EUR/USD 1.15413
-0.467%
Gold 4285.58
-1.445%
Oil 99.516
2.468%
USD/JPY 154.638
0.621%
GBP/USD 1.34874
-0.285%
GBP/JPY 208.571
0.334%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
GAP CEO Dixon: Consumers are expected to return to shopping malls and physical stores.German Chancellor Merz: We are at the most critical moment in the coming weeks and months to defend the peace and freedom of our continent.On September 14th, a trade source stated that Qatar Energy has issued a tender to sell Al-Shaheen, Qatar Marine, and Qatar Land crude oil products at FOB prices from its Qatari ports located behind the Strait of Hormuz, with shipments scheduled for October and November. The source indicated that Qatar Energy intends to sell 500,000 barrels per day, but the total sales volume for this tender has not yet been disclosed. Furthermore, the tender closes on Tuesday.On September 14, local time, Russian Presidential Press Secretary Dmitry Peskov responded to US President Donald Trumps demand that Ukraine cease its attacks on Russian fuel facilities to ensure supplies at a regular briefing. Peskov stated that Russia currently maintains a ban on the export of petroleum products to stabilize domestic supplies. Against the backdrop of escalating tensions in the Persian Gulf, this measure has a significant impact on international markets. The lifting of the export ban will only be considered after the Russian domestic market recovers. When asked whether Trumps demand was a positive step towards resolving the conflict, Peskov said that any initiative calling on the Kyiv regime to stop attacking civilian economic infrastructure should be welcomed. When asked whether Russia was also prepared to avoid attacking some of Ukraines economic infrastructure if Ukraine agreed to Trumps demand, Peskov declined to answer.NATO Secretary General Rutte: The attack on the Ukrainian train shows how desperate Putin has become.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

244.png 

 

In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

Suggestion