EUR/USD 1.14335
0.194%
Gold 4125.35
-0.110%
Oil 87.464
1.831%
USD/JPY 163.033
-0.066%
GBP/USD 1.33918
0.130%
GBP/JPY 218.334
0.064%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Goldman Sachs expects oil prices to hold onto recent gains and find support in July and August, primarily driven by declining Middle Eastern production, summer travel demand, and a slowdown in the release of strategic oil reserves.Haina International: Lowered its target price for SanDisk (SNDK.O) from $3,250 to $3,050.July 23 - Stronger-than-expected Australian employment growth in June prompted the interest rate market to increase bets on an August rate hike by the Reserve Bank of Australia (RBA). At the market open, the probability of a rate hike at the RBAs August policy meeting was 25%, and the probability of a rate hike for the remainder of 2026 was 80%. After the employment data was released, these probabilities rose to 33% and 95%, respectively. IG market strategist Tony Sycamore stated that with high inflation, the RBA will be concerned about the tightening labor market.Piper Jaffray: Lowered its target price for Alphabet (GOOG.O) from $445 to $395.On July 23, the official WeChat account of Guangdong Provincial Bureau of Statistics released data showing that, according to the unified accounting results for regional GDP, Guangdong achieved a GDP of 7,228.105 billion yuan in the first half of the year, a year-on-year increase of 4.5% at constant prices. Specifically, the added value of the primary industry was 224.894 billion yuan, an increase of 3.8%; the added value of the secondary industry was 2,732.761 billion yuan, an increase of 4.7%; and the added value of the tertiary industry was 4,270.45 billion yuan, an increase of 4.5%.

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