• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
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.

Oil Prices Fall After Three Days Amid Fed Uncertainty And Rising U.S. Inventories

Skylar Williams

Feb 09, 2023 11:31

77.png


Oil prices remained subdued on Thursday as hawkish remarks from Federal Reserve officials bolstered the dollar and stoked fears of additional interest rate hikes, while U.S. oil stocks increased for a seventh consecutive week.


Given that inflation is still heading substantially beyond the central bank's target, markets reassessed their forecast for U.S. interest rate hikes this year following hawkish overnight remarks from Federal Reserve policymakers.


This strengthened the currency, which weighed on the crude market. The potential of increasing U.S. interest rates also bodes poorly for oil, given that the accompanying downturn in economic activity might further impede demand.


Fears of a more hawkish Fed returned after stronger-than-anticipated U.S. employment statistics shook crude markets last week.


By 20:50 ET, Brent oil prices were unchanged at $85.19 per barrel, while West Texas Intermediate crude futures increased 0.1% to $78.58 per barrel (01:50 GMT). Both contracts increased by as much as 6% over the preceding three days and were trading around their highest levels in two weeks.


Optimism over a demand resurgence in China and supply interruptions caused by an earthquake in Turkey and Syria fueled big rises in petroleum prices this week. Earlier this week, the International Energy Agency confirmed its projection for a robust recovery in Chinese demand this year.


While some pipeline flows from Iraq to Turkey have restarted after being halted earlier this week, inclement weather has prevented the resumption of exports from the major port of Ceyhan. This trend foretells a near-term shortfall of supplies to areas of Europe and Israel.


However, this was offset by predictions of a supply surplus in the United States, the largest oil user in the world. Wednesday's government statistics indicated that U.S. oil inventories increased for the seventh straight week, with gasoline and distillate stockpile increases indicating that demand for retail fuel remained weak.


In the following days, the focus will be on a succession of inflation figures from big nations, beginning with China on Friday. The markets will closely monitor if price pressures have eased in the country since the majority of anti-COVID measures were loosened earlier this year.


Next week's U.S. inflation report is anticipated to influence monetary policy in the coming months.