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1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.07% to 49,533.19 points, the S&P 500 rose 0.1% to 6,843.22 points, and the Nasdaq Composite rose 0.14% to 22,578.38 points. Apple rose more than 3% and Nike rose more than 2%, leading the Dow Jones. Citigroup rose 2.7% and JPMorgan Chase rose 1.7%. The Wind U.S. Tech Big Seven Index rose 0.53%, with Amazon and Nvidia rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.1%, with LuKing Holdings rising nearly 16% and TAL Education Group falling more than 3%. Supported by gains in financial stocks, the major stock indexes regained their footing after last weeks decline. 2. European stock markets closed higher across the board. The German DAX index rose 0.8% to 24,998.4 points, the French CAC40 index rose 0.54% to 8,361.46 points, and the UK FTSE 100 index rose 0.79% to 10,556.17 points. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 3.34 basis points to 3.435%, the 3-year Treasury yield rose 2.22 basis points to 3.467%, the 5-year Treasury yield rose 1.73 basis points to 3.621%, the 10-year Treasury yield rose 1.14 basis points to 4.060%, and the 30-year Treasury yield fell 0.58 basis points to 4.689%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 2.33% to $4896.10 per ounce, and COMEX silver futures fell 3.93% to $73.55 per ounce. 5. The WTI crude oil futures contract closed down 2.24% at $62.3 per barrel; the Brent crude oil futures contract fell 1.85% to $67.38 per barrel. Progress was made in negotiations between the United States and Iran on the nuclear agreement, with both sides reaching an agreement on key principles. Market concerns about geopolitical risks eased, and expectations of tight oil supply weakened. 6. Most London base metals fell. LME zinc was flat at $3,290.0/ton, LME tin fell 0.21% to $45,585.0/ton, LME aluminum fell 0.54% to $3,036.0/ton, LME lead fell 0.74% to $1,943.5/ton, LME copper fell 1.46% to $12,663.5/ton, and LME nickel fell 1.67% to $16,830.0/ton.Reserve Bank of New Zealand: The labor market is stabilizing, but the unemployment rate remains high.Japanese Chief Cabinet Secretary Minoru Kihara: Japans investment projects in the United States will promote mutual benefit and economic growth for both countries, and ensure economic security.The Reserve Bank of New Zealand (RBNZ) expects the official cash rate to be 2.26% in June 2026 (previously 2.2%) and 2.52% in March 2027 (previously 2.34%).Japanese Chief Cabinet Secretary: Japans investment projects in the United States will promote mutual benefit and win-win results between the two countries, drive economic growth, and safeguard economic security.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.

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