{"id":5216,"date":"2023-05-05T14:22:16","date_gmt":"2023-05-05T14:22:16","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5216"},"modified":"2023-05-05T14:24:58","modified_gmt":"2023-05-05T14:24:58","slug":"oil-prices-jump-but-still-on-track-for-third-weekly-fall","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5216\/","title":{"rendered":"Oil prices jump but still on track for third weekly fall"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil prices jumped on Friday but were set for a third straight week of losses after dramatic drops on fears over the economic impact of interest rate hikes and slowing Chinese demand.<\/p>\n\n\n\n<p>Brent crude rose $2.61, or 3.6%, to $75.11 a barrel by 1336 GMT. U.S. West Texas Intermediate was up $2.70, or 3.9%, at $71.26 after four days of declines that sent the contract to lows last seen in late 2021.<\/p>\n\n\n\n<p>The Brent benchmark was on track to finish the week with a decline of about 5.5%, while WTI was set for a 7% loss, despite heading for their biggest daily percentages rises in a month.<\/p>\n\n\n\n<p>&#8220;Rather than underlying fundamentals, the selling frenzy over the past week has been driven by worries about demand linked to recession risks and the strain in the U.S. banking sector,&#8221; said PVM oil market analyst Stephen Brennock.<\/p>\n\n\n\n<p>&#8220;The upshot is that there is a big disconnect between oil balances and oil prices.&#8221;<\/p>\n\n\n\n<p>Commerzbank analysts also said oil demand concerns were overblown and expect a price correction upward in coming weeks.<\/p>\n\n\n\n<p>Equities, which often move in tandem with oil prices, also edged up.<\/p>\n\n\n\n<p>But worries over U.S. regional banks persisted after\u00a0PacWest Bancorp\u00a0(PACW.O)\u00a0said it planned to explore strategic options.<\/p>\n\n\n\n<p>In China,\u00a0factory activity\u00a0contracted unexpectedly in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector.<\/p>\n\n\n\n<p>However, expectations of potential supply cuts at the next meeting of the OPEC+ producer group in June have provided some price support, said Kelvin Wong, a senior market analyst at OANDA in Singapore.<\/p>\n\n\n\n<p>U.S. data showed\u00a0employers boosted hiring\u00a0in April while raising wages for workers, pointing to sustained labour market strength that could see the Federal Reserve keeping interest rates higher for some time.<\/p>\n\n\n\n<p>Investors broadly expect the\u00a0Fed to pause rate hikes\u00a0at its June policy meeting.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-05-05T14:24:58+00:00\"> 5 May 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil prices jumped on Friday but were set for a third straight week of losses after dramatic drops on fears over the economic impact of interest rate hikes and slowing Chinese demand. Brent crude rose $2.61, or 3.6%, to $75.11 a barrel by 1336 GMT. U.S. West Texas Intermediate was up $2.70, or 3.9%, at [&hellip;]","protected":false},"author":1,"featured_media":5217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-5216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=5216"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5217"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5216"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}