{"id":8125,"date":"2023-05-13T06:12:41","date_gmt":"2023-05-13T10:12:41","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-futures-fall-for-a-fourth-week-in-row\/"},"modified":"2023-05-13T06:12:42","modified_gmt":"2023-05-13T10:12:42","slug":"oil-futures-fall-for-a-fourth-week-in-row","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8125","title":{"rendered":"Oil futures fall for a fourth week in row"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002046973\" role=\"document\">\n<p>Oil futures settled lower Friday as worries over the economic outlook pulled prices for U.S. and global benchmark crude down for a fourth week in a row. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for June delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.10%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.10%<\/bg-quote><\/p>\n<p>        CLM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724952\/delayed\" class=\"negative\">-1.10%<\/bg-quote><br \/>\n       declined by 83 cents, or 1.2%, to settle at $70.04 a barrel on the New York Mercantile Exchange, with the U.S. benchmark down 1.8% for the week, FactSet data show.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"\"><\/bg-quote><\/p>\n<p>        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"\"><\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, lost 81 cents, or 1.1%, to settle at $74.17 a barrel on ICE Futures Europe, losing 1.5% for the week. Brent and WTI crude futures marked fourth consecutive weekly losses. <\/p>\n<\/li>\n<li>\n      Back on Nymex, June gasoline<br \/>\n        RBM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376517\/delayed\" class=\"negative\">-1.13%<\/bg-quote><br \/>\n       fell 1.1% to $2.43 a gallon, for a weekly rise of almost 2.2%, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"negative\">-2.03%<\/bg-quote><br \/>\n       shed 1.9% to $2.31 a gallon, for a weekly fall of 0.4%. <\/p>\n<\/li>\n<li>\n      June natural gas<br \/>\n        NGM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190794\/delayed\" class=\"positive\">+4.02%<\/bg-quote><br \/>\n       climbed 3.5% to $2.27 per million British thermal units, with prices up 6% for the week. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil found some early support after U.S. Energy Secretary Jennifer Granholm on Thursday afternoon said the Energy Department would aim to purchase crude to help rebuild stocks in the Strategic Petroleum Reserve next month.<\/p>\n<div class=\"paywall\">\n<p>The announcement \u201cdoes not commit to any price level but rather states that they are still thinking about a repurchase,\u201d StoneX\u2019s Kansas City energy team, led by Alex Hodes, wrote in Friday\u2019s newsletter.  \u201cThis could artificially provide a floor to the oil market in the near term if the market believes the possibility of repurchases is authentic.\u201d<\/p>\n<p>However, ongoing troubles for U.S. regional banks and a political showdown over the U.S. government\u2019s debt ceiling have amplified worries that aggressive monetary tightening by the Federal Reserve and other major central banks could lead to a sharp economic downturn or recession later this year. <\/p>\n<p><strong>See<\/strong>:\u00a0Debt-ceiling meetings \u2018productive\u2019 as Biden, leaders set to reconvene next week: White House<\/p>\n<p>Asian economic growth has also been a key concern, said Stewart Glickman, deputy research director at CFRA Research. \u201cWhat if the China reopening trade is sluggish? If China doesn\u2019t add meaningfully to incremental demand growth, who else steps up?\u201d<\/p>\n<p>Against that backdrop, WTI and Brent futures on Friday finished lower. <\/p>\n<p>\u201cThe selloff in the market has been unrelenting over recent weeks, with negative sentiment rising following concerns over the macro environment and what it could eventually mean for oil demand,\u201d said Warren Patterson, head of commodities strategy at ING, in a note. <\/p>\n<p>\u201cWeaker refinery margins have also raised doubts over the strength of oil demand,\u201d Patterson wrote. \u201cPart of the weakness in margins is also driven by supply dynamics, with Russian refined product flows holding up well, whilst in Asia, Chinese refined exports remain strong.\u201d<\/p>\n<p>Crude has stumbled even as additional production cuts of around 1.15 million barrels a day by Saudi Arabia and its OPEC+ allies took effect at the beginning of the month. Meanwhile, news reports have noted doubts that Russia is following through on its pledge to curb output by 500,000 barrels a day through year-end.<\/p>\n<p>Glickman, however, said the supply picture seems less bearish. \u201cOPEC+ has shown a willingness to be agile and impose unexpected production cuts,\u201d  he said. Sanctions and price caps on Russian barrels mean President Vladimir Putin is not interested in boosting production either, he said. <\/p>\n<p>\u201cIf we resolve the debt ceiling crisis, see more activity out of China and get a better inflation read, I suspect oil moves higher,\u201d said Glickman.<\/p>\n<p><strong>Also see:<\/strong> EIA forecasts second-highest U.S. summer power demand on record for natural gas<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/crude-oil-prices-on-track-for-4th-straight-weekly-decline-692f6816?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled lower Friday as worries over the economic outlook pulled prices for U.S. and global benchmark crude down for a fourth week in a row. Price action West Texas Intermediate crude for June delivery CL00, -1.10% CL.1, -1.10% CLM23, -1.10% declined by 83 cents, or 1.2%, to settle at $70.04 a barrel on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-8125","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 futures fall for a fourth week in row | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled lower Friday as worries over the economic outlook pulled prices for U.S. and global benchmark crude down for a fourth week in a row.\" \/>\n<meta name=\"robots\" content=\"index, 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