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On March 21, the Israel Defense Forces (IDF) issued a statement saying that it had launched a large-scale airstrike on multiple ballistic missile production facilities in Tehran, the capital of Iran. The statement said that, with intelligence support, the IDF struck dozens of facilities used by the Iranian Islamic Revolutionary Guard Corps for the research and production of ballistic missile components, missile component storage facilities, and missile fuel-related facilities. The statement also said that the IDF would continue to expand its strikes against Iranian weapons production facilities.Iranian Embassy in India: Iranian President Pezechzian called on BRICS countries to play an independent role in stopping aggression against Iran.Iranian television: Police in West Azerbaijan province have arrested 25 suspected intelligence agents.On March 21, Bank of America discussed the outlook for the US dollar and maintained its medium-term bearish view. The bank stated, "Since the outbreak of the Iran war, the US dollar has unsurprisingly appreciated against other G10 currencies, although the overall appreciation has not been significant. Until the situation becomes clearer, oil prices and major risks will continue to dominate the foreign exchange market. Meanwhile, interest rate expectations have been raised in most G10 central banks, which has somewhat restrained the dollars appreciation," Bank of America noted. Bank of America further pointed out that although relative interest rates have not been the main driver of the foreign exchange market during this period, this situation may change as the impact of the war on the real economy gradually becomes apparent. "While we maintain our long-term bearish view on the US dollar, upside risks to the dollar are likely to dominate as the war continues," Bank of America added.The Israeli military claims to have attacked a ballistic missile production facility of the Iranian Revolutionary Guard in Tehran.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

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WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.

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