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Saturday: ① Data: US total oil rig count for the week ending February 6; Chinas foreign exchange reserves for January.U.S. House Speaker Johnson: I have full confidence in the Secretary of Homeland Security.According to NBC News: U.S. House Speaker Boris Johnson said he is confident of securing enough votes to end the partial government shutdown by at least Tuesday.1. Xiaomi Auto: January deliveries exceeded 39,000 units. 2. XPeng Motors: January deliveries totaled 20,011 new vehicles. 3. Great Wall Motors: January sales of new energy vehicles reached 18,029 units. 4. Voyah: January deliveries reached 10,515 units, a year-on-year increase of 31%. 5. Wenjie Auto: January deliveries reached 40,016 units, a year-on-year increase of 83%. 6. SAIC-GM: January terminal deliveries reached 51,005 units, a year-on-year increase of 8.2%. 7. HarmonyOS: January cumulative deliveries reached 57,915 units, a year-on-year increase of 65.6%. 8. 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As of January 31, 2026, the historical cumulative deliveries will be 1,567,883 units. 16. BYD: In January 2026, new energy vehicle production was 232,358 units, a year-on-year decrease of 29.13%; sales were 210,051 units, a year-on-year decrease of 30.11%.Chery Automobile: In January 2026, the groups total sales of its five major brands were 191,496 vehicles, a year-on-year decrease of 10.7%.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.