EUR/USD 1.13254
-0.486%
Gold 3974.15
-3.309%
Oil 70.362
-3.472%
USD/JPY 161.730
0.103%
GBP/USD 1.31439
-0.448%
GBP/JPY 212.581
-0.340%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On June 24th, US President Trump stated that Iran told the US it did not seek or collect tolls, insurance fees, or any other form of payment from ships transiting the Strait of Hormuz, subsequently extending the decline in oil prices. Both Brent and WTI crude fell by more than 3%. His remarks came as traders became increasingly optimistic that supplies through the Strait of Hormuz would gradually return to normal, with supplies from major Gulf oil-producing countries expected to recover soon.New York gold futures fell below the $4,000 mark for the first time since November last year, down 3.5% on the day.New York silver futures plunged 6.00% on the day, currently trading at $58.34 per ounce.German Chancellor Merz: Hopes to submit the pension reform plan to parliament for review before the end of the year.June 24th - The U.S. current account deficit widened to $226.8 billion in the first quarter, an increase of $5.8 billion, or 2.6%, from the revised $221.1 billion in the fourth quarter of last year. The current account deficit as a percentage of GDP rose slightly to 2.9% from 2.8%. The widening deficit was not due to trade. The goods trade deficit actually narrowed, with exports of goods and services jumping $50 billion to $1.38 trillion. The main drag came from primary income, which shifted from a surplus in the fourth quarter to a deficit in the first quarter. This account reflects the difference between the returns on foreign assets held by U.S. residents and the returns on U.S. assets held by foreign residents. This shift reveals a change in relative returns and rising costs of financing an increasingly unbalanced balance sheet. It is noteworthy that the annual revision was substantial. The fourth-quarter deficit was revised to -$221.1 billion from an initial -$190.7 billion, and the net international investment position was also revised by nearly $6 trillion.

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