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<p class="has-drop-cap">After oil prices have been on a <a href="https://tokenist.com/oil-prices-hit-the-lowest-level-in-over-2-months-as-demand-likely-to-slow/" rel="noopener noreferrer nofollow" class="deco-link">sharp downward trajectory</a> over the past few weeks due to supply concerns and a noteworthy demand decline, <a aria-label="benchmark futures rebounded (opens in a new tab)" href="https://www.reuters.com/business/energy/oil-prices-track-fourth-straight-week-decline-2023-11-17/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">benchmark futures rebounded</a> notably on Friday and may continue that trend, considering the persisting geopolitical and macroeconomic issues.&nbsp;</p>
<h3 id="oil-prices-headed-for-fourth-straight-week-of-losses">Oil Prices Headed For Fourth Straight Week of Losses</h3>
<p>Oil prices trended higher on Friday, marking a significant rebound from their decline to a 4-month low caused by weakening concerns and growing supply by non-OPEC producers.</p>
<p>Brent oil futures rose 1.33% to $78.45 a barrel on Friday, and the West Texas Intermediate (WTI) added 1.3% to $73.83. The rebound comes after both benchmarks lost more than 15% of their value over the past four weeks. Despite today’s gains, oil prices are headed for a fourth consecutive week of losses.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“Oil prices are down slightly this year despite demand exceeding our optimistic expectations. Non-core OPEC supply has been much stronger than expected, partly offset by OPEC cuts.”</p> <cite>– analysts at Goldman Sachas wrote in their note. </cite>
</blockquote>
<p>The monthly spreads for both contracts have shifted to contango, a sign that near-term prices are lower than those in the future months, indicating a healthy supply in the market. With Brent benchmark currently trading below $80 per barrel, analysts now see OPEC+ producers, primarily Russia and Saudi Arabia, to extend their voluntary cuts into the next year.&nbsp;</p>
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<h3 id="analysts-think-recent-oil-sell-off-may-have-been-overdone">Analysts Think Recent Oil Sell-Off May Have Been Overdone&nbsp;</h3>
<p>A significant surge in crude inventories and record-high production principally triggered the drop in oil’s value this week. Furthermore, indications of <a aria-label="soft demand in China (opens in a new tab)" href="https://www.reuters.com/markets/commodities/chinas-oct-oil-refinery-runs-slow-last-month-margins-narrow-2023-11-15/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">soft demand in China</a> also added to the concerns.&nbsp;</p>
<p>However, the abrupt decline on Thursday raised questions among market watchers about whether the sell-off was exaggerated, especially when considering the <a href="https://tokenist.com/oil-and-gold-prices-surge-as-conflict-in-the-middle-east-continues/" rel="noopener noreferrer nofollow" class="deco-link">tensions in the Middle East</a> that pose a risk of supply disruptions and the US pledging to impose sanctions against Iran.</p>
<p>Additionally, the negative sentiment seen on Thursday was partly due to the faster-than-expected increase in jobless claims. According to new data, initial claims for state unemployment benefits grew by 13,000 to a seasonally adjusted 231,000 for the week ending November 11, beating the consensus estimates of 220,000.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think oil prices will continue to rebound in light of the current macroeconomic backdrop? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/oil-prices-rebound-slightly-but-on-track-for-another-weekly-decline/">Oil Prices Rebound Slightly But on Track for Another Weekly Decline</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Oil Prices Rebound Slightly But on Track for Another Weekly Decline

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