皇冠信用网
热门标签

Oil steadies as China COVID fears face tight supply concerns

时间:2个月前   阅读:14   评论:2

欧博客户端下载www.aLLbet8.vip)是欧博集团的官方网站。欧博官网开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。

Brent futures for September delivery gained 8 cents, or 0.1%, to settle at US$107.10 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 70 cents, or 0.7%, to settle at $104.09. With the U.S. Federal Reserve expected to keep raising interest rates, open interest in New York Mercantile Exchange (NYMEX) futures fell on July 7 to its lowest since October 2015 as investors cut back on risky assets.

NEW YORK: Oil prices were little changed on Monday as markets balanced an expected drop in demand due to mass testing for COVID-19 in China against ongoing concerns over tight supply.

Brent futures for September delivery gained 8 cents, or 0.1%, to settle at US$107.10 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 70 cents, or 0.7%, to settle at $104.09.

With the U.S. Federal Reserve expected to keep raising interest rates, open interest in New York Mercantile Exchange (NYMEX) futures fell on July 7 to its lowest since October 2015 as investors cut back on risky assets.

Last week, oil speculators cut their net long futures and options positions on the NYMEX and Intercontinental Exchanges to their lowest since April 2020.

"The oil market is being pulled in two directions with exceedingly tight physical fundamentals set against forward-looking demand concerns and signs of price-induced demand destruction," analysts at EBW Analytics said in a note.

The market was rattled earlier in the session by news that China had discovered its first case of a highly transmissible Omicron subvariant in Shanghai that could lead to another round of mass testing, which would hurt fuel demand.

,

Telegram群组导航www.tg888.vip)是一个Telegram群组分享平台,飞机群组内容包括telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组(其他)、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容,为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。

,

"The combined impact of concerns of global economic slowdown and a renewed COVID outbreak could hardly come at a worse time for oil markets," Investec Risk Solutions said in a note.

Also putting pressure on oil was a rise in the U.S. dollar .DXY against a basket of other currencies to its highest since October 2002. A stronger dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies.

Euro zone finance ministers said the fight against inflation was the current priority despite dwindling growth in the bloc, as they were informed of a deteriorating economic outlook by the European Commission. Read full story

The market remains jittery about plans by Western nations to cap Russian oil prices, with Russian President Vladimir Putin warning that further sanctions could lead to "catastrophic" consequences in the global energy market.

JP Morgan said the market was caught between concern over a potential halt to Russian supplies and a possible recession.

"Macro risks are becoming more two-sided. A 3 million barrel (bbl) per day retaliatory reduction in Russian oil exports is a credible threat and if realized will drive Brent crude oil prices to roughly $190/bbl," the bank said in a note.

上一篇:环球ug代理开户:57岁李勤勤已经满头白发,素颜也尽显老态,但穿卫衣还挺潮的!

下一篇:欧博官网会员登录:Agmo makes strong debut on ACE Market at 80 sen

网友评论

  • 2022-08-28 01:25:28

    LONDON: World stocks rose on Monday in trade thinned by a U.S. holiday, benefiting from a recovery in oil prices as concerns about tight supply helped to balance recession fears.好久没看这种的了