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July 12, Anthony Saglimbene, chief market strategist at Ameriprise Financial, said that as the US government reaches an agreement with trading partners such as Japan and South Korea in the coming weeks, most investors seem to expect the United States to avoid raising tariffs. "This is the expectation that the market has formed," Saglimbene said. "If we dont get such an outcome, then I think if the White House does implement some aggressive tariff measures, the market volatility in the short term may increase."Ukraine said Russia launched 623 drones and missiles during the night.July 12, according to a report by the Wall Street Journal on the 11th, US President Trump hinted that if Iran seeks to develop nuclear weapons, he will support Israel in launching a new round of strikes against Iran. According to reports, Israeli Prime Minister Netanyahu recently privately informed Trump that if Iran resumes the development of nuclear weapons, Israel will launch further military strikes against Iran. Trump responded that he was inclined to reach a diplomatic settlement with Iran, that is, to reach an agreement on the nuclear issue, but he did not oppose Israels plan. The report also stated that a senior Israeli official revealed that Israel would not necessarily seek explicit approval from the United States on the issue of resuming strikes against Iran. However, considering that the United States seeks to maintain diplomatic ties with Iran, Israel may also face resistance from the United States.Ukrainian President Zelensky: Russia launched 597 drones and 26 missiles in its overnight attack on Ukraine on Saturday.The Russian Ministry of Defense said that the Russian air defense system destroyed 33 Ukrainian drones in many parts of Russia within one day and one night.

Oil Prices Remain Near Weekly Lows as U.S. CPI Inflation Looms Large

Haiden Holmes

Oct 13, 2022 11:57

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Oil prices held near their weekly lows on Thursday, as markets dug in ahead of important U.S. inflation data due later in the day and a worsening demand forecast dampened sentiment.


Brent oil futures traded in London rose 0.1% to $92.65 per barrel by 21:21 ET, while U.S. West Texas Intermediate futures rose 0.1% to $87.33 per barrel (01:21 GMT). This week, both contracts are down approximately 6% due to hawkish Federal Reserve signals and profit-taking after last week's dramatic increase.


As a result of an increase in COVID infections in China, investors feared additional lockdowns in the world's largest petroleum importer, and prices fell. The Chinese trade and inflation numbers expected to be released on Friday should provide additional information on this front.


However, Thursday's CPI inflation data from the United States will dominate this week. It is predicted that the data would reflect that U.S. inflation remained stubbornly high in September, providing the Fed with further reason to continue raising interest rates.


The minutes from the Federal Reserve's September meeting revealed that the central bank has no plans to adjust its hawkish stance.


Concerns that rising inflation and interest rates will reduce economic activity and weigh on petroleum consumption have precipitated a precipitous decrease in oil prices this year, which is anticipated to continue in the near future.


The Organization of Petroleum Exporting Countries cut its oil demand forecasts for 2022 and 2023 on Wednesday, citing weak economic growth and high inflation as contributing factors. In an effort to increase petroleum prices, the cartel curtailed daily supply by 2 million barrels per day recently.


While the output cut generated an increase in oil prices, concerns about sluggish demand may swiftly wipe away these gains.


The American Petroleum Institute estimated a 7 million barrel increase in crude oil inventories in the United States last week; the government is expected to publish a 1.7 million barrel increase today.


Oil prices may rise if the United States releases extra supplies from its Strategic Petroleum Reserve, as the Biden administration vowed to do after the OPEC production cut.


However, oil prices may benefit from an increase in heating-related demand over the winter months. In addition, supply issues in Russia resulting from an escalation of the crisis in Ukraine may contribute to price increases.

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