EUR/USD 1.17058
-0.113%
Gold 4564.24
-1.008%
Oil 99.690
0.436%
USD/JPY 157.070
0.008%
GBP/USD 1.35525
-0.150%
GBP/JPY 212.873
-0.141%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
German Finance Minister Klinger: I will continue to push for an unexpected energy tax, despite the lack of majority support in the EU at present.On May 4th, the Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, released "Several Measures for Continuously Promoting the Stable and Healthy Development of the Real Estate Market in Zhongshan City," aiming to further reduce existing housing stock and optimize new housing supply to better meet residents rigid and improved housing needs. The "Several Measures" consist of seven articles, including continuing to support residents "trade-in" programs; encouraging the market-oriented operation of "trade-in" programs for commercial housing; increasing support for home purchases using housing provident funds; optimizing the criteria for determining the number of housing units eligible for housing provident fund loans; accelerating the reduction of commercial property inventory and encouraging the revitalization of existing resources through multiple channels; increasing financial support and reducing the down payment ratio for commercial property purchase loans; and piloting the implementation of housing voucher resettlement compensation. Among these measures, it is stipulated that acquired old houses can be resold, renovated, or used for market-oriented rental housing, talent apartments, and affordable rental housing. The minimum down payment ratio for commercial property purchase loans has been adjusted to no less than 30%.U.S. Treasury Secretary Bessenter: The United States is opening the Strait of Hormuz.Apple (AAPL.O) has launched new sport bands and watch faces, which are now available for pre-order at a price of $49.May 4th - According to the Traffic Management Bureau of the Ministry of Public Security, on the fourth day of the May Day holiday, various regions have entered the peak return travel period, with traffic flow on major highways and national and provincial trunk roads across the country generally operating at high levels. Local public security traffic management departments have strengthened order control, strictly investigated serious violations, enhanced emergency response, and widely publicized information to ensure road traffic safety and smooth flow. As of 6 PM, except for a few sections experiencing congestion due to excessive traffic volume and minor accidents, traffic on major highways nationwide was generally stable and orderly, with no prolonged or widespread traffic jams. May 5th is the last day of the May Day holiday, and various regions will see the peak return travel period, with traffic flow on highways and national and provincial trunk roads expected to remain high.

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

66.png

 

Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


Suggestion