By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Commodities > Oil struggles to recover as economic outlook darkens
Commodities

Oil struggles to recover as economic outlook darkens

News Room
Last updated: 2023/05/11 at 10:50 PM
By News Room
Share
3 Min Read
SHARE

Investing.com– Oil prices fell further on Friday after wiping out all of their gains for the week, as disappointing economic signals from China and concerns over a potential U.S. recession cast doubts over crude demand this year.

Crude prices logged steep losses over the past two sessions as weak and data from China saw markets further question the pace of a post-COVID economic rebound in the country. 

The weak data largely outweighed a forecast from the Organization of Petroleum Exporting Countries that China will drive oil demand to record highs this year. The OPEC slightly hiked its forecast for oil demand this year in its monthly report.

fell 0.3% to $74.78 a barrel, while fell 0.1% to $70.81 a barrel by 22:06 ET (02:06 GMT). Both contracts were trading marginally lower for the week after notching losses over the past two weeks.

Signs of a in the U.S., coupled with renewed fears of a banking crisis in the country also weighed on oil markets.

Broader market sentiment remained on edge amid continued discussions over raising the U.S. debt limit, as a June 1 deadline for a U.S. default approaches. But a Friday meeting between President Joe Biden and Republican policymakers now appeared to be postponed to next week, media reports showed. 

A sharp recovery in the also dented oil markets, as signs that U.S. saw markets largely pare their expectations for any interest rate cuts by the Federal Reserve this year.

A stronger dollar makes crude more expensive for international buyers, denting demand.

U.S. inventory data provided mixed cues to markets this week, as steady drawdowns from the Strategic Petroleum Reserve (SPR) saw inventories unexpectedly rise over the past week.

But steep declines in gasoline and distillate inventories indicated that U.S. fuel demand was picking up towards the summer season. Still, this provided only limited upside for prices.

Speculation over the U.S. potentially refilling the SPR offered some support to oil prices this week, although the White House has so far provided scant cues on when it plans to begin buying crude. 

Read the full article here

News Room May 11, 2023 May 11, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Recession fears weigh on markets, AI investing and Meta’s new AI app

Watch full video on YouTube

How Airbus Surpassed Boeing To Become The World’s Top Plane Maker

Watch full video on YouTube

American Airlines Stock Pivots To A Premium Strategy (NASDAQ:AAL)

This article was written byFollowFocus on multinational transportation companies. Mercosur economies.Analyst’s Disclosure:…

Dollar’s correlation with Treasury yields breaks down

Stay informed with free updatesSimply sign up to the US economy myFT…

UK to urge Trump administration to implement zero-tariff steel accord

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

Commodities

Russia mulls extra tax for some commodities exports, including metals – sources

By News Room
Commodities

Gold prices tumble as Fed talks higher rates

By News Room
Commodities

Crude oil prices endure downturn amid U.S. interest rate hike anticipation

By News Room
Commodities

China approves export licences for chip materials gallium, germanium

By News Room
Commodities

European energy crisis: ECB, IEA and EIB to strategize on systematic transition amid soaring prices

By News Room
Commodities

Federal Reserve interest rate signals prompt oil price dip

By News Room
Commodities

Oil prices inch closer to $100 per barrel amid inflation concerns

By News Room
Commodities

Brent Crude Prices May Hit $120 per Barrel, Warns JPMorgan

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?