{"id":2004411,"date":"2023-08-18T00:31:02","date_gmt":"2023-08-18T04:31:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-set-to-snap-7-week-winning-streak-on-china-woes-fed-rate-outlook\/"},"modified":"2023-08-18T00:32:55","modified_gmt":"2023-08-18T04:32:55","slug":"oil-set-to-snap-7-week-winning-streak-on-china-woes-fed-rate-outlook","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-set-to-snap-7-week-winning-streak-on-china-woes-fed-rate-outlook\/","title":{"rendered":"Oil&#8217;s 7-week winning streak to end due to China&#8217;s troubles and Fed rate predictions."},"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\">28<\/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-set-to-snap-7-week-winning-streak-on-china-woes-fed-rate-outlook%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=2004411&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--><div class=\"entry-content\">\n<p><strong>Oil \u2062prices \u2062set to snap winning streak as concerns about China&#8217;s economy\u200b and higher US rates trigger \u2062losses<\/strong><\/p>\n<p>By Sudarshan Varadhan<\/p>\n<p>SINGAPORE (Reuters) \u2013 Oil prices looked\u200d set\u200b to snap a seven-week winning streak on Friday \u2063as concerns about demand growth\u200c in China as its economy slows, and the \u2063possibility of higher for longer U.S. rates triggered losses.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p><strong>Major\u200d benchmarks\u200c were\u200d little changed \u2062on Friday, with the \u200cU.S. West Texas Intermediate crude (WTI) up\u2062 10 cents, or 0.1%, at $80.49 a barrel,\u200c while Brent crude was flat at $84.12\u2064 a barrel as\u200d of 0205 GMT.<\/strong><\/p>\n<p>The U.S. Federal Reserve\u2019s focus on containing inflation amid stronger-than-expected economic data was keeping a lid\u2062 on oil \u2064prices.<\/p>\n<p>On Thursday, the U.S. Labor\u2062 Department reported the number of Americans filing new claims for jobless benefits fell in\u200c the \u200blast week, suggesting the\u200d still-tight labour\u200c market could prolong \u200bthe Fed\u2019s tightening\u2063 campaign to cool the economy.<\/p>\n<p>That report\u200c followed\u2062 similarly upbeat economic\u200c data earlier in\u200b the week, including U.S. retail sales, which all suggested the Fed\u2063 may have to stick with higher rates for longer.<\/p>\n<p>Investors fret \u200cthat higher borrowing\u200c costs\u200d could impede economic growth and \u200cin turn reduce\u200c overall demand, including for oil.<\/p>\n<p>Adding to the \u200bconcerns, a recent batch of economic data from China,\u200b the world\u2019s second largest oil consumer, has highlighted the \u200drapid loss in economic momentum there since the \u2064second quarter. <\/p>\n<p>China\u2019s sputtering economy has whipsawed global financial markets in the past few months, with a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-set-to-snap-7-week-winning-streak-on-china-woes-fed-rate-outlook\/\" title=\"Oil's 7-week winning streak to end due to China's troubles and Fed rate predictions.\">property \u2064crisis spooking investors \u200damid contagion fears<\/a>. <\/p>\n<p>However, China made a\u2064 rare \u2062draw on\u2062 crude oil inventories in July, the first time\u200d in 33 \u2063months it has dipped into storage. <\/p>\n<p>Data released this week \u200dalso showed that U.S. \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-taps-strategic-oil-reserves-for-50-million-barrels-to-address-high-pump-prices\/\" title=\"Biden Taps Strategic Oil Reserves For 50 Million Barrels To Address High Pump Prices\">crude oil inventories fell<\/a> by \u2063nearly 6 million barrels \u200dlast week on strong exports and \u2064refining run rates. Weekly products supplied, a proxy for demand, \u2064rose \u2064to the highest since December. \u200b [EIA\/S].<\/p>\n<\/p>\n<p>  (Reporting \u200dby Sudarshan Varadhan; Editing by \u2062Shri Navaratnam)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-set-to-snap\/attachment\/crude-oil-tanker-in-zhoushan-4\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Prosecutors announce major break in murder case \u2062of \u200bMicrosoft executive \u2062Jared \u200cBridegan<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>President Robert L. \u2063Peters under scrutiny while Georgia \u200cState Senator \u200cColton\u200d Moore defends Trump<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Biden\u2062 challenges critics \u2063on the one-year anniversary of the\u2063 &#8216;Inflation-Reduction Act&#8217;<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Former White House Chief of Staff Mark\u200b Meadows moves case to federal court<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Semiconductor equipment maker\u200c Applied Materials \u200bforecasts strong fourth-quarter profit<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Microsoft to \u200dsell new version of Databricks software for AI \u2063app development<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>YouTube lawsuit accusing restriction of videos dismissed by federal judge<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Increasing \u2064use\u2063 of artificial intelligence in cybersecurity, \u2062says Google-owned Mandiant<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices appeared poised to end a seven-week winning streak on Friday due to worries about China&#8217;s slowing economy and the potential for prolonged higher interest rates in the United States. Major benchmarks remained relatively stable on Friday, including U.S. West Texas Intermediate crude.<\/p>\n","protected":false},"author":66,"featured_media":2004412,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2004411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004411","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=2004411"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004412"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}