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2022-09-24

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Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

Oil headed for a fourth weekly decline after a raft of interest-rate hikes around the world darkened

Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook

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The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa also raised rates.</p><p>Crude remains on track for its first quarterly loss in more than two years as concerns about a global economic slowdown weigh on the demand outlook. A stronger dollar added to bearish headwinds this week, making commodities priced in the currency more expensive for investors.</p><p>The blitz of rate hikes is unlikely to mark the end of a campaign to tame inflation, even as central banks run the risk of driving their economies into recession. That marks a dramatic change from a year ago when officials were publicly predicting the pandemic-era spike in prices would soon fade.</p><p>The oil price decline is driven by a stronger dollar and “the aggressive monetary policy tightening,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. Volatility remains a factor, he said. “The trend can still change.”</p><p>Nigeria’s Oil Minister Timipre Sylva said OPEC may be forced to make more output cuts if prices fall below current levels. The cartel and its allies earlier this month agreed to the first supply reduction in more than a year. The move showed OPEC+ was serious about managing markets, Saudi Arabia said.</p><p>“This is going to be a very, very volatile last quarter,” Amrita Sen, chief oil analyst at Energy Aspects Ltd., said in a Bloomberg television interview. There are “just too many different and contradictory factors driving prices right now,” she added.</p><p>West Texas Intermediate futures edged below $82 a barrel, with prices down more than 3% for the week. The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa also raised rates.</p><p>Crude remains on track for its first quarterly loss in more than two years as concerns about a global economic slowdown weigh on the demand outlook. A stronger dollar added to bearish headwinds this week, making commodities priced in the currency more expensive for investors.</p><p>The blitz of rate hikes is unlikely to mark the end of a campaign to tame inflation, even as central banks run the risk of driving their economies into recession. That marks a dramatic change from a year ago when officials were publicly predicting the pandemic-era spike in prices would soon fade.</p><p>The oil price decline is driven by a stronger dollar and “the aggressive monetary policy tightening,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. Volatility remains a factor, he said. “The trend can still change.”</p><p>Nigeria’s Oil Minister Timipre Sylva said OPEC may be forced to make more output cuts if prices fall below current levels. The cartel and its allies earlier this month agreed to the first supply reduction in more than a year. The move showed OPEC+ was serious about managing markets, Saudi Arabia said.</p><p>“This is going to be a very, very volatile last quarter,” Amrita Sen, chief oil analyst at Energy Aspects Ltd., said in a Bloomberg television interview. There are “just too many different and contradictory factors driving prices right now,” she added.</p><p></p></body></html>","source":"lsy1584095487587","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\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 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\">\nOil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-23 16:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-set-fourth-weekly-loss-000930879.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Oil headed for a fourth weekly decline after a raft of interest-rate hikes around the world darkened the outlook for energy demand.West Texas Intermediate futures edged below $82 a barrel, with prices...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-set-fourth-weekly-loss-000930879.html\">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://finance.yahoo.com/news/oil-set-fourth-weekly-loss-000930879.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135427508","content_text":"Oil headed for a fourth weekly decline after a raft of interest-rate hikes around the world darkened the outlook for energy demand.West Texas Intermediate futures edged below $82 a barrel, with prices down more than 3% for the week. The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa also raised rates.Crude remains on track for its first quarterly loss in more than two years as concerns about a global economic slowdown weigh on the demand outlook. A stronger dollar added to bearish headwinds this week, making commodities priced in the currency more expensive for investors.The blitz of rate hikes is unlikely to mark the end of a campaign to tame inflation, even as central banks run the risk of driving their economies into recession. That marks a dramatic change from a year ago when officials were publicly predicting the pandemic-era spike in prices would soon fade.The oil price decline is driven by a stronger dollar and “the aggressive monetary policy tightening,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. Volatility remains a factor, he said. “The trend can still change.”Nigeria’s Oil Minister Timipre Sylva said OPEC may be forced to make more output cuts if prices fall below current levels. The cartel and its allies earlier this month agreed to the first supply reduction in more than a year. The move showed OPEC+ was serious about managing markets, Saudi Arabia said.“This is going to be a very, very volatile last quarter,” Amrita Sen, chief oil analyst at Energy Aspects Ltd., said in a Bloomberg television interview. There are “just too many different and contradictory factors driving prices right now,” she added.West Texas Intermediate futures edged below $82 a barrel, with prices down more than 3% for the week. The Federal Reserve gave its clearest signal yet that it’s willing to tolerate a US recession as the trade-off for regaining control of inflation, while the UK, Norway and South Africa also raised rates.Crude remains on track for its first quarterly loss in more than two years as concerns about a global economic slowdown weigh on the demand outlook. A stronger dollar added to bearish headwinds this week, making commodities priced in the currency more expensive for investors.The blitz of rate hikes is unlikely to mark the end of a campaign to tame inflation, even as central banks run the risk of driving their economies into recession. That marks a dramatic change from a year ago when officials were publicly predicting the pandemic-era spike in prices would soon fade.The oil price decline is driven by a stronger dollar and “the aggressive monetary policy tightening,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. 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