EUR/USD 1.13911
-0.178%
Gold 4082.79
-1.140%
Oil 89.540
4.248%
USD/JPY 163.478
0.207%
GBP/USD 1.33505
-0.179%
GBP/JPY 218.256
0.028%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Total Energy CEO: Regarding the Kronos gas project in Cyprus, we expect to make a final investment decision by the end of July.US President Trump: The nuclear agreement between the US Department of Energy and Saudi Arabia will be approved, but it depends entirely on Saudi Arabia joining the Abraham Accords.July 23: Building materials transaction volume was 88,400 tons, an increase of 12.18% compared to the previous trading day. July 22: Building materials transaction volume was 78,800 tons, a decrease of 18.85% compared to the previous trading day. July 21: Building materials transaction volume was 97,100 tons, an increase of 23.85% compared to the previous trading day. July 20: Building materials transaction volume was 78,400 tons, a decrease of 6.67% compared to the previous trading day. July 17: Building materials transaction volume was 84,000 tons, an increase of 9.95% compared to the previous trading day. Last weeks average: Building materials transaction volume was 83,900 tons.On July 23, UBS investment bank economists stated in a report that UK inflation, after slowing in June, is expected to accelerate and could peak at 3.3% in November. The economists said that utility bills are expected to rise in July, which could push the year-on-year overall inflation rate up to as high as 2.9% from 2.6% in June. "We expect food and goods inflation to intensify by the end of the year as higher input costs, particularly energy and fertilizer, are gradually passed on to consumers," they said, adding that the escalating conflict in the Middle East increases the risk of rising inflation.On July 23, UBS Investment Bank economists stated in a report that the likelihood of a Bank of England interest rate hike in the coming months has decreased. These economists said that sluggish UK economic growth and a weak labor market have reduced the necessity for a rate hike. "The Bank of England can mitigate the risk of a second-round effect by maintaining interest rates at their current restrained levels for a longer period without further rate increases." However, they noted that given rising oil prices and the preference of some Bank of England members for a rate hike, the possibility cannot be ruled out.

Oil prices decrease as recessionary worries weigh on demand projections

Skylar Williams

Aug 16, 2022 10:50

6.png


Oil prices fell on Tuesday, extending losses from the previous session, as economic data from China, the world's largest oil importer, fueled fresh concerns about an impending global recession that might affect energy consumption.


Brent crude futures declined 90 cents, or 1%, to $94.20 a barrel at 00:03 GMT. Futures for WTI crude fell 81 cents, or 0.9%, to $88.60 a barrel.


In the previous trading session, oil futures dropped by roughly 3 percent.


As a result of China's dismal economic data, prices dropped. Beijing's zero-COVID policy and the property crisis strangled factory and retail activity in July, pushing the central bank to reduce lending rates to stimulate demand.


After Beijing awarded more quotas in June and July, researchers and traders predict that China's exports of fuel products will approach their highest level of the year in August. In 2022, however, expanded limitations are anticipated to limit shipments to seven-year lows.


According to a report released by the U.S. Energy Information Administration (EIA) on Monday, total output from the major U.S. shale oil basins in September will approach 9,049 million barrels per day, the highest level since March 2020.


Market participants awaited the release of industry data on U.S. crude stocks on Tuesday afternoon. According to a preliminary Reuters poll issued on Monday, oil and gasoline stockpiles likely fell last week, but distillate levels increased. [EIA/S]


Additionally, investors observed efforts to revive the 2015 Iran nuclear agreement. According to analysts, if Iran and the United States accept the European Union's offer to eliminate limitations on Iranian oil exports, the oil supply might expand.


According to an EU official, Iran responded on Monday to the EU's "final" draft language to salvage the 2015 nuclear deal. The official did not comment on Iran's response. The Iranian foreign minister encouraged the United States to be flexible in order to overcome three unresolved issues.

Suggestion