{"id":1657455,"date":"2022-09-25T21:50:49","date_gmt":"2022-09-26T01:50:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1657455"},"modified":"2022-09-25T21:51:30","modified_gmt":"2022-09-26T01:51:30","slug":"oil-claws-back-some-losses-but-strong-dollar-caps-gains","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-claws-back-some-losses-but-strong-dollar-caps-gains\/","title":{"rendered":"Oil claws back some losses but strong dollar caps gains"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-claws-back-some-losses-but-strong-dollar-caps-gains%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1657455&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>MELBOURNE (Reuters) \u2013     Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.<\/p>\n<p>The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Brent crude futures were up 17 cents, or 0.2%, at $86.32 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.3%, at $78.95 a barrel. Both contracts slumped around 5% on Friday.<\/p>\n<p>Analysts said crude should find some support as Russia reinforces troops for the war on Ukraine and European Union sanctions on Russian oil are set to take effect in December.<\/p>\n<p>\u201cThis is really the big question mark for oil in forecasting the next few quarters \u2013 how do weaker demand projections weigh up against EU sanctions,\u201d said Commonwealth Bank analyst Vivek Dhar who had expected Brent to head back toward $100 a barrel in the fourth quarter.<\/p>\n<p>\u201cIt\u2019s still going to be challenging for the market to find that oil to replace Russian supply,\u201d Dhar said.<\/p>\n<p>With prices plunging, attention will turn to what the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, may do when they meet on Oct. 5, after agreeing to cut output modestly at their last meeting.<\/p>\n<p>\u201cThe sell-off could see OPEC intervene again,\u201d ANZ Research analysts said in a note, pointing to remarks by Nigeria\u2019s oil minister, Timipre Sylva, saying OPEC would consider output cuts as current prices were hurting the budgets of some members.<\/p>\n<p>But given that OPEC+ is producing well below its targeted output, any announced cut is unlikely to have much, if any, impact on actual supply.<\/p>\n<p>\u201cI don\u2019t think it\u2019s going to be the game changer,\u201d Dhar said.<\/p>\n<p>Data last week showed OPEC+ fell short of its output target by 3.58 million barrels per day in August, a bigger shortfall than in the previous month.<\/p>\n<p> (Reporting by Sonali Paul in Melbourne; Editing by Ana Nicolaci da Costa)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-claws-back-some\/attachment\/illustration-shows-oil-barrels-in-front-of-rising-stock-graph-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8P019-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8P019-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MELBOURNE (Reuters) \u2013 Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1657455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1657455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1657455"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1657455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1657455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1657455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1657455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}