{"id":35744,"date":"2023-07-14T15:22:45","date_gmt":"2023-07-14T19:22:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-in-2nd-weekly-gain-after-some-profit-taking-on-heady-consumer-data\/"},"modified":"2023-07-14T15:22:46","modified_gmt":"2023-07-14T19:22:46","slug":"oil-in-2nd-weekly-gain-after-some-profit-taking-on-heady-consumer-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35744","title":{"rendered":"Oil in 2nd weekly gain after some profit-taking on heady consumer data"},"content":{"rendered":"
\n

Investing.com — A strong consumer sentiment report \u2014 not one that would make the Fed particularly happy \u2014 gave the longs in oil an excuse to take some profit Friday on a market that\u2019s run up more than many expected, with a second week of gains.<\/p>\n

New York-based West Texas Intermediate, or , crude settled down $1.47, or 1.9%, at $75.42 per barrel, heading for its first loss since the week began. On a weekly basis, the U.S. crude benchmark was up about 2%, extending last week\u2019s 4.6% rally and the prior week\u2019s run-up of 2.1%.<\/p>\n

London-based settled down $1.49, or 1.8%, at $79.87, also heading for its first lower close this week after Thursday\u2019s three-month high of $81.42. For the week, Brent was also up about 2% after last week\u2019s 4.8% rally and the prior week\u2019s 1.4% gain.<\/p>\n

\u201cOil is trading relatively flat today but has made tremendous gains over the last couple of weeks and could still add to that over the coming sessions,\u201d said Craig Erlam, analyst at online trading platform OANDA, noting that prices were up 13% from June 28 lows and may have more to rise.<\/p>\n

But while the rally was a victory for the Saudis and their oil producing allies in the OPEC+ to break beyond $80 a barrel, Erlam cautioned that Brent could face serious resistance at $83-$84, if it continued rising. \u201cA move lower will draw attention back to $80,\u201d he added.<\/p>\n

Oil looking good on many fronts, except demand itself<\/h2>\n

The July run-up in oil has been fired by various supportive factors, including Saudi and Russian rhetoric about production cuts — an additional one million barrels per day each for the kingdom and half a million a day pledged by Moscow. There has also been receding inflation data this week that suggested the Federal Reserve will be less aggressive with interest rates going forth. That drove the to 15-month lows, making dollar-denominated oil more attractive to buyers using other currencies.<\/p>\n

Notwithstanding those, demand for oil in the United States itself has been kind of lackluster of late, with \u00a0 rising their most in a month last week.<\/p>\n

Also, a closely-watched survey on U.S. by the University of Michigan has shown the spending appetite of Americans at its highest in two years, a development economists said wouldn’t be too encouraging for the Fed, which wishes to see a greater retreat in inflation.<\/p>\n

\u201cThe sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets,\u201d Joanne Hsu, Surveys of Consumers Director at UMich, said in a statement.\u00a0<\/p>\n

That underscores what could be one of the Fed\u2019s bigger concerns \u2014 consumers thinking inflation is ebbing starting to spend big again.<\/p>\n

Inflation, as measured by the , or CPI, hit a four-decade high of 9.1% per annum in June 2022 in the aftermath of the coronavirus pandemic and the trillions of dollars of relief spending for that.<\/p>\n

The Fed responded by raising interest rates aggressively, adding a total of 5% in 10 installments to the prior rate of 0.25%.\u00a0<\/p>\n

Inflation subsequently eased, falling to as low as 3% in the CPI reading for July.\u00a0 But that is still well above the Fed\u2019s long-term target of 2%, with officials at the central bank saying they feared renewed spikes.<\/p>\n

The Fed is supposed to decide again on rates on July 26, with economists saying there was a of the central bank adding another quarter point to rates.<\/p>\n<\/div>\n

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

Investing.com — A strong consumer sentiment report \u2014 not one that would make the Fed particularly happy \u2014 gave the longs in oil an excuse to take some profit Friday on a market that\u2019s run up more than many expected, with a second week of gains. New York-based West Texas Intermediate, or , crude settled […]<\/p>\n","protected":false},"author":1,"featured_media":2233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-35744","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil in 2nd weekly gain after some profit-taking on heady consumer data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- A strong consumer sentiment report \u2014 not one that would make the Fed particularly happy \u2014 gave the longs in oil an excuse to take some\" \/>\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=35744\" \/>\n<meta property=\"og:locale\" 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