{"id":6204,"date":"2023-11-02T19:19:03","date_gmt":"2023-11-02T19:19:03","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/oil-prices-attempt-to-snap-3-day-losing-streak\/"},"modified":"2023-11-02T19:19:04","modified_gmt":"2023-11-02T19:19:04","slug":"oil-prices-attempt-to-snap-3-day-losing-streak","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=6204","title":{"rendered":"Oil prices attempt to snap 3-day losing streak"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002684831\" role=\"document\">\n<p>Oil futures rose Thursday, attempting to snap a three-day losing streak after the U.S. benchmark ended the previous session just above the $80-a-barrel threshold after wiping out gains seen after the Hamas attack on southern Israel last month.<\/p>\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=\"positive\">+2.56%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.56%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"positive\">+2.56%<\/bg-quote><br \/>\n       rose 55 cents, or 0.7%, to $80.99 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=\"negative\">-0.06%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-0.06%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained 78 cents, or 0.9%, to trade at $85.41 a barrel on ICE Futures Europe. It ended Wednesday at its lowest since Oct. 6, the last trading day before the Hamas attack.<\/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=\"positive\">+2.86%<\/bg-quote><br \/>\n       tacked on 1.5% to $2.2181 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=\"positive\">+1.91%<\/bg-quote><br \/>\n       shed nearly 0.1% to $2.9592 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\">-0.23%<\/bg-quote><br \/>\n       traded at $3.432 per million British thermal units, down 1.8%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>A generally upbeat tone to global markets \u2014 with U.S. equity futures on the rise, Treasury yields pulling back and a weaker U.S. dollar after the Federal Reserve decided Wednesday to not raise interest rates \u2014 did little to convince traders another rate hike is on the way, was helping to lift crude, market watchers said.<\/p>\n<div class=\"paywall\">\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 in Thursday dealings, 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 continued to trade 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=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Thursday, attempting to snap a three-day losing streak after the U.S. benchmark ended the previous session just above the $80-a-barrel threshold after wiping out gains seen after the Hamas attack on southern Israel last month. Price action West Texas Intermediate crude for December delivery CL00, +2.56% CL.1, +2.56% CLZ23, +2.56% rose 55 cents, or 0.7%, to $80.99 a barrel on the New York Mercantile Exchange, after ending Wednesday at its lowest since Aug. 28, January Brent crude BRN00, -0.06% BRNF24, -0.06%, the global benchmark, gained 78 cents, or 0.9%, to trade at $85.41 a barrel on ICE<\/p>\n","protected":false},"author":1,"featured_media":6205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-6204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices attempt to snap 3-day losing streak | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Oil futures rose Thursday, attempting to snap a 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