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On November 26th, former Bank of Japan board member Kazuo Monma stated in an interview that the recent weakening of the yen is increasing the likelihood of the Bank of Japan raising its benchmark interest rate next month. He said, "Unless there is significant negative news and the yen remains at its current level, the probability of a rate hike in December is quite high. There is really no need to wait for stronger signals from wages, prices, or economic indicators." Monma added, "The weak yen is the biggest enemy of the governments measures to combat rising prices. Prime Minister Sanae Takaichis high approval rating stems from public expectations of her addressing the cost of living issue, so the effectiveness of her measures is crucial to her governance. If the yen becomes an obstacle, she is likely to feel the need to curb its decline." However, Monma also indicated that he does not rule out the possibility that the central bank will wait until January next year to act, at which time it will have more data to confirm the momentum of wage increases next year and the resilience of the US economy.The API reported that U.S. crude oil production increased by 337,000 barrels per day in the week ending November 21, compared with 303,000 barrels per day in the previous week.U.S. refined product imports for the week ending November 21 were 245,000 barrels per day (API), compared to a -336,000 barrels per day in the previous week.U.S. crude oil imports for the week ending November 21 were -319,000 barrels, compared to 396,000 barrels in the previous week.U.S. heating oil inventories fell by 137,000 barrels in the week ending November 21, compared with a previous weeks decrease of 317,000 barrels.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.


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