EUR/USD 1.14509
-0.148%
Gold 4068.23
0.051%
Oil 83.304
-0.333%
USD/JPY 163.611
0.130%
GBP/USD 1.33597
-0.063%
GBP/JPY 218.584
0.069%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 30, the Hong Kong Securities and Futures Commission (SFC) announced that it had issued a restriction notice to Futu Securities International (Hong Kong) Limited (03588.HK), prohibiting it from handling or disposing of assets in client accounts held by a certain entity, up to a limit of HK$125 million. This entity is suspected of participating in a fraudulent scheme designed to create a false or untrue appearance of demand for initial public offering (IPO) shares. Futu is not the subject of the SFCs investigation, and the restriction notice will not affect Futu or its other clients. The SFC believes that issuing the restriction notice is appropriate to protect the interests of the investing public and the public interest, and the investigation is ongoing.Israel Defense Forces: Dozens of weapons found in a village in southern Lebanon.The Hang Seng Index closed up 50.96 points, or 0.2%, at 25,858.88 on Thursday, July 30; the Hang Seng Tech Index closed down 60.96 points, or 1.25%, at 4,803.77 on Thursday, July 30; the H-share Index closed up 21.19 points, or 0.25%, at 8,644.71 on Thursday, July 30; and the Red Chip Index closed up 20.01 points, or 0.47%, at 4,250.42 on Thursday, July 30.JPMorgan Chase lowered its price target for Qualcomm (QCOM.O) from $265 to $215.According to a report from Futures on July 30, Enterprise Singapore (ESG) reported that Singapores middle distillate fuel inventories fell by 981,000 barrels to a seven-week low of 7.734 million barrels in the week ending July 29.

WTI crude oil drifts above $80.00 amidst a US Dollar rebound and supply shortage concerns

Alina Haynes

Apr 10, 2023 14:16

 101.png

 

In the early hours of Monday, purchasers of WTI crude oil struggled to maintain the price above $80.70 as risk aversion and hawkish Fed forecasts bolstered the US Dollar. However, threats to Oil supplies, primarily emanating from China and OPEC+, appear to keep purchasers of black gold optimistic.

 

US Dollar Index (DXY) reverses a four-day downtrend near 102.25 despite the inability of US Treasury bond yields to recover due to recession concerns. However, US 10-year and 2-year Treasury bond yields remain under pressure near 3.37 percent and 3.95 percent, respectively. In doing so, the benchmark bond coupons extend the previous day's losses and illustrate the market's flight to protection in response to concerns of an economic decline.

 

In spite of this, the recent disappointing US data reignite concerns of a recession in the world's largest economy and challenge the optimists in the energy sector. However, the positive US Nonfarm Payrolls (NFP) data enabled Fed hawks to return to the table and renew demands for a 0.25 percentage point rate hike in May. The same constrains the value of the US dollar and stimulates demand for WTI crude oil.

 

On the other hand, geopolitical concerns surrounding China, particularly after the dragon nation's military exercises near Taiwan, combine with last week's unexpected OPEC+ production cut to keep Oil purchasers optimistic.

 

China's willingness to defend the global economy through robust monetary and fiscal easing at home also enables Oil purchasers to maintain optimism in the face of optimism among the world's largest Oil consumers.

 

The Easter Monday holiday in spot markets may limit Oil price movements, but the investors appear to be out of steam, so US inflation and Fed Minutes will be closely monitored for signs of a pullback.


Suggestion