EUR/USD 1.15579
-0.259%
Gold 4501.57
-3.165%
Oil 96.968
2.893%
USD/JPY 159.297
0.997%
GBP/USD 1.33332
-0.723%
GBP/JPY 212.398
0.318%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
U.S. Treasury Secretary Bessenter: Whether its Russian oil, Iranian oil, or the largest strategic petroleum reserve (SPR) release program in history implemented by a coalition of 32 countries—it all ensures this.U.S. Treasury Secretary Bessenter: Essentially, we are using “soft power” against the Iranians – that is, using their own oil to counter them.US Treasury Secretary Bessant: What will happen next on Kharg Island? Lets wait and see. Furthermore, I must point out that the Iranian regimes command and control system is currently in chaos.On March 22, Russian Presidential Press Secretary Dmitry Peskov stated that the assassination of Iranian leaders "has and will continue to have extremely serious consequences." In an interview that day, Peskov said that the ultimate goal of the current war against Iran is to overthrow the Iranian regime, "but each such action has strengthened the Iranian peoples unity in supporting their leadership." The United States and Israel launched a large-scale military operation against Iran on February 28, killing then-Supreme Leader Ayatollah Khamenei and several high-ranking military and political officials in airstrikes. Israeli Defense Minister Katz stated that Qassem Larijani, secretary of Irans Supreme National Security Council, and Qassem Soleimani, commander of the Iranian Organization to Mobilize the Poor, were killed in an Israeli attack on March 16, and Iranian Intelligence Minister Esmail Khatib was killed in an Israeli attack on March 17. Katz stated on March 18 that the Israeli military had been authorized to assassinate any Iranian official without further approval.On March 22, Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), met with Jürgen Obomü, Chairman of the Board of Management of Volkswagen Group, at the NDRC headquarters. The two sides exchanged views on topics such as Chinas 15th Five-Year Plan, the macroeconomic situation, high-level opening up, and Volkswagens development in China.

WTI extends comeback above $85.00 as EIA oil inventories decline by 1.75 million barrels

Daniel Rogers

Oct 20, 2022 15:14

 172.png

 

Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) increased after the Energy Information Administration (EIA) announced a decline in crude oil inventories on Wednesday. In the early European session, oil prices have extended their gains above the key resistance level of $85.00 to approximately $85.57.

 

Wednesday, the EIA reported a decrease in oil inventories of 1.75 million barrels, compared to estimates for an increase of 1.38 million and the previous release of 9.88 million. US Vice President Joe Biden's oil release announcement was met with skepticism, but an unexpected fall in oil reserves has instilled optimism in black gold. US Vice President Joe Biden announced the release of 15 million barrels from the Strategic Petroleum Reserve (SPR) in an effort to stabilize the demand-supply mechanism.

 

The anticipation of additional sanctions on the oil supply from Russia, which may cripple the global oil supply, also contributes to the optimism surrounding oil prices.

 

On a broader scale, oil price headwinds are far from finished. Black gold may experience pessimism if the People's Bank of China (PBOC) maintains its current monetary policies. Despite the economic upheaval caused by the continuation of the zero-Covid-19 policy and the weakening real estate market, the PBOC maintained its Prime Lending Rates (PLR). A lack of additional monetary policy could affect the sentiment of market players.

 

As the risk aversion trend has faded, the US dollar index (DXY) has fallen substantially and reached an intraday low of 112.77. S&P500 futures have regained all of their overnight losses as a result of a resurgence in the risk-on market sentiment. US 10-year Treasury yields continue to be solid.


Suggestion