EUR/USD 1.17339
-0.048%
Gold 4694.99
-0.427%
Oil 97.455
-1.273%
USD/JPY 157.667
0.037%
GBP/USD 1.35367
-0.021%
GBP/JPY 213.435
0.021%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Indian silver ETFs also rose, with gains ranging from 5.3% to 6.1%.Indian gold ETFs strengthened, rising by 5.5%-6.2%.South Koreas economy is projected to grow by 2.5% in 2026, supported by strong growth in the semiconductor industry and a recovery in domestic consumption, a South Korean state-run think tank said on Wednesday. The Korea Development Institute (KDI) raised its 2026 economic growth forecast from 1.9% in February, noting that despite a challenging business environment including Washingtons tariff policies, South Korea has maintained robust export growth driven by the semiconductor industry. The institute stated that domestic consumption is expected to grow by 2.2% in 2026 and 1.5% in 2027, driven by government subsidies. Infrastructure investment is projected to grow by 3.3% in 2026 and 2.4% in 2027, also driven by the semiconductor industry. According to KDIs forecast, the South Korean economy is expected to grow by 1.7% by 2027.Indian gold futures prices jumped 6% after the Indian government raised tariffs on gold imports.Futures News, May 13th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending May 9th, Japans commercial crude oil inventories were 8,409,487 kiloliters, a decrease of 275,467 kiloliters from the previous weeks 8,684,954 kiloliters. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel. The BPSD (Breakfast Processing Capacity) utilization rate of Japanese refineries was 78.0% in the week ending May 9th, compared to 82.3% the previous week. The BPCD (Breakfast Processing Capacity) utilization rate was 73.3%, compared to 77.3% the previous week.

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