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French Industry Minister: (Speaking of Trumps tariffs) Europe must show strength and not be naive.Frances industry minister reiterated that Europe would respond in a measured way to possible tariffs imposed by Trump.Futures news on April 2: 1. The trading volume of WTI crude oil futures was 958,249 lots, a decrease of 3,523 lots from the previous trading day. The open interest was 1,836,896 lots, a decrease of 2,747 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 183,942 lots, an increase of 28,118 lots from the previous trading day. The open interest was 188,972 lots, an increase of 199 lots from the previous trading day. 3. The trading volume of natural gas futures was 413,837 lots, a decrease of 48,458 lots from the previous trading day. The open interest was 1,636,177 lots, an increase of 11,561 lots from the previous trading day.Futures April 2, Economies.com analysts latest view today: Brent crude oil futures prices fell as it tried to release the overbought saturation in the stochastic indicator and a negative signal appeared. At the same time, prices are accumulating positive momentum, ready to rebound and rise again. In the short term, the upward correction trend dominates, and prices are trading along the trend line.Futures News, April 2, Economies.com analysts latest views today: US WTI crude oil futures prices fell slightly due to profit-taking, while trying to accumulate positive momentum to rebound again. In the short term, the upward correction trend dominates, and the stochastic indicator has reached an oversold level, suggesting a positive divergence, which will strengthen the upward momentum.

Despite weakening China inflation, WTI crude oil prices surpass $80 per barrel. API inventories are scrutinized

Daniel Rogers

Apr 11, 2023 14:34

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WTI crude oil reaches a new intraday high near $80.40, buoyed by marginally bullish market sentiment and a weakening US Dollar ahead of Tuesday's European session. Even so, the price of black gold remains within a one-week trading range of approximately $2.0 upon the resumption of full markets following the weekend break.

 

Consequently, the US Dollar Index (DXY) breaks a four-day uptrend by falling to 102.35 at press time, down 0.20 percent intraday. In doing so, the greenback bears the weight of remarks made by the president of the Federal Reserve (Fed) Bank of New York and the vice chairman of the Fed's rate-setting committee, John Williams, who cites rising chances of benign inflation. Rick Rieder, Chief Investment Officer of global fixed income at BlackRock, the world's largest asset manager, said late Monday, according to Reuters, "The Federal Reserve may not need to raise interest rates further to fight inflation, as the aftermath of last month's turmoil in the banking sector and a series of recent labor data point to a slowing US economy."

 

On a separate page, the conclusion of China's military exercises near Taiwan is combined with the Australian-Chinese trade agreement and expectations for increased investment in Japan to illustrate the cautious optimism in the markets. Positive headlines from the International Monetary Fund's (IMF) Managing Director Kristalina Georgieva, who stated on Monday that the global economy is expected to grow less than 3% in 2023, with India and China expected to account for half of the global growth this year, also favored the optimists.

 

In spite of this, CME's FedWatch Tool forecasts that the US Central Bank will raise rates by 0.25 percentage points in May, which challenges market sentiment and WTI crude oil purchasers. Also weighing on risk appetite and energy benchmark prices could be China's disappointing inflation data and a cautious tone ahead of high-profile US data/events.

 

Above all, the OPEC+ supply limits and rising expectations of increased energy demand from the world's largest energy consumer, China, support the upward momentum of WTI crude oil.

 

Moving forward, the weekly report of Oil inventories from the American Petroleum Institute (API), which was -4,346,000 barrels the week prior, could influence WTI prices. For unambiguous direction, the IMF's spring summit and US inflation, as well as the Fed Minutes, will receive the most attention.