EUR/USD 1.16624
-0.066%
Gold 4239.12
0.313%
Oil 56.947
-0.282%
USD/JPY 150.820
0.229%
GBP/USD 1.34287
-0.063%
GBP/JPY 202.535
0.166%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US President Trump: Indian Prime Minister Modi once told me that he would not participate in Russian oil transactions.Japans 5-year government bond yield rose 2.5 basis points to 1.215%.On October 20th, CICC Research stated that it believes the current round of risks at two US banks is smaller in both scale and severity than the previous round. It is more a reaction to sentiment fueled by isolated credit risk events and does not currently constitute a systemic shock to the financial system. However, this incident reflects the trend of rising credit risk in a high-interest rate environment. If this leads to a decline in risk appetite in the credit market and tighter lending conditions, it could lead to further liquidity tightening. However, until the overall US economy shows clear signs of recession, the credit tightening is likely to be mild and unlikely to escalate into a crisis.Leapmotor (09863.HK) announced on the Hong Kong Stock Exchange on October 20th that its Chairman and CEO, Zhu Jiangming, and shareholder, Fu Liquan, purchased a total of 3,243,500 H shares of the Company on the market at an average price of approximately HK$63.19 per share. Following this increase, as of the date of this announcement, Mr. Zhu Jiangming and Mr. Fu Liquan, together with their largest shareholder group, hold a total of 206,949,938 H shares and 128,517,839 domestic shares of the Company, representing 23.59% of the Companys total issued shares.US President Trump: There has been no discussion about having Ukraine cede the Donbas region to Russia.

WTI sellers assault $87.00 as US President Biden contests OPEC+ ruling

Daniel Rogers

Oct 12, 2022 14:29

176.png

 

WTI remains below the $87.00 support level as US President Biden expresses his displeasure with the decision by the Organization of the Petroleum Exporting Countries and its allies, including Russia, known collectively as OPEC+. Nevertheless, the bears remain cautious at the weekly low throughout the Asian session on Wednesday.

 

Reuters reported that US Vice President Joe Biden stated on Tuesday that "there will be consequences" for US-Saudi ties following OPEC+'s announcement last week that it will reduce oil production against US concerns. The news further reported that Biden's remark occurred a day after the influential Democratic senator Bob Menendez, chairman of the Senate Foreign Relations Committee, stated that the United States must immediately halt any cooperation with Saudi Arabia, including military sales. Notable is the fact that OPEC+ startled markets by declaring a two million-barrel-per-day output cut last week.

 

In addition to the OPEC+-agreed-upon supply cutbacks, the risk-aversion wave and the strengthening US Dollar Index (DXY) further weigh on commodities prices.

 

In spite of this, the DXY re-establishes a two-week high above 113.50 as higher US Treasury yields and hawkish Fed bets keep dollar investors optimistic ahead of today's Federal Open Market Committee (FOMC) Meeting Minutes.

 

The International Monetary Fund's (IMF) most recent economic forecasts may also impose downward pressure on the price of black gold. Tuesday, the IMF dropped its global economic growth forecast for 2023 from 2.9% in July to 2.7%, citing pressures from rising energy and food prices and interest rate hikes as the primary reasons for the change. Notable is that the Washington-based institute maintained its 3.2% growth prediction for 2022, compared to 6.0% for 2021.

 

In conclusion, the risk-averse sentiment and optimism for an easing of the supply constraint weigh on the price of black gold prior to the private weekly inventory data from the American Petroleum Institute (API), which was previously -1.77M.


Suggestion