{"id":22365,"date":"2023-09-26T16:54:43","date_gmt":"2023-09-26T16:54:43","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/oil-price-ends-below-90-as-russia-relaxes-fuel-export-ban\/"},"modified":"2023-09-26T16:54:43","modified_gmt":"2023-09-26T16:54:43","slug":"oil-price-ends-below-90-as-russia-relaxes-fuel-export-ban","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22365","title":{"rendered":"Oil price ends below $90 as Russia relaxes fuel-export ban"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002540009\" role=\"document\">\n<p>Oil futures settled nearly unchanged Monday after Russia announced plans to ease its fuel-export ban, while investors weighed tightening supplies and an uncertain demand outlook after the Federal Reserve last week signaled interest rates could remain higher for longer than anticipated. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.00%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.00%<\/bg-quote><br \/>\n       for November delivery<br \/>\n        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"positive\">+1.00%<\/bg-quote><br \/>\n       lost 35 cents, or 0.39%, to settle at $89.68 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      November Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.81%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"positive\">+0.88%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained 2 cents, leaving it virtually unmoved, at $93.29 a barrel on ICE Europe. <\/p>\n<\/li>\n<li>\n      October gasoline<br \/>\n        RBV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376529\/delayed\" class=\"positive\">+0.63%<\/bg-quote><br \/>\n       fell 1 cent, or 0.7%, to end at $2.5439 a gallon, while October heating oil<br \/>\n        HOV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376448\/delayed\" class=\"negative\">-1.20%<\/bg-quote><br \/>\n       was off 4 cents, or 1.3%, to finish at $3.2622.<\/p>\n<\/li>\n<li>\n      October natural gas<br \/>\n        NGV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194586\/delayed\" class=\"positive\">+0.04%<\/bg-quote><br \/>\n       gained 0.2 cent, or less than 0.1%, to settle at $2.6390 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>U.S. energy prices settled below $90 per barrel on Monday after Russia lifted restrictions on fuel used as bunkering for some vessels, and on diesel with high sulfur content, just days after Moscow said it was temporarily banning exports of gasoline and high-quality diesel.<\/p>\n<div class=\"paywall\">\n<p>Last Thursday, Russia surprised oil markets by\u00a0announcing a temporary ban\u00a0on exports of all types of gasoline and high-quality diesel to all countries outside a circle of four ex-Soviet states with immediate effect, to stabilize fuel prices on the domestic market. <\/p>\n<p>The ban on gasoline and high-quality diesel remains in place after Russia\u2019s decision to tweak fuel export restriction on Monday, according to a government document cited by Reuters. <\/p>\n<p>However, supporting the oil prices were Baker Hughes\u2019 reports from Friday that the number of active U.S. rigs drilling for oil\u00a0fell by 8 to 507 last week, marking the lowest level since February 2022. <\/p>\n<p>Meanwhile, in a positive sign, China\u2019s oil demand increased 0.3 million barrels per day to 16.3 million barrels last week, partly due to a recovery in jet fuel demand for international flights, said Fiona Cincotta, senior financial markets analyst at City Index. <\/p>\n<p>\u201cConcerns over the Chinese economic recovery have eased slightly in recent weeks, although investors will be waiting for industrial profits data due on Wednesday for further clues over the health of the Chinese recovery,\u201d Cincotta said in emailed comments on Monday. <\/p>\n<p>A strong U.S. dollar may also limit the upside in oil prices, making it more expensive for buyers with foreign currencies.\u00a0The ICE U.S. dollar index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the buck\u2019s value against a basket of its biggest rivals, rose 0.4% to 105.97 on Monday.<\/p>\n<p><strong>See: <\/strong>Stock investors face a wall of worry into year\u2019s end, creating the need for protection<\/p>\n<p>Oil futures have rallied since summer, with both WTI and Brent topping the $90-a-barrel threshold after Saudi Arabia in July cut production by 1 million barrels a day, recently moving to extend the cut through year-end. Russia had also moved to extend a curb on crude exports through year-end.<\/p>\n<p>Remarks by Fed Chair Jerome Powell after last week\u2019s policy meeting, which saw rates left unchanged, dampened hopes for a quick end to tight policy even if rates have peaked, said Raffi Boyadjian, lead market analyst at XM, in a note.<\/p>\n<p>September policy decisions by the Fed, European Central Bank and Bank of England have likely cleared the way for a continued pause in further rate hikes, but there\u2019s been no relief rally for assets because \u201cthe overriding message from all three central banks has been that high rates are here to stay,\u201d Boyadjian wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-futures-struggle-for-direction-as-investors-weigh-tight-supplies-against-demand-worries-bccce22f?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled nearly unchanged Monday after Russia announced plans to ease its fuel-export ban, while investors weighed tightening supplies and an uncertain demand outlook after the Federal Reserve last week signaled interest rates could remain higher for longer than anticipated. Price action West Texas Intermediate crude CL00, +1.00% CL.1, +1.00% for November delivery CLX23,<\/p>\n","protected":false},"author":1,"featured_media":13291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-22365","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil price ends below $90 as Russia relaxes fuel-export ban | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Oil futures settled nearly unchanged Monday after Russia announced plans to ease its fuel-export ban, while investors weighed tightening supplies and an\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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