Oil Falls a Second-Straight Week Even With Macro Price Boost

May 03, 2023

By Julia Fanzeres

Fed rate-hike more likely; Asian oil refining margins weak WTI traded above $76, swung with equities for most of the week

Oil fell for a second consecutive week even as an earnings-driven rally on Wall Street pushed prices higher.

West Texas Intermediate rose the most in almost four weeks Friday, boosted by risk-on sentiment that benefited commodities across the board. Oil largely tracked broader market trends this week as many traders avoided staking out big positions while they await the next US central bank decision.

Crude swung sharply in April, surging to a 15-month high after the Organization of Petroleum Exporting Countries and its allies announced an output cut. Prices subsequently gave up those gains amid technical pressures and a deteriorating outlook.

Recent economic data shows that US inflation continues to accelerate, bolstering expectations the Federal Reserve will keep raising rates and heightening the chances of a demand-sapping recession. Meanwhile, supply from Russia has remained resilient despite Group of Seven sanctions, and China’s rebound has been slower than some anticipated.

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.