EUR/USD 1.16401
0.077%
Gold 4527.17
0.947%
Oil 88.928
-2.192%
USD/JPY 159.741
0.047%
GBP/USD 1.34612
0.051%
GBP/JPY 215.034
0.098%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On June 2nd, the China Automobile Dealers Association released its latest "Automobile Consumption Index": the index for May 2026 was 81.0, a slight increase from the previous month, indicating that the automobile market is expected to maintain a relatively stable operating trend in June. The associations analysis shows that the June automobile market exhibited a structural differentiation pattern of "cooling demand, declining customer traffic, and strong sales." The fading of holiday benefits and the impact of high temperatures led to a decline in both new demand and offline customer traffic, resulting in a slowdown in overall market activity compared to the concentrated surge in May. However, increased mid-year promotional efforts by dealers and the concentrated fulfillment of previously intended orders continued to drive increased terminal sales. Overall sales are expected to continue their steady upward trend in June.June 2nd - WeRide and Uber announced plans to launch Spains first commercial Robotaxi pilot service in Madrid. This marks the first collaboration between WeRide and Uber in the European market. The commercial Robotaxi service will officially launch later this year. Local users will be able to hail a WeRide Robotaxi with a single click through the Uber app. In the future, as key operational metrics are achieved, WeRide, AVOMO, and Uber have committed to deploying hundreds more Robotaxis and expanding the commercialization of fully driverless Robotaxi services to cover the core urban area of Madrid.June 2nd - SK Group Chairman Chey Tae-won stated on June 2nd that SK Hynix plans to double its wafer production capacity within five years. He indicated that the bottleneck in memory chip production capacity may persist until 2030.JPMorgan Chase raised its price target for HP (HPQ.N) from $37 to $68.Bank of England mortgage lending in April was £4.368 billion, below the expected £5.3 billion and the previous figure revised from £6.152 billion to £6.833 billion.

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

Haiden Holmes

Aug 10, 2022 11:15

22.png


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.

Suggestion