{"id":84537,"date":"2023-11-14T17:30:52","date_gmt":"2023-11-14T22:30:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-post-third-straight-session-gain-to-settle-at-their-highest-in-a-week\/"},"modified":"2023-11-14T17:30:53","modified_gmt":"2023-11-14T22:30:53","slug":"oil-prices-post-third-straight-session-gain-to-settle-at-their-highest-in-a-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84537","title":{"rendered":"Oil prices post third straight session gain to settle at their highest in a week"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002719981\" role=\"document\">\n<p>Oil futures climbed Monday, with U.S. and global benchmark prices settling at their highest in a week after posting a third straight weekly decline on worries about the demand outlook. <\/p>\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=\"negative\">-0.06%<\/bg-quote><br \/>\n       for December delivery<br \/>\n        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"negative\">-0.06%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.06%<\/bg-quote><br \/>\n       rose $1.09, or 1.4%, to settle at $78.26 a barrel on the New York Mercantile Exchange.<\/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=\"negative\">-0.12%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-0.12%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, climbed $1.09, or 1.3%, to $82.52 a barrel on ICE Futures Europe. Front-month Brent and WTI settled at their highest since Nov. 6, according to Dow Jones Market Data. <\/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\">-0.59%<\/bg-quote><br \/>\n       tacked on 2.1% to $2.24 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\">-0.17%<\/bg-quote><br \/>\n       added 3.5% to $2.84 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=\"negative\">-3.07%<\/bg-quote><br \/>\n       settled at $3.20 per million British thermal units, up 5.4% after last week\u2019s nearly 14% loss.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Signs of slowing demand in the U.S. and China offset the ongoing supply cuts from the Organization of the Petroleum Exporting Countries and its allies and the potential for supply disruptions in the Middle East \u201cowing to the risk of spillover of the conflict in Gaza to other\u00a0oil-rich nations,\u201d said Fawad Razaqzada, market analyst at City Index and Forex.com <\/p>\n<div class=\"paywall\">\n<p>\u201cBut with\u00a0oil\u00a0prices correcting lower, much of the negative influences are likely to be priced in by now,\u201d he wrote in market commentary.\u00a0<\/p>\n<p>Brent and WTI dropped more than 4% last week for their third consecutive weekly fall. Crude last week traded at levels last seen in mid-July after more than erasing the risk premium built into the market after the Oct. 7 Hamas attack on southern Israel. Crude bounced Friday, with support tied in part to remarks by Iraq.<\/p>\n<p>Worries that the Israel-Hamas war could spark a broader regional conflict capable of disrupting the flow of crude from the Middle East have faded, although analysts warn that the potential for a sharp upside reaction to developments remains.<\/p>\n<p>The spread between the implied volatility of similar call and put options on the ICE Brent crude price fell substantially last week, Edward Gardner, commodities economist at Capital Economics, observed in a Friday note.<\/p>\n<p>\u201cIn fact, investors are putting a higher premium on downside risks to prices than upside,\u201d he wrote (see chart below).<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:75.28571428571429%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>Meanwhile, the premium held by front-month oil contracts over second-month contracts has narrowed or been erased, signaling that investors are becoming less worried about supply, he noted.<\/p>\n<p>On Monday, OPEC, in a monthly report, nudged its forecast for 2023 growth in oil demand higher to 2.5 million barrels a day, from a projection of 2.4 mbd in October. <\/p>\n<p>Oil demand in 2024 is forecast to grow by 2.2 mbd, unchanged from OPEC\u2019s previous assessment, it said. On the supply side, OPEC revised up its forecast for 2023 non-OPEC growth to 1.8 mbd from 1.7 mbd, while 2024 non-OPEC liquid supply is expected to grow 1.4 mbd, broadly unchanged from the October estimate.<\/p>\n<p>Investors are looking ahead to a Nov. 26 meeting of ministers of OPEC+, a group that also includes Russia, which may limit further downside, Gardner said.<\/p>\n<p>\u201cUltimately, though, we still forecast that the oil market will be finely balanced over the coming months, and there is a risk that OPEC+ decide to cut supply even further if prices were to fall by more,\u201d he wrote, with Capital Economics sticking to its forecast for Brent ending this year and 2024 at $85 a barrel.<\/p>\n<p>On Sunday, Hayan Abdel-Ghani, Iraq\u2019s oil minister, said he expects to reach an agreement to resume oil production from the Kurdish region\u2019s oil fields within three days, according to a report from Reuters. <\/p>\n<p>That would mean a resumption of oil exports through the Iraq-Turkey pipeline, which will bring 450,000 barrels a day of crude oil back to the market, StoneX\u2019s Kansas City energy team, led by Alex Hodes, said in a Monday note. Export flows through the pipeline had been offline since late March and contributed to \u201coverall crude-oil tightness globally.\u201d<\/p>\n<p>\u201cA return of flows should help alleviate crude tightness and is a bearish announcement at a time that crude-oil prices have been fading,\u201d they said. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-higher-after-third-straight-losing-week-8d3fba6b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed Monday, with U.S. and global benchmark prices settling at their highest in a week after posting a third straight weekly decline on worries about the demand outlook. Price action West Texas Intermediate crude CL00, -0.06% for December delivery CLZ23, -0.06% CL.1, -0.06% rose $1.09, or 1.4%, to settle at $78.26 a barrel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-84537","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 post third straight session gain to settle at their highest in a week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed Monday, with U.S. and global benchmark prices settling at their highest in a week after posting a third straight weekly decline on\" \/>\n<meta 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