EUR/USD 1.16097
-0.089%
Gold 4076.03
-0.270%
Oil 59.289
-0.768%
USD/JPY 154.784
0.166%
GBP/USD 1.31655
-0.015%
GBP/JPY 203.785
0.151%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Morgan Stanley: U.S. stocks are expected to outperform stocks in the rest of the world (ROW) in 2026.Morgan Stanley forecasts a year-end target of 7,800 for the S&P 500 by 2026.On November 17th, the National Medical Products Administration (NMPA) released an opinion on deepening the reform of cosmetics regulation to promote the high-quality development of the industry. The opinion proposes that by 2030, the legal system for cosmetics regulation will be more complete, the standards system more robust, technical support stronger, the industrys innovation vitality more abundant, risk prevention and control capabilities comprehensively enhanced, and the level of quality and safety significantly improved. By 2035, the cosmetics quality and safety regulatory system will reach the international advanced level, the regulatory system, mechanisms, and methods will better adapt to the inherent requirements of industrial innovation and high-quality development, the industry will have stronger innovation and creativity and global competitiveness, and regulatory modernization will be basically achieved.Ukraines emergency services said that Russian attacks on Ukraines Odessa region caused fires at energy and port infrastructure facilities.Minutes of the Economic and Fiscal Policy Meeting of the Bank of Japan: Bank of Japan Governor Kazuo Ueda stated that, in the long run, sustainably achieving the 2% target does not only mean that inflation must be higher than 2%, but also that inflation significantly exceeding 2% could cause problems.

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