{"id":51737,"date":"2023-08-22T19:55:22","date_gmt":"2023-08-22T23:55:22","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-lower-to-extend-last-weeks-losses\/"},"modified":"2023-08-22T19:55:24","modified_gmt":"2023-08-22T23:55:24","slug":"oil-prices-settle-lower-to-extend-last-weeks-losses","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51737","title":{"rendered":"Oil prices settle lower to extend last week\u2019s losses"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002421374\" role=\"document\">\n<p>Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in eight weeks.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.58%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"negative\">-0.58%<\/bg-quote><br \/>\n       fell 53 cents, or nearly 0.7%, to settle at $80.72 a barrel on the New York Mercantile Exchange after losing 2.3% last 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\">-0.17%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"negative\">-0.17%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, declined by 34 cents, or 0.4%, at $84.46 a barrel 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\">-0.53%<\/bg-quote><br \/>\n       lost 1.8% to $2.77 a gallon, the lowest front-month finish since Aug. 3, according to Dow Jones Market Data. September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"negative\">-0.00%<\/bg-quote><br \/>\n       shed 1.4% to $3.12 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=\"negative\">-0.12%<\/bg-quote><br \/>\n       added 3.2% to $2.63 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>WTI and Brent last week fell more than 2%, for the first weekly declines since June. Analysts blamed worries over China\u2019s economy, amplified by the country\u2019s property-sector woes, for part of the decline. An accompanying rise by the U.S. dollar was also seen acting as a headwind for crude and other commodities.<\/p>\n<div class=\"paywall\">\n<p>\u201cOverall demand and prices for crude oil are being constrained by slowing global growth and a global manufacturing recession,\u201d Jason Schenker, president of Prestige Economics, said in emailed commentary.<\/p>\n<p>Meanwhile, a consistent run of strong U.S. economic data has raised fears the Federal Reserve may need to push interest rates higher than previously expected and hold them there for longer than previously anticipated, while weekly government data last week showed a pullback in consumer fuel demand and a post-pandemic high in U.S. crude production, analysts at Sevens Report Research said in a note.<\/p>\n<p>\u201cNews flow will have to improve substantially for oil to resume the summer rally as hopes for a soft landing have been seen fading while concerns about the global economy are on the rise,\u201d they wrote.<\/p>\n<p>Still, a forecast from the Organization of the Petroleum Exporting Countries reveals an anticipated growth of over 2% in global crude-oil demand for both 2023 and 2024, said Schenker. On the inventory side, the Department of Energy reports that both crude oil and total inventories, which include the Strategic Petroleum Reserve, have decreased on a year-on-year basis, he said.<\/p>\n<p>Crude has rallied this summer in a move attributed in large part to tightening supplies. Saudi Arabia implemented a production cut of 1 million barrels a day in July and has said it would be extended through September.<\/p>\n<p>Meanwhile, natural-gas futures rallied Monday, ending the session with a gain of more than 3%.<\/p>\n<p>\u201cWarmer-than-average short-term temperature outlooks foreshadow a rapidly falling storage surplus,\u201d said Victoria Dircksen, commodity analyst at Schneider Electric, in a daily note.<\/p>\n<p>In addition, the National Hurricane Center is tracking a disturbance in the Gulf of Mexico with an 80% chance of cyclone formation within the next 48 hours, she said. Storms in the Atlantic have the potential to disrupt energy production in the region.<\/p>\n<p><strong> Read:<\/strong> Hurricane season threatens to stir volatility for oil and gas prices<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-bounce-after-snapping-streak-of-7-straight-weekly-wins-73daf76c?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in eight weeks. Price action West Texas Intermediate crude for September delivery CL.1, -0.58% CLU23, -0.58% fell 53 cents, or nearly 0.7%, to settle at $80.72 a barrel on the New [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-51737","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 settle lower to extend last week\u2019s losses | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=51737\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices settle lower to extend last week\u2019s losses | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=51737\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T23:55:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-22T23:55:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682805734_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=51737#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=51737\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil prices settle lower to extend last week\u2019s losses\",\"datePublished\":\"2023-08-22T23:55:22+00:00\",\"dateModified\":\"2023-08-22T23:55:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=51737\"},\"wordCount\":509,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=51737#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=51737\",\"url\":\"https:\/\/ifintechworld.com\/?p=51737\",\"name\":\"Oil prices settle lower to extend last week\u2019s losses | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-22T23:55:22+00:00\",\"dateModified\":\"2023-08-22T23:55:24+00:00\",\"description\":\"Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=51737#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=51737\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=51737#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices settle lower to extend last week\u2019s losses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices settle lower to extend last week\u2019s losses | iFintechWorld","description":"Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=51737","og_locale":"en_US","og_type":"article","og_title":"Oil prices settle lower to extend last week\u2019s losses | iFintechWorld","og_description":"Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in","og_url":"https:\/\/ifintechworld.com\/?p=51737","og_site_name":"iFintechWorld","article_published_time":"2023-08-22T23:55:22+00:00","article_modified_time":"2023-08-22T23:55:24+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682805734_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=51737#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=51737"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil prices settle lower to extend last week\u2019s losses","datePublished":"2023-08-22T23:55:22+00:00","dateModified":"2023-08-22T23:55:24+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=51737"},"wordCount":509,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=51737#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=51737","url":"https:\/\/ifintechworld.com\/?p=51737","name":"Oil prices settle lower to extend last week\u2019s losses | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-22T23:55:22+00:00","dateModified":"2023-08-22T23:55:24+00:00","description":"Oil futures settled lower on Monday, extending their loss from last week as concerns over China\u2019s economy contributed to the first weekly price loss in","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=51737#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=51737"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=51737#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices settle lower to extend last week\u2019s losses"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/51737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51737"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/51737\/revisions"}],"predecessor-version":[{"id":51738,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/51737\/revisions\/51738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2118"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}