{"id":35856,"date":"2023-07-14T21:45:07","date_gmt":"2023-07-15T01:45:07","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-end-at-highest-since-late-april-bolstered-by-weaker-u-s-dollar-production-cuts\/"},"modified":"2023-07-14T21:45:08","modified_gmt":"2023-07-15T01:45:08","slug":"oil-prices-end-at-highest-since-late-april-bolstered-by-weaker-u-s-dollar-production-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35856","title":{"rendered":"Oil prices end at highest since late April, bolstered by weaker U.S. dollar, production cuts"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002270844\" role=\"document\">\n<p>Oil prices settled Thursday at their highest levels since late April, supported by output cuts by major producers, a weaker U.S. dollar, and expectations for record global oil demand this year.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CLQ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725486\/delayed\" class=\"negative\">-1.25%<\/bg-quote><\/p>\n<p>        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-2.12%<\/bg-quote><br \/>\n       gained $1.14, or 1.5%, to settle at $76.89 per barrel on the New York Mercantile Exchange, the highest front-month futures settlement since April 25, 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\">-0.30%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.30%<\/bg-quote><br \/>\n       gained $1.25, or 1.6%, at $81.36 per barrel on ICE Futures Europe, the highest since April 24. <\/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\">-1.44%<\/bg-quote><br \/>\n      \u00a0gained 0.4% to $2.68 a gallon, while August heating oil\u00a0rose 0.4% to $2.61 per gallon.<\/p>\n<\/li>\n<li>\n      August natural gas<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"negative\">-1.44%<\/bg-quote><br \/>\n      \u00a0fell 3.3% to $2.55 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Demand estimates<\/h2>\n<p>In a monthly report released Thursday, the International Energy Agency forecast global oil demand growth of 2.2 million barrels a day in 2023, to reach total demand of 102.1 million barrels a day \u2014 a new record. <\/p>\n<div class=\"paywall\">\n<p>Still, the IEA said \u201cpersistent macroeconomic headwinds, apparent in a deepening manufacturing slump\u201d led it to revise its 2023 demand growth estimate lower for the first time this year, by 220,000 barrels a day. Next year, it sees oil demand growth slowing to 1.1 million barrels a day.<\/p>\n<p>The\u00a0IEA sees the economic outlook for wealthy countries\u00a0looking \u201c\u2018especially heavy\u2019  \u2014 something hinted at by Chinese export data released overnight,\u201d said Matt Smith, lead oil analyst for the Americas at Kpler. Chinese export data, the total exports of all goods, was \u201cvery poor, showing them dropping the most since early 2020, down 12% [year on year] \u2014 a sign of a slowing global economy.\u201d<\/p>\n<p>In a separately monthly report also released Thursday, the Organization of the Petroleum Exporting Countries said it expects oil demand of 102 million barrels a day this year, with demand growth at 2.4 million barrels a day \u2014 up 100,000 barrels from last month\u2019s estimate due to higher demand from China in the second quarter of this year. For 2024, it sees year-on-year demand growth of 2.2 million barrels a day.<\/p>\n<p><strong>See:<\/strong> Saudi Arabia to Lose Top Spot in OPEC+ as Production Cuts Take Effect<\/p>\n<h2>Market drivers<\/h2>\n<p>Oil prices have risen this week as smaller-than-expected increases in U.S. consumer and producer prices, and lower Treasury yields, resulted in a sharp fall in the U.S. dollar, helping to boost prices of commodities that are priced in the U.S. currency. <\/p>\n<p>A popular gauge of the U.S. dollar\u2019s value against a basket of rivals sunk to its lowest level in more than a year on Thursday. 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\">+0.19%<\/bg-quote><br \/>\n       fell 0.7% to 99.788.<\/p>\n<p>Although the Energy Information Administration reported a weekly gain in U.S. commercial crude inventories of 5.9 million barrels on Wednesday, recent OPEC+ supply cuts coupled with falling Russian exports have also helped to support global prices, leading UBS Group to recommend investors stay long oil prices.<\/p>\n<p>\u201cWith less supply from OPEC+ during the demand-heavy summer months, we expect larger\u00a0oil\u00a0inventory declines to become visible and support\u00a0oil\u00a0prices,\u201d said Giovanni Staunovo, a commodity analyst at the Swiss bank. <\/p>\n<p>Meanwhile, Phil Flynn, senior market analyst at The Price Futures Group, pointed out that news reports show that Russian oil prices have risen above the Group of Seven nations\u2019 price cap of $60 a barrel \u201cin a tightening global market.\u201d <\/p>\n<p>\u201cWhile some are downplaying the immediate impact of the price cap right now, we already know the ending of this movie,\u201d said Flynn. \u201cShow me a price cap, and eventually I will show you a shortage.\u201d\u00a0<\/p>\n<p><strong>See<\/strong> Oil supplies are set to tighten, but concern over weak demand growth limits price gains: EIA<\/p>\n<p>Meanwhile, natural-gas futures headed lower after the EIA reported on Thursday that U.S. natural-gas supplies in storage rose by 49 billion cubic feet for the week ended July 7.<\/p>\n<p>Analysts had called for a storage increase of 54 billion cubic feet on average, according to a survey conducted by S&amp;P Global Commodity Insights. The data, however, included an upward revision to previously reported stocks for the week ended June 30, with the EIA revising the stock total for that week to 2.881 trillion cubic feet, up from 2.877 trillion. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-up-to-highest-since-april-bolstered-by-weaker-u-s-dollar-production-cuts-f2a74046?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices settled Thursday at their highest levels since late April, supported by output cuts by major producers, a weaker U.S. dollar, and expectations for record global oil demand this year. Price action West Texas Intermediate crude for August delivery CLQ24, -1.25% CL00, -2.12% gained $1.14, or 1.5%, to settle at $76.89 per barrel on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-35856","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 end at highest since late April, bolstered by weaker U.S. dollar, production cuts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices settled Thursday at their highest levels since late April, supported by output cuts by major producers, a weaker U.S. dollar, and expectations\" \/>\n<meta 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