{"id":10867,"date":"2023-11-08T02:50:46","date_gmt":"2023-11-08T02:50:46","guid":{"rendered":"https:\/\/infundpros.com\/markets\/commodities\/oil-tumbles-4-to-april-lows-on-china-woes\/"},"modified":"2023-11-08T02:50:46","modified_gmt":"2023-11-08T02:50:46","slug":"oil-tumbles-4-to-april-lows-on-china-woes","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10867","title":{"rendered":"Oil tumbles 4% to April lows on China woes"},"content":{"rendered":"
\n

Investing.com – \u201cNo, not again!\u201d \u2014 the Saudis must be thinking.<\/p>\n

But that\u2019s exactly what it was as crude prices hit near seven-month lows on Tuesday, plunging to $70 territory, as disappointing trade data from China raised fresh concerns about the economic health of the world\u2019s largest crude importer.<\/p>\n

New York-traded , or WTI, crude for December delivery, settled at $77.37 per barrel, down $3.45, or 4.3% on the day. The session low for the US crude benchmark was $77.28, marking a bottom not seen since April.<\/p>\n

As WTI settled, UK-origin crude\u2019s most-active January contract was at $81.67, down $3.51, or 4.1%, by 14:30 Eastern US Time (19:00 Greenwich Mean Time).<\/p>\n

The US crude benchmark\u2019s 4% drop since the start of November adds to October\u2019s torrid 11% loss.<\/p>\n

For Brent, this month\u2019s 3% drop comes on top of the previous month\u2019s 11% plunge.<\/p>\n

Oil\u2019s correction came as the market unwinds all of the war risk premium from the Israel-Hamas war and defied pledges of supply cuts through the year-end by OPEC+ heavyweights Saudi Arabia and Russia to keep prices up.<\/p>\n

\u201cThat we’re seeing data that confirms economies are struggling under the pressure of high interest rates which are not expected to decline soon may also have contributed to oil reversing its gains,\u201d said Craig Erlam, analyst at online trading platform OANDA.<\/p>\n

\u201cIt’s no surprise then that Saudi Arabia and Russia remain committed to their end-of-year cuts, it’s just a question of whether they will be extended. That they haven’t already perhaps suggests there’s some reluctance too, which may also be weighing on prices a little<\/p>\n

Data released on Tuesday showed that China’s shrank more than expected in October, while the country’s was at its worst level in 17 months.<\/p>\n

unexpectedly grew during the month, highlighting some improvement in local demand as Beijing rolled out more stimulus measures, but the prolonged weakness in exports could stymie growth in the country and dent oil demand.<\/p>\n

Also weighing on market sentiment was weak economic readings from the eurozone and U.K., which raised concerns that slowing economic growth will weigh on oil demand in this important energy consuming region.<\/p>\n

Dollar rebound weighs on crude market<\/strong><\/h2>\n

The dollar rose from a six-week low as Minneapolis Fed President warned that the central bank may not be done raising interest rates.<\/p>\n

Kashkari\u2019s comments somewhat dented expectations that the Fed was done raising interest rates, spurring a rebound in the dollar, which in turn weighed on oil prices.<\/p>\n

Net long positions sharply reduced<\/strong><\/h2>\n

The crude market had recorded steep losses last week, as traders had begun to factor in growing bets that the Israel-Hamas war will not disrupt supplies in this oil-rich region.<\/p>\n

The latest positioning data shows that money managers reduced their net long positions in both the NYMEX WTI and ICE Brent contracts, \u201cdriven by fresh shorts entering the market, whilst there was obviously a fair amount of long liquidation,\u201d said analysts at ING, in a note, resulting in \u201csmallest net long speculators have held in WTI since July.\u201d<\/p>\n

(Peter Nurse and Ambar Warrick contributed to this)<\/em><\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – \u201cNo, not again!\u201d \u2014 the Saudis must be thinking. But that\u2019s exactly what it was as crude prices hit near…<\/p>\n","protected":false},"author":1,"featured_media":1230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-10867","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities"},"yoast_head":"\nOil tumbles 4% to April lows on China woes | inFundPros<\/title>\n<meta name=\"description\" content=\"Investing.com - \u201cNo, not again!\u201d \u2014 the Saudis must be thinking. 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