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On January 15th, local time on the 15th, Venezuelan Foreign Minister Hill announced on social media that the Venezuelan embassy in Oslo, Norway was invaded and damaged that day. He urged the Norwegian side to immediately find the person responsible for the incident.Citigroup (CN) CFO: Strong investment banking activity is expected in 2025.On January 15, Peter Cardillo, chief market economist at Spartan Capital Securities, said that the overall CPI in the United States rose, which was disappointing. But this may be due to food prices. The core CPI annual rate has cooled down, which is good news. Regarding the December CPI report, I don’t think it will change the inflation outlook, nor do I think it will change the Fed’s cautious outlook. From the current situation, the dollar is weakening, yields are falling, and the market may be paying attention to core inflation. However, this report really hasn’t changed much. The most important thing is that inflation is still sticky.Airbus CEO: We remain confident that we will achieve our target of producing 75 single-aisle aircraft per month by 2027.On January 15, analysts Jersey and Hoffman said that after the release of the CPI report that was more or less "in line with expectations", the market had a knee-jerk reaction, which obviously relieved those who were worried about rising inflation. Jersey said: "Given the strong momentum of the economy, we still believe that the Fed is more likely to be close to completing the rate cut, and considering the upcoming data, the Fed may make the last rate cut in March. Consumers may need to slow down consumption significantly before the Fed can continue to cut interest rates thereafter."

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.

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