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European stocks mostly rose on Monday, August 17th, after most major indices closed lower last week, with only the German DAX index hitting a record high. The Stoxx Europe 600 index rose 0.2%, led by technology and pharmaceutical stocks. SpaceX supplier STMicroelectronics rose 3%, while ASML and its smaller competitor ASM International rose 2.35% and 2.7% respectively. Dutch pharmaceutical company Argenx led the gains, rising approximately 7.7%, after reporting positive clinical trial results. The German DAX and the UK FTSE 100 indices rose 0.02% and 0.3% respectively, while the French CAC 40 index fell 0.1%.On August 17, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to a question about the Indonesian earthquake, Lin Jian stated that, to his knowledge, some Chinese citizens were injured in the earthquake. The Chinese Consulate General in Denpasar has activated its consular protection emergency mechanism to provide assistance to those injured in the earthquake.Iranian Foreign Ministry spokesman Bagaei: As everyone has seen, Iran now possesses the firm will to defend its sovereignty and dignity, thanks to the perseverance and resistance it has accumulated over the past decades.Iranian Foreign Ministry spokesman Bagaei: We maintain continuous contact with Qatar, which plays an important role in the current efforts to ease tensions.On August 17, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked: It has been reported that a 7.7-magnitude earthquake struck Indonesia on August 15, killing at least dozens of people. What is Chinas comment on this? Will China provide assistance to Indonesia? Lin Jian stated that China is concerned about the earthquake disaster in Indonesia. We express our deepest condolences to the victims and our sincere sympathies to their families and the injured. China is willing to provide active assistance according to Indonesias needs.

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

Daniel Rogers

Sep 14, 2022 11:42

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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.

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