EUR/USD 1.14763
0.113%
Gold 4349.63
2.010%
Oil 96.664
-0.837%
USD/JPY 156.004
-0.174%
GBP/USD 1.33528
-0.202%
GBP/JPY 208.317
-0.373%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Barclays currently expects the Bank of England to raise interest rates by 25 basis points each in November and February 2027, citing persistent inflation risks and the impact of the Middle East conflict.September 18 – According to the Associated Press, the U.S. State Department confirmed that it has approved Iranian President Peshizian and Iranian Foreign Minister Araqchi, along with other senior officials, to travel to New York for next weeks high-level meeting of the United Nations General Assembly. The State Department stated that the Iranian "core delegation" and essential personnel will be allowed to attend the General Assembly activities, but will be subject to travel restrictions and will be prohibited from purchasing luxury goods and other restricted items in accordance with U.S. policy. The U.S. stated that this years Iranian delegation is smaller than last years. This decision was made against the backdrop of the ongoing U.S.-Iran conflict, which has lasted for more than six months. Currently, there has been no significant progress between the two sides on reopening the Strait of Hormuz and resuming negotiations on the Iranian nuclear issue. As the host country of the United Nations, the United States is usually bound by obligations to the host country and finds it difficult to prevent foreign leaders from attending the General Assembly. Previously, the United States has also issued limited visas to representatives of countries involved in conflicts and imposed restrictions on their activities. This decision to approve the Iranian delegations visas comes just one day after the U.S. refused to allow Palestinian President Mahmoud Abbas and his delegation to the General Assembly.A U.S. State Department spokesperson said that the core delegation of the Iranian regime will be able to attend the high-level week of the UN General Assembly.U.S. State Department: Washington has issued visas to Iran to attend a United Nations meeting.Houthi rebels in Yemen: In the past 24 hours, the Saudi Air Force launched 37 airstrikes on Taiz and Hodeidah provinces in Yemen, using F-15 fighter jets that took off from Khamis Mushait Air Base, causing civilian casualties.

Despite growing demand, the price per barrel of crude oil remains below $90

Haiden Holmes

Sep 08, 2022 11:32

74.png


Oil prices rose on Thursday as a U.S. energy watchdog anticipated a minor increase in demand and a decrease in supply until 2023. Fears of an economic slowdown, however, kept prices near eight-month lows.


Prior to a meeting of the European Central Bank, the dollar fell from 20-year highs, easing pricing pressures somewhat.


Brent oil prices, the international benchmark traded in London, rose 1.1% to $88.47 per barrel by 20:56 ET, while U.S. West Texas Intermediate crude oil futures rose 0.8% to $82.59 per barrel (00:56 GMT).


Weak Chinese economic data, interest rate hikes, and an unexpected surge in U.S. inventories fueled fears of a demand slowdown on Wednesday, when both contracts dropped to their lowest levels since January.


In its monthly Short-Term Energy Outlook report, the U.S. Energy Information Administration (EIA) forecasts that global crude demand will increase in the fourth quarter of 2022 and the first quarter of 2023, as rising natural gas prices prompt countries to switch to heating oil during the winter months. This year, the watchdog also forecasts a drop in U.S. oil production, a trend that is expected to be supportive of prices.


As Europe confronts an energy crisis triggered by Russia's suspension of a crucial natural gas pipeline to the bloc, demand may increase.


The EIA expects Brent oil to average approximately $98 per barrel during the fourth quarter. It also forecasts a decline in global petroleum demand between 2022 and 2023.


Numerous indicators of weak demand exert near-term pressure on oil prices. As economic growth in the world's top oil importer slowed to a crawl in August, China's crude imports decreased by about 10%, according to figures released on Wednesday.


In addition, the markets worried about a rise in global interest rates, which tends to reduce spending and reduce petroleum demand. On Wednesday, Canada raised rates to their highest level in 14 years, while the ECB will increase rates for the first time in 11 years.


In addition, the American Institute of Petroleum reported last week's unexpected increase in U.S. crude stockpiles, heightening concerns about a slowdown in global oil consumption. However, the drop in fuel stocks indicated that consumer demand remained healthy.


Traders anticipated that rising interest rates and weak economic growth would weigh on petroleum use, resulting in a fall in oil prices from earlier this year's highs.


Suggestion