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On August 13th, Alvin Liew, senior economist at United Overseas Bank (UOB) in Singapore, stated in a report that US inflation may have peaked in the second quarter, but uncertainty surrounding energy prices means inflation could still rise again. Liew noted that declining energy prices have helped curb inflation. However, he stated, "Energy prices remain high… If oil prices rise again, geopolitical tensions in the Middle East could quickly reverse the recent cooling of inflation." The bank projects that the average increase in US overall CPI and core CPI in 2026 will be approximately 3.5% and 2.8%, respectively.August 13 - According to Irans Fars News Agency, Hossein Taeb, head of an Iranian militia group, claimed that the Strait of Hormuz is "under Iranian control and management."The chart shows that at 22:00 Beijing time on August 13, there will be large foreign exchange options contracts for currencies such as Euro and Japanese Yen expiring, including 16 contracts with strike prices exceeding 1 billion. Please manage your risks.According to Iranian media Fars News, the head of the Basij, a paramilitary organization under the Iranian Revolutionary Guard, stated that the Strait of Hormuz is "under Iranian control and management."The German DAX 30 index opened 112.21 points higher, or 0.43%, at 26,458.50 on Thursday, August 13th; the UK FTSE 100 index opened 13.45 points lower, or 0.12%, at 10,819.70; and the French CAC 40 index opened 23.85 points higher, or 0.27%, at 8,698.79. The Stoxx 50 index opened 29.56 points higher, or 0.45%, at 6563.55 on Thursday, August 13; the Italian FTSE MIB index opened 207.34 points higher, or 0.39%, at 53906.00 on Thursday, August 13; and the Spanish IBEX 35 index opened 70.62 points higher, or 0.35%, at 20275.02 on Thursday, August 13.

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.

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