{"id":59686,"date":"2023-09-11T15:47:12","date_gmt":"2023-09-11T19:47:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-futures-touch-fresh-highs-for-the-year-on-bets-for-tighter-global-supplies\/"},"modified":"2023-09-11T15:47:14","modified_gmt":"2023-09-11T19:47:14","slug":"oil-futures-touch-fresh-highs-for-the-year-on-bets-for-tighter-global-supplies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59686","title":{"rendered":"Oil futures touch fresh highs for the year on bets for tighter global supplies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002488155\" role=\"document\">\n<p>Oil futures traded mostly higher Monday after touching fresh highs for the year, as some traders bet that output cuts by major producers may lead to a supply deficit in the global market. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      The front-month October West Texas intermediate contract<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.25%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"negative\">-0.25%<\/bg-quote><br \/>\n       rose 16 cents, or 0.2%, to $87.67 per barrel after trading as high as $88.15 on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      November Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.04%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       added 69 cents, or 0.8%, to $91.34 a barrel on ICE Futures Europe, following a rise to as high as $91.45. Both WTI and Brent crude are on track to notch fresh year-to-date settlement highs.<\/p>\n<\/li>\n<li>\n      Gasoline for October delivery<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"positive\">+2.76%<\/bg-quote><br \/>\n       traded at $2.6878 per gallon, up 1.3%, while October heating oil<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"positive\">+2.76%<\/bg-quote><br \/>\n       tacked on 2.2% to $3.3715 a gallon.<\/p>\n<\/li>\n<li>\n      October natural gas<br \/>\n        NGV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194586\/delayed\" class=\"positive\">+0.35%<\/bg-quote><br \/>\n       climbed by nearly 0.7% to $2.622 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>U.S. and global benchmark crude futures climbed over 2% last week, and U.S. prices have jumped close to 10% over the last two weeks, as Saudi Arabia announced it would extend a production cut of 1 million barrels a day through the end of the year, while Russia said it would also extend supply cuts.<\/p>\n<div class=\"paywall\">\n<p>\u201cThe fundamental focus of the oil market has shifted from demand \u2014 more specifically concerns that a slowdown in global growth will hurt consumer spending on refined products \u2014 to the supply side as Russia and Saudi Arabia caught markets off guard with their output cut extension announcements,\u201d analysts at Sevens Report Research wrote in Monday\u2019s newsletter. <\/p>\n<p>Factoring in the extended cuts, \u201cmany forecasts reflect deepening supply deficits in physical markets into the end of the year and that, paired with another wave of speculators getting scared out of the market by the latest OPEC+ surprise, has resulted in the latest leg higher to fresh 2023 highs in oil,\u201d they said. <\/p>\n<p>Looking ahead, the path of least resistance is higher for oil right now, with WTI \u201cfast approaching our initial upside target of $89 [a] barrel,\u201d the Sevens Report analysts said. \u201cHowever, we remain in the camp that the onset of a recession will derail the rally.\u201d<\/p>\n<p>Monthly oil reports are due this week, on Tuesday from the Organization of Petroleum Exporting Countries, and on Wednesday from the International Energy Agency.<\/p>\n<p>U.S. inflation data due Wednesday has the potential to up-end a number of asset classes.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-futures-ease-after-nearly-10-surge-over-last-two-weeks-2d7263d?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures traded mostly higher Monday after touching fresh highs for the year, as some traders bet that output cuts by major producers may lead to a supply deficit in the global market. Price action The front-month October West Texas intermediate contract CL.1, -0.25% CLV23, -0.25% rose 16 cents, or 0.2%, to $87.67 per barrel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":59687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-59686","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil futures touch fresh highs for the year on bets for tighter global supplies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures traded mostly higher Monday after touching fresh highs for the year, as some traders bet that output cuts by major producers may lead to a\" \/>\n<meta name=\"robots\" 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