EUR/USD 1.15803
0.108%
Gold 4394.94
0.431%
Oil 81.576
0.112%
USD/JPY 159.127
-0.144%
GBP/USD 1.35487
0.106%
GBP/JPY 215.601
-0.038%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 17th, it was learned from the Zhuhai Border Inspection Station that, with the approval of the National Immigration Administration of the Peoples Republic of China, the Zhuhai Border Inspection Station, in consultation with the Macao Public Security Police Force, will officially implement three convenient measures to optimize the "cooperative inspection, one-time clearance" inspection model at the three cooperative inspection ports of the Hong Kong-Zhuhai-Macao Bridge, Hengqin, and Qingmao, starting from 00:00 on August 18, 2026. These measures cover the optimization of the document submission process for Hong Kong and Macao residents, the expansion of the scope of personnel using the cooperative fast track and the "joint one-stop" lane, etc., aiming to further improve the passenger clearance experience and facilitate the convenient movement of people within the Guangdong-Hong Kong-Macao Greater Bay Area.August 17th - The Third APEC Senior Officials Meeting and related meetings will be held in Dalian, Liaoning Province, from today (August 17th) to August 28th. This meeting is the largest in terms of attendance and number of sessions among all the senior officials meetings to date, and will promote greater cooperation across various fields and mechanisms within the APEC framework, preparing for the Leaders Meeting in November. More than 2,300 representatives from APEC member economies and the Secretariat are expected to attend.Japanese Economy and Fiscal Policy Minister Minoru Shirou: The economy may be supported by employment, improved wage conditions, and government policy measures.Japanese Minister of Economy, Trade and Industry Minoru Shirou: It is necessary to closely monitor the impact of the situation in the Middle East.Japanese Economy and Fiscal Policy Minister Minoru Shirou: The Japanese economy continues its moderate recovery.

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