EUR/USD 1.14545
-0.117%
Gold 4080.86
0.362%
Oil 82.866
-0.857%
USD/JPY 163.472
0.045%
GBP/USD 1.33537
-0.108%
GBP/JPY 218.302
-0.060%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Samsung Electronics: It has secured 2-nanometer process manufacturing orders from cloud service providers.Samsung Electronics: DRAM bit growth in the third quarter will reach mid-single digits compared to the second quarter.Nasdaq futures rose more than 1%, S&P 500 futures rose 0.4%, and Dow futures rose 0.3%.July 30 – The Japanese government lowered its economic growth forecast for the current fiscal year on Thursday, citing rising oil prices linked to Middle East tensions as squeezing household spending and corporate profits. In its interim estimate released by the Cabinet Office, the government projects inflation-adjusted GDP growth of 0.9% for the fiscal year ending March 2027, down from the 1.3% growth forecast in January. However, thanks to strong capital spending and private consumption, growth is expected to accelerate to 1.1% in the next fiscal year. The weaker economic outlook for the current fiscal year highlights the pressure that rising energy costs are putting on Japans economy, which is heavily reliant on imported fuels. Under the forecast, Japan now expects private consumption to grow by 0.9% in fiscal year 2026, down from the 1.3% growth forecast in January; while capital spending is projected to grow by 2.3%, down from the previously forecast 2.8%.Futures News, July 30th - According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Thursday morning, following the rise in international crude oil futures. With renewed large-scale airstrikes in the Middle East dashing market hopes for an end to the conflict between the US, Israel, and Iran, Brent crude futures surged nearly 8% on Wednesday, which will likely boost Malaysian crude palm oil futures in early trading. Strong Malaysian palm oil exports also provide support for prices.

Oil Prices Jump $2 Due to Rising Demand in 2023

Haiden Holmes

Dec 15, 2022 11:18

76.png


OPEC and the International Energy Agency (IEA) foresee a rebound in demand next year, and U.S. interest rate hikes are expected to moderate further in sync with decelerating inflation.


Brent crude futures closed at $82.70 a barrel, up $2.02, or 2.4%, while U.S. West Texas Intermediate (WTI) crude futures settled at $79.40, up $1.94.


Both contracts increased due to a jump in diesel futures in anticipation of cold weather at the end of the year.


The Brent contract has reverted to a backward market structure in which front-month loading barrels sell at a premium to later deliveries, signaling that oversupply concerns are decreasing.


Last week, the structure reverted to contango, with front-month deliveries becoming less expensive than later-loading months.


A leak and outage of TC Energy (NYSE:TRP) Corp's Keystone Pipeline, which transports Canadian petroleum to the U.S., have boosted oil prices.


According to officials, cleanup will take several weeks.


Last week, U.S. crude oil stockpiles increased by more than 10 million barrels, the highest since March 2021, due to releases from the Strategic Petroleum Reserve and a fall in refinery operations. 


OPEC projects that oil consumption will climb by 2.25 million barrels per day (bpd) to 101.80 million bpd in 2023, with significant upside from China, the world's largest importer.


The IEA raised its 2023 oil demand growth projection to 1.7 million bpd, for a total of 101,6 million bpd, in anticipation of a recovery in Chinese oil consumption in 2024, after a decline of 400,000 bpd in 2022.


According to the figures, road and aviation traffic in China have rebounded.


"The climate remains conducive for triple-digit prices... Recent volatility gives an excellent entry point. Next quarter, balances may be looser, but by 2Q, a new price rally will be upon us "Oswald Clint, a Bernstein analyst, noted.


The Federal Reserve lifted its benchmark overnight interest rate by 50 basis points on Wednesday, a drop from the 75-basis-point increases it adopted at its previous four policy meetings.

Suggestion