Oil slumped near $70 to mark a fourth-straight week of losses as concerns about demand growth persist.
It briefly appeared like West Texas Intermediate would manage to snap its losing streak, supported by signs that Iraqi oil exports likely will not resume on Saturday and the US signalling it could purchase crude to refill the strategic reserve after next month. But a strong dollar Friday, which makes oil more expensive for holders of other currencies, wiped out those gains.
Over the week, ....
15 May 2023
Cenkos: Oil & Gas Sector -- Tethys Oil, Diversified Energy, Wentworth Resources, Hartshead Resources, Neptune Energy, Harbour Energy, PetroTal, Genel Energy, Kosmos Energy, Saudi Arabian Oil Company, Touchstone Exploration, Valeura Energy, VAALCO Energy, B
Falcon Oil & Gas Ltd. (FOG:LON), 7.2 | 88 Energy Limited (88E:LON), 0.3 | Chariot Limited (CHAR:LON), 8.9 | Diversified Energy Company PLC (DEC:LON), 946 | Empyrean Energy PLC (EME:LON), 0.6 | GETECH Group plc (GTC:LON), 9.0 | Longboat Energy Plc (LBE:LON), 21.5 | Trinity Exploration & Production Plc (TRIN:LON), 40.0 | Tethys Oil AB (TETY:OME), 0
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Cenkos: Oil & Gas Sector -- Tethys Oil, Diversified Energy, Wentworth Resources, Hartshead Resources, Neptune Energy, Harbour Energy, PetroTal, Genel Energy, Kosmos Energy, Saudi Arabian Oil Company, Touchstone Exploration, Valeura Energy, VAALCO Energy, B
Falcon Oil & Gas Ltd. (FOG:LON), 7.2 | 88 Energy Limited (88E:LON), 0.3 | Chariot Limited (CHAR:LON), 8.9 | Diversified Energy Company PLC (DEC:LON), 946 | Empyrean Energy PLC (EME:LON), 0.6 | GETECH Group plc (GTC:LON), 9.0 | Longboat Energy Plc (LBE:LON), 21.5 | Trinity Exploration & Production Plc (TRIN:LON), 40.0 | Tethys Oil AB (TETY:OME), 0
- Published:
15 May 2023 -
Author:
James McCormack -
Pages:
9
Oil slumped near $70 to mark a fourth-straight week of losses as concerns about demand growth persist.
It briefly appeared like West Texas Intermediate would manage to snap its losing streak, supported by signs that Iraqi oil exports likely will not resume on Saturday and the US signalling it could purchase crude to refill the strategic reserve after next month. But a strong dollar Friday, which makes oil more expensive for holders of other currencies, wiped out those gains.
Over the week, ....