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According to EuroPravda, the Czech president stated that the goal of supplying Ukraine with 1.8 million rounds of large-caliber ammunition this year has been achieved.Iranian media reported that 18 crew members of a foreign oil tanker seized in the Gulf of Oman have been detained on suspicion of transporting "smuggled fuel."On December 13th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group Office, stated that to ensure the success of next years economic work, it is essential to adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, and effectively enhancing the efficiency of macroeconomic governance. Since the Politburo meeting on September 26th last year, a series of policies and measures have been introduced and implemented, and additional policies will be introduced and implemented next year based on changes in the situation. It is crucial to leverage the integrated effect of existing and new policies to promote steady and positive economic growth. The market economy is largely an expectation economy; therefore, it is necessary to improve the expectation management mechanism, conduct effective economic publicity and public opinion guidance, respond promptly to market concerns, and effectively boost social confidence.On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.

Oil Losses Widen on Fears of Rising U.S. Inventories and Uncertainty Regarding the CPI

Haiden Holmes

Aug 10, 2022 11:15

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Wednesday oil prices extended overnight declines as industry data indicated a larger-than-anticipated increase in U.S. oil stockpiles over the previous week.


Investors were especially concerned about the anticipated U.S. CPI inflation data, which might signal a greater likelihood of a Federal Reserve rate hike.


At 20:45 ET (00:30 GMT), Brent Oil Futures declined 0.4% to $96.09 per barrel, while U.S. Crude Oil WTI Futures decreased 0.3% to $90.22 per barrel. On Tuesday, both contracts dipped, albeit somewhat, as a potential supply bottleneck in Europe briefly pushed up prices.


The American Petroleum Institute stated that oil inventories in the United States climbed by a greater amount than expected over the previous week. Unlike the forecast of fewer than 100,000 barrels, crude oil, gasoline, and distillates stockpiles remained at 2.16 million barrels. The number very definitely foreshadows a similar outcome from official numbers released later in the day, which would mark the second week in a row of unexpectedly high oil inventories in the United States.


Contrary to market expectations, U.S. crude oil inventories grew by more than 4 million barrels last week, resulting in a decline in oil prices.


The results imply that U.S. oil consumption is falling as a result of rising inflation and a weakening industrial sector, which may portend further challenges for the petroleum markets.


In the next months, it is also projected that global industrial activity would have an effect on crude demand. Since the commencement of Russia's invasion of Ukraine, the price of oil has decreased by more than $40, as rising global costs have dramatically reduced demand.


The spotlight is currently on the upcoming U.S. inflation figures, slated for release at 8:30 a.m. ET. While the data is expected to suggest a little decrease in prices from the previous month, inflation is expected to remain above levels not seen in forty years.


This would almost probably compel the Federal Reserve to hike interest rates further in September, a move that might have a negative impact on economic development and further reduce oil prices.

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