{"id":11857,"date":"2023-11-09T21:37:41","date_gmt":"2023-11-09T21:37:41","guid":{"rendered":"https:\/\/infundpros.com\/investment\/oil-prices-post-back-to-back-losses-settle-at-lowest-since-mid-july\/"},"modified":"2023-11-09T21:37:42","modified_gmt":"2023-11-09T21:37:42","slug":"oil-prices-post-back-to-back-losses-settle-at-lowest-since-mid-july","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11857","title":{"rendered":"Oil prices post back-to-back losses, settle at lowest since mid-July"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002704082\" role=\"document\">\n<p>Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for demand and a reported weekly rise in U.S. supplies of nearly 12 million barrels.<\/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\">+0.29%<\/bg-quote><br \/>\n       for December delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.29%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"positive\">+0.29%<\/bg-quote><br \/>\n       fell $2.04, or 2.6%, to settle at $75.33 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since July 17, 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=\"negative\">-0.19%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"negative\">-0.19%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, dropped $2.07, or 2.5%, to $79.54 a barrel on ICE Futures Europe, the lowest since July 19.<\/p>\n<\/li>\n<li>\n      Back on Nymex, December gasoline<br \/>\n        RBZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376535\/delayed\" class=\"positive\">+1.56%<\/bg-quote><br \/>\n       shed 1.8% to $2.13 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\">-1.20%<\/bg-quote><br \/>\n       fell 3.1% to $2.75 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\">-2.32%<\/bg-quote><br \/>\n       lost 1.1% to $3.11 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil prices Wednesday were \u201chammered by demand concerns\u201d after the American Petroleum Institute reported a huge rise in crude inventories in the week ended Nov. 3, said Lukman Otunuga, manager, market analysis, at FXTM. <\/p>\n<div class=\"paywall\">\n<p>The trade group reported late Tuesday that U.S. crude supplies for last week climbed by 11.9 million barrels, according to sources citing the data. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\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<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span>The sharp jump in U.S. crude inventories \u201ccould be the product of various forces, with demand fluctuations on the list.\u201d<span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Lukman Otunuga, FXTM<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>\u201cThe sharp jump in inventories could be the product of various forces, with demand fluctuations on the list,\u201d Otunuga told MarketWatch. \u201cNevertheless, this report has added more fears around the demand side of the equation.\u201d <\/p>\n<p>Given how concerns remain elevated over China\u2019s economic outlook and the sense of uncertainty around the Federal Reserve\u2019s tightening cycle, oil may extend losses, he said.<\/p>\n<p>Weekly petroleum-supply data from the Energy Information Administration has been delayed to next week due to a \u201cplanned systems upgrade.\u201d The government agency will report two weeks\u2019 worth of data on Nov. 15. Analysts at Macquarie forecast a 4.7 million-barrel rise in crude stockpiles for the week ending Nov. 3.<\/p>\n<p>Weekly natural-gas supply data from the EIA, normally due out on Thursdays, will also be delayed to next week.<\/p>\n<p>Crude-oil prices fell sharply Tuesday, with both WTI and Brent ending at their lowest since July 21 after a round of disappointing China economic data that raised questions about demand from the world\u2019s largest oil consumer.<\/p>\n<p><strong>See:<\/strong> Why oil prices just dropped to their lowest since July<\/p>\n<p>It feels as if \u201cthe path of least resistance is down, with the next support for the front-month WTI contract coming in around $75 per barrel,\u201d David Morrison, senior market analyst at Trade Nation, said in a note.<\/p>\n<p>\u201cHaving said that, oil is looking oversold at current levels, so the possibility of a bounce can\u2019t be ruled out. Demand issues continue to be the driver of price, with concerns about economic weakness across China, the Eurozone and possibly the U.S. as well, all adding to downside pressure,\u201d he wrote.<\/p>\n<p>It isn\u2019t all about demand. Supply concerns have also played a role as fears of a broadening of the Israel-Hamas war have faded, allowing crude to more than take back the risk premium built into prices after the Oct. 7 Hamas attack on Israel.<\/p>\n<p>Russian seaborne crude oil exports have grown in recent months, which suggests that Russia is not sticking to its additional voluntary cut, said Warren Patterson and Ewa Manthey, commodity strategists at ING, in a note.<\/p>\n<p>The weakness is \u201clikely to lead to growing noise from OPEC+ and in particular from Saudi Arabia,\u201d they said. <\/p>\n<p>While Saudi Arabia and Russia confirmed that they would continue with their additional voluntary cuts through until the end of the year, \u201cit is increasingly likely that they will extend this into the new year if this downward pressure continues,\u201d Patterson and Manthey wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-extends-slump-after-ending-at-lowest-in-more-than-3-months-d4ed2133?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-11857","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"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 post back-to-back losses, settle at lowest since mid-July | inFundPros<\/title>\n<meta name=\"description\" content=\"Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11857\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices post back-to-back losses, settle at lowest since mid-July | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=11857\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-09T21:37:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-09T21:37:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/1699565861_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=11857#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=11857\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Oil prices post back-to-back losses, settle at lowest since mid-July\",\"datePublished\":\"2023-11-09T21:37:41+00:00\",\"dateModified\":\"2023-11-09T21:37:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=11857\"},\"wordCount\":639,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Investment\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=11857#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=11857\",\"url\":\"https:\/\/infundpros.com\/?p=11857\",\"name\":\"Oil prices post back-to-back losses, settle at lowest since mid-July | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-09T21:37:41+00:00\",\"dateModified\":\"2023-11-09T21:37:42+00:00\",\"description\":\"Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=11857#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=11857\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=11857#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices post back-to-back losses, settle at lowest since mid-July\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices post back-to-back losses, settle at lowest since mid-July | inFundPros","description":"Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=11857","og_locale":"en_US","og_type":"article","og_title":"Oil prices post back-to-back losses, settle at lowest since mid-July | inFundPros","og_description":"Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for","og_url":"https:\/\/infundpros.com\/?p=11857","og_site_name":"inFundPros","article_published_time":"2023-11-09T21:37:41+00:00","article_modified_time":"2023-11-09T21:37:42+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/1699565861_social.jpeg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=11857#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=11857"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Oil prices post back-to-back losses, settle at lowest since mid-July","datePublished":"2023-11-09T21:37:41+00:00","dateModified":"2023-11-09T21:37:42+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=11857"},"wordCount":639,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Investment"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=11857#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=11857","url":"https:\/\/infundpros.com\/?p=11857","name":"Oil prices post back-to-back losses, settle at lowest since mid-July | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-09T21:37:41+00:00","dateModified":"2023-11-09T21:37:42+00:00","description":"Oil futures declined Wednesday, tallying back-to-back session losses with prices settling at their lowest since mid-July on worries over the outlook for","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=11857#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=11857"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=11857#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices post back-to-back losses, settle at lowest since mid-July"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11857"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11857\/revisions"}],"predecessor-version":[{"id":11859,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/11857\/revisions\/11859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/11858"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}