{"id":3952,"date":"2024-05-03T07:20:27","date_gmt":"2024-05-03T07:20:27","guid":{"rendered":"https:\/\/efimarkets.com\/blog\/?p=3952"},"modified":"2024-05-03T07:26:12","modified_gmt":"2024-05-03T07:26:12","slug":"oil-prices-surge-after-falling-sharply-for-seven-weeks","status":"publish","type":"post","link":"https:\/\/bhimmarkets.com\/blog\/oil-prices-surge-after-falling-sharply-for-seven-weeks\/","title":{"rendered":"Oil Prices Surge After Falling Sharply For Seven Weeks"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3952\" class=\"elementor elementor-3952\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72b20f6 e-con-boxed e-flex e-con\" data-id=\"72b20f6\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5001b77 elementor-widget elementor-widget-image\" data-id=\"5001b77\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.0 - 24-04-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.investing.com\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"800\" height=\"533\" src=\"https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/LYNXNPEC0R0GY_L.jpg\" class=\"attachment-large size-large wp-image-3953\" alt=\"Oil Prices Surge\" srcset=\"https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/LYNXNPEC0R0GY_L.jpg 800w, https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/LYNXNPEC0R0GY_L-300x200.jpg 300w, https:\/\/bhimmarkets.com\/blog\/wp-content\/uploads\/2024\/05\/LYNXNPEC0R0GY_L-768x512.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1f83df0 e-con-boxed e-flex e-con\" data-id=\"1f83df0\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-30f4972 elementor-widget elementor-widget-text-editor\" data-id=\"30f4972\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.0 - 24-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h1><span style=\"color: #000000;\">Oil prices surge<\/span><\/h1><p><span style=\"color: #000000;\">Oil prices surge heading for heavy losses this week as indications of strong U.S. output and stocks shattered hopes for tight crude markets in the upcoming months. They had slightly increased from near seven-week lows in Asian trade on Friday.<\/span><\/p><p><span style=\"color: #000000;\">Prior to the announcement of significant U.S. nonfarm payrolls data later in the day, which is expected to influence the outlook for interest rates, the markets were also tense.<\/span><\/p><p><span style=\"color: #000000;\">By 21:09 ET (01:09 GMT), West Texas Intermediate crude futures increased by 0.5% to $78.88 a barrel, while Brent oil futures ending in July saw a 0.5% increase to $84.06 a barrel. Following significant losses this week, both contracts were trading near their lowest points in seven weeks.<\/span><\/p><h3><span style=\"color: #000000;\">Oil will drop by more than 5% this week.<\/span><\/h3><p><span style=\"color: #000000;\">A barrage of unfavorable signals for the crude markets was expected to cause Brent and WTI futures to drop between 5% and 6% this week.<\/span><\/p><p><span style=\"color: #000000;\">Data indicating higher output and an unanticipated increase in U.S. stockpiles revealed that the oil markets were not as tight as speculators had first hoped.<\/span><\/p><p><span style=\"color: #000000;\">Alongside this, concerns over supply interruptions in the Middle East were lessened when Israel and Hamas carried out more talks regarding possible truce.<\/span><\/p><p><span style=\"color: #000000;\">This week, worries about a weakening economy that would reduce demand also surfaced, particularly in light of the U.S. Federal Reserve&#8217;s warning that it will maintain higher interest rates for an extended period of time.<\/span><\/p><p><span style=\"color: #000000;\">More information on interest rates should be revealed by nonfarm payrolls data, which is anticipated later on Friday.<\/span><\/p><p><span style=\"color: #000000;\">Concerns about weak demand were also influenced by mediocre purchasing managers index data from China, the world&#8217;s largest petroleum importer. Following a robust start to the year, business activity in the nation was observed to be decreasing in April. <\/span><\/p><p><span style=\"color: #000000;\">Nevertheless, a weaker dollar provided some solace for crude on Friday, as the US currency declined ahead of the nonfarm payrolls data.<\/span><\/p><p><span style=\"color: #000000;\">OPEC+ might keep cutting production. <\/span><br \/><span style=\"color: #000000;\">According to Reuters, if demand does not increase, the Organization of Petroleum Exporting Countries and their allies, or OPEC+, may continue to cut production by 2.2 million barrels per day after the deadline of June 30.<\/span><\/p><p><span style=\"color: #000000;\">Members of the cartel have not yet started official negotiations on the issue, though. Nevertheless, the cartel&#8217;s prolonged output cuts may portend further constrained markets in 2024.<\/span><\/p><h5><strong>Trade while moving. Anytime,\u00a0Anywhere<\/strong><\/h5><p><span style=\"color: #000000;\">EFI Markets is a<\/span>\u00a0<a href=\"https:\/\/efimarkets.com\/\">most trusted trading platform<\/a>\u00a0<span style=\"color: #000000;\">that simplifies trading through its efficient platform and a range of tools and features.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Oil prices surge Oil prices surge heading for heavy losses this week as indications of strong U.S. output and stocks shattered hopes for tight crude markets in the upcoming months. They had slightly increased from near seven-week lows in Asian trade on Friday. Prior to the announcement of significant U.S. nonfarm payrolls data later in &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/bhimmarkets.com\/blog\/oil-prices-surge-after-falling-sharply-for-seven-weeks\/\"> <span class=\"screen-reader-text\">Oil Prices Surge After Falling Sharply For Seven Weeks<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":3953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[12],"tags":[15,14],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil Prices Surge After Falling Sharply For Seven Weeks -<\/title>\n<meta name=\"description\" content=\"Oil prices Surge slightly from near 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