{"id":68870,"date":"2023-10-05T01:27:47","date_gmt":"2023-10-05T05:27:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-mark-their-first-gain-in-4-sessions\/"},"modified":"2023-10-05T01:27:49","modified_gmt":"2023-10-05T05:27:49","slug":"oil-prices-mark-their-first-gain-in-4-sessions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68870","title":{"rendered":"Oil prices mark their first gain in 4 sessions"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002570451\" role=\"document\">\n<p>Oil futures ended higher on Tuesday, a day after a three-session decline pulled prices to roughly three-week lows. <\/p>\n<p>Oil remained near its highs of 2023, however, having surged in the third quarter on worries over tightening crude supplies.<\/p>\n<div class=\"paywall\">\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\">+0.56%<\/bg-quote><br \/>\n       for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.56%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+0.56%<\/bg-quote><br \/>\n       rose 41 cents, or 0.5%, to settle at $89.23 a barrel on the New York Mercantile Exchange, after ending Monday at its lowest since Sept. 13.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.68%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"positive\">+0.68%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark,<strong> <\/strong>added 21 cents, or 0.2%, at $90.92 a barrel on ICE Futures Europe. Brent on Monday closed at its lowest since Sept. 11.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.50%<\/bg-quote><br \/>\n       settled at $2.36 a gallon, down 2.2%, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       shed 0.8% to $3.20 a gallon. <\/p>\n<\/li>\n<li>\n      Natural gas for November delivery<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"positive\">+1.18%<\/bg-quote><br \/>\n       ended at $2.95 per million British thermal units, up 3.8% for the session after losing 3% on Monday.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Analysts said crude was ripe for profit-taking after a rally last week that briefly took WTI above $95 a barrel for the first time since August 2022. Tightening supplies and expectations for a significant deficit in the fourth quarter have helped propel the crude rally. A production cut of 1 million barrels a day by Saudi Arabia, which was implemented in July, has been cited as a primary driver.<\/p>\n<p>The path of least resistance is still higher for oil right now \u201calthough the countertrend pullback is not necessarily over just yet,\u201d said Tyler Richey, co-editor at Sevens Report Research. <\/p>\n<p>\u201cEventually it will be time to \u2018sell the recession news\u2019 in oil as demand tends to fall off sharply amid the onset of an economic downturn, but the evidence does not definitively suggest we are at that point just yet,\u201d he told MarketWatch. Another run towards $100 is \u201ca possibility depending on the news flow and economic data trends in the near term.\u201d<\/p>\n<p>A surging U.S. dollar and a rise in Treasury yields, helped spark profit-taking in crude, analysts said. A stronger dollar makes crude more expensive to users of other currencies, while rising yields raise worries about the economic outlook and increase the opportunity cost of holding nonyielding assets. <\/p>\n<p>Oil held up Tuesday, however, as the yield on the 10-year note hit its highest in 16 years.<\/p>\n<p>More solid support for oil may only come with a drop to $78, which is the 50-week moving average, said Alex Kuptsikevich, senior market analyst at FxPro, in market commentary, but we wouldn\u2019t be surprised to see a drop to $75 by the end of the year.\u201d <\/p>\n<p>Elsewhere, Turkey\u2019s energy minister on Monday said the country would restart a pipeline from Iraq that has been closed for around six months. The pipeline would be able to provide nearly 500,000 barrels a day of crude to global markets, the minister said, according to Reuters.<\/p>\n<p>Traders are also looking ahead to an OPEC+ meeting of the Joint Ministerial Monitoring Committee, or JMMC, on Wednesday. The panel is made up of oil ministers from members of the Organization of the Petroleum Exporting Countries and its Russia-led allies and has the authority to call for a full OPEC+ meeting if it decides one is needed.<\/p>\n<p><strong>Read:<\/strong> Oil rally shows \u2018OPEC+ plan has been working\u2019 as investors await next Saudi move<\/p>\n<p>The panel isn\u2019t expected to alter OPEC+ production plans, but traders will be braced for any announcement from Saudi Arabia around its voluntary production cut of 1 million barrels a day, which Riyadh announced in September would be extended through year-end, but could be subject to adjustment.<\/p>\n<p>Over in the U.S., the Energy Information Administration will release its weekly domestic petroleum supply report Wednesday morning.<\/p>\n<p>On average for the week ended Sept. 29, analysts expect the report to show a supply decline of 1.4 million barrels for crude, according to a survey conducted by S&amp;P Global Commodity Insights. Gasoline stockpiles are expected to be unchanged for the week, while distillate inventories are forecast to fall by 1.6 million barrels.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-steady-after-pulling-back-to-3-week-lows-8fc94c54?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended higher on Tuesday, a day after a three-session decline pulled prices to roughly three-week lows. Oil remained near its highs of 2023, however, having surged in the third quarter on worries over tightening crude supplies. Price action West Texas Intermediate crude CL00, +0.56% for November delivery CL.1, +0.56% CLX23, +0.56% rose 41 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-68870","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 mark their first gain in 4 sessions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended higher on Tuesday, a day after a three-session decline pulled prices to roughly three-week lows. 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