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(Bloomberg) — Oil fell on Friday, but still posted a weekly gain, as investors weighed the prospect of higher demand for this winter against the prospect of a pullback in Iranian supply.
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West Texas Intermediate futures ended the week up 3. 5% after losing 2. 4% on Friday. Iran has said it could settle for a nuclear deal negotiated through the European Union if it receives secure guarantees. The prospect of a larger source of oil wiped out all previous gains in the session.
Crude has been hit by a flurry of bearish and bullish headlines in recent days. Still, slowing inflation, which can slow interest rate hikes through the Federal Reserve, has largely supported commodities.
“We’ll go higher,” said Rebecca Babin, senior power negotiator at CIBC Private Wealth Management. “The demand for U. S. numbers “The U. S. was higher and we have incorporated a lot of negative changes in market demand right now,” he added.
The International Energy Agency this week raised its global growth forecast, which supported prices. On the other hand, the Organization of the Petroleum Exporting Countries expects the world market to move into a surplus this quarter and revised down the forecast for the amount of crude it will have to pump.
And while many analysts and investors claim that the prospect of an Iranian nuclear deal has not yet been included in the market, the likelihood of a deal is increasing. The two sides, the United States and Iran, have made enough progress to replace the baseline situation. expectations related to the timing of a deal from the first quarter of 2023 to the fourth quarter of 2022, Rapidan Energy Group said in a note.
“The oil balance will be almost reliable to predict,” given the diversity of wild cards in the market right now, said Tamas Varga, an analyst at PVM Oil Associates Ltd.
Although costs recovered this week, feature markets tell another story. Traders have been paying the highest premium for bearish selling characteristics over bullish calls since February. of the global economy intensified.
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