{"id":62734,"date":"2023-09-18T22:33:46","date_gmt":"2023-09-19T02:33:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-extends-rise-above-90-a-barrel-to-mark-fresh-highs-for-the-year\/"},"modified":"2023-09-18T22:33:48","modified_gmt":"2023-09-19T02:33:48","slug":"oil-extends-rise-above-90-a-barrel-to-mark-fresh-highs-for-the-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62734","title":{"rendered":"Oil extends rise above $90-a-barrel to mark fresh highs for the year"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002514378\" role=\"document\">\n<p>Oil futures marked fresh highs for the year on Monday, after posting a third consecutive weekly climb on continued concerns over tightening crude supplies. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.43%<\/bg-quote><br \/>\n       for October delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.85%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"positive\">+0.85%<\/bg-quote><br \/>\n       rose 71 cents, or 0.8%, to settle at $91.48 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since Nov. 7, according to Dow Jones Market Data. <\/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=\"positive\">+0.15%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"positive\">+0.15%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, climbed 50 cents, or 0.5%, at $94.43 a barrel on ICE Futures Europe, the highest since Nov. 11.<\/p>\n<\/li>\n<li>\n      October gasoline<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n       shed 0.4% to $2.70 a gallon, while October heating oil<br \/>\n        HOV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376448\/delayed\" class=\"positive\">+0.28%<\/bg-quote><br \/>\n       declined 2.8% to $3.29 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=\"negative\">-0.11%<\/bg-quote><br \/>\n       climbed 3.2% to $2.73 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil has \u201cmaintained its momentum thanks to the existence of some potential green shoots among the Chinese macroeconomic indicators,\u201d said Tim Waterer, chief market analyst at KCM Trade. That data included an improvement in China\u2019s industrial production and consumption last month and 4.6% year-on-year growth in retail sales in August.<\/p>\n<div class=\"paywall\">\n<p>The WTI contract is \u201cattempting to make a home above the $90 per barrel level,\u201d said Waterer, in emailed commentary. <\/p>\n<p>\u201cThe technical indicators are starting to look a little stretched,\u201d he said. \u201cNonetheless, supply-side cuts should limit any downside moves for the time being in the oil market.\u201d<\/p>\n<p>WTI rose 3.7% last week, while Brent advanced 3.6%; both grades ended Friday at their highest since November. Crude has been on a tear since summer, recovering from an early 2023 selloff as expectations for tight second-half supplies overshadowed worries over the economic recovery in China, the world\u2019s second-biggest oil consumer.<\/p>\n<p><strong>Read:<\/strong> Consumers take notice as inflation bites and oil prices top $90 a barrel<\/p>\n<p>A decision by Saudi Arabia to cut production by 1 million barrels a day beginning in July has played a major role in pushing crude higher. The cut was recently extended through the end of the year, while Russia has also moved to curb supplies by 300,000 barrels a day over the same stretch.<\/p>\n<p>\u201cWhat\u2019s striking is that this relentless oil price rally has taken place even amid concerns about lower demand from Europe and China as those economies grapple with a severe slowdown, which demonstrates just how tight the supply side of the equation has become,\u201d Marios Hadjikyriacos, lead investment analyst at XM, said in a note.<\/p>\n<p> \u201cThe fact that oil rallied on Friday despite the risk-off tone in equity markets adds credence to this notion,\u201d he wrote.<\/p>\n<p>Still, some oil producers might look to capitalize on the rise in oil prices to fresh highs for the year.<\/p>\n<p>\u201cTaming the current bullishness will likely rest on non-OPEC production \u2014 especially U.S. shale \u2014 showing a stronger response to higher prices and lifting global supply,\u201d said Robbie Fraser, manager, global research &amp; analytics at Schneider Electric, in a daily note. \u201cThere are early signs of that occurring, but it will need to be stronger and more consistent to reverse course.\u201d<\/p>\n<p><strong>Read<\/strong>: Janet Yellen says she expects soaring oil prices to stabilize<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-extends-rise-above-90-a-barrel-to-kick-off-week-c14ee200?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures marked fresh highs for the year on Monday, after posting a third consecutive weekly climb on continued concerns over tightening crude supplies. Price action West Texas Intermediate crude CL00, +0.43% for October delivery CL.1, +0.85% CLV23, +0.85% rose 71 cents, or 0.8%, to settle at $91.48 a barrel on the New York Mercantile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-62734","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 extends rise above $90-a-barrel to mark fresh highs for the year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures marked fresh highs for the year on Monday, after posting a third consecutive weekly climb on continued concerns over tightening crude\" 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