EUR/USD 1.16814
-0.009%
Gold 4684.23
-0.215%
Oil 94.179
-1.528%
USD/JPY 159.756
0.019%
GBP/USD 1.34651
-0.007%
GBP/JPY 215.119
0.014%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japans Ministry of Economy, Trade and Industry: Due to the Iranian crisis, Japan will release 5.8 million kiloliters of national oil reserves, with the release of some reserves beginning on May 1.Hong Kong-listed stocks related to large-scale modeling extended their losses in the afternoon, with Zhipu (02513.HK) falling over 9% and MiniMax (00100.HK) dropping 5.77%, following the official launch and open-sourcing of the preview version of DeepSeek-V4.April 24th, Futures News: Economies.com analysts latest view: WTI crude oil futures continued their upward trend in recent intraday trading, successfully breaking through the $95.00 resistance level, demonstrating positive technical momentum and reflecting strong buying pressure and continued bullish dominance. This move, accompanied by further price climbing along a steep short-term uptrend line, highlights the strength and continuation of the current trend in the short term. Furthermore, the price stabilizing above the 50-day EMA provides dynamic support and increases the likelihood of further gains. This aligns with the continued positive signals from the Relative Strength Index (RSI) after its overbought condition eased, further supporting the expectation of continued upward movement in WTI crude oil futures in the short term.April 24th, Futures News: Economies.com analysts latest view: The pullback in Brent crude oil futures is mainly a consolidation of previous gains, accumulating bullish momentum for the future, which may help it resume its upward trend in the near term. Previously, Brent crude oil futures had broken through the key resistance level of $100.00, and as the price has continued to trade above the 50-day EMA, dynamic support has formed, further enhancing the possibility of resuming the upward trend in the short term. Of particular note is that the Relative Strength Index (RSI), after digesting overbought conditions, has begun to release positive signals, providing technical support for further gains.The Hang Seng Index turned positive in the afternoon, while the Hang Seng Tech Index extended its gains to 0.76%.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

 153.png

 

The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


Suggestion