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

Oil Rises as Traders Weigh China Demand Outlook, Russian Supply

Oil rose on expectations of rising demand in the wake of China’s reopening, while the US dollar eased and risks to Russian energy supplies came into sharper focus with fresh curbs looming.

West Texas Intermediate climbed past $82 a barrel following a back-to-back weekly gain that drove the US benchmark to the highest close since mid-November. While a weaker US currency supported prices Monday, trading volumes in Asian hours were held back, with national holidays to mark the Lunar New Year affecting key markets including China and Singapore.

Oil has shaken off a weak start to 2023 as China’s outlook has brightened. Expectations that the Federal Reserve is close to ending its series of aggressive rate hikes have also buoyed prices.

Russia’s seaborne crude exports dropped last week after surging in the previous seven days, contributing to the smallest inflow into the Kremlin’s war chest since Moscow sent its forces into Ukraine. Moscow is set to publish a decree detailing a ban on Russian firms selling oil to clients adhering to a price cap, Kommersant said.

Further restrictions on Russian energy flows are due to kick in early next month as the war in Ukraine grinds on. US Treasury Secretary Janet Yellen expressed confidence at the weekend that curbs on Russian crude sales can be expanded to refined products.

Europe’s diesel prices surged to their highest in more than two months earlier on Monday, ahead of an EU ban on seaborne imports from Russia. Stockpiles are set to fall from February through May once deliveries of Russian-origin product stop in the coming weeks, Energy Aspects said in a note. France’s CGT union is planning strike action this week in the energy sector, further stoking fuel-supply concerns.

“The fears of recession are receding and therefore the dollar is weakening, which is helping oil.” said Tamas Varga, PVM Oil Analyst. “Tomorrow we’ll have the US and EuroZone manufacturing and services PMI readings; if they confirm the economy is in relatively good shape, the upward trend will continue.”

Both professional and retail investors see higher oil prices over the next six months according to the latest MLIV Pulse survey. Retail traders, in particular, are even more bullish than their professional counterparts. An exchange traded oil product run by WisdomTree saw a record influx of cash last week — a further sign of reviving investor appetite for the sector.

Net bullish bets on Brent and West Texas Intermediate crude surged to a two-month high last week, ICE Futures Europe and CFTC futures and options data on four contracts show. Open interest, the total number of contracts held, has also been rising.

Source: finance.yahoo.com

Related posts

February 8, 2023

OnePlus 11 review: A back-to-basics flagship phone


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

  • OnePlus 11 review: A back-to-basics flagship phone
  • 4 Technologies That Aren’t That Big Today but Will Likely Be Massive in 20 Years
  • Google launches ChatGPT competitor in strike at Microsoft
  • Factbox-U.S. stock buybacks so far in 2023: big money, fewer companies
  • Spotify upgraded at Wells Fargo as company comes off ‘margin probation’

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