{"id":69116,"date":"2023-10-05T15:11:30","date_gmt":"2023-10-05T19:11:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-down-another-2-as-non-stop-rally-turns-into-non-stop-selloff\/"},"modified":"2023-10-05T15:11:32","modified_gmt":"2023-10-05T19:11:32","slug":"oil-down-another-2-as-non-stop-rally-turns-into-non-stop-selloff","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69116","title":{"rendered":"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0"},"content":{"rendered":"
\n

Investing.com – The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.<\/p>\n

Crude prices fell another 2% on Thursday, adding to the previous session\u2019s 6% plunge \u2014 which was already the most in a year \u2014 as the market continued to reel from disappointment over the absence of a new announcement on production cuts at the just-concluded OPEC+ meeting chaired by the Saudis.<\/p>\n

Short-covering by some oil bears closing out their positions for profit and bargain hunting by new buyers for crude at below $90 a barrel helped prop the market up earlier.<\/p>\n

At the close though, New York-traded West Texas Intermediate, or , crude for delivery in November settled down $1.91, or 2.3%, at $82.31 per barrel. WTI traded as high as $84.30 earlier in the session before hitting an intraday bottom of $82.28, its lowest in five weeks.<\/p>\n

\u201cWith WTI failing to find buyers at $84, the decline can extend to $81,\u201d said Sunil Kumar Dixit, a technical chartist for oil at SKCharting.com.\u00a0<\/p>\n

London-traded for the most-active December contract settled down $1.74, or 2%, at $84.07. From an intraday high of $86.50, the global crude benchmark went to a five-week low of $83.84.<\/p>\n

Part of the selloff in crude was due to the broad run-up since July in the and US which had weighed on the international demand for oil denominated in the US currency.\u00a0<\/p>\n

\u201cThis oil market reversal must be frustrating the Saudis,\u201d said Ed Moya, analyst at online trading platform OANDA. \u201cBrent crude has fallen over $10 since the end of last month as surging global bond yields have crippled the global growth outlook.”<\/p>\n

\u201cEnergy stocks have gone from Wall Street’s best trade to it is time to abandon ship.\u00a0 US gasoline demand destruction is intensifying and given how overbought the energy market was in September, momentum oil selling has been fierce.\u201d\u00a0<\/p>\n

Huge US gasoline stockpiles defy oil demand narrative<\/strong><\/h2>\n

jumped by 6.481 million barrels last week, adding to the prior week\u2019s growth of 1.027M. It was the single largest weekly build in gasoline since January 2022. Analysts tracked by Investing.com had anticipated a drop of 0.3M barrels instead last week for gasoline, America\u2019s foremost fuel product..<\/p>\n

Also weighing on crude prices was talk that global oil production could grow in coming months despite OPEC\u2019s best efforts to fence in output, said Stephen Innes of SPI Asset Management.<\/p>\n

“Demand destruction always plays a crucial role in eventually easing price pressures,\u201d\u00a0Innes said. \u201cIncreasing chatter about more non-OPEC supply coming to market is not working in the bull market’s favor this week,\u201d<\/p>\n

OPEC+ is made up of the 13-member Saudi-led Organization of the Petroleum Exporting Countries and the 10 independent oil producers, including Russia. At Wednesday\u2019s meeting, the alliance reaffirmed the joint Saudi-Russian pledge to continue removing at least 1.3 million barrels a day from the combined daily production of the two countries until the end of the year.\u00a0<\/p>\n

But OPEC+ did not talk about extending those cuts into 2024, something the oil trade had come to expect after Saudi Arabia had created the impression in recent months that it can continue surprising the world with one production squeeze after another.\u00a0<\/p>\n

\u201cOil markets didn’t like that,\u201d Innes said, referring to the absence of a new announcement on cuts.<\/p>\n

Back in August, the Saudi Press Agency first communicated to the market that production cuts could be prolonged and deepened, keeping up with the aspirations of the nation\u2019s energy minister Abdul Aziz bin Salman, who fancies himself as the oil market’s version of \u201cDirty Harry\u201d \u2014 the Hollywood maverick cop known for playing by his own rules with criminals.<\/p>\n

While crude prices had gained almost 30% in the third quarter, some of the minister’s handiwork was being undone now. This week alone, WTI was down 9% and Brent almost 12%, with many analysts admitting they had no idea how long the selloff could last.<\/p>\n

\u201cWhen oil prices tank, it is hard to estimate where prices could find support,\u201d Moya said.\u00a0<\/p>\n

He didn\u2019t rule out the possibility of the Saudis, who practically control every aspect of OPEC, in trying to return to their game of one-upmanship.\u00a0<\/p>\n

\u201cFurther bearishness could also trigger further output cuts by OPEC+,\u201d said Moya. \u201cOPEC+ worked hard to get oil back to $90 a barrel and they will likely continue to do whatever it takes to make sure we don\u2019t see prices return to the lows of the year, which is around the $70 level.\u201d<\/p>\n

(Peter Nurse contributed to this item)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in. Crude prices fell another 2% on Thursday, adding to the previous session\u2019s 6% plunge \u2014 which was already the most in a year \u2014 as the market continued to reel […]<\/p>\n","protected":false},"author":1,"featured_media":3666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-69116","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil down another 2% as non-stop rally turns into non-stop selloff\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them 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=69116\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0 | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=69116\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-05T19:11:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-05T19:11:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEBA20ZO_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=69116#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=69116\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0\",\"datePublished\":\"2023-10-05T19:11:30+00:00\",\"dateModified\":\"2023-10-05T19:11:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=69116\"},\"wordCount\":759,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=69116#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=69116\",\"url\":\"https:\/\/ifintechworld.com\/?p=69116\",\"name\":\"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0 | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-10-05T19:11:30+00:00\",\"dateModified\":\"2023-10-05T19:11:32+00:00\",\"description\":\"Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=69116#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=69116\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=69116#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0\"}]},{\"@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 down another 2% as non-stop rally turns into non-stop selloff\u00a0 | iFintechWorld","description":"Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them 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=69116","og_locale":"en_US","og_type":"article","og_title":"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0 | iFintechWorld","og_description":"Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.","og_url":"https:\/\/ifintechworld.com\/?p=69116","og_site_name":"iFintechWorld","article_published_time":"2023-10-05T19:11:30+00:00","article_modified_time":"2023-10-05T19:11:32+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEBA20ZO_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=69116#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=69116"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0","datePublished":"2023-10-05T19:11:30+00:00","dateModified":"2023-10-05T19:11:32+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=69116"},"wordCount":759,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=69116#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=69116","url":"https:\/\/ifintechworld.com\/?p=69116","name":"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0 | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-10-05T19:11:30+00:00","dateModified":"2023-10-05T19:11:32+00:00","description":"Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=69116#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=69116"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=69116#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil down another 2% as non-stop rally turns into non-stop selloff\u00a0"}]},{"@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\/69116","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=69116"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/69116\/revisions"}],"predecessor-version":[{"id":69117,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/69116\/revisions\/69117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/3666"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}