{"id":12728,"date":"2023-11-12T01:01:04","date_gmt":"2023-11-12T01:01:04","guid":{"rendered":"https:\/\/infundpros.com\/investment\/oil-tallies-a-third-straight-weekly-fall-pressured-by-demand-worries-and-a-potential-supply-surplus\/"},"modified":"2023-11-12T01:01:05","modified_gmt":"2023-11-12T01:01:05","slug":"oil-tallies-a-third-straight-weekly-fall-pressured-by-demand-worries-and-a-potential-supply-surplus","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12728","title":{"rendered":"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002713671\" role=\"document\">\n<p>Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus have overtaken supply risks tied to the Israel-Hamas war.<\/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\">+0.23%<\/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\">+0.23%<\/bg-quote><\/p>\n<p>        CLZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727423\/delayed\" class=\"positive\">+0.23%<\/bg-quote><br \/>\n       rose $1.43, or 1.9%, to settle at $77.17 a barrel on the New York Mercantile Exchange, but registered a nearly 4.2% weekly drop, 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\">+0.33%<\/bg-quote><\/p>\n<p>        BRNF24,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704939\/delayed\" class=\"positive\">+0.33%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, added $1.42, or 1.8%, at $81.43 a barrel on ICE Futures Europe, for a 4.1% decline on the week.<\/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=\"negative\">-0.06%<\/bg-quote><br \/>\n       tacked on 1.3% to $2.19 a gallon, with prices down 0.5% for the week, while December heating oil<br \/>\n        HOZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376454\/delayed\" class=\"positive\">+0.18%<\/bg-quote><br \/>\n       added 0.9% to $2.74 a gallon, ending with a weekly fall of 6.2%. <\/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\">-0.49%<\/bg-quote><br \/>\n       settled at $3.03 per million British thermal units, down 0.3% for the session, and marking a weekly loss of 13.7%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Weak economic data out of China and fears of a potential U.S. and global slowdown have become a top concern for traders. <\/p>\n<div class=\"paywall\">\n<p>In the U.S., consumer sentiment fell in November for the fourth month in a row, to 60.4 from 63.8 in October, the University of Michigan said Friday.<\/p>\n<p>Crude prices this week traded at the lowest since mid-July before bouncing, more than erasing the modest rise seen following the Oct. 7 attack by Hamas on southern Israel.<\/p>\n<p>\u201cSentiment has shifted on the oil market: what began as a pricing out of the geopolitical risk premium has ended with a marked correction,\u201d said Barbara Lambrecht, commodity analyst at Commerzbank, in a note.<\/p>\n<p>Oil\u2019s rally over the summer and fall had been attributed in large part to supply concerns, with Saudi Arabia in July implementing a production cut of 1 million barrels a day, which it proceeded to roll over, extending it through at least the end of the year. Russia also pledged to continue a supply cut of 300,000 barrels a day, though analysts say Russia appears to have boosted exports, adding to pressure on the market.<\/p>\n<p>Prince Abdulaziz bin Salman, Saudi Arabia\u2019s energy minister, on Thursday dismissed talk of weaker oil demand, saying it was a \u201cploy\u201d by speculators.<\/p>\n<p><strong>Key Words:<\/strong> People are just \u2018pretending\u2019 oiI demand is weak, says Saudi energy minister. \u2018It\u2019s all a ploy.\u2019<\/p>\n<p>Manish Raj, managing director at Velandera Energy Partners, meanwhile, said the potential for an oil supply surplus may be the main reason behind oil\u2019s recent price decline. <\/p>\n<p>\u201cWe are not seeing any hint of demand softening,\u201d he told MarketWatch. \u201cOil demand will undoubtedly decline if we hit a recession, but that day is not today and demand declining in 2023 has a snowball\u2019s chance in hell.\u201d<\/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>\u201cOil demand will undoubtedly decline if we hit a recession, but that day is not today and demand declining in 2023 has a snowball\u2019s chance in hell.\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 Manish Raj, Velandera Energy Partners <\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>\u201cThe problem isn\u2019t the lack of demand, but rather too much supply,\u201d said Raj. <\/p>\n<p>\u201cSmugglers, dark fleet operators, thieves and black market dealers are working overtime washing and gushing oil produced or stolen from Russia, Iran, Kurdistan, and Nigeria,\u201d he said. <\/p>\n<p>Oil\u2019s path to $100 will depend on a potential resolution among members of the Organization of the Petroleum Exporting Countries to \u201cdeepen and extend production cuts,\u201d at their next meeting scheduled for Nov. 26, said Raj.  <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-set-for-third-straight-weekly-fall-as-traders-fret-about-demand-outlook-6e4601fd?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-12728","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 tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus | inFundPros<\/title>\n<meta name=\"description\" content=\"Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus\" \/>\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=12728\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=12728\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-12T01:01:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-12T01:01:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/1698979888_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=12728#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=12728\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus\",\"datePublished\":\"2023-11-12T01:01:04+00:00\",\"dateModified\":\"2023-11-12T01:01:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=12728\"},\"wordCount\":575,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Investment\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=12728#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=12728\",\"url\":\"https:\/\/infundpros.com\/?p=12728\",\"name\":\"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-12T01:01:04+00:00\",\"dateModified\":\"2023-11-12T01:01:05+00:00\",\"description\":\"Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=12728#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=12728\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=12728#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus\"}]},{\"@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 tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus | inFundPros","description":"Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus","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=12728","og_locale":"en_US","og_type":"article","og_title":"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus | inFundPros","og_description":"Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus","og_url":"https:\/\/infundpros.com\/?p=12728","og_site_name":"inFundPros","article_published_time":"2023-11-12T01:01:04+00:00","article_modified_time":"2023-11-12T01:01:05+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/1698979888_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=12728#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=12728"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus","datePublished":"2023-11-12T01:01:04+00:00","dateModified":"2023-11-12T01:01:05+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=12728"},"wordCount":575,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Investment"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=12728#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=12728","url":"https:\/\/infundpros.com\/?p=12728","name":"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-12T01:01:04+00:00","dateModified":"2023-11-12T01:01:05+00:00","description":"Oil futures ended higher Friday, but tallied a third straight weekly decline as worries about the outlook for demand and expectations for a supply surplus","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=12728#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=12728"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=12728#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Oil tallies a third straight weekly fall, pressured by demand worries and a potential supply surplus"}]},{"@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\/12728","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=12728"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/12728\/revisions"}],"predecessor-version":[{"id":12729,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/12728\/revisions\/12729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/8895"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}