EUR/USD 1.14360
0.035%
Gold 4174.79
1.240%
Oil 68.721
0.443%
USD/JPY 161.359
0.158%
GBP/USD 1.33524
0.049%
GBP/JPY 215.459
0.223%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Kremlin: During the phone call between Putin and Trump, the two sides discussed the Ukraine issue.July 5th - Ukrainian President Volodymyr Zelenskyy announced on social media on July 4th, local time, that he spoke with US President Donald Trump on Independence Day. Zelenskyy stated that during the call, the two presidents exchanged in-depth views on the latest situation on the front lines of the Russia-Ukraine conflict, diplomatic progress, and the realistic prospects for a ceasefire. They agreed to hold a face-to-face meeting during the NATO summit in Ankara to continue in-depth consultations on related issues.An advisor to the Ukrainian Interior Minister stated that Russia continues its terrorist attacks on Zaporizhia. The city has been hit at least five times.The Iraqi cabinet has authorized Basra Oil Company to sign a consulting service contract with KBR for the Basra-Hadisha oil pipeline project.U.S. Vice President Vance stated that Britain has "long been let down by its leadership" and hopes the countrys next prime minister will deliver the structural changes voters expect after years of political turmoil. "What Ive seen is six prime ministers in the last few years," Vance said. "The message to me is that there are serious problems in British politics, and people are desperately calling for major structural changes. I hope Andy Burnham—or if not him, then someone else—can deliver that change." He added that whoever becomes prime minister must find a way to get Britain back on track.

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