EUR/USD 1.18208
0.563%
Gold 4981.50
0.923%
Oil 61.059
2.474%
USD/JPY 155.813
-1.645%
GBP/USD 1.36362
0.994%
GBP/JPY 212.474
-0.652%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Duke Energy: As of 4 p.m. Sunday, January 25, Duke Energy had restored power to 24,864 Carolina customers.The U.S. State Department said it is taking steps to impose visa restrictions on two members of Haiti’s Transitional Presidential Council and to revoke their visas.January 26th - Growing concerns are that a shortage of memory chips could impact the automotive industry. With the increasing prevalence of software-defined vehicles (SDVs), the demand for memory chips in automobiles is growing, while supply is expected to shift towards the artificial intelligence (AI) market, leading to shortages. Some automotive chip companies are analyzed to potentially have to change their product designs due to insufficient memory supply. A semiconductor industry insider stated, "The risks to the automotive semiconductor supply chain may begin to emerge in the first half of this year," noting that "the industry expects memory chip prices to more than double." UBS Securities stated, "A memory chip shortage could pose a significant risk to the global automotive industry," and "is highly likely to put financial pressure on both (automotive semiconductor) suppliers and (vehicle) manufacturers."Senate Minority Leader Schumer: Senate Republicans must work with Democrats to advance the passage of the other five appropriations bills, while we are also working to amend the Department of Homeland Securitys appropriations bill.Senate Minority Leader Chuck Schumer: Senate Republicans, like all Americans, have seen the horrific scenes of U.S. Immigration and Customs Enforcement (ICE) openly abusing Americans in Minnesota.

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

Skylar Williams

Jul 13, 2022 11:03

6.png


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.


Suggestion