EUR/USD 1.18527
-0.119%
Gold 3684.22
-0.152%
Oil 64.117
-0.081%
USD/JPY 146.245
-0.139%
GBP/USD 1.36657
0.154%
GBP/JPY 199.854
0.020%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Morgan Stanley (MS.N) is combining two investment banking teams.On September 17th, Investec Economics analyst Sandra Horsfield stated in a report that the UKs headline inflation rate remained unchanged at a high 3.8% in August, increasing the likelihood that the Bank of England will keep interest rates unchanged for the remainder of 2025. Currently, UK inflation remains well above the Bank of Englands 2% target. Horsfield stated, "Only evidence of declining inflation will convince the majority of the Monetary Policy Committee that further rate cuts are appropriate." Data from the London Stock Exchange Group indicates that the market believes there is a 40% probability of another Bank of England rate cut before the end of 2025.How much will the Fed cut tonight? Lock in the app and book a live broadcast of Powells press conference with simultaneous interpretation!On September 17th, Japans ruling Liberal Democratic Party (LDP) announced that its presidential election will be held early next month. The partys presidential election committee announced the election schedule, detailing the candidate press conferences, policy discussions, and local speeches. With the countdown to the election announcement approaching, the campaign is set to officially begin next week. Following Prime Minister and LDP President Shigeru Ishibas resignation on the 7th, the LDP announced that the presidential election announcement will be released on September 22nd, with votes being counted on October 4th.According to RIA Novosti: Russian President Vladimir Putin spoke with Indian Prime Minister Narendra Modi on the phone to discuss the Ukrainian issue.

WTI extends comeback above $85.00 as EIA oil inventories decline by 1.75 million barrels

Daniel Rogers

Oct 20, 2022 15:14

 172.png

 

Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) increased after the Energy Information Administration (EIA) announced a decline in crude oil inventories on Wednesday. In the early European session, oil prices have extended their gains above the key resistance level of $85.00 to approximately $85.57.

 

Wednesday, the EIA reported a decrease in oil inventories of 1.75 million barrels, compared to estimates for an increase of 1.38 million and the previous release of 9.88 million. US Vice President Joe Biden's oil release announcement was met with skepticism, but an unexpected fall in oil reserves has instilled optimism in black gold. US Vice President Joe Biden announced the release of 15 million barrels from the Strategic Petroleum Reserve (SPR) in an effort to stabilize the demand-supply mechanism.

 

The anticipation of additional sanctions on the oil supply from Russia, which may cripple the global oil supply, also contributes to the optimism surrounding oil prices.

 

On a broader scale, oil price headwinds are far from finished. Black gold may experience pessimism if the People's Bank of China (PBOC) maintains its current monetary policies. Despite the economic upheaval caused by the continuation of the zero-Covid-19 policy and the weakening real estate market, the PBOC maintained its Prime Lending Rates (PLR). A lack of additional monetary policy could affect the sentiment of market players.

 

As the risk aversion trend has faded, the US dollar index (DXY) has fallen substantially and reached an intraday low of 112.77. S&P500 futures have regained all of their overnight losses as a result of a resurgence in the risk-on market sentiment. US 10-year Treasury yields continue to be solid.


Suggestion