EUR/USD 1.14401
0.173%
Gold 4029.20
-0.581%
Oil 78.881
-0.341%
USD/JPY 162.162
-0.061%
GBP/USD 1.34153
0.186%
GBP/JPY 217.550
0.123%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to South Korean media reports, the margin requirements for South Korean leveraged chip ETFs may be increased fivefold.July 15th - The market widely expects the Bank of Canada to keep its overnight interest rate unchanged at 2.25% when it announces its interest rate decision on Wednesday. This would be the sixth consecutive time the rate has remained unchanged, following a combined 50 basis point cut in September and October of last year. Royal Bank of Canada stated that the surge in oil prices over the past month has not yet shown clear signs of developing into a broader, sustained inflationary shock. The bank further noted that, at the same time, Canadian economic growth and labor market data have improved compared to previous periods. While first-quarter GDP growth unexpectedly fell short of expectations, second-quarter economic momentum strengthened, and the labor market showed further signs of stabilization in May and June. Consumer spending data remained resilient. The bank believes that overall, although the Canadian economy remains weak, per capita economic growth is expected to gradually improve. Against this backdrop, it believes the Bank of Canada is likely to maintain its interest rate unchanged throughout 2026.The commander of the Ukrainian drone force said that Ukrainian drones struck 20 Russian vessels in the Black Sea last night, including 17 oil tankers.July 15th - According to State Grid Inner Mongolia East Electric Power, as of 24:00 on July 12th, Inner Mongolias annual ultra-high voltage power transmission reached 114.6 billion kilowatt-hours, exceeding the 100 billion mark.July 15th - According to Beijing Capital International Airport, since the start of the summer travel season, passenger throughput at the airport has increased by over 5% year-on-year, with international and regional passenger traffic maintaining a year-on-year growth rate of over 10%. It is predicted that during this summer travel season, the airport will handle over 73,000 flights and more than 12 million passengers, with the peak travel period expected in early August, reaching over 230,000 passengers per day on peak days. Since the start of the summer season, passenger traffic to and from Moscow, Paris, Dubai, Rome, Stockholm, and other destinations has increased rapidly. It is projected that by July 18th, the airports annual cumulative international and regional passenger throughput will surpass 10 million, 19 days earlier than last year.

WTI optimists target the $70 mark amidst positive banking sector developments

Daniel Rogers

Mar 27, 2023 14:33

 截屏2023-01-13 下午5.17.06.png

 

The price of West Texas Intermediate (WTI) is approaching the $70 threshold as investors become less concerned about ongoing banking difficulties. Major central banks, such as the Federal Reserve (Fed) and the US Treasury Department, have bolstered confidence through swift actions. Consequently, risk appetite remains robust. As a result of this positive development, oil prices have risen above $67.

 

Oil markets are intently observing financial market sentiment, while oil fundamentals are largely ignored. The oil market has been reflecting the volatility of the financial markets over the past few days.

 

The pullback from $67 is likely due to the weakening of the US dollar, and for the oil price to break sustainably above $70, a significant fundamental driver, such as the complete resolution of the banking crisis, will be required.

 

The demand for the U.S. dollar as a safe-haven currency is restrained by some reassuring comments from U.S. officials.

 

Russian President Vladimir Putin's statements that he will station tactical nuclear weapons in Belarus, thereby escalating geopolitical tensions in Europe over Ukraine, have also supported oil prices. Clearly, further escalation on the Russia-Ukraine front will result in higher oil prices. Although NATO and the United States have condemned the move and deemed it "dangerous and irresponsible," it continues.

 

Russia's strategic decision to reduce oil production can be ascribed to the fact that the country's hydrocarbon stockpiles have been rising since September of last year, and it would likely want to avoid further stock builds. If Russia wishes to reduce its stockpiles, it may be necessary to prolong production limits beyond June.

 

Oil prices have not reached the levels anticipated by the Organization of the Petroleum Exporting Countries despite a significant amount of activity on the fundamental front of oil. (OPEC). Prior to the resolution of the banking turmoil, oil prices will likely be influenced by risk sentiment. In order to make informed decisions as various factors continue to impact the global economy, investors and market participants will keep a close watch on developments in the financial and oil markets, as well as geopolitical tensions.


Suggestion