EUR/USD 1.16762
0.021%
Gold 4461.79
0.124%
Oil 56.185
-0.187%
USD/JPY 156.730
-0.017%
GBP/USD 1.34577
0.006%
GBP/JPY 210.928
0.004%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 8th, it was reported that Colombian President Petro Perez and US President Donald Trump spoke by phone on January 7th local time. The Colombian Foreign Ministry confirmed that the call lasted approximately 15 minutes.On January 8th, the National Healthcare Security Administration issued a notice on vigorously promoting convenient payment methods such as facial recognition payment, one-code payment, mobile payment, and credit payment, addressing pain points and bottlenecks related to medical treatment and payment. The notice aims to accelerate the implementation of these methods in various medical scenarios and strive to fully establish a convenient medical insurance payment system within approximately three years. According to the notice, the first batch of pilot cities should include at least two cities in each province. Each province must ensure that the first batch of pilot areas and designated medical institutions are effectively implemented by 2026, achieve basic full coverage of all coordinated areas within the province by 2027, and fully implement the system in all eligible designated medical institutions within the province by 2028.Japans overtime pay rose 1.2% year-on-year in November, up from 1.5% in the previous month.Japans November labor cash income rose 0.5% year-on-year, below the expected 2.30% and the previous figure revised from 2.60% to 2.50%.January 8th - According to reports on January 7th local time, European natural gas inventories have fallen to their lowest level since the outbreak of the Russia-Ukraine conflict. Current inventories are far below the five-year average, less than 60%, and the EU may face the risk of a natural gas shortage. According to data from the European Gas Infrastructure Association (GLE), as of January 4th, the storage capacity of underground natural gas storage facilities in Europe was only 59.9%. This level typically only occurs at the end of January in previous winters and is about 13% lower than the average for early January over the past five years. Gazprom warned that the EU may face a natural gas shortage due to the abnormally rapid decline in natural gas reserves in underground storage facilities this heating season.

As The Dollar Rises, Oil Falls Despite Russian Supply Cuts

Skylar Williams

Feb 27, 2023 14:11

微信截图_20230227135444.png


Oil prices dipped in volatile trade on Monday, as a stronger dollar and concerns of recession risks offset gains from Russia's plans to deepen oil supply cuts.


At 04:11 GMT, West Texas Intermediate U.S. crude futures (WTI) were trading 23 cents or 0.3% lower at $76.09 per barrel, while Brent crude futures were down 30 cents or 0.36% at $82.86 per barrel.


Friday's closing prices for both indices were up by more than 90 cents.


Monday, the dollar hovered near a seven-week high after a slew of strong U.S. economic data bolstered the view that the Federal Reserve will need to raise interest rates further and for an extended period of time.


A strong dollar increases the cost of U.S. dollar-priced goods for foreign currency holders.


Vandana Hari, founder of oil market analysis firm Vanda (NASDAQ:VNDA) Insights, stated, "Crude continues to receive direction from the broader financial markets' sentiment."


Fears of a hawkish Federal Reserve returned to the forefront on Friday after the personal consumption expenditures (PCE) price index increased by 0.6% in January, following a 0.2% increase in December.


"Crude will undoubtedly face renewed pressure if risk aversion continues to grow," Hari predicted.


Last week, U.S. crude oil inventories reached their highest level since May 2021, according to data from the Energy Information Administration (EIA). This development added to the downward pressure on crude oil prices.


"The EIA data continue to generate more questions rather than provide clarity on markets," analysts at the consulting firm Energy Aspects wrote in a note, referring to the steep supply adjustment in the data that contributed to the increase.


On the supply side, Russia intends to reduce oil exports from its western ports by as much as 25% in March compared to February, exceeding its previously announced 5% production cut for the month.


Since February 24, 2022, when Russian military entered Ukraine for the first time, oil prices have decreased by approximately six percent annually.


Russia ceased oil deliveries to Poland via the Druzhba pipeline, the CEO of Polish refiner PKN Orlen said on Saturday, a day after Poland delivered its first Leopard tanks to Ukraine.


Two weeks after the invasion, oil prices soared to a record high of nearly $128 per barrel due to supply worries, but have since retreated due to fears of a global economic decline.


Separately, investors are awaiting this week's China manufacturing surveys to determine the direction of crude demand. This weekend marks the beginning of China's annual parliamentary session, during which new economic policy goals and guidelines will be introduced.


Ning Zhang, senior China economist at UBS Investment Bank, said in a note: "We anticipate the government to reiterate the importance of growth support and call for more policy support."


Suggestion