{"id":89990,"date":"2024-02-29T21:45:12","date_gmt":"2024-03-01T02:45:12","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89990"},"modified":"2024-02-29T21:45:15","modified_gmt":"2024-03-01T02:45:15","slug":"u-s-oil-prices-settle-at-highest-since-november-post-back-to-back-weekly-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89990","title":{"rendered":"U.S. oil prices settle at highest since November, post back-to-back weekly gains"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0003009458\" role=\"document\">\n<p>Oil futures climbed for the week, with the U.S. benchmark settling at its highest since early November as investors weighed the outlook for interest-rate cuts by the Federal Reserve, tensions in the Middle East and uncertainty about the outlook for crude demand. <\/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=\"positive\">+0.22%<\/bg-quote><br \/>\n       for March delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.22%<\/bg-quote><\/p>\n<p>        CLH24<span><\/span><br \/>\n       rose $1.16, or 1.5%, to settle at $79.19 a barrel on the New York Mercantile Exchange, the highest finish since Nov. 6, according to Dow Jones Market Data. Prices based on the front-month contract logged a weekly gain of 3.1%.<\/p>\n<\/li>\n<li>\n      April Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.29%<\/bg-quote><\/p>\n<p>        BRNJ24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705259\/delayed\" class=\"negative\">-0.07%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, climbed 61 cents, or 0.7%, at $83.47 a barrel on ICE Futures Europe. Prices ended1.6% higher for the week and logged the highest finish since Jan. 26. <\/p>\n<\/li>\n<li>\n      March gasoline<br \/>\n        RBH24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222932170\/delayed\" class=\"positive\">+1.72%<\/bg-quote><br \/>\n       shed 0.8% to $2.24 a gallon, settling nearly 0.2% lower for the week, while March heating oil<br \/>\n        HOH24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/222932065\/delayed\" class=\"positive\">+0.67%<\/bg-quote><br \/>\n       lost 0.6% to $2.81 a gallon, for a weekly loss of 5.3%.<\/p>\n<\/li>\n<li>\n      Natural gas for March delivery<br \/>\n        NGH24<span><\/span><br \/>\n       settled at $1.61 per million British thermal units, up 1.8%, after ending Thursday at the lowest level since June 2020. It settled 12.9% lower for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cOil prices likely benefited this week from a ratcheting-up of tensions in Middle East,\u201d said Stewart Glickman, energy equity analyst at CFRA Research. \u201cThe closer one gets to pairing up Iran and Israel in a battle, the more upward pressure on oil \u2014 and Israeli strikes against Lebanon are a move in that direction.\u201d\u00a0<\/p>\n<div class=\"paywall\">\n<p>Both WTI and Brent crude tallied a second straight weekly gain. <\/p>\n<p>Oil prices, however, saw \u201cchoppy\u201d trading this week, partly because of the U.S. dollar\u2019s strength holding them back, Fawad Razaqzada, market analyst at City Index and Forex.com, told MarketWatch.  <\/p>\n<p>The strength of the dollar has been \u201coffsetting supportive measures such as the Middle East situation, OPEC\u2019s ongoing intervention, and hopes economic conditions in China will improve in\u00a0the coming quarters,\u201d he said. \u201cAll told, I think risks are skewed to the upside for oil, as there are not many negative influences to impact prices.\u201d\u00a0<\/p>\n<p>WTI on Friday settled above what Razaqzada sees as \u201ckey resistance around $78,\u201d where the 200-day average has proven a \u201ctough nut to break.\u201d This could lead to a \u201csharp continuation toward $80 next,\u201d he said.<\/p>\n<p>Expectations for a Federal Reserve rate cut as early as March took a hit earlier this week after a hotter-than-expected January consumer-price index reading, which also sent the stock market skidding and Treasury yields higher. <\/p>\n<p>Equities subsequently recovered most of their losses and yields stabilized, however, helped by a soft January retail-sales report on Thursday that soothed worries that economic growth would lead to a resurgence in inflation.<\/p>\n<p>The larger-than-expected drop in U.S. retail sales prompted \u201chopes that the [Fed] will consider cutting rates sooner, despite the latest CPI reading creating a hawkish sentiment\u201d within the Fed, StoneX\u2019s Kansas City energy team, led by Alex Hodes, said in a Friday note . <\/p>\n<p>Economists are cautioning against reading too much into the sharp drop, noting that the extreme cold snap the U.S. experienced in January slowed everyone down. \u201cWhile the data is great news for the [Fed rate-cut plans], it needs to be taken with a grain of salt because of the weather,\u201d Hodes said.<\/p>\n<p>On Friday, however, data provided a sign that inflation may not slow toward the Fed\u2019s 2% target as fast as hoped, as wholesale costs in January rose by a greater-than-expected 0.3%. <\/p>\n<p>\u201cThe past few months have been a struggle to get a good handle on oil markets, with too much geopolitical noise and one U.S. supply disruption after another creating short-term price overshoots,\u201d Stephen Innes, managing partner at SPI Asset Management, told MarketWatch.<\/p>\n<p>He believes the oil market will \u201cget politically testy\u201d if prices move much higher.<\/p>\n<p><strong>See:<\/strong> Biden\u2019s pause on natural-gas exports rolled back in House vote. Senate is unlikely to follow suit.<\/p>\n<p><strong>Also see:<\/strong> Platinum rises from ashes of \u2018dieselgate\u2019 to outperform palladium. What\u2019s next.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-lower-but-on-track-for-weekly-gains-as-traders-eye-fed-rate-path-cf87fd6d?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures climbed for the week, with the U.S. benchmark settling at its highest since early November as investors weighed the outlook for interest-rate cuts by the Federal Reserve, tensions in the Middle East and uncertainty about the outlook for crude demand. Price action West Texas Intermediate crude CL00, +0.22% for March delivery CL.1, +0.22% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-89990","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. oil prices settle at highest since November, post back-to-back weekly gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures climbed for the week, with the U.S. benchmark settling at its highest since early November as investors weighed the outlook for interest-rate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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