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On October 14th, analyst James Glynn stated that the minutes of the Reserve Bank of Australias (RBA) September policy meeting showed no signs that the Monetary Policy Committee would be in a hurry to cut interest rates further in the coming months. The RBA remains cautious about the near-term inflation outlook, and the next batch of quarterly CPI data will need to be convincing before a rate cut is expected in November. So far this year, the RBA has been reluctant to cut interest rates, and with three rate cuts already underway, there may be growing satisfaction that it has done enough.Futures market data from October 14th indicated a wait-and-see attitude towards the Gaza ceasefire agreement and the Sino-US trade dispute, leading to a recovery in sentiment and a moderate rebound in crude oil prices, partially recovering the losses previously caused by the easing of tensions in Gaza and Trumps threats to deepen the Sino-US trade dispute. The market will continue to monitor the situation in Gaza and the Sino-US trade dispute. Elsewhere, supply concerns stemming from the situation in Eastern Europe and the Iranian nuclear issue will continue to provide some support to the oil market. However, persistent macroeconomic pressures and the prospect of industrial overcapacity continue to exert pressure, leading to a short-term consolidation in the oil market and downward risks to medium- to long-term prices.South Koreas Climate Minister: In order to accelerate the transition to carbon neutrality, South Korea will set a greenhouse gas emission reduction target for 2035 this year.Hong Kong stocks fell, with the Hang Seng Index and Hang Seng Tech Index both turning negative. Kingsoft (03888.HK) fell more than 5%, and Bilibili (09626.HK) fell more than 4%.Japanese Minister of Economic Revitalization Ryomasa Akazawa: The exchange rate is determined by a variety of market factors.

Oil Decreases As China COVID Restricted Trump's U.S. Output Raise Concerns

Charlie Brooks

Oct 31, 2022 14:24

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On Monday, oil prices declined due to concerns that extending COVID-19 limitations in China may reduce demand, offsetting signs that production at the leading U.S. shale field is decreasing.


Monday at 01:51 GMT, Brent crude futures decreased 36 cents, or 0.4%, to $95.41 a barrel, following a 1.2% decline on Friday.


Following a loss of 1.3% on Friday, U.S. West Texas Intermediate (WTI) crude traded at $87.67 per barrel, a decline of 23 cents, or 0.2%.


Stephen Innes of SPI Asset Management stated that extending COVID limitations in China often creates concerns regarding crude oil consumption from the largest crude importer in the world.


As COVID infections spread, Chinese municipalities are enforcing Beijing's zero-COVID policy, diminishing the likelihood of a demand rebound.


Despite this, WTI continues to be supported by warnings from major U.S. producers that productivity and volume gains in the Permian Basin, the nation's largest shale production region, are slowing.


The warnings were given during the same week when U.S. oil exports reached an all-time high, which contributed to a 3.4% spike in WTI prices. Brent gained 2.4% last week, its second weekly increase in a row.


Separately, on Sunday, People's Bank of China Governor Yi Gang reaffirmed the central bank's existing policy goals of preserving sufficient liquidity and extending lending support for the real economy.


According to two OPEC sources, the Organization of Petroleum Exporting Countries is expected to retain its position that oil demand will climb for another decade despite the growing use of renewable energy and electric vehicles.


In the meantime, the large profits of global oil giants such as Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CV) have reignited calls for windfall taxes.

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