EUR/USD 1.15853
-0.568%
Gold 4458.14
-3.118%
Oil 82.713
-0.301%
USD/JPY 160.075
0.430%
GBP/USD 1.35378
-0.402%
GBP/JPY 216.693
0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 31 - On August 30 local time, health officials in the Gaza Strip stated that an Israeli airstrike in Deir el-Bailah in central Gaza killed two people, including a three-year-old child. The Israel Defense Forces claimed to have attacked a Hamas militant that day, but did not provide specific details.August 31 – According to Sputnik News, Kremlin spokesman Dmitry Peskov stated that a summit between Russian President Vladimir Putin, US President Donald Trump, and Ukrainian President Volodymyr Zelenskyy would only be used to confirm the outcomes of fixed negotiations. Peskov said, “A summit between Putin, Trump, and Zelenskyy has long been proposed. You are well aware of our head of state’s position. Such a meeting is only possible to confirm the outcomes of fixed negotiations.”The Iranian Red Crescent: Since the outbreak of war on February 28, more than 7,250 people have been rescued from the ruins caused by the US-Israeli attacks.On August 31, Al Jazeera, citing Lebanons National News Agency (NNA), reported that Israeli infantry, while advancing along the west bank of the Litani River in southern Lebanon, also conducted bombing raids along the Zautar-Galbiyeh River. The report stated that Israeli forces continued bombing residential areas south of the Litani River and launched a new military incursion into the village of Majidar-Zoon. Israeli forces also fired artillery shells into the forested areas of Mansouri village in the Tyre district and Aita Jabar and Beit Yahon villages in the Bint-Jebel district. Fires caused by the Israeli shelling spread to the residential area of Hadata village, and nearby olive groves were also engulfed in flames.The UK Maritime Trade Organization reports that an oil tanker was hit by artillery fire 12 nautical miles north of Hasab, Oman. No casualties or environmental impact have been reported.

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