{"id":46105,"date":"2023-08-08T20:45:09","date_gmt":"2023-08-09T00:45:09","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-end-lower-pulling-back-after-6th-straight-weekly-rise\/"},"modified":"2023-08-08T20:45:11","modified_gmt":"2023-08-09T00:45:11","slug":"oil-prices-end-lower-pulling-back-after-6th-straight-weekly-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46105","title":{"rendered":"Oil prices end lower, pulling back after 6th straight weekly rise"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002370161\" role=\"document\">\n<p>Oil futures ended lower Monday, pulling back from nearly four-month highs, as traders looked for a catalyst for further gains.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.19%<\/bg-quote><\/p>\n<p>        WBS00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210390075\/delayed\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       fell 88 cents, or 1.1%, to close at $81.94 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      October Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.16%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"negative\">-0.16%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, settled at $85.34 a barrel, down 90 cents, or 1%, on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, September gasoline<br \/>\n        RBU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376526\/delayed\" class=\"negative\">-0.45%<\/bg-quote><br \/>\n       rose 0.8% to finish at $2.804 a gallon, while September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"negative\">-0.08%<\/bg-quote><br \/>\n       declined 1.5% to $3.016 a gallon.<\/p>\n<\/li>\n<li>\n      September natural gas<br \/>\n        NGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210193979\/delayed\" class=\"positive\">+0.25%<\/bg-quote><br \/>\n       rose 5.7% to end at $2.725 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil ended last week on a strong note, finishing Friday at the highest since mid-April and logging a sixth straight weekly decline. Crude was boosted last week as Saudi Arabia extended a production cut of 1 million barrels a day that took effect in July through the end of September.<\/p>\n<div class=\"paywall\">\n<p>Expectations for a supply deficit in the second half of 2023 and fading fears of a recession have helped fuel a bounce by crude, though analysts said jitters over a potential slowdown haven\u2019t been fully erased.<\/p>\n<p>\u201cLooking ahead, WTI is testing key 2023 price resistance but has not yet definitively broken out to the upside,\u201d wrote analysts at Sevens Report Research. \u201cAnd until we get new highs, the outlook for oil will remain neutral as investors continued to weigh bullish, tight physical market dynamics right now against lingering recession worries.\u201d<\/p>\n<p>Natural gas was lifted as \u201ctemperature outlooks tease scorching heat around the lower 48 through late August,\u201d said Victoria Dircksen, commodity analyst at Schneider Electric, in a note.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-pulls-back-after-6th-straight-weekly-rise-74763e61?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended lower Monday, pulling back from nearly four-month highs, as traders looked for a catalyst for further gains. Price action West Texas Intermediate crude for September delivery CL00, -0.19% WBS00, -0.23% fell 88 cents, or 1.1%, to close at $81.94 a barrel on the New York Mercantile Exchange. October Brent BRN00, -0.16% BRNV23, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-46105","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 lower, pulling back after 6th straight weekly rise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended lower Monday, pulling back from nearly four-month highs, as traders looked for a catalyst for further gains.Price action West Texas\" \/>\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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