EUR/USD 1.16547
0.040%
Gold 3340.30
-0.234%
Oil 63.095
0.500%
USD/JPY 147.571
0.183%
GBP/USD 1.34699
0.115%
GBP/JPY 198.758
0.295%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 21st, at the Hong Kong Stock Exchanges 2025 interim results conference, some market participants suggested extending trading hours. HKEX CEO Chan Yi-tings response was misinterpreted by some as "HKEX is exploring a 24-hour trading mechanism." On August 21st, HKEX spokesperson Chan Yi-ting stated that the exchange is committed to providing greater convenience for investors and is open to all relevant suggestions. However, due to the significant impact and challenges of extending trading hours on the overall market, extreme caution is required and consultation with all market participants is necessary. For example, if something goes wrong, there are still a few hours to remedy the situation, whereas with 24-hour trading, there would be no room for maneuver.A group of Indian state ministers has backed the federal governments proposal for a new goods and services tax structure.On August 21, Baihua Pharmaceutical announced that its operating income in the first half of 2025 was 202 million yuan, a year-on-year increase of 2.95%. Its net profit was 25.4834 million yuan, a year-on-year increase of 12.45%.The UKs preliminary August manufacturing and services PMIs will be released in ten minutes.The Hang Seng Index in Hong Kong closed at 25,104.61 points, down 61.33 points, or 0.24%, on Thursday, August 21; the Hang Seng Tech Index in Hong Kong closed at 5,498.5 points, down 42.77 points, or 0.77%, on Thursday, August 21; the CSI 300 Index closed at 8,974.77 points, down 38.5 points, or 0.43%, on Thursday, August 21; and the H-share Index closed at 4,359.89 points, up 14.21 points, or 0.33%, on Thursday, August 21.

WTI remains protective over $75.00 due to conflicting OPEC oil demand predictions and an increase in API inventories

Alina Haynes

Dec 14, 2022 11:28

 239.png

 

During Wednesday's Asian session, WTI crude oil traders struggle to find a clear direction around $75.30. The market is cautious ahead of today's Federal Open Market Committee meeting, and as a result, the black gold deviates from a three-day rally from the yearly low (FOMC).

 

The Organization of the Petroleum Exporting Countries' (OPEC) ambiguous oil demand projections and news about China may be supporting the WTI's passivity.

 

The OPEC stated in a monthly report that after increasing by 2.55 million bpd in 2022, oil consumption will increase by 2.25 million barrels per day (bpd), or approximately 2.3%, in 2023. Both projections remained the same as the previous month, according to Reuters. The news also stated that "OPEC reduced the absolute demand projections in the fourth quarter of 2022 and the first quarter of 2023 while maintaining the yearly demand growth forecasts at the same level. Chinese consumption has decreased in 2022 due to COVID containment measures, according to OPEC, as reported by Reuters.

 

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva was seen predicting weaker economic growth for China as a result of the most recent increase in the daily Covid cases on a different page. Additionally, Bloomberg reported that the COVID-19 issues may have caused the Chinese leaders to postpone their meeting to discuss economic policy.

 

The disappointing US inflation figures could have encouraged oil bulls, but a surprising increase in the American Petroleum Institute's (API) weekly inventory for the week ended December 9—to 7.819M from -6.289M the week before—challenges the buyers of black gold.

 

The main difficulty for WTI traders is uncertainty surrounding market fears of fewer rate hikes and a cautious attitude prior to the Fed's decision.

 

Moving on, the risk associated with China and pre-Fed actions may limit WTI movements. Weekly official inventory data from the US Energy Information Administration (EIA), before -5.187M, may also be a factor in limiting oil swings.

Suggestion