EUR/USD 1.17895
0.064%
Gold 4794.95
0.088%
Oil 88.964
-0.738%
USD/JPY 159.171
0.019%
GBP/USD 1.35291
0.020%
GBP/JPY 215.349
0.050%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
April 17th - According to the latest data released by Counterpoint Research on Friday, Apples (AAPL.O) iPhone shipments in China grew by 20% in the first quarter of this year, the strongest growth among major suppliers. The data shows that smartphone shipments in China, the worlds largest smartphone market, declined by 4% between January and March, mainly due to supply chain disruptions and soaring memory chip prices. However, Huawei and Apple bucked the trend, achieving growth of 2% and 20% respectively.On April 17th, European Central Bank (ECB) Governing Council member Michel Mueller stated that the ECB needs to remain vigilant regarding potential inflation risks arising from the Iran war, but should not act rashly. There are currently no signs of a broader second round of price impacts, and the ECB is in a more favorable position than it was in 2022. However, it would be "too dangerous" to assume that the energy shock is temporary and can be completely ignored. He stated, "We can perhaps exercise a little patience and not rush into action. But of course, we dont want to hesitate and fall behind the developments."On Friday, April 17, the Hang Seng Index closed down 233.93 points, or 0.89%, at 26,160.33; the Hang Seng Tech Index closed down 49.4 points, or 0.97%, at 5,042.68; the H-share Index closed down 60.09 points, or 0.67%, at 8,845.02; and the Red Chip Index closed down 21.69 points, or 0.5%, at 4,325.72.The Eurozones unadjusted current account balance for February was €21.1 billion, compared to €13 billion in the previous month.The Eurozones seasonally adjusted current account balance was €25 billion in February, compared to €37.9 billion in the previous month.

Oil Prices Remain Stable As Investors Anticipate Fed Reserve Remarks

Charlie Brooks

Feb 22, 2023 14:06

83.png


Oil prices remained unchanged on Wednesday as investors awaited remarks from the U.S. Federal Reserve in response to recent data indicating the prospect of more interest rate rises, which may slow economic growth and reduce global fuel consumption.


Brent oil futures for April delivery rose 2 cents to $83.07 a barrel at 02:42 GMT on Wednesday, following a 1.2% decline on Tuesday. April West Texas Intermediate (WTI) oil futures decreased one cent to $76.35 a barrel. On Tuesday, the March WTI contract expired 18 cents lower.


The U.S. Federal Reserve will release the minutes of its most recent meeting on Wednesday, giving traders a view of how high policymakers expect interest rates to rise in the wake of recent job and inflation figures that exceeded expectations.


But, other economic statistics from the United States, the world's largest oil consumer, revealed some concerning trends. In January, existing home sales reached their lowest level since October 2010, marking the twelfth consecutive monthly decline, the worst since 1999.


"Oil prices came under pressure... as dismal economic data prompted worries about demand in advanced nations," ANZ Bank senior commodity analyst Daniel Hynes wrote in a report. Further rate increases might reduce oil consumption.


Rising interest rates tend to increase the value of the dollar, making oil priced in dollars more costly for holders of other currencies. 


Recently, oil prices have been bolstered by expectations of tighter global supply and growing Chinese demand. Experts anticipate that China's oil imports will reach a record high in 2023 due to rising demand for transportation fuel and the introduction of new refineries.


ANZ's Hynes remarked that PetroChina and Unipec, the trading arm of Sinopec (OTC:SHIIY), Asia's largest oil refiner, had reserved 10 supertankers to import oil from the U.S. next month, equivalent to around 20 million barrels of crude.

Suggestion