EUR/USD 1.13694
-0.063%
Gold 4053.64
0.107%
Oil 88.544
-2.783%
USD/JPY 163.848
-0.004%
GBP/USD 1.33208
0.055%
GBP/JPY 218.264
0.066%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iranian Foreign Ministry spokesman Bagaei: Information exchanges between Iran and the United States, as well as the activities of mediators, are continuing.July 27th - According to the Financial Times, SpaceXs potential European competitor, The Exploration Company GmbH, is in talks to raise at least $300 million, partly from the EUs "European Scale-Up Fund," which would boost the companys valuation to over $2 billion. Sources familiar with the matter say this still-pending funding round will support the companys development of Europes first reusable spacecraft for transporting cargo to the International Space Station (and planned successors). The companys last funding round was in 2024, raising approximately $160 million with support from the French and German governments. That 2024 funding round also financed the development of its reusable spacecraft, Nyx.According to Al Jazeera: Settlers have stormed into the Samra region in the northern Jordan Valley.On July 27, Brazilian President Lula published an article in The Washington Post criticizing the recent series of tariff pressures imposed on Brazil by the United States. In the article, Lula stated that negotiations between Brazil and the US, along with a ruling by the US Supreme Court, repealed the first version of the tariff policy that began last July. However, this July, the US government decided to impose new tariffs on Brazil ranging from 12.5% to 37.5%. He argued that these new tariffs are not only unfair but also a strategic mistake: they damage the US economy and the partnership with Brazil, and in the medium to long term, will disrupt the currently highly integrated production chains between the two countries, leading Brazilian companies to replace US suppliers with other partners.German government spokesperson: Chancellor Merz will nominate conservative Steffen Bürger as Minister of Transport.

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