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A spokesperson for the UAE Ministry of Defense said the Iranian attack killed three people and injured 68 others.Ireland has nominated European Central Bank Governing Council member Makhrouf to be reappointed as Governor of the Central Bank of Ireland.On March 3rd, Li Jihui, a National Peoples Congress deputy and vice president of the Guangdong Provincial General Chamber of Commerce, stated that Guangdong is a major consumer province with a large consumer population, and its consumer subsidies have achieved good results, effectively stimulating consumer enthusiasm. He suggested continuing to optimize and implement consumer subsidy policies, such as allocating trade-in subsidies to provinces with faster spending and higher impact ratios, supporting major consumer provinces to expand and strengthen trade-in programs, and driving the upgrading and optimization of consumer goods nationwide. He also mentioned that promoting consumption should focus on exploring emerging fields, such as the low-altitude economy and aviation sports, which are gradually becoming new growth points. He suggested that Guangdong should orderly open up low-altitude consumption pilot programs, take the lead in building a low-altitude consumption service system, and cultivate a related industrial ecosystem.A spokesperson for the UAE Ministry of Defense stated that most of the 186 missiles launched by Iran to date have been intercepted.A spokesperson for the UAE Ministry of Defense stated that the UAE possesses a strategic artillery reserve capable of withstanding long-term air threats.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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