EUR/USD 1.16358
0.040%
Gold 4508.03
0.520%
Oil 89.579
-1.476%
USD/JPY 159.712
0.029%
GBP/USD 1.34591
0.035%
GBP/JPY 214.963
0.065%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to the Financial Times, the United States is in talks to expand its nuclear weapons deployment in Europe.On June 2nd, the Ministry of Finance announced that it has allocated 99.9 billion yuan in childcare subsidies for 2026, a 10.6% increase over the previous year, to support local governments in providing childcare subsidies to eligible infants and young children. It is estimated that total subsidies from all levels of government will reach approximately 110 billion yuan for the entire year. Currently, the distribution of childcare subsidies for 2026 is proceeding smoothly and orderly. According to relevant regulations, health departments at all levels are responsible for organizing and implementing the review and distribution of childcare subsidies, with at least one batch distributed each quarter in principle; applications approved in the previous quarter should be distributed by the end of the current quarter. The Ministry of Finance will continue to work with the National Health Commission to ensure the effective implementation of the childcare subsidy system, strictly manage funds, strengthen supervision and inspection, leverage the policys role, and contribute to building a fertility-friendly society.Arm (ARM.O) CEO: Oracle (ORCL.N) and ByteDance are now customers of the companys AGI CPU.The Office of the United States Trade Representative announced that Brazilian aircraft and aircraft parts, rare earth elements, pesticides, pharmaceuticals, and fertilizers will be exempt from punitive tariffs.June 2nd - CNN reported on June 1st, citing a regional source familiar with the US-Iran negotiations, that talks have returned to normal. Iranian media had previously reported that negotiations between Iran and the United States had been suspended due to Israels continued attacks on Lebanon. However, US President Trump subsequently stated that he had spoken with Israel and that negotiations with Iran were "moving rapidly."

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