{"id":6579,"date":"2023-10-29T01:35:41","date_gmt":"2023-10-29T01:35:41","guid":{"rendered":"https:\/\/infundpros.com\/investment\/oil-prices-settle-at-lowest-in-2-weeks-as-volatility-tied-to-middle-east-risks-prevails\/"},"modified":"2023-10-29T01:35:41","modified_gmt":"2023-10-29T01:35:41","slug":"oil-prices-settle-at-lowest-in-2-weeks-as-volatility-tied-to-middle-east-risks-prevails","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6579","title":{"rendered":"Oil prices settle at lowest in 2 weeks as volatility tied to Middle East risks prevails"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002659630\" role=\"document\">\n<p>Crude-oil futures settled at their lowest in two weeks on Thursday, with prices still volatile as traders eyed the latest developments in the Middle East for any signs of growing risks to the market in the oil-rich region.    <\/p>\n<p>Prices moved away from the session lows, but held onto a loss from Wednesday\u2019s settlement after a fresh reading on the strength of U.S. economic growth. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude oil<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.44%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.44%<\/bg-quote><br \/>\n       for December delivery declined by  $2.18, or nearly 2.6%, to settle at $83.21 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.03%<\/bg-quote><span>,<\/span><br \/>\n       the international benchmark, lost $2.20, or 2.4%, to $87.93 a barrel on ICE Futures Europe. Brent and WTI crude both settled at their lowest since Oct. 12, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.12%<\/bg-quote><br \/>\n       fell 1.2% to $2.26 per gallon, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-0.47%<\/bg-quote><br \/>\n       added 0.4% at $3.04 a gallon. <\/p>\n<\/li>\n<li>\n      November natural gas<br \/>\n        NGX23<span><\/span><br \/>\n       gained 6.8% to settle at $3.21 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cFundamentals for oil are taking a back seat to the shifting winds of war,\u201d said Phil Flynn, senior market analyst at The Price Futures Group, in a daily note. \u201cIt\u2019s war premium in, then war premium out, then war premium back in again.\u201d\u00a0<\/p>\n<p><strong>Read:<\/strong> 4 reasons why oil prices have only seen a modest Middle East risk premium<\/p>\n<p>Israeli troops briefly raided northern Gaza overnight ahead of a widely expected ground invasion, the Associated Press reported. <\/p>\n<p>\u201cOil bears were back in action on Thursday as a mashup of demand-side fears and concerns over the economic outlook weighed on the global commodity,\u201d Lukman Otunuga, manager, market analysis, at FXTM told MarketWatch.<\/p>\n<p>U.S. data released Thursday showed the economy grew at a 4.9% annual pace in the third quarter. <\/p>\n<p>While this encouraging report has the potential to stimulate Federal Reserve hike expectations, \u201cit is unlikely to influence the Fed\u2019s rate decision next week,\u201d said Otunuga. \u201cHowever, more encouraging U.S. data could boost bets around a December move \u2014 weighing on oil prices as demand concerns grow.\u201d <\/p>\n<p><strong>Read:<\/strong> U.S. is set to play tug of war with OPEC+ for oil market share as Middle East hostilities warrant output boost<\/p>\n<p>Still, oil managed to trade off the session\u2019s lows shortly after the release of the third-quarter gross domestic product data.<\/p>\n<p>\u201cLooks like consumers went on a spending spree but can it last?\u201d Flynn told MarketWatch.  <\/p>\n<p>\u201cConcerns about a potential slowdown in the economy ahead as well as weak seasonal demand for oil is weighing on prices,\u201d he said. \u201cThe market also seems to be really getting kicked around by war rumors and the uncertainty seems to be dragging a bit on the global economy.\u201d<\/p>\n<p>Wednesday\u2019s supply data from \u00a0the U.S. Energy Information Administration, ,meanwhile, reflected larger-than-expected increases in domestic crude and gasoline supplies. <\/p>\n<p>The weekly rise in U.S crude stockpiles reported Wednesday, \u201ccoupled with the absence of any immediate supply disruptions in the Middle East has offered sellers an opportunity to attack,\u201d said Otunuga.<\/p>\n<p>The conflict between Israel and Hamas could help to limit any further declines in oil, as speculators remain ready to jump in and buy due in part to the geopolitical uncertainty. <\/p>\n<p>\u201cOn one hand you have an uncertain economic background which means weak demand compared to the supply available. On the other you have fears that supply could easily be interrupted should there be an escalation in hostilities across the Middle East. While\u00a0oil\u00a0appears to be trading in a minor downtrend, any downside \u2018overshoots\u2019 are being jumped on by bullish speculators,\u201d said David Morrison, senior market analyst at Trade Nation. <\/p>\n<p>In other energy trading Thursday, prices for natural gas rallied after the EIA reported that U.S. natural-gas supplies in storage rose by 74 billion cubic feet for the week ended Oct. 20. <\/p>\n<p>The increase was smaller than the average increase of 81 billion cubic feet forecast by analysts surveyed by S&amp;P Global Commodity Insights.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-slide-as-traders-await-u-s-gdp-report-2c4c616e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude-oil futures settled at their lowest in two weeks on Thursday, with prices still volatile as traders eyed the latest developments in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-6579","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 settle at lowest in 2 weeks as volatility tied to Middle East risks prevails | inFundPros<\/title>\n<meta name=\"description\" content=\"Crude-oil futures settled at their lowest in two weeks on Thursday, with prices still volatile as traders eyed the latest developments in the Middle East\" \/>\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=6579\" 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