{"id":4658,"date":"2023-04-10T19:38:12","date_gmt":"2023-04-10T19:38:12","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/oil-edges-higher-on\/"},"modified":"2023-04-10T19:38:25","modified_gmt":"2023-04-10T19:38:25","slug":"oil-settles-lower-as","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/oil-settles-lower-as\/","title":{"rendered":"Oil settles lower as rate-hike worries balance tighter supplies"},"content":{"rendered":"<p>By Laura Sanicola<\/p>\n<p>(Reuters) -Oil prices settled lower on Monday, after rising for three straight weeks, as concern about further interest rate hikes that could curb demand balanced the prospect of a tighter market due to supply cuts from OPEC+ producers.<\/p>\n<p>The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand.<\/p>\n<p>Brent crude settled down 96 cents, or 0.2%, at $84.58 a barrel while U.S. West Texas Intermediate also fell 94, or 0.1%, to $79.74. Both benchmarks fell by more than $1 earlier in the session<\/p>\n<p>&#8220;We look for this week&#8217;s trade to be heavily influenced by inflation data featured by Wednesday&#8217;s CPI and Thursday&#8217;s PPI that will likely revive the specter of higher interest rates that could strengthen the U.S. dollar,&#8221; said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.<\/p>\n<p>Crude last week jumped more than 6% after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, surprised the market with a new round of production cuts starting in May.<\/p>\n<p>Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in  gasoline and distillate stocks, hinting at rising demand.<\/p>\n<p>In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.<\/p>\n<p>Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.<\/p>\n<p> (Additional reporting by Alex Lawler; Additional reporting by Florence Tan in Singapore and Mohi Narayan in New Delhi; Editing by Christopher Cushing, Kirsten Donovan, Barbara Lewis and Sandra Maler)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/oil-settles-lower-as\/pumpjacks-are-seen-against-the-setting-sun-at-the-daqing-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ39004-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ39004-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Laura Sanicola (Reuters) -Oil prices settled lower on Monday, after rising for three straight weeks, as concern about further interest rate hikes that could curb demand balanced the prospect of a tighter market due to supply cuts from OPEC+ producers. The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":5421,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-4658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ39004-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/4658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=4658"}],"version-history":[{"count":10,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/4658\/revisions"}],"predecessor-version":[{"id":5422,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/4658\/revisions\/5422"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/5421"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=4658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=4658"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=4658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}