{"id":3872,"date":"2023-05-03T21:43:27","date_gmt":"2023-05-04T01:43:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-rebounds-from-3-day-rout-supply-concerns-offer-some-support\/"},"modified":"2023-05-03T21:43:28","modified_gmt":"2023-05-04T01:43:28","slug":"oil-rebounds-from-3-day-rout-supply-concerns-offer-some-support","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3872","title":{"rendered":"Oil rebounds from 3-day rout, supply concerns offer some support"},"content":{"rendered":"
\n

Investing.com– Oil prices rose in early Asian trade on Thursday, vying to snap a three-day losing spree amid potential supply disruptions in Iran and Russia, although fears of weakening economic growth and demand kept sentiment dim.\u00a0<\/p>\n

Crude prices plummeted to near 17-month lows over the past three sessions as traders grew more fearful of a U.S. recession this year, which could severely crimp demand. This was capped off by a warning on the economy from the Federal Reserve, as well as on Wednesday.<\/p>\n

But potential supply disruptions in Russia and Iran, along with a further tightening in U.S. inventories offered some support to crude prices. Traders bought back into heavily discounted markets, while a sharp drop in the also supported crude, after the Fed flagged a potential end to its year-long rate hike cycle.<\/p>\n

jumped 1.2% to $72.86 a barrel, while rose 0.4% to $68.89 a barrel by 21:27 ET (01:27 GMT). Both contracts were trading down between 8% and 11% for the week, and were close to their lowest levels since December 2021.<\/p>\n

Iran in a week in Gulf waters, drawing ire from the U.S. government over the country\u2019s latest escalation of seizures and attacks on vessels in the region since 2019.<\/p>\n

Data shows that the Strait of Hormuz facilitates about a fifth of global oil supply, with any worsening tensions in the region presenting severe supply disruptions.<\/p>\n

A , which the Kremlin alleged was a Ukrainian attempt on President Vladimir Putin\u2019s life, also presented a potential escalation in the Russia-Ukraine war, after Moscow said it had a right to retaliate.<\/p>\n

Any escalation in military tensions between the two countries could disrupt Russian crude shipments, presenting a similar scenario as seen during the onset of the war in 2022. Oil prices had surged to near record highs in the wake of the Russian invasion.\u00a0<\/p>\n

Global oil supplies are set to tighten in May as an OPEC production cut takes effect. But markets have largely reversed any gains made on the prospect of the cut.\u00a0<\/p>\n

U.S. continued to shrink, albeit at a slowing pace, weekly data showed. But an unexpected build in gasoline inventories showed that demand at the pump remained weak, amid worsening economic conditions in the country.<\/p>\n

Crude prices plummeted in recent weeks on fears of slowing economic growth, with a swathe of weak global manufacturing data furthering this notion. Markets fear that slowing growth will largely crimp a potential recovery in demand this year.\u00a0<\/p>\n<\/div>\n

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

Investing.com– Oil prices rose in early Asian trade on Thursday, vying to snap a three-day losing spree amid potential supply disruptions in Iran and Russia, although fears of weakening economic growth and demand kept sentiment dim.\u00a0 Crude prices plummeted to near 17-month lows over the past three sessions as traders grew more fearful of a […]<\/p>\n","protected":false},"author":1,"featured_media":3873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-3872","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil rebounds from 3-day rout, supply concerns offer some support | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Oil prices rose in early Asian trade on Thursday, vying to snap a three-day losing spree amid 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