• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
April 6th, two sources said that the OPEC+ ministerial meeting held on Saturday maintained its oil production policy unchanged and was discussing compliance with production cut targets and plans for some member countries to compensate for production exceeding quotas.On April 6, Ukrainian President Volodymyr Zelensky said on social media on April 5 local time that French Chief of the General Staff Thierry Burkhard and British Chief of Defense Staff Admiral Tony Radakin met with the Ukrainian military in Kiev. Zelensky said that all parties are making every effort to ensure Ukraines security, and the negotiations on the deployment of European partner security teams have made substantial progress and initial details.On April 6, the Russian Ministry of Defense issued a notice on the 5th saying that in the past 24 hours, the Ukrainian army had carried out 14 attacks on Russian energy infrastructure, resulting in power outages in Bryansk Oblast, Belgorod Oblast and other places, and residents were evacuated. The Russian side said that it has launched emergency repair work and strengthened air defense deployment for key facilities. In response, the General Staff of the Ukrainian Armed Forces responded that the Russian statement was not true.On April 6, Meta Platforms (META.O) released a new set of artificial intelligence models in its Llama series, Llama 4, on Saturday. There are a total of four new models in the series: Llama 4 Scout, Llama 4 Maverick and Llama 4 Behemoth. Meta said that all these models have been trained with "a large amount of unlabeled text, image and video data" to give them "extensive visual understanding capabilities." Meta AI has been updated to use the Llama 4 model in 40 countries. Currently, multimodal features are only available in English in the United States.Ukrainian President Volodymyr Zelensky lashed out at the U.S. Embassy on April 5, calling its statement "weak" and failing to blame Russia for the missile attack on the Ukrainian city of Krivyh.

WTI remains protective over $75.00 due to conflicting OPEC oil demand predictions and an increase in API inventories

Alina Haynes

Dec 14, 2022 11:28

 239.png

 

During Wednesday's Asian session, WTI crude oil traders struggle to find a clear direction around $75.30. The market is cautious ahead of today's Federal Open Market Committee meeting, and as a result, the black gold deviates from a three-day rally from the yearly low (FOMC).

 

The Organization of the Petroleum Exporting Countries' (OPEC) ambiguous oil demand projections and news about China may be supporting the WTI's passivity.

 

The OPEC stated in a monthly report that after increasing by 2.55 million bpd in 2022, oil consumption will increase by 2.25 million barrels per day (bpd), or approximately 2.3%, in 2023. Both projections remained the same as the previous month, according to Reuters. The news also stated that "OPEC reduced the absolute demand projections in the fourth quarter of 2022 and the first quarter of 2023 while maintaining the yearly demand growth forecasts at the same level. Chinese consumption has decreased in 2022 due to COVID containment measures, according to OPEC, as reported by Reuters.

 

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva was seen predicting weaker economic growth for China as a result of the most recent increase in the daily Covid cases on a different page. Additionally, Bloomberg reported that the COVID-19 issues may have caused the Chinese leaders to postpone their meeting to discuss economic policy.

 

The disappointing US inflation figures could have encouraged oil bulls, but a surprising increase in the American Petroleum Institute's (API) weekly inventory for the week ended December 9—to 7.819M from -6.289M the week before—challenges the buyers of black gold.

 

The main difficulty for WTI traders is uncertainty surrounding market fears of fewer rate hikes and a cautious attitude prior to the Fed's decision.

 

Moving on, the risk associated with China and pre-Fed actions may limit WTI movements. Weekly official inventory data from the US Energy Information Administration (EIA), before -5.187M, may also be a factor in limiting oil swings.