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Japans corporate services price index rose 1.2% month-on-month in March, compared with 0.2% in the previous month.Japans corporate services price index rose 3.1% year-on-year in March, below the expected 3.00% and the previous reading of 2.70%.April 24th - Data released on Friday showed that Japans core consumer price index (CPI) slowed for the second consecutive month to below the central banks 2% target in March, as government fuel subsidies offset price pressures from the energy shock triggered by the conflict in Iran. Analysts expect inflation to accelerate back above the Bank of Japans target in the coming months as businesses begin to pass on rising fuel costs from the Middle East conflict. The core CPI, excluding the impact of volatile fresh food costs, rose 1.8% year-on-year in March, in line with the market median forecast. This followed a 1.6% increase in February. Another index, excluding fresh food and fuel (a better indicator closely monitored by the Bank of Japan as a measure of demand-driven price changes), rose 2.4% year-on-year in March, compared to a 2.5% increase in February.On April 24th, according to foreign media reports, most soybean oil futures contracts on the Chicago Board of Trade (CBOT) closed higher on Thursday, with only the May contract slightly lower. The benchmark contract closed up 0.1% on the day, mainly reflecting the surge in international crude oil prices and improved US soybean oil sales. Tensions in the Middle East further boosted international crude oil futures, which lifted sentiment in the Chicago soybean oil market. The US Department of Agricultures weekly export sales report showed that for the week ending April 16, 2026, net sales of US soybean oil for the 2025/26 marketing year totaled 1,500 tons, a 34% increase from the previous week and significantly higher than the four-week average.On April 24, the Russian Ministry of Defense reported on the 23rd that Russian forces struck energy and transportation infrastructure used by Ukrainian forces, as well as temporary deployment points of Ukrainian armed forces and foreign mercenaries, in 138 areas over the past day. Russian air defense systems shot down 10 guided-missile bombs and 418 fixed-wing drones. On the same day, the General Staff of the Ukrainian Armed Forces reported that the Ukrainian Air Force, missile forces, and artillery launched strikes against multiple Russian personnel and equipment concentration areas and command posts, shooting down 1,941 drones. On the 23rd, a source from the Ukrainian Security Service stated that Ukrainian drones attacked the Gorky oil pumping station in Nizhny Novgorod Oblast, Russia, causing a fire.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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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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