{"id":52279,"date":"2023-08-24T00:43:29","date_gmt":"2023-08-24T04:43:29","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-lower-as-china-demand-worries-persist\/"},"modified":"2023-08-24T00:43:31","modified_gmt":"2023-08-24T04:43:31","slug":"oil-prices-settle-lower-as-china-demand-worries-persist","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52279","title":{"rendered":"Oil prices settle lower as China demand worries persist"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002425543\" role=\"document\">\n<p>Oil futures finished lower on Tuesday for a second straight session, with the market unable to shake worries about China\u2019s economic outlook and the implications for demand from the world\u2019s second-largest crude consumer.<\/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\">-0.34%<\/bg-quote><\/p>\n<p>        CLU23<span><\/span><br \/>\n       declined by 37 cents, or 0.5%, to end at $80.35 a barrel on the New York Mercantile Exchange on the contract\u2019s expiration day. The new front month, October WTI crude<br \/>\n        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"negative\">-0.34%<\/bg-quote><span>,<\/span><br \/>\n       settle at $79.64, down 48 cents, or 0.6%.<\/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\">-0.26%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"negative\">-0.26%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost 43 cents, or 0.5%, at $84.03 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      September gasoline<br \/>\n        RBU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376526\/delayed\" class=\"positive\">+0.48%<\/bg-quote><br \/>\n       added 0.6% to $2.79 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\">-0.44%<\/bg-quote><br \/>\n       climbed 0.7% to $3.14 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\">-1.52%<\/bg-quote><br \/>\n       settled at $2.56 per million British thermal units, down 2.7% after gaining 3.2% on Monday.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil futures have rallied this summer on expectations for the market to move into supply deficit in the second half, aided by Saudi Arabia\u2019s 1 million barrel-a-day production cut, which took effect in July and is set to run through the of September. Russia has also throttled back exports.<\/p>\n<div class=\"paywall\">\n<p>But worries over China\u2019s economy after a continued run of lackluster data have been amplified by problems in the country\u2019s property sector, dimming the outlook for demand. Brent and WTI both fell more than 2% last week, ending a run of seven straight weekly gains.<\/p>\n<p>\u201cAt a minimum, there could be a contagion risk in China,\u201d but there are also concerns over whether it will spread globally, Stephen Innes, managing partner at SPI Asset Management, told MarketWatch.<\/p>\n<p>\u201cContinuously poor macroeconomic data from China is becoming a bearish headwind for the oil market, which has been focused on supply-side constraints from the OPEC+ coalition to continue supporting the market,\u201d he said. Still, \u201cdespite doubts and wariness on the demand side of the market, OPEC still holds pricing power, and oil prices continue to be supported on dips.\u201d<\/p>\n<p>A sharp drop in the Russian ruble, meanwhile, could impinge Russia\u2019s ability to continue scaling back crude exports, Peter Cardillo, chief market economist at Spartan Capital, said in a Tuesday note.<\/p>\n<p>\u201cThe Russian situation, in our opinion, may force Russia to up its production causing a rift between OPEC+, leading to a breakdown of unity among OPEC+ producers,\u201d he said.<\/p>\n<p>The American Petroleum Institute, an industry trade group, is expected to report weekly inventory data after Tuesday\u2019s close. Official figures from the Energy Information Administration are due Wednesday morning.<\/p>\n<p>Analysts surveyed by S&amp;P Global Commodity Insights, on average, expect crude inventory data from the EIA to show a drop of 4.24 million barrels last week as refinery runs increase and exports accelerate, while gasoline stocks are expected to fall by 1.15 million barrels. Distillate stocks were expected to show little change.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-lower-on-china-demand-worries-4d7cdae9?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished lower on Tuesday for a second straight session, with the market unable to shake worries about China\u2019s economic outlook and the implications for demand from the world\u2019s second-largest crude consumer. Price action West Texas Intermediate crude for September delivery CL.1, -0.34% CLU23 declined by 37 cents, or 0.5%, to end at $80.35 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-52279","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 as China demand worries persist | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished lower on Tuesday for a second straight session, with the market unable to shake worries about China\u2019s economic outlook and the\" \/>\n<meta name=\"robots\" content=\"index, follow, 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