EUR/USD 1.16820
0.044%
Gold 4489.53
-0.736%
Oil 84.785
0.647%
USD/JPY 158.385
0.149%
GBP/USD 1.36106
0.039%
GBP/JPY 215.576
0.200%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian Prime Minister: Russia attacked food warehouses and Red Cross facilities in the Kyiv region.On August 20th, Ingenic Semiconductor announced a formal research and development collaboration with Bytrona Therapeutics, a company focused on next-generation RNA innovative drug development. The two companies will jointly build a next-generation mRNA AI-native R&D engine, focusing on AI-based neoantigen prediction and sequence design, circular mRNA, targeted delivery, automated experimentation, and intelligent manufacturing, to explore personalized cancer vaccines and related innovative therapies.On August 20th, Bulgarian Defense Minister Dimitr Stoyanov stated on the 19th that while noting British media reports that Iran might target US military facilities in southeastern Europe, Bulgaria has no intelligence indicating a direct threat to the country. In an interview with Bulgarian state television that day, Stoyanov said he had contacted the national intelligence service and that the information obtained from these channels differed from the Financial Times report. He added that he had received a document from the intelligence service the previous day clearly indicating that the risk of an Iranian attack on US military facilities within Bulgaria was extremely low, meaning that Bulgaria faces no direct threat.Iranian Parliament Speaker Qalibaf met with Iraqi National Security Advisor during his visit to Iraq.JPMorgan Chase: SK Hynix may generate an additional $130 billion in shareholder returns.

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