{"id":69288,"date":"2023-10-06T00:29:44","date_gmt":"2023-10-06T04:29:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-on-track-for-sharpest-weekly-decline-since-march\/"},"modified":"2023-10-06T00:29:46","modified_gmt":"2023-10-06T04:29:46","slug":"oil-on-track-for-sharpest-weekly-decline-since-march","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69288","title":{"rendered":"Oil on track for sharpest weekly decline since March"},"content":{"rendered":"
\n

By Sudarshan Varadhan<\/p>\n

SINGAPORE (Reuters) – Oil prices were on track for their steepest weekly decline since March despite rising in early trade on Friday, on growing worries that higher-for-longer interest rates could stoke a global economic slowdown and curb fuel demand.<\/p>\n

Both benchmarks had surged to 2023 highs last week, but has dropped 11.8% and WTI by about 8.8% this week.<\/p>\n

On Friday, Brent futures were up 36 cents, or 0.4%, at $84.43 at 0147 GMT, while U.S. West Texas Intermediate crude futures were up 42 cents, or 0.5%, at $82.73, recovering slightly from a 2% decline on Thursday.<\/p>\n

“Oil prices are stabilizing after a brutal week that saw a relentless bond market selloff trigger global growth worries,” said Edward Moya, an analyst at OANDA.<\/p>\n

Bond investors’ rising concerns around government spending and a ballooning budget deficit in the United States, the world’s top oil consumer, are contributing to a steep sell-off that has pushed Treasury prices to 17-year lows.<\/p>\n

“The worst\u00a0week for crude since March is starting to attract buyers given the oil\u00a0market will still remain tight over the short-term,” Moya said.<\/p>\n

A meeting this week of a ministerial panel of OPEC+, the Organization of the Petroleum Exporting Countries and allies led by Russia, made no changes to the group’s oil output policy.<\/p>\n

U.S. Government data this week showed a sharp decline in U.S. gasoline demand, with economic data showing the U.S. services sector had slowed. A key survey revealed that euro zone economy probably shrank last quarter, while a pricey dollar kept a lid on buying capacity of countries around the world.\u00a0 <\/p>\n

All eyes on Friday will be on the U.S. monthly jobs report for signs of how strong the economy is.<\/p>\n

“The non-farm payroll data tonight, the US CPI, and China’s economic data next week will be key to steering oil’s movements. A resilient economic front can be a short-term positive sign for the demand outlook,” Teng said. <\/p>\n<\/div>\n

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

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