{"id":11536,"date":"2023-12-18T20:13:53","date_gmt":"2023-12-18T20:13:53","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/oil-prices-end-higher-but-notch-fourth-straight-weekly-loss\/"},"modified":"2023-12-18T20:13:54","modified_gmt":"2023-12-18T20:13:54","slug":"oil-prices-end-higher-but-notch-fourth-straight-weekly-loss","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=11536","title":{"rendered":"Oil prices end higher but notch fourth straight weekly loss"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002740186\" role=\"document\">\n<p>Oil futures finished higher on Friday, reversing most of a decline in the previous session that brought them to their lowest levels since July and pulled U.S. benchmark prices into bear-market territory. <\/p>\n<p>Prices got a boost following a report from the Financial Times that said the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, may decide on additional production cuts when they meet on Nov. 26. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude\u00a0<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.60%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.57%<\/bg-quote><br \/>\n       for December delivery rose $2.99, or 4.1%, to settle at $75.89 a barrel on the New York Mercantile Exchange, with front-month prices 1.7% lower for the week. On Thursday, WTI was down 22.2% from its 52-week high of $93.68 on Sept. 27, placing it in bear-market territory, according to Dow Jones Market Data. <\/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\">+0.17%<\/bg-quote><\/p>\n<p>        BRNF24<span>,<\/span><br \/>\n       the global benchmark, added $3.19, or 4.1%, to $80.61 a barrel on ICE Futures Europe, ending 1% lower for the week. On Thursday, Brent was off 19.81% from its 52-week high of $96.55 hit on Sept. 27 \u2014 just shy of bear-market territory.<\/p>\n<\/li>\n<li>\n      December gasoline<br \/>\n        RBZ23<span><\/span><br \/>\n       gained 4% to $2.18 a gallon, posting a weekly loss of 0.2%, while December heating oil<br \/>\n        HOZ23<span><\/span><br \/>\n       rose by 0.8% to $2.77 a gallon, rising 1.1% for the week.<\/p>\n<\/li>\n<li>\n      Natural gas for December delivery\u00a0<br \/>\n        NGZ23<span><\/span><br \/>\n       fell by 3.3% to $2.96 per million British thermal units. It settled at its lowest since Oct. 23, down 2.4% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cLess-bearish headlines\u201d Friday contributed to the bounce in oil prices, said Tyler Richey, co-editor at Sevens Report Research. <\/p>\n<p><strong>Read:<\/strong> OPEC will set an $80 floor for oil next year, say Goldman strategists<\/p>\n<p>Saudi Arabia is planning to prolong its oil-production cuts into next year, the Financial Times reported Friday, citing four people familiar with the Saudi government\u2019s thinking. That comes as OPEC+ mulls further output reductions ahead of a meeting set for Nov. 26.<\/p>\n<p>With the recent break below $80 in Brent prices, \u201cthe so-called Saudi Arabia \u2018put\u2019 zone comes into play, so there will be considerable speculation that OPEC will intervene somehow,\u201d Stephen Innes, managing partner at SPI Asset Management, told MarketWatch.<\/p>\n<p>Saudi Arabia\u2019s voluntary output cut of 1 million barrels per day, which began in July, expires at the end of the year.<\/p>\n<p>The Financial Times also reported that an additional OPEC+ cut of up to 1 million barrels per day could be on the table, citing comments from one informed person, who described the oil-producer ground as being \u201cgalvanized\u201d by the Israel-Hamas war. Some members of OPEC+ are angry over the humanitarian crisis in Gaza and may look to send a message to the U.S. by cutting oil output by even more, the report said.<\/p>\n<p><strong>Read:<\/strong> Oil futures are slipping into a condition known as contango. What that means for prices.<\/p>\n<p>\u201cAnyone who has been trading oil for 10 years or more will remember the Thanksgiving shock OPEC delivered markets in 2014 as they abandoned production quotas and effectively \u2018opened the spigots,&#8217;\u201d which crushed prices from near $80 to the mid-$40s in a matter of weeks, Richey told MarketWatch.<\/p>\n<p>\u201cThis time around, the risk seems to be tilted in favor of the bulls as a deeper cut to the total output target for OPEC+ could send futures back towards $100,\u201d he said. <\/p>\n<p>Thursday\u2019s sharp oil-price decline, meanwhile, was spurred by soft economic data out of the U.S. and China and by rising supply. <\/p>\n<p>Still, the data \u201cdoesn\u2019t indicate weaker global demand, so there is a good chance that the non-OPEC surge in supply could be a one-off,\u201d Innes said.  \u201cI\u2019m keeping an eye on Venezuela, Iraq, Russia and, of course, U.S. shale production to validate that suspicion among a number of analysts.\u201d\u00a0<\/p>\n<p>WTI\u2019s December futures contract expires at the end of Monday\u2019s session. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-recover-but-still-on-track-to-see-biggest-2-week-drop-since-march-a8a0be8a?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished higher on Friday, reversing most of a decline in the previous session that brought them to their lowest levels since July and pulled U.S. benchmark prices into bear-market territory. Prices got a boost following a report from the Financial Times that said the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, may decide on additional production cuts when they meet on Nov. 26. Price action West Texas Intermediate crude\u00a0 CL00, +1.60% CL.1, +1.57% for December delivery rose $2.99, or 4.1%, to settle at $75.89 a barrel on the New York Mercantile Exchange,<\/p>\n","protected":false},"author":1,"featured_media":11537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-11536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices end higher but notch fourth straight weekly loss | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Oil futures finished higher on Friday, reversing most of a decline in the previous session that brought them to their lowest levels since July and pulled\" \/>\n<meta name=\"robots\" content=\"index, follow, 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