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September 8th - Analyst Robert Howard stated that the US August CPI data could determine whether the Federal Reserve will favor raising or maintaining interest rates at next weeks decision, and will also impact the dollars performance. According to the median forecast in a Reuters poll, the overall CPI is expected to rise 0.4% month-on-month and 3.4% year-on-year; core CPI is expected to rise 0.2% month-on-month and 2.4% year-on-year. If the data is higher than expected, hawkish voices will rise, calling for a rate hike by the Fed in September, potentially boosting the dollar. Conversely, if the data is weak, doves will advocate for maintaining interest rates unchanged for the sixth consecutive time, which could be detrimental to the dollar. The market currently sees a 57% probability of a Fed rate hike this month, after strong non-farm payroll data last Friday led to a shift in expectations towards a hawkish stance. This shift occurred 24 hours after Fed Governor Waller made dovish comments, which had previously pressured the dollar; seven days earlier, Fed Chairman Warshs hawkish guidance at Jackson Hole had boosted the dollar.September 8 - The Saudi-led coalition in Yemen stated today (September 8) that Houthi rebels attacked civilian and economic facilities in Abha, Khamis Mushait, Najran, and Jizan in southwestern Saudi Arabia, injuring 73 people. The coalition stated that it will respond firmly to the Houthi attacks.The Saudi-led coalition in Yemen says the Houthi attacks on Saudi Arabia have seriously escalated the situation.The Saudi-led coalition in Yemen said it would respond firmly to the Houthi attacks.The Saudi-led coalition in Yemen claims that Houthi rebels attacked civilian and economic entities in Saudi Abaha, Khamis Mushait, Najran, and Jazan.

After Soaring in The Previous Session Due to Russia's Sanctions, The Price of Oil Declines

Aria Thomas

May 12, 2022 09:37

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Oil prices declined in early Asian trading on Thursday, taking a breather after gaining more than 5 percent in the previous session in response to fresh Russian sanctions against some European gas firms.


On Wednesday, Russia sanctioned 31 enterprises located in nations that placed sanctions on Moscow during the February invasion of Ukraine.


At the same time, Russian gas flows to Europe via Ukraine decreased by a quarter, causing market concern. It was the first time since the invasion when exports via Ukraine were interrupted.


At 00:13 GMT, Brent crude futures decreased 9 cents to $107.42 a barrel. WTI crude prices dropped 13 cents per barrel to $105.58.


As a result of supply concerns following Russia's invasion of Ukraine in February, prices have climbed by roughly 35 percent so far this year.


The European Union continues to negotiate an embargo on Russian oil, which analysts say will tighten the market more and alter trade flows. The vote requires unanimity, but it has been delayed due to Hungary's staunch resistance.


As a result of China's efforts to stop the spread of coronavirus, fears of a decline in demand have curbed price increases.


Stephen Innes, managing partner of SPI Asset Management, predicts that oil prices will be capped in the near future unless China provides substantial policy support or policymakers embrace a different strategy to COVID, both of which seem highly improbable.

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