{"id":47704,"date":"2023-08-12T17:44:43","date_gmt":"2023-08-12T21:44:43","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-scores-7th-straight-weekly-rise-as-traders-focus-on-tight-supplies\/"},"modified":"2023-08-12T17:44:44","modified_gmt":"2023-08-12T21:44:44","slug":"oil-scores-7th-straight-weekly-rise-as-traders-focus-on-tight-supplies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47704","title":{"rendered":"Oil scores 7th straight weekly rise as traders focus on tight supplies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002390322\" role=\"document\">\n<p> Oil futures ended higher Friday, booking a seventh straight weekly rise as investors focused on tightening supplies as a result of previously announced cuts by Saudi Arabia and Russia.<\/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\">-0.18%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.18%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"negative\">-0.18%<\/bg-quote><br \/>\n       rose 37 cents, or 0.5%, to finish at $83.19 a barrel on the New York Mercantile Exchange. The U.S. benchmark rose 0.5% for the week.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.09%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"negative\">-0.09%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, rose 41 cents, or 0.5%, to settle at $86.81 a barrel on ICE Futures Europe, leaving a 0.7% weekly gain.<\/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\">-0.64%<\/bg-quote><br \/>\n       gained 2.1% to $2.965 a gallon, up 6.5% for the week. September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       fell 1% to $3.122 a gallon, leaving it with a weekly gain of 1.9%.<\/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\">+0.58%<\/bg-quote><br \/>\n       gained 0.3% to $2.77 per million British thermal units, posting a 7.5% weekly rise.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>WTI and Brent each scored a seventh straight weekly gain. In its monthly report, released Friday, the International Energy Agency said crude oil supplies would tighten further into the fall as Saudi Arabia and Russia continue supply cuts.<\/p>\n<div class=\"paywall\">\n<p>\u201cDeepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand,\u201d the report said.<\/p>\n<p>If the bloc\u2019s current targets are maintained, \u201coil inventories could draw by 2.2 mb\/d (million barrels a day) in 3Q23 and 1.2 mb\/d in the fourth quarter, with a risk of driving prices still higher,\u201d the agency said.<\/p>\n<p>The IEA said it expects oil supplies to rise by 1.5 million barrels a day next year, 300,000 barrels a day more than it was expecting last month. That\u2019s expected to be driven by production increases in the U.S., Brazil and Guyana.<\/p>\n<p><strong>See: <\/strong>IEA raises oil supplyfForecasts as U.S. producers counter OPEC+ cuts<\/p>\n<p>WTI closed Wednesday at its highest since November, while Brent finished at its highest since early January. <\/p>\n<p>\u201cOn the charts, oil did break out to the upside from the 2023 trading range this week but WTI futures had become overbought on the daily time frame and some consolidation or a pullback towards the $80 level should not come as a surprise,\u201d wrote analysts at Sevens Report Research, in a Friday note.<\/p>\n<p>They want to see recent highs surpassed to confirm a new uptrend is in place and that the midweek rally \u201cwas not just a \u2018head fake\u2019 as recession worries remain a major headwind on the energy complex,\u201d they wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-edges-higher-on-forecasts-for-supply-deficit-35a7c0d0?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended higher Friday, booking a seventh straight weekly rise as investors focused on tightening supplies as a result of previously announced cuts by Saudi Arabia and Russia. Price action West Texas Intermediate crude for September delivery CL00, -0.18% CL.1, -0.18% CLU23, -0.18% rose 37 cents, or 0.5%, to finish at $83.19 a barrel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-47704","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 scores 7th straight weekly rise as traders focus on tight supplies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended higher Friday, booking a seventh straight weekly rise as investors focused on tightening supplies as a result of previously announced\" \/>\n<meta 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