{"id":4104,"date":"2023-05-04T10:28:14","date_gmt":"2023-05-04T14:28:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-edges-higher-after-hefty-losses-this-week\/"},"modified":"2023-05-04T10:28:15","modified_gmt":"2023-05-04T14:28:15","slug":"crude-oil-edges-higher-after-hefty-losses-this-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4104","title":{"rendered":"Crude oil edges higher after hefty losses this week"},"content":{"rendered":"
\n

Investing.com — Oil prices stabilized Thursday after three days of heavy selling on concerns that slowing economic growth in the major consuming countries will severely hit demand.<\/p>\n

By 09:30 ET (13:30 GMT), futures traded 0.1% higher at $68.67 a barrel, while the contract rose 0.4% to $72.62 a barrel.\u00a0<\/p>\n

The earlier Thursday followed the \u2019s lead by hiking interest rates by 25 basis points, continuing its prolonged monetary policy tightening.<\/p>\n

Although the move marked a slowdown from a recent string of more aggressive 50-point hikes, the Governing Council warned that the outlook for inflation continues to be “too high for too long,” implying more rate increases ahead.<\/p>\n

This tightening comes amid signs of slowing growth in both Europe and the U.S., while turmoil in the U.S. banking sector threatens to further hit economic activity.<\/p>\n

Even China, the world\u2019s largest crude importer, offered up disappointing data earlier in the week, suggesting the Asian giant\u2019s recovery from its self-imposed COVID mobility restrictions will be uneven.<\/p>\n

\u201cInvestors seem to be getting increasingly nervous about the macro outlook and its implications for oil demand,\u201d said analysts at ING, in a note.<\/p>\n

The market\u2019s weakness suggests that the Organization of the Petroleum Exporting Countries\u2019 plan to support prices by another voluntary output cut of just over 1 million barrels per day, which started at the beginning of May, is not working.<\/p>\n

\u201cBreaking below US$70\/bbl would be a concern for OPEC+, and so talk of additional cuts would likely grow if we trade down towards this level\u201d for a prolonged period, added ING.<\/p>\n

Additionally, it is around these levels that the U.S. administration is likely to start refilling its strategic petroleum reserves, which could provide some support.<\/p>\n

Elsewhere, U.S. oil inventories continued to shrink, official data released by the on Wednesday showed, falling just over one million barrels last week.<\/p>\n<\/div>\n

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

Investing.com — Oil prices stabilized Thursday after three days of heavy selling on concerns that slowing economic growth in the major consuming countries will severely hit demand. By 09:30 ET (13:30 GMT), futures traded 0.1% higher at $68.67 a barrel, while the contract rose 0.4% to $72.62 a barrel.\u00a0 The earlier Thursday followed the \u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":4105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-4104","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil edges higher after hefty losses this week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices stabilized Thursday after three days of heavy selling on concerns that slowing economic growth in the major consuming\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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