logologologologo
  • Home
  • Business
  • Markets
  • Exchange
  • Investment
  • Personal Finance

Oil Endures Choppy Start to Week With Demand Concerns in Focus

Oil swung between gains and losses in volatile summer trading as investors continue to weigh the potential hit to demand from an economic slowdown.

West Texas Intermediate was down 0.7% near $88 a barrel, after earlier rising above $90. Investors have backed away from commodities in recent months as slowing growth fuels concern that energy usage will drop, including for gasoline. That helped WTI to sink by almost 10% last week.

One of the market’s most bullish voices, Goldman Sachs Group Inc., cut its near-term price forecasts. The bank previously expected $140 for Brent in the third quarter, but now sees $110. It said it remains bullish, however, as stockpiles continue to decline and prices haven’t yet reached a level at which demand is being destroyed.

Oil is “down but not out,” Goldman analysts said. “We continue to expect that the oil market will remain in unsustainable deficits at current prices.”

Crude has had a roller-coaster ride in 2022, soaring in the opening months of the year following Russia’s invasion of Ukraine, then sinking from June as global slowdown concerns gathered pace. Elevated inflation has prompted central banks including the Federal Reserve to raise interest rates, with investors wagering that more hikes remain in store this half.

Oil’s initial drop on Monday came despite data released at the weekend that showed China’s imports of crude rose in July from the lowest in four years as travel and transportation activity improved after Covid-19 curbs eased. Still, the country’s year-to-date total remains about 4% lower.

The drop in crude since June has been accompanied by a sustained retreat in gasoline prices, which will be welcomed by US President Joe Biden as his administration seeks to tackle inflation. Average nationwide retail gasoline prices in the US dropped for 54 days straight to Saturday to a little above $4 a gallon, according to auto club AAA. They peaked at a record above $5 in June.

With oil prices just above a six-month low, investors are in line for a deluge of market commentary this week. The US Energy Information Administration is set to issue its short-term outlook on Tuesday, followed by monthly snapshots from producer group OPEC and the International Energy Agency on Thursday.

Related posts

February 1, 2023

Bitcoin closes out best January since 2013


Read more

Categories

  • Business
  • Content
  • Exchange
  • Inflation
  • Investment
  • Markets
  • Personal Finance
  • Technology
  • Uncategorized

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021

Recent Posts

  • Bitcoin closes out best January since 2013
  • More oil is coming
  • Samsung to keep up chip investment, undeterred by 8-year-low profit
  • TikTok faces a daunting calendar ahead in Washington
  • Think Chevron’s Profit Was Obscene? 5 Companies Will Blow It Away

About Us

The Alpha Cut a Vida Street LLC Company
1404 N. Ronald Reagan Blvd.
Suite 1120
Longwood, FL 32750

Link

(843) 256-4375
https://thealphacut.com

Why Us

Terms & Privacy
Policy & Procedure
Disclaimer

This material is not an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only.
Any performance results discussed herein represent past performance, not a guarantee of future performance, and are not indicative of any specific investment. Due to the timing of information presented, investment performance may be adjusted after the publication of this report. There can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this communication will be profitable, equal any corresponding indicated historical performance levels or be suitable for your portfolio.
All data in this communication is provided for informational purposes only and is not intended for trading or investing purposes. We expressly disclaim the accuracy, adequacy, or completeness of any data and content provided by financial exchanges, individual issuers, their respective affiliates and business partners and shall not be liable for any errors, omissions or other defects in, delays or interruptions in such data, or for any actions taken in reliance thereon. You agree not to copy, modify, reformat, download, store, reproduce, reprocess, transmit or redistribute any data or information found herein or use any such data or information in a commercial enterprise without obtaining our prior written consent.
We make no express or implied warranties or representations and shall have no liability whatsoever with respect to any data contained herein. The data may not be further redistributed or used to create indices or other financial products. This report and the views expressed herein are subject to change at any time based upon market or other conditions (such as domestic and global economic trends) and are current as of the date of publication hereof. The information, analysis, and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for any individual or entity.
We emphasize that Investment in the securities of smaller companies can involve greater risk than is generally associated with investment in larger, more established companies, and can result in significant capital losses that may have a detrimental effect on the value of your investments.
Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment.
Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment. The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional.
Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth.As with any structuring of a portfolio of investments, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.
The information, analysis and opinions expressed herein are for general, impersonal information only and are not intended to provide specific advice or recommendations for any individual entity.

copyright © Alpha Cut 2021. All Right Reserved
The Alpha Cut a Vida Street LLC Company