{"id":36217,"date":"2023-07-15T22:02:52","date_gmt":"2023-07-16T02:02:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-fall-but-post-longest-streak-of-weekly-gains-since-april\/"},"modified":"2023-07-15T22:02:53","modified_gmt":"2023-07-16T02:02:53","slug":"oil-prices-fall-but-post-longest-streak-of-weekly-gains-since-april","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36217","title":{"rendered":"Oil prices fall, but post longest streak of weekly gains since April"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002278243\" role=\"document\">\n<p>Oil futures ended lower on Friday, but production cuts and a weaker U.S. dollar helped prices post their longest consecutive streak of weekly gains since April.<\/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\">-0.21%<\/bg-quote><\/p>\n<p>        CLQ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725486\/delayed\" class=\"positive\">+0.32%<\/bg-quote><br \/>\n        fell by $1.47, or 1.9%, to settle at $75.42 a barrel on the New York Mercantile Exchange, paring its weekly rise to 2.1%, FactSet data show.<\/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      \u00a0 fell by $1.49, or 1.8%, to $79.87 a barrel on ICE Futures Europe, for a weekly rise of 1.8%. Brent and WTI prices based on the front-month contracts were up a third straight week, marking the longest consecutive weekly gains since the week ended April 14.<\/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\">-0.14%<\/bg-quote><br \/>\n      \u00a0declined 1.3% to $2.64 a gallon, for a weekly rise of 2.1%, while August heating oil lost 0.5% to $2.60 a gallon, tacking on 1.5% for the week. <\/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=\"positive\">+0.32%<\/bg-quote><br \/>\n       shed 0.2% to $2.54 per million British thermal units, settling 1.7% lower for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude-oil futures finished lower on Friday, but tallied a third weekly gain in a row, and were on track to register a climb for a second straight month in July. <\/p>\n<div class=\"paywall\">\n<p>Signs that U.S. inflation is waning more quickly than economists had expected undermined bond yields and the dollar fell sharply in the past week, helping to boost prices of many dollar-denominated commodities, including oil. <\/p>\n<p>\u201cThe narrative that the Federal Reserve is winning the fight against inflation got a boost as both CPI and PPI came in weaker than expected this week, leading to a fresh rally for stocks,\u00a0oil, bonds and foreign currencies,\u201d said Fawad Razaqzada, market analyst at City Index and FOREX.com.<\/p>\n<p>\u201cThe fact that the dollar fell, this has helped to boost the prices of all buck-denominated assets, including crude\u00a0oil, gold, silver and copper,\u201d he said.<\/p>\n<p>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><span>,<\/span><br \/>\n       a gauge of the U.S. dollar\u2019s strength compared with its main rivals, rose 0.1% to 99.896 in Friday dealings, but the index hit its lowest level in more than a year a day earlier and trades more than 2% lower for the week.<\/p>\n<p>Still, Stephen Innes, managing partner at SPI Asset Management, told MarketWatch that he was very surprised that the oil markets have moved higher for the week, even as U.S. government data on Wednesday revealed a weekly rise in crude inventories when a decline or small build was expected. <\/p>\n<p>\u201cI think the market was in soft [economic] landing mode and that probably still is the case currently,\u201d he said.<\/p>\n<p>Questions surround whether the oil market is actually seeing tighter supplies following production cuts by major oil producers. \u201cAre we seeing the cuts, or are there still lots of barrels on the water courtesy of Russia and the numerous dark fleets?\u201d said Innes. <\/p>\n<p>Data from Baker Hughes<br \/>\n        BKR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205323712\/composite\" class=\"negative\">-0.95%<\/bg-quote><br \/>\n       on Friday showed that the number of active U.S. rigs drilling for oil fell for a fifth consecutive week, down 3 at 537 rigs this week.<\/p>\n<p><strong>Also see:<\/strong> El Ni\u00f1o has potential to disrupt the outlook for sugar, rice and other consumer staples<\/p>\n<p>Meanwhile, oil prices may find support from supply disruptions amid reports that major oil fields in Libya have been shut down, he said.<\/p>\n<p>Production at Libya\u2019s El Feel, Sharara and 108 oilfields was shut on Thursday in protest against the abduction of a former finance minister, Reuters reported Thursday afternoon, citing comments from a tribal leader. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-on-track-for-best-two-week-streak-since-april-as-u-s-dollar-weakens-a4e078dc?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended lower on Friday, but production cuts and a weaker U.S. dollar helped prices post their longest consecutive streak of weekly gains since April. Price action West Texas Intermediate crude for August delivery CL00, -0.21% CLQ24, +0.32% fell by $1.47, or 1.9%, to settle at $75.42 a barrel on the New York Mercantile [&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-36217","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 fall, but post longest streak of weekly gains since April | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended lower on Friday, but production cuts and a weaker U.S. dollar helped prices post their longest consecutive streak of weekly gains since\" \/>\n<meta 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