{"id":49467,"date":"2023-08-17T04:16:38","date_gmt":"2023-08-17T08:16:38","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-oil-price-ends-nearly-2-lower-on-china-worries\/"},"modified":"2023-08-17T04:16:40","modified_gmt":"2023-08-17T08:16:40","slug":"u-s-oil-price-ends-nearly-2-lower-on-china-worries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49467","title":{"rendered":"U.S. oil price ends nearly 2% lower on China worries"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002399159\" role=\"document\">\n<p>Oil futures slumped Tuesday, ending lower after another round of disappointing economic data out of China, which was followed by interest rate cuts by the central bank in Beijing.<\/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=\"positive\">+0.50%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.50%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"positive\">+0.50%<\/bg-quote><br \/>\n       fell $1.52, or 1.8%, to close at $80.99 a barrel on the New York Mercantile Exchange. <\/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=\"positive\">+0.52%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+0.52%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, dropped $1.32, or 1.5%, to settle at $84.89 a barrel on lCE 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\">-0.13%<\/bg-quote><br \/>\n       finished with a loss of 2% at $2.848 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=\"positive\">+1.12%<\/bg-quote><br \/>\n       declined 2% to $3.028 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\">+0.19%<\/bg-quote><br \/>\n       dropped 4.9%, ending at $2.659 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Data released Tuesday showed China\u2019s\u00a0retail sales and industrial production grew less than expected in July. The figures followed other lackluster data and comes amid worries over severe distress in the countries property sector, which prompted\u00a0a series of interest rate cuts\u00a0by the People\u2019s Bank of China.<\/p>\n<div class=\"paywall\">\n<p>Tuesday\u2019s data was \u201cunlikely to help soothe concerns,\u201d said Warren Patterson and Ewa Manthey, commodity strategists at ING, in a note.<\/p>\n<p>But oil-specific data was more encouraging, they said, showing that refiners processed around 14.93 million barrels a day, or mbd, of crude oil in July, up more than 31% year over year and topping the 14.89 mbd processed in June. That appears to be second-highest figure on record after a 14.94 mbd was processed in March, according to ING\u2019s numbers, they said.<\/p>\n<p>WTI hit a 2023 high last week and both it and Brent have scored seven straight weekly gains. Oil has rallied this summer as Saudi Arabia in July implemented a voluntary production cut of 1 million barrels a day \u2014 a cut that was recently extended through September. Russia has also moved to extend an additional supply cut of 300,000 barrels a day.<\/p>\n<p>But China data were seen contributing to a retreat from recent highs.<\/p>\n<p>\u201cThe\u00a0oil\u00a0market might remain tight, but most of the headlines are turning bearish for the demand side. Oil\u2019s pullback might need to continue a while longer before buyers emerge,\u201d said Edward Moya, senior market analyst at Oanda, in a note.<\/p>\n<p>Later Tuesday, the American Petroleum Institute is expected to report weekly crude and petroleum product inventory levels. The Energy Information Administration\u2019s official U.S. inventory figures are set for release Wednesday morning.<\/p>\n<p>Analysts surveyed by S&amp;P Global Commodity Insights, on average, expect crude inventories to show a 2.26 million barrel drop in the week ended Aug. 11. Gasoline stocks are seen down 1.6 million barrels, with distillates mostly unchanged.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-edges-lower-after-weak-china-data-93b8147b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures slumped Tuesday, ending lower after another round of disappointing economic data out of China, which was followed by interest rate cuts by the central bank in Beijing. Price action West Texas Intermediate crude for September delivery CL00, +0.50% CL.1, +0.50% CLU23, +0.50% fell $1.52, or 1.8%, to close at $80.99 a barrel on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-49467","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>U.S. oil price ends nearly 2% lower on China worries | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures slumped Tuesday, ending lower after another round of disappointing economic data out of China, which was followed by interest rate cuts by the\" \/>\n<meta name=\"robots\" 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