EUR/USD 1.14753
0.159%
Gold 4155.53
-1.272%
Oil 76.425
1.330%
USD/JPY 161.286
-0.058%
GBP/USD 1.32328
0.217%
GBP/JPY 213.428
0.168%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 20 – According to the Iranian Students News Agency, the deputy head of international affairs at the Iranian Judicial Centers Lawyers Center stated: "Those claiming that Iran is not qualified to levy service fees on the Straits typically cite the 1982 United Nations Convention on the Law of the Sea (UNCLOS). However, Iran is not a member state of UNCLOS and therefore is not bound by the transit regime stipulated in the Convention. In international maritime law, charging fees for actual and clearly defined services is a recognized legal practice. Iran can charge fees for the services it provides, provided that the fees are consideration for the services provided and not simply taxes or tolls."June 20th - Several European countries have recently experienced high temperatures. The French meteorological service announced on the 19th that starting from the 20th, the number of provinces under an orange heatwave warning will increase to 60, representing approximately two-thirds of all French provinces.On June 20th, the Russian Ministry of Defense released a weekly combat report showing that from June 13th to 19th, the Russian military carried out multiple large-scale strikes against targets including Ukrainian defense industrial complexes, fuel and energy facilities, transportation and port facilities used by the Ukrainian military, and Ukrainian military airfields. In addition, Russian air defense systems shot down a total of 3,909 Ukrainian fixed-wing drones.According to RIA Novosti, Slovakia will meet most of its natural gas needs through supplies from Russia.World Bank: In March, the World Banks natural gas price index rose by 24%, while the benchmark price of LNG in Asia surged by about 94% and the benchmark price in Europe rose by 59%.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

截屏2023-01-13 下午5.17.06.png

 

The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.

Suggestion