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July 5th - According to the Financial Times, Uber has suspended most of its European food delivery expansion plans as it continues its efforts to acquire its biggest competitor in Europe. Two sources familiar with the matter revealed that the company no longer plans to launch services in five of the seven countries it planned to expand into this year, including Austria, Norway, and Greece. This adjustment comes just five months after Uber announced its European food delivery expansion plans, which included entering markets such as the Czech Republic and Romania, and aiming to add $1 billion in total bookings over the next three years. However, Uber is still pursuing the acquisition of Berlin-based food delivery platform Delivery Hero. Its €10 billion takeover offer was rejected by Delivery Hero in May.According to the Financial Times, Frances efforts to exclude Britain from EU defense spending will backfire.On July 5th, the Iranian Foreign Ministry announced that the Yemeni Deputy Prime Minister visited Tehran to attend the funeral of former Iranian Supreme Leader Ayatollah Khamenei and met with Iranian Foreign Minister Araqchi on Saturday afternoon. Foreign Minister Araqchi expressed gratitude for the courage and firm stance of the Yemeni government and people in their strong condemnation of the US-Israeli military aggression against Iran and their expression of solidarity with the Iranian people. Araqchi also emphasized that Iran is prepared to utilize all diplomatic channels to promote the lifting of the blockade against Yemen and the full implementation of the Yemen peace roadmap.Iranian Foreign Ministry: A Serbian delegation visited Tehran to attend the funeral of former Iranian Supreme Leader Khamenei and met with Iranian Foreign Minister Araqchi on Saturday afternoon.July 5th - The Chinese and Russian navies will hold the "Joint Sea-2026" joint exercise in the sea and airspace near Qingdao in July. After the exercise, some forces from both sides will conduct joint maritime patrols in relevant waters of the Pacific Ocean. This is part of the annual cooperation plan between the Chinese and Russian militaries, aimed at jointly addressing security challenges and maintaining regional peace and stability.

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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