{"id":2093227,"date":"2023-11-07T17:45:02","date_gmt":"2023-11-07T22:45:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dives-4-to-lowest-since-july-on-demand-worry-strong-dollar\/"},"modified":"2023-11-07T17:48:36","modified_gmt":"2023-11-07T22:48:36","slug":"oil-dives-4-to-lowest-since-july-on-demand-worry-strong-dollar","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dives-4-to-lowest-since-july-on-demand-worry-strong-dollar\/","title":{"rendered":"Oil dives 4% to lowest since July on demand worry, strong dollar"},"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\">24<\/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-dives-4-to-lowest-since-july-on-demand-worry-strong-dollar%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=2093227&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><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<p><span class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2\" data-testid=\"Text\">By <\/span>Shariq Khan<\/p>\n<p>8:23 PM \u2063UTC \u2013 November 7, 2023<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p><h2 class=\"heading\">Oil\u2064 Prices \u200dDrop Over 4% as\u200d Chinese Data and OPEC \u2064Exports Ease Concerns<\/h2>\n<\/p>\n<p>BENGALURU (Reuters) \u2013 Oil prices\u200b fell more than 4% on Tuesday to\u200c their lowest since late\u200d July, as mixed Chinese\u200b economic data and rising OPEC exports eased fears about\u2063 tight markets and as the\u2062 dollar strengthened.<\/p>\n<p>Brent crude\u2064 futures closed below $84 a \u2062barrel for the first time since Hamas Islamists\u2019 Oct. 7\u2062 attack\u200b on Israel. The global benchmark settled at $81.61\u2062 a barrel, down $3.57, or 4.2%, while U.S. West Texas Intermediate crude futures settled at $77.37 a barrel, \u2064down $3.45, or 4.3%.<\/p>\n<p>\u201cTraders will \u200bremain on high alert for signs of a \u200dwider conflict emerging in \u200cthe region that \u2063could disrupt supplies, but\u2064 it seems those fears are \u2064subsiding,\u201d OANDA analyst Craig Erlam said.<\/p>\n<p>A recovery in oil exports from the Organization \u200cof Petroleum Exporting \u200cCountries also added to the \u200cpressure on oil prices, UBS analyst Giovanni Staunovo said.<\/p>\n<p>\u201cOPEC crude exports are up by about 1 million barrels per day (bpd) since their August low, as a result of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-dives-4-to-lowest-since-july-on-demand-worry-strong-dollar\/\" title=\"Oil dives 4% to lowest since July on demand worry, strong dollar\">seasonally lower domestic demand<\/a> in the\u200d Middle East. It\u200d seems it is too \u200dmuch supply to be absorbed by \u200doil consuming nations,\u201d Staunovo said.<\/p>\n<p>The premium on front-month loading Brent contracts\u200b over ones loading in six months was \u200cat a 2-1\/2-month low, indicating less concern about\u200d supply deficits.<\/p>\n<p>On the demand side, China\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nolte-politifact-straight-up-lies-about-america-doubling-russia-oil-imports\/\" title=\"Nolte: PolitiFact Straight-Up Lies About America Doubling Russia Oil Imports\">crude oil imports<\/a> in October showed robust \u200cgrowth but its total exports of goods and services contracted at a quicker pace than expected.<\/p>\n<p>\u201cThe \u2062data signals the \u200bcontinued decline in the Chinese \u2062economic outlook driven by deteriorating demand \u200bin\u200c the country\u2019s largest export destination: the West,\u201d City Index analyst Fiona Cincotta said.<\/p>\n<p>The U.S. Energy Information\u200c Administration now expects \u2062total petroleum \u2063consumption in the country to \u2063fall by \u2063300,000 bpd this year, reversing its earlier forecast of a 100,000 bpd increase.<\/p>\n<p>Fading investor hopes \u2064for a peak in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economist-warns-that-world-is-in-early-stages-of-very-significant-recession\/\" title=\"Economist Warns That World Is In Early Stages Of \u2018Very Significant\u2019 Recession\">global interest rates<\/a> also \u200bhelped lift the U.S. dollar (.DXY) from recent lows, making oil \u2063more expensive for\u200c holders of other currencies.<\/p>\n<p>The U.S. central\u200c bank may have to do more to reduce inflation to its \u20642% target, Minneapolis Federal\u200d Reserve President Neel Kashkari said. Investors are awaiting \u2064comments from Fed Chair Jerome Powell, due on Wednesday and Thursday.<\/p>\n<p>\u201cThere are\u2064 concerns in \u2063the oil markets\u200b about both rising supply \u2062and sliding \u2062demand,\u201d said Mizuho analyst Robert Yawger. \u200d\u201cIt\u2019s \u2062certainly not a tight market right now,\u201d he added.<\/p>\n<p>API\u200d industry data on U.S. crude stockpiles is \u200dexpected after 2000 GMT on Tuesday.<\/p>\n<p>Reporting by \u200cShariq Khan in \u2064Bengaluru. Additional reporting by Trixie Yap in Singapore and Yuka Obayashi in Tokyo. Editing by David Gregorio and Matthew Lewis<\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\t\u200d\t\tShare\u2064 this \u200bpost!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">Senators Urge Iran and Israel to Exercise Restraint in Conflict<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">Diversity, Equity, and Inclusion Fueling Jew Hatred on School Campuses<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">New York Voters Decide on Various Races and Ballot \u2062Questions<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">Biden Administration&#8217;s\u2063 Approach \u200cto \u200bIsrael\u2063 War Raises Concerns<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">US Watchdog \u2063Proposes Rules \u200bfor Big Tech Payments\u2062 and Digital Wallets<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">Thousands Volunteer for Elon Musk&#8217;s\u2063 Neuralink Brain Implant Study<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">EU Introduces \u200dRules \u2062for Big \u2062Tech Ahead of Key Votes<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><h3 class=\"sub-heading\">Britain Holds Makers of Self-Driving Cars Liable for Crashes<\/h3>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How \u200chave OPEC exports affected the oil \u200bmarket?<\/h2>\n<p><span>  Oil Prices\u2064 Drop Over 4% as Chinese \u200cData and OPEC Exports\u200c Ease Concerns<\/p>\n<p>By \u2063Shariq Khan<\/p>\n<p>8:23\u2064 PM \u2063UTC \u2013 November 7, 2023<\/p>\n<p>Oil prices fell\u200c more than 4% \u2063on\u2064 Tuesday to their lowest since late\u200d July, as mixed Chinese \u2062economic data \u200band rising OPEC exports eased fears \u200babout tight markets and as the dollar strengthened.<\/p>\n<p>Brent crude futures\u2063 closed below $84 a barrel for the first time since Hamas\u200d Islamists\u2019 Oct.\u2064 7 attack on Israel. The\u200d global benchmark settled at \u2063$81.61 a \u200bbarrel, down $3.57, \u2062or 4.2%, while \u2062U.S. West Texas Intermediate crude \u2062futures settled at $77.37 a barrel, down\u200d $3.45, or 4.3%.<\/p>\n<p>\u201cTraders will \u2062remain \u2062on high alert for signs of a wider\u200d conflict\u2063 emerging in\u200b the region that could disrupt supplies, but it seems those fears are subsiding,\u201d OANDA analyst Craig Erlam said.<\/p>\n<p>A recovery in oil exports\u200b from the \u2064Organization of \u200cPetroleum Exporting Countries (OPEC) also added to the pressure\u2064 on oil prices, UBS \u200canalyst Giovanni Staunovo said.<\/p>\n<p>\u201cOPEC\u200c crude exports are up by about 1 \u2062million barrels per day (bpd)\u2062 since their August low, as\u200b a result of seasonally lower domestic demand in the Middle East. It seems it is \u2062too\u200d much \u200csupply \u200dto be absorbed \u200dby <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-will-reduce-oil-supply-higher-gasoline-prices-to-possibly-hit-u-s-soon\/\" title=\"Saudi Arabia to cut oil supply, U.S. may face pricier gas.\">oil-consuming nations<\/a>,\u201d Staunovo said.<\/p>\n<p>The premium on front-month loading Brent \u200bcontracts over ones loading in\u2062 six months \u2062was \u2064at a 2-1\/2-month low, indicating less \u2062concern about supply deficits.<\/p>\n<p>On the demand side, China\u2019s crude oil imports in\u2064 October \u200dshowed\u2064 robust growth but its total exports of goods and services \u200bcontracted at a\u200c quicker pace \u2063than expected.<\/p>\n<p>\u201cThe data \u2063signals the \u2062continued decline\u2064 in the Chinese economic outlook driven\u2064 by deteriorating\u2064 demand in the country\u2019s\u2064 largest export destination: the West,\u201d City Index analyst \u2064Fiona Cincotta said.<\/p>\n<p>The \u200bU.S. Energy\u200c Information Administration now \u2062expects total petroleum consumption in the country to fall by 300,000 bpd this year, reversing its \u200dearlier forecast of a 100,000 bpd increase.<\/p>\n<p>Fading investor hopes for a peak \u200cin global \u200dinterest rates also helped lift the U.S. dollar (.DXY)\u200d from recent lows, making \u200coil more expensive for holders\u200b of other currencies.<\/p>\n<p>The \u200dU.S. central\u200b bank\u200d may have to do more\u2064 to reduce inflation to its 2% target, Minneapolis Federal Reserve President Neel \u200dKashkari said. Investors are \u2062awaiting comments from\u2062 Fed Chair Jerome Powell.<\/p>\n<p>Disclaimer: This article is for informational purposes only. The information provided does not constitute\u2063 investment advice, and any\u200c views expressed in this article are solely\u2064 those\u2062 of the author and do not necessarily\u200d reflect the views of any company\u200d or organization mentioned.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Shariq Khan 8:23 PM UTC \u2013 November 7, 2023 Advertisement BENGALURU (Reuters) \u2013 Oil prices fell more than 4% on Tuesday to their lowest since late July, as mixed Chinese economic data and rising OPEC exports eased fears about tight markets and as the dollar strengthened. Brent crude futures closed below $84 a barrel for<\/p>\n","protected":false},"author":1911,"featured_media":2093228,"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-2093227","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\/2093227","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\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2093227"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2093227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2093228"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2093227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2093227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2093227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}