{"id":23603,"date":"2023-10-01T14:39:27","date_gmt":"2023-10-01T14:39:27","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/oil-prices-end-lower-but-u-s-benchmark-scores-29-third-quarter-rise\/"},"modified":"2023-10-01T14:39:28","modified_gmt":"2023-10-01T14:39:28","slug":"oil-prices-end-lower-but-u-s-benchmark-scores-29-third-quarter-rise","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=23603","title":{"rendered":"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002560813\" role=\"document\">\n<p>Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their rise toward the $100-a-barrel threshold as the supply outlook continues to tighten. <\/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=\"negative\">-0.02%<\/bg-quote><br \/>\n       for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.02%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"negative\">-0.02%<\/bg-quote><br \/>\n       fell 92 cents, or 1%, to settle at $90.79 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract marked a weekly gain of 0.8%, monthly advance of 8.6%, and ended 28.5% higher for the quarter, according to Dow Jones Market Data. <\/p>\n<\/li>\n<li>\n      November Brent crude<br \/>\n        BRNX23<span>,<\/span><br \/>\n       the global benchmark, fell 7 cents, or nearly 0.1%, at $95.31 a barrel on ICE Futures Europe. The contract, which expired at the end of the session, was up 2.2% for the week, 9.7% higher for the month and gained 27.3% for the quarter. The new front month December contract<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.10%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.10%<\/bg-quote><br \/>\n       shed 90 cents, or 1%, to $92.20 a barrel on Friday.<\/p>\n<\/li>\n<li>\n      Back on Nymex, October gasoline<br \/>\n        RBV23<span\/><br \/>\n       fell 2.6% to $2.44 a gallon, and lost nearly 12% for the month, while October heating oil<br \/>\n        HOV23<span\/><br \/>\n       added 1.3% to $3.36 a gallon, up 7% for the month.<\/p>\n<\/li>\n<li>\n      November natural gas<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"positive\">+0.03%<\/bg-quote><br \/>\n       fell 0.5% to $2.93 per million British thermal units. It was up 1.7% for the week, climbed 5.8% for the month and added 4.7% for the quarter.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cOil was solidly on its path to $100, but the trio of inflation, rates and the [Federal Reserve] have come back from the dead and shaken up the confidence,\u201d Manish Raj, managing director at Velandera Energy Partners, told MarketWatch. <\/p>\n<div class=\"paywall\">\n<p>If interest rates do hold higher for longer, then oil is \u201ccertainly\u201d headed back to the $80s, he said. \u201cFor now, the only certainty in the market is volatility.\u201d<\/p>\n<p><strong>Read:<\/strong> Why gasoline prices are set to fall even as oil marches toward $100 a barrel<\/p>\n<p>The soft U.S. GDP report released Thursday \u201coffered a reason for traders to book some profits as well after oil futures rallied into some key technical resistance with WTI topping $95 [a] barrel in intraday trade this week,\u201d analysts at Sevens Report Research wrote in Friday\u2019s newsletter.<\/p>\n<p>Still, the primary trend for oil is \u201cdecidedly higher with global oil benchmarks hitting fresh 52-week highs this week, but a continued pullback towards key support between $89 and $90 is not unlikely near term,\u201d the Sevens Report analysts said.<\/p>\n<p>WTI crude had traded above $95 a barrel on Thursday, intraday, before turning south, notching its highest intraday level since August of last year, while Brent hit its highest since November.<\/p>\n<p>Crude has rallied over the past four months, with tightening supplies taking center stage. Analysts have cited Saudi Arabia\u2019s June decision to implement a production cut of 1 million barrels a day beginning in July \u2014 a reduction that was recently extended through the end of the year \u2014 as the main catalyst for the rally.<\/p>\n<p><strong>See:<\/strong> 4 reasons oil prices are surging toward $100 a barrel<\/p>\n<p>\u201cThe supply of oil is restricted due to the production cuts in Saudi Arabia and because Russia has reduced oil exports and banned exports of certain oil products. At the same time, demand for oil is continuing to grow. This is tightening the oil market, as evidenced by declining inventories,\u201d Carsten Fritsch, commodity analyst at Commerzbank, said in a Friday note.<\/p>\n<p>Tightening supplies at Cushing, Oklahoma, the delivery hub for Nymex WTI futures, are a particular concern, falling toward 20 million barrels last week, according to Energy Information Administration data.<\/p>\n<p>\u201cAny additional decline would threaten to bring them down to a critical level, which could make further withdrawals difficult,\u201d Fritsch wrote, while also noting that crude stocks in the Midwest rose last week, which suggests supplies in the region are less tight than the Cushing figures imply.<\/p>\n<p>Looking ahead, the Joint Ministerial Monitoring Committee meeting of the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, is scheduled for Wednesday.<\/p>\n<p>Saudi and Russian commitments have signaled the market not to expect changes through year-end, \u201cso the Oct. 4 meeting is expected to be benign, said Velandera Energy\u2019s Raj.\u00a0 <\/p>\n<p>\u201cEverything at OPEC is going according to plan, so they are in the \u2018if it ain\u2019t broke, don\u2019t fix it\u201d\u2019 camp. We expect policy stability through December,\u201d he said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-set-for-4th-straight-monthly-rise-as-it-resumes-march-toward-100-a-barrel-31d138a8?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their rise toward the $100-a-barrel threshold as the supply outlook continues to tighten. Price action West Texas Intermediate crude CL00, -0.02% for November delivery CL.1, -0.02% CLX23, -0.02% fell<\/p>\n","protected":false},"author":1,"featured_media":23604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-23603","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 prices end lower, but U.S. benchmark scores 29% third-quarter rise | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=23603\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise | Micro Loan Nexus\" \/>\n<meta property=\"og:description\" content=\"Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their\" \/>\n<meta property=\"og:url\" content=\"https:\/\/microloannexus.com\/?p=23603\" \/>\n<meta property=\"og:site_name\" content=\"Micro Loan Nexus\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-01T14:39:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-01T14:39:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/10\/1696171167_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/microloannexus.com\/?p=23603#article\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/?p=23603\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\"},\"headline\":\"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise\",\"datePublished\":\"2023-10-01T14:39:27+00:00\",\"dateModified\":\"2023-10-01T14:39:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/microloannexus.com\/?p=23603\"},\"wordCount\":710,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/microloannexus.com\/?p=23603#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/microloannexus.com\/?p=23603\",\"url\":\"https:\/\/microloannexus.com\/?p=23603\",\"name\":\"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise | Micro Loan Nexus\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/#website\"},\"datePublished\":\"2023-10-01T14:39:27+00:00\",\"dateModified\":\"2023-10-01T14:39:28+00:00\",\"description\":\"Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their\",\"breadcrumb\":{\"@id\":\"https:\/\/microloannexus.com\/?p=23603#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/microloannexus.com\/?p=23603\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/microloannexus.com\/?p=23603#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/microloannexus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/microloannexus.com\/#website\",\"url\":\"https:\/\/microloannexus.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/microloannexus.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/microloannexus.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/microloannexus.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/microloannexus.com\"],\"url\":\"https:\/\/microloannexus.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise | Micro Loan Nexus","description":"Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/microloannexus.com\/?p=23603","og_locale":"en_US","og_type":"article","og_title":"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise | Micro Loan Nexus","og_description":"Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their","og_url":"https:\/\/microloannexus.com\/?p=23603","og_site_name":"Micro Loan Nexus","article_published_time":"2023-10-01T14:39:27+00:00","article_modified_time":"2023-10-01T14:39:28+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/10\/1696171167_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/microloannexus.com\/?p=23603#article","isPartOf":{"@id":"https:\/\/microloannexus.com\/?p=23603"},"author":{"name":"News Room","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a"},"headline":"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise","datePublished":"2023-10-01T14:39:27+00:00","dateModified":"2023-10-01T14:39:28+00:00","mainEntityOfPage":{"@id":"https:\/\/microloannexus.com\/?p=23603"},"wordCount":710,"commentCount":0,"publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/microloannexus.com\/?p=23603#respond"]}]},{"@type":"WebPage","@id":"https:\/\/microloannexus.com\/?p=23603","url":"https:\/\/microloannexus.com\/?p=23603","name":"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise | Micro Loan Nexus","isPartOf":{"@id":"https:\/\/microloannexus.com\/#website"},"datePublished":"2023-10-01T14:39:27+00:00","dateModified":"2023-10-01T14:39:28+00:00","description":"Oil futures ended lower on Friday, but posted gains for the month as well as the quarter, with some analysts and traders expecting prices to resume their","breadcrumb":{"@id":"https:\/\/microloannexus.com\/?p=23603#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/microloannexus.com\/?p=23603"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/microloannexus.com\/?p=23603#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/microloannexus.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices end lower, but U.S. benchmark scores 29% third-quarter rise"}]},{"@type":"WebSite","@id":"https:\/\/microloannexus.com\/#website","url":"https:\/\/microloannexus.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/microloannexus.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/microloannexus.com\/#organization","name":"Solutions For Real","url":"https:\/\/microloannexus.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/microloannexus.com"],"url":"https:\/\/microloannexus.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/23603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23603"}],"version-history":[{"count":1,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/23603\/revisions"}],"predecessor-version":[{"id":23605,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/23603\/revisions\/23605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/media\/23604"}],"wp:attachment":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}