EUR/USD 1.17743
-0.026%
Gold 4531.31
1.129%
Oil 56.825
-2.374%
USD/JPY 156.488
0.356%
GBP/USD 1.35028
-0.027%
GBP/JPY 211.305
0.408%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian Foreign Minister Kuleba: Water supply has been restored in Kyiv and surrounding areas.Sudans Rapid Support Force (RSF): On Saturday, the RSFs air defense forces shot down a Turkish-made Bairaktar drone in the Brno region of South Kordofan province.The mayor of Moscow stated that three drones heading towards Moscow have been shot down. Emergency services are working at the crash site.December 27th - In recent months, the US government has escalated its military threats and sanctions against Venezuela, leading to the disruption of numerous international shipping routes and severe disruptions to maritime logistics. Venezuela is experiencing shortages of some medicines and medical equipment, with the prices of some life-saving drugs soaring to levels unaffordable for ordinary citizens. A reporter from CCTV visited a large pharmacy in the northeastern suburbs of Caracas, the Venezuelan capital. Local consumers can still purchase common medicines there, but some antibiotics are sold out. Furthermore, some emergency medicines and medical supplies are prohibitively expensive. For example, the only insulin injector sold there costs more than three times the price of similar products on the international market. It is understood that Venezuela relies on imports for 90% of its pharmaceutical raw materials, and medical equipment such as monitors and anesthesia machines are almost entirely dependent on overseas supplies.Ukrainian President Zelensky: The security guarantees provided by the United States will depend on what US President Trump is prepared to provide.

Oil prices are poised for a weekly boost as recession fears subside

Skylar Williams

Aug 12, 2022 11:12

5.png


OPEC and the International Energy Agency (IEA) held differing views on the demand outlook, which dragged on oil prices during Friday's early trade. As concerns of a recession receded, though, benchmark futures were headed for weekly gains.


Brent oil prices declined 34 cents, or 0.3%, to $99.26 per barrel at 01:12 GMT, while West Texas Intermediate (WTI) crude futures decreased 34 cents, or 0.3%, to $94.00 per barrel.


Brent was anticipated to gain by more than 4% for the week, recouping a chunk of last week's 14% decline, which was its largest weekly decline since April 2020 due to fears that rising inflation and interest rate hikes will hinder economic growth and fuel demand.


WTI was poised for a weekly gain of more than 5%, recovering more than half of the previous week's loss.


"Regarding demand, there is a great deal of uncertainty in the near future. Until this issue is remedied, market volatility will persist "Chief economist of Westpac, Justin Smirk, commented.


Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decreased its forecast for the increase in world oil demand in 2022 by 260,000 barrels per day. (bpd). This year, it predicts a 3.1 million bpd growth in demand.


That contradicts the stance of the IEA. As a result of gas-to-oil conversion in power generation in response to soaring gas prices, the latter boosted its demand growth forecast to 2.1 million bpd.


Moreover, the IEA upped its forecast for Russian oil supply by 500,000 bpd for the second half of 2022, as the nation's output proved more resilient than anticipated in the face of sanctions implemented in response to the Ukraine conflict. According to the IEA, it would be difficult for OPEC to boost output.


According to Commonwealth Bank analyst Vivek Dhar, the IEA gave a mixed picture overall. The reliability of Russian supply has exceeded expectations.


"Comprehending the global oil balances at the end of the year at this time is challenging, given the current demand and supply conditions. This explains the daily instability."

Suggestion