EUR/USD 1.15290
0.036%
Gold 4307.46
-0.260%
Oil 91.607
3.453%
USD/JPY 160.364
0.117%
GBP/USD 1.33381
0.007%
GBP/JPY 213.900
0.124%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Daiwa Capital: Lowered its target price for XPeng Motors (XPEV.N) from $29.00 to $25.00.On June 8, 2026, the Guangzhou Housing Provident Fund Management Center issued the "Implementation Measures for Individual Housing Provident Fund Loans in Guangzhou." The measures add the following situations where loans will not be granted: the building structure of the loan-for housing or collateral is incomplete or cannot be freely traded on the market (except for sale-type affordable housing); the loan-for housing has been used to establish a right of residence; the applicant buys and sells housing with their parents, children, or spouse; the applicant buys and sells housing with their former spouse within one year of divorce; and the same borrower applies for a housing provident fund loan again for the same housing unit. These new situations aim to prevent risks such as difficulty in liquidating properties, fraudulent transactions, and obtaining loans through divorce, close loopholes in practice, and ensure the safety of housing provident fund funds.On June 8 local time, Xi Jinping, General Secretary of the CPC Central Committee and President of China, arrived in Pyongyang to begin a state visit to North Korea.On June 8th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.2140%, and the lowest was 0.7110%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0330%, and the lowest was 1.0000%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0240%, and the lowest was 1.0000%.Fitch: As the conflict with Iran enters its 100th day, the oil shock continues to spread. Credit risks in the Asia-Pacific region are escalating.

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