{"id":37916,"date":"2023-07-19T20:17:17","date_gmt":"2023-07-20T00:17:17","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-futures-score-first-gain-in-3-sessions\/"},"modified":"2023-07-19T20:17:19","modified_gmt":"2023-07-20T00:17:19","slug":"oil-futures-score-first-gain-in-3-sessions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37916","title":{"rendered":"Oil futures score first gain in 3 sessions"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002288854\" role=\"document\">\n<p>Oil futures rose Tuesday to score their first gain in three sessions, with prices finding support from expectations that U.S. and global crude supplies will tighten.<\/p>\n<p>Traders also awaited official U.S. data on weekly petroleum supplies set for release  on Wednesday.<\/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        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.24%<\/bg-quote><\/p>\n<p>        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.15%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-0.24%<\/bg-quote><br \/>\n       rose $1.60, or 2.2%, to settle at $75.75 a barrel on the New York Mercantile Exchange.<\/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\">-0.19%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.19%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was added $1.13, or 1.4%, at $79.63 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, August gasoline<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n       rose 2.4% to $2.69 a gallon, while August heating oil<br \/>\n        HOQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376442\/delayed\" class=\"negative\">-0.22%<\/bg-quote><br \/>\n       gained 1.4% to $2.60 a gallon.<\/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\">+0.73%<\/bg-quote><br \/>\n       rose 4.7% to $2.63 per million British thermal units following four consecutive session declines. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Crude-oil prices ended higher Tuesday after a Monday pullback that was blamed on weak data on Chinese economic growth and the restart of production at Libyan oil fields that had been shut down due to protests.<\/p>\n<p>Crude prices remain down sharply in the year to date but have bounced in July, buoyed in part by expectations for a tightening market in the second half amplified by additional supply cuts by Saudi Arabia and Russia.<\/p>\n<p><strong>Read:<\/strong> Why Russia\u2019s decision to halt grain deal is stirring global inflation worries<\/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>\u201cSupply concerns could continue to support an uptrend in the market over the medium term as traders could remain cautious in the face of potential new intervention from OPEC+ to balance prices,\u201d Denys Peleshok, head of Asia at CPT Markets, said in a note.<\/p>\n<p>\u201cHowever, demand concerns could remain the center of attention for traders and could create some uncertainty and fuel some volatility and price corrections. In this regard, the market reacted to Chinese economic data which continued to show a weaker-than-expected recovery,\u201d Peleshok wrote.<\/p>\n<p><strong>Don\u2019t miss:<\/strong> Here was the buzz on oil at the Calgary Stampede<\/p>\n<p>China reported that its economy grew 6.3% year over year in the second quarter, missing expectations for 6.9% growth expected by economists polled by The Wall Street Journal. <\/p>\n<p>The disappointing Chinese economic data offset an increase in Russia\/Ukraine tensions to push commodity prices lower on Monday, analysts at Sevens Report Research wrote in Tuesday\u2019s newsletter. \u201cA Chinese economic slowdown, if it happens, will add to demand concerns\u201d they said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-edges-higher-after-back-to-back-declines-ac58ce39?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Tuesday to score their first gain in three sessions, with prices finding support from expectations that U.S. and global crude supplies will tighten. Traders also awaited official U.S. data on weekly petroleum supplies set for release on Wednesday. Price action West Texas Intermediate crude for August delivery CL.1, -0.24% CL00, -0.15% CLQ23, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-37916","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 futures score first gain in 3 sessions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures rose Tuesday to score their first gain in three sessions, with prices finding support from expectations that U.S. and global crude supplies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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