{"id":80371,"date":"2023-11-03T16:49:35","date_gmt":"2023-11-03T20:49:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-tally-first-gain-in-4-sessions-but-the-war-in-gaza-goes-on\/"},"modified":"2023-11-03T16:49:38","modified_gmt":"2023-11-03T20:49:38","slug":"oil-prices-tally-first-gain-in-4-sessions-but-the-war-in-gaza-goes-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=80371","title":{"rendered":"Oil prices tally first gain in 4 sessions, but the \u2018war in Gaza goes on\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002684831\" role=\"document\">\n<p>Oil futures finished higher on Thursday, with weakness in the U.S. dollar following the Federal Reserve\u2019s decision to leave a key interest rate unchanged, helping prices snap a three-day losing streak.<\/p>\n<p>U.S. benchmark crude prices had settled Wednesday at their lowest since late August, after ending the month of October with a loss of nearly 11%, wiping out gains seen after the Hamas attack on southern Israel more than four weeks ago.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for December delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-2.00%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-2.00%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-2.00%<\/bg-quote><br \/>\n       rose $2.02, or 2.5%, to settle at $82.46 a barrel on the New York Mercantile Exchange, after ending Wednesday at its lowest since Aug. 28.<\/p>\n<\/li>\n<li>\n      January Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.28%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"positive\">+0.28%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained $2.22, or 2.6%, to settle at $86.85 a barrel on ICE Futures Europe. It ended Wednesday at its lowest since Oct. 6, the last trading day before the Hamas attack. The gains for Brent and WTI crude Thursday followed three session declines in a row. <\/p>\n<\/li>\n<li>\n      December gasoline<br \/>\n        RBZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376535\/delayed\" class=\"negative\">-1.93%<\/bg-quote><br \/>\n       tacked on 2.8% to $2.25 a gallon, while December heating oil<br \/>\n        HOZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376454\/delayed\" class=\"negative\">-3.51%<\/bg-quote><br \/>\n       added 2.2% to $3.03 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for December delivery<br \/>\n        NGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210195288\/delayed\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n       settled at $3.47 per million British thermal units, down 0.6%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil bounced back on the \u201cperception\u201d that U.S. interest-rate hikes may have ended, but the \u201cwar in Gaza goes on,\u201d said Phil Flynn, senior market analyst at The Price Futures Group. <\/p>\n<p>Overall, a generally upbeat trading tone in global markets \u2014 with U.S. equities posting sharp gains, Treasury yields pulling back<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       and a weaker U.S. dollar<br \/>\n        DXY<br \/>\n       after the Federal Reserve decided Wednesday to not raise interest rates \u2014 was helping to lift crude, market watchers said.<\/p>\n<p><strong>Also see:<\/strong> Why the Fed\u2019s decision to hold rates steady could lift gold back above $2,000<\/p>\n<p>\u201cPost-Fed Treasury yields have been coming down, which has dragged on the U.S. dollar, removing a headwind from the price of oil and other commodities\u201d Thursday, Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch.<\/p>\n<p><strong>See:<\/strong> Stocks rallied because Fed\u2019s Powell didn\u2019t \u2018nudge\u2019 markets harder on potential rate hike<\/p>\n<p>Analysts continue to monitor the Israel-Hamas war for signs of a potential spillover that could involve Iran. Crude had rallied following the start of the war on fears that a wider conflict could see the U.S. more heavily enforce sanctions on Iranian crude exports, while a worst-case scenario could see Iran or its proxies threaten key transportation chokepoints and infrastructure in the region.<\/p>\n<p>But prices have since retreated.<\/p>\n<p><strong>Read<\/strong> Israel-Hamas war has potential to fuel oil-price shock that can disrupt food security: World Bank<\/p>\n<p>\u201cWe are back to levels last seen before the atrocity suggesting that traders don\u2019t expect hostilities to spread,\u201d David Morrison, senior market analyst at Trade Nation, said in a note. <\/p>\n<p>That said, the threat of disruption to oil production, infrastructure or<br \/>logistics remains, analysts at Sevens Report Research said in a note.<\/p>\n<p>\u201cThat threat will keep short sellers on their toes until there is a cease-fire called, leaving the market susceptible to potentially sizable short squeezes,\u201d they wrote.<\/p>\n<p>In other energy dealings, prices for natural gas finished lower after the U.S. Energy Information Administration reported Thursday that U.S. natural-gas supplies in storage climbed by 79 billion cubic feet for the week ended Oct. 27. <\/p>\n<p>On average, analysts surveyed by S&amp;P Global Commodity Insights forecast an increase of 83 billion cubic feet. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-attempt-to-snap-3-day-losing-streak-5b2f609e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished higher on Thursday, with weakness in the U.S. dollar following the Federal Reserve\u2019s decision to leave a key interest rate unchanged, helping prices snap a three-day losing streak. U.S. benchmark crude prices had settled Wednesday at their lowest since late August, after ending the month of October with a loss of nearly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":69848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-80371","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 tally first gain in 4 sessions, but the \u2018war in Gaza goes on\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished higher on Thursday, with weakness in the U.S. dollar following the Federal Reserve\u2019s decision to leave a key interest rate unchanged,\" \/>\n<meta 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