EUR/USD 1.15248
-0.732%
Gold 4318.68
-3.497%
Oil 88.549
-2.697%
USD/JPY 160.177
0.098%
GBP/USD 1.33372
-0.643%
GBP/JPY 213.636
-0.547%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukraine claims that a Russian drone attacked a nuclear waste storage facility, but radiation levels are currently stable.South Korean Finance Minister: We will investigate any illegal transactions by importers and exporters.Hong Kong Financial Secretary Paul Chan Mo-po announced today (June 7) that the "AI+ and Industrial Development Strategy Committee," established as announced in the budget, has been successfully formed. Members include experts, academics, and representatives from chambers of commerce, businesses, and industrial parks. The committee will hold its first meeting this month. Given the broad scope of AIs potential applications, the committee will initially focus not only on life sciences and empathic intelligence but also on strategies for applying AI to various sectors, such as transportation, culture and creative industries, and sustainable development.On June 7, according to the Islamic Republic News Agency (IRNA), Iranian First Vice President Ariff stated that all senior officials are completely aligned on Irans negotiating strategy and refuted any claims of disagreement regarding the negotiating text or agenda. Ariff stated that Tehran has adopted a clear and coordinated approach in the negotiations. He said, "Iran has developed a clear strategy in the negotiations, and all officials are implementing it in a fully coordinated manner." He added that officials "have no disagreement on the negotiating text and agenda." He was referring to the ongoing indirect negotiations between Iran and the United States, aimed at permanently ending the war waged by the United States and Israel against Iran. Ariff also emphasized Irans experience in dealing with two wars, stating that Iran has drawn valuable crisis management experience from them.June 7th - According to Nikkei, while major cities worldwide are expanding their tree cover to curb rising summer temperatures related to climate change, the number of street trees in Japan has plummeted from its peak, with a shift towards planting species with limited canopy growth. According to statistics from the University of Tokyo, Tokyos canopy cover (the percentage of land area covered by branches, trunks, and leaves) has decreased from 9.2% in 2013 to 7.3% in 2022. This means that approximately 12 square kilometers of shaded area disappeared during this period, roughly equivalent to 250 large baseball fields. Even Phoenix, the capital of Arizona, a desert-surrounded city, has a higher tree cover than Tokyo, reaching 11% in 2024.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

 156.png

 

After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

Suggestion