EUR/USD 1.18115
-0.052%
Gold 5045.42
2.003%
Oil 63.088
-0.842%
USD/JPY 156.770
0.638%
GBP/USD 1.37083
0.078%
GBP/JPY 214.910
0.725%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 4th - American Airlines Group (AAL.O) CEO Robert Isom is facing pressure from pilots who accuse him of failing to close the gap between the company and its more profitable peers. According to a letter to its members released by the pilots union, the United Pilots Association (APA), the union is considering a vote of no confidence in Isom and his management team. This action could take place as early as Friday. The APA represents approximately 16,000 pilots. The union stated that the potential vote of no confidence stems from mishandling winter storm preparations last month and American Airlines disappointing financial performance. This internal backlash comes as American Airlines faces a series of operational and strategic challenges, including reducing approximately $35 billion in debt and escalating competition with United Airlines in Chicago.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 19:23 on February 4 in Akqi County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.73°N, 78.38°E), with a focal depth of 10 kilometers.February 4th - Vivo confirmed that it has internally initiated a Vlog camera project at the end of 2025, with the product targeting DJIs Pocket series. The products name has not yet been officially confirmed, and it is expected to be released in 2026.The China Earthquake Networks Center officially reported that a magnitude 6.0 earthquake occurred at 18:39 on February 4 in the Kermadec Islands of New Zealand (29.85 degrees south latitude, 178.25 degrees west longitude), with a focal depth of 190 kilometers.A spokesperson for the Ukrainian Foreign Ministry stated that Russias large-scale attacks on energy facilities have hindered peace negotiations. This round of talks in Abu Dhabi will primarily focus on military and military-political issues. Ukraine hopes to understand the "true intentions" of Moscow and Washington in the peace negotiations.

WTI crude oil climbs above $80.00 as NFP and recession fears contend with an OPEC+ surprise

Daniel Rogers

Apr 07, 2023 11:36

 截屏2022-11-24 下午3.13.23.png

 

As energy markets celebrate the Good Friday holiday, WTI crude oil prices remain stable around $80.50, poised for a three-week uptrend. In doing so, black gold defends the week-beginning gains provided by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, headed by Russia, known as OPEC+, who announced a surprise output cut. However, concerns of a recession and a cautious disposition ahead of the March US employment report have recently posed a challenge to the energy benchmark.

 

The OPEC+ group startled the market with a voluntary output decline of nearly 1.66 million barrels per day. The International Energy Agency (IEA) stated, in response to the OPEC+ announcements, that the OPEC+ decision to reduce oil output risks aggravating a stressed market by driving up oil prices in response to inflationary pressures.

 

On the other hand, the US Dollar's weakness, bolstered by disappointing US data, supported the recovery of the black gold.

 

In spite of this, the US Dollar Index (DXY) has a four-day losing streak and is currently trading around 102.000.

 

Initial Jobless Claims for the week ending March 31 increased to 228K from 200K expected and an upwardly revised 246K the previous week. Notable is that the Challenger Job Cuts for the given month increased from 77,77K to 89,703K. Previously, US JOLTS Job Openings fell to a 19-month low in February, and March's ADP Employment Change figures of 145K also disappointed markets. In addition, the US ISM Services PMI for March decreased to 51.2 compared to 54.5 anticipated and 55.1 previously.

 

China's optimism for economic development and optimistic activity data from the dragon nation could also support the oil price. Pan Gongsheng, the director of China's State Administration of Foreign Exchange (SAFE), stated on Friday that Beijing "will defend itself against external financial market shocks and risks."

 

It should be noted, however, that recent calls for a recession pose a challenge to WTI crude oil purchasers, and more signs of economic decline should be monitored for direction, particularly when commodity prices trade near the key short-term resistance line.

 

In addition to the news about the recession, the March US employment report will be crucial to monitor for direction. Analysts anticipate a decline in headline Nonfarm Payrolls (NFP) to 240K from 311K previously, with the unemployment rate remaining unchanged at 3.6%. However, the contradictory forecasts for Average Hourly Wages make the outcome even more intriguing.


Suggestion