U.S. Crude Oil Slides to Year's Lowest on Worries About More Fed Hikes

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U.S. Crude Oil Slides to Year's Lowest on Worries About More Fed Hikes

Seeking Alpha2022-12-07

WTI and Brent crude oil prices fell for a third straight session Tuesday, with the U.S. benchmark settling at its lowest level in nearly a year, as the broader market selloff and worries about more ...

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Mm101
·2022-12-07
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robot1234
·2022-12-07
Oil drops below $80 as demand doubt deepens. Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. “In this market, the sentiment is more negative,” said Eli Tesfaye, senior market strategist at RJO Futures. “We could be looking at $60-a-barrel WTI the way that things are going. I think $80s are going to be the new high, and I would be very surprised to see any higher than that.” Service-sector activity in China has hit a six-month l
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- koolgal:
  Thanks for sharing
  2022-12-21
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- pete13:
  Thnanks
  2022-12-07
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- d72dka333:
  lube up, people
  2022-12-07
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as the broader market selloff and worries about more ...</p>\n\n<a href=\"https://seekingalpha.com/news/3914576-us-crude-oil-slides-to-years-lowest-on-worries-about-more-fed-hikes\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/3914576-us-crude-oil-slides-to-years-lowest-on-worries-about-more-fed-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2289108132","content_text":"WTI and Brent crude oil prices fell for a third straight session Tuesday, with the U.S. benchmark settling at its lowest level in nearly a year, as the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve offset any positive effect from the new price cap on Russian oil sales.Front-month Nymex crude (CL1:COM) for January delivery ended -3.5% to $74.25/bbl, its lowest since December 23, and February Brent crude (CO1:COM) finished -4% to $79.35/bbl, its weakest close since January 3.ETFs: (XLE), (USO), (UCO), (BNO), (SCO), (DBO), (USL), (DRIP), (GUSH), (NRGU), (USOI)Data released Monday showed the U.S. ISM service sector index rising to 56.5% in November from 54.4% in October, which \"triggered red flashing signals the Federal Reserve may keep interest rates higher for longer, increasing the odds of a U.S. recession\" and less energy use, said Stephen Innes, managing partner at SPI Asset Management.Oil traders are waiting to see how an EU-led cap on prices of Russian oil will affect the market, but the measure that some feared would destabilize the market has not yet impacted prices.Nevertheless, more than a dozen oil tankers were stuck near the exit to the Black Sea following the imposition of the price cap, reportedly caused by a dispute between a group of maritime insurers and Turkish authorities.Also, the Energy Information Administration raised its forecast for oil production 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Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. “In this market, the sentiment is more negative,” said Eli Tesfaye, senior market strategist at RJO Futures. “We could be looking at $60-a-barrel WTI the way that things are going. I think $80s are going to be the new high, and I would be very surprised to see any higher than that.” Service-sector activity in China has hit a six-month l","listText":"Oil drops below $80 as demand doubt deepens. Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. “In this market, the sentiment is more negative,” said Eli Tesfaye, senior market strategist at RJO Futures. “We could be looking at $60-a-barrel WTI the way that things are going. I think $80s are going to be the new high, and I would be very surprised to see any higher than that.” Service-sector activity in China has hit a six-month l","text":"Oil drops below $80 as demand doubt deepens. Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. “In this market, the sentiment is more negative,” said Eli Tesfaye, senior market strategist at RJO Futures. “We could be looking at $60-a-barrel WTI the way that things are going. I think $80s are going to be the new high, and I would be very surprised to see any higher than that.” Service-sector activity in China has hit a six-month l","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":23,"commentSize":16,"repostSize":0,"link":"https://ttm.financial/post/9967720403","repostId":2289108132,"repostType":4,"repost":{"id":"2289108132","kind":"highlight","pubTimestamp":1670382643,"share":"https://ttm.financial/m/news/2289108132?lang=&edition=fundamental","pubTime":"2022-12-07 11:10","market":"us","language":"en","title":"U.S. Crude Oil Slides to Year's Lowest on Worries About More Fed Hikes","url":"https://stock-news.laohu8.com/highlight/detail?id=2289108132","media":"Seeking Alpha","summary":"WTI and Brent crude oil prices fell for a third straight session Tuesday, with the U.S. benchmark se","content":"<html><head></head><body><p>WTI and Brent crude oil prices fell for a third straight session Tuesday, with the U.S. benchmark settling at its lowest level in nearly a year, as the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve offset any positive effect from the new price cap on Russian oil sales.</p><p>Front-month Nymex crude (CL1:COM) for January delivery ended -3.5% to $74.25/bbl, its lowest since December 23, and February Brent crude (CO1:COM) finished -4% to $79.35/bbl, its weakest close since January 3.</p><p>ETFs: (XLE), (USO), (UCO), (BNO), (SCO), (DBO), (USL), (DRIP), (GUSH), (NRGU), (USOI)</p><p>Data released Monday showed the U.S. ISM service sector index rising to 56.5% in November from 54.4% in October, which &#34;triggered red flashing signals the Federal Reserve may keep interest rates higher for longer, increasing the odds of a U.S. recession&#34; and less energy use, said Stephen Innes, managing partner at SPI Asset Management.</p><p>Oil traders are waiting to see how an EU-led cap on prices of Russian oil will affect the market, but the measure that some feared would destabilize the market has not yet impacted prices.</p><p>Nevertheless, more than a dozen oil tankers were stuck near the exit to the Black Sea following the imposition of the price cap, reportedly caused by a dispute between a group of maritime insurers and Turkish authorities.</p><p>Also, the Energy Information Administration raised its forecast for oil production next year to reach 12.34M bbl/day next year, breaking the record 12.31M bbl/day set in 2019, an about-face for the agency following a sharp downward revision in November.</p><p>After falling for three straight weeks, crude oil prices rose modestly last week.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Crude Oil Slides to Year's Lowest on Worries About More Fed Hikes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-07 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3914576-us-crude-oil-slides-to-years-lowest-on-worries-about-more-fed-hikes><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WTI and Brent crude oil prices fell for a third straight session Tuesday, with the U.S. benchmark settling at its lowest level in nearly a year, as the broader market selloff and worries about more ...</p>\n\n<a href=\"https://seekingalpha.com/news/3914576-us-crude-oil-slides-to-years-lowest-on-worries-about-more-fed-hikes\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/3914576-us-crude-oil-slides-to-years-lowest-on-worries-about-more-fed-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2289108132","content_text":"WTI and Brent crude oil prices fell for a third straight session Tuesday, with the U.S. benchmark settling at its lowest level in nearly a year, as the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve offset any positive effect from the new price cap on Russian oil sales.Front-month Nymex crude (CL1:COM) for January delivery ended -3.5% to $74.25/bbl, its lowest since December 23, and February Brent crude (CO1:COM) finished -4% to $79.35/bbl, its weakest close since January 3.ETFs: (XLE), (USO), (UCO), (BNO), (SCO), (DBO), (USL), (DRIP), (GUSH), (NRGU), (USOI)Data released Monday showed the U.S. ISM service sector index rising to 56.5% in November from 54.4% in October, which \"triggered red flashing signals the Federal Reserve may keep interest rates higher for longer, increasing the odds of a U.S. recession\" and less energy use, said Stephen Innes, managing partner at SPI Asset Management.Oil traders are waiting to see how an EU-led cap on prices of Russian oil will affect the market, but the measure that some feared would destabilize the market has not yet impacted prices.Nevertheless, more than a dozen oil tankers were stuck near the exit to the Black Sea following the imposition of the price cap, reportedly caused by a dispute between a group of maritime insurers and Turkish authorities.Also, the Energy Information Administration raised its forecast for oil production next year to reach 12.34M bbl/day next year, breaking the record 12.31M bbl/day set in 2019, an about-face for the agency following a sharp downward revision in November.After falling for three straight weeks, crude oil prices rose modestly last week.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105282212,"gmtCreate":1671588183979,"gmtModify":1671588196700,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every 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