts by the Organization of the Petroleum Exporting Countries continue to support prices, said Naeem Aslam, chief investment officer at Zaye Capital Markets. Those including Saudi Arabia\u2019s decision to extend its production cut through August.<\/p>\n<p>At the same time, \u201ctraders are keeping a close eye on the Chinese economic data and praying that demand will revive to a level that will give a boost to oil prices,\u201d Aslam said in a market update.<\/p>\n<p>On Monday, official data from China showed that the nation\u2019s factory-gate price index tumbled further into deflation in June and its consumer prices were flat on year.  <\/p>\n<p>\u201cSo far, it is very clear that there are more sellers in the [oil] market who find every opportunity to sell oil whenever they see that weaker fundamentals are emerging, and to counterbalance that, OPEC is left with no other choice but to cut oil supply more,\u201d Aslam said.<\/p>\n<p>Oil prices this week are \u201cmore likely to consolidate, while investors hope to see a lower reading on the U.S. CPI data, which would help Americans turbocharge economic activity,\u201d he said. See the U.S. economic calendar.<\/p>\n<p>Among the oil-related reports this week, the Energy Information Administration will release its monthly Short-term Energy Outlook on Tuesday, while separate monthly oil reports from the International Energy Agency and OPEC are set for release on Thursday. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-retreat-after-best-week-in-3-months-as-traders-await-supply-data-33423f31?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports on U.S. and global crude supply and demand due out later this week. Price action West Texas Intermediate crude for August delivery CL00, +2.44% CLQ24, +1.91% shed 87 cents, or 1.2%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-34315","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 finish lower after best week in 3 months | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports\" \/>\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=34315\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices finish lower after best week in 3 months | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=34315\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-11T20:59:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-11T20:59:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1684655669_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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=34315#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=34315\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil prices finish lower after best week in 3 months\",\"datePublished\":\"2023-07-11T20:59:13+00:00\",\"dateModified\":\"2023-07-11T20:59:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=34315\"},\"wordCount\":448,\"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=34315#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=34315\",\"url\":\"https:\/\/ifintechworld.com\/?p=34315\",\"name\":\"Oil prices finish lower after best week in 3 months | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-11T20:59:13+00:00\",\"dateModified\":\"2023-07-11T20:59:14+00:00\",\"description\":\"Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=34315#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=34315\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=34315#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices finish lower after best week 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":"Oil prices finish lower after best week in 3 months | iFintechWorld","description":"Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports","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=34315","og_locale":"en_US","og_type":"article","og_title":"Oil prices finish lower after best week in 3 months | iFintechWorld","og_description":"Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports","og_url":"https:\/\/ifintechworld.com\/?p=34315","og_site_name":"iFintechWorld","article_published_time":"2023-07-11T20:59:13+00:00","article_modified_time":"2023-07-11T20:59:14+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1684655669_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=34315#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=34315"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil prices finish lower after best week in 3 months","datePublished":"2023-07-11T20:59:13+00:00","dateModified":"2023-07-11T20:59:14+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=34315"},"wordCount":448,"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=34315#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=34315","url":"https:\/\/ifintechworld.com\/?p=34315","name":"Oil prices finish lower after best week in 3 months | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-11T20:59:13+00:00","dateModified":"2023-07-11T20:59:14+00:00","description":"Oil futures finished lower on Monday, easing back after recording their largest weekly gain in three months on Friday, as traders awaited monthly reports","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=34315#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=34315"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=34315#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices finish lower after best week 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\/34315","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=34315"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/34315\/revisions"}],"predecessor-version":[{"id":34316,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/34315\/revisions\/34316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/11610"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}