EUR/USD 1.14292
-0.059%
Gold 4184.27
0.227%
Oil 68.868
0.214%
USD/JPY 161.787
0.265%
GBP/USD 1.33417
-0.080%
GBP/JPY 215.856
0.184%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian authorities say the Russian attack on Kyiv has killed three people.July 6 – The Kuwait Arab Economic Development Foundation announced on July 5 the establishment of the “Kuwait Emergency Response Fund,” with an initial capital of US$100 million. The fund aims to enhance the countrys capacity to respond to emergencies and exceptional challenges, and to support post-crisis social recovery and infrastructure reconstruction. According to Kuwaiti sources, Kuwaiti Foreign Minister and Chairman of the Board of Directors of the Kuwait Arab Economic Development Foundation, Al-Jalah, stated at a press conference on July 5 that the fund aims to establish an institutionalized emergency response financing mechanism to improve the countrys crisis response capabilities. Al-Jalah said that the spillover effects of the conflict between the United States, Israel, and Iran have impacted Kuwaits security and stability, necessitating further strengthening and unifying efforts from all parties to enhance the countrys capacity to respond to various exceptional circumstances. The fund will mobilize domestic funds to support the repair of infrastructure damaged in the conflict. Al-Waleed Bahar, Acting Director General of the Kuwait Arab Economic Development Foundation, stated that the fund will serve as a dedicated financing window, providing financial support to priority projects based on government needs.July 6 – The European Central Bank (ECB) announced on Monday that its Target 2 (T2) payment system, used for settling everyday payments and financial transactions, has resumed normal operation after a brief payment processing outage. According to the ECBs website, the ECB and financial institutions rely on the T2 system for large payments and receipts, ensuring seamless settlement in central bank currency. The ECB had earlier stated in an update to its operational status page that the T2 system was in a "non-mandatory maintenance window," causing a delay in the opening of the settlement window for euros and Danish krone.July 6th - Multiple explosions were heard in Kyiv, the capital of Ukraine, on the 6th local time. Kyiv Mayor Viktor Klitschko stated that five people have been injured in Kyiv so far. Earlier that day, multiple explosions were heard in Kyiv. The head of the Kyiv Military Management Department, Tkachenko, posted on social media that Russian forces were launching ballistic missiles at Kyiv. Local officials also posted on social media that a residential building had been hit by a missile, trapping residents inside.European Central Bank: The Eurosystems T2 system is operating normally, and the earlier payment processing incident has been resolved.

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