Oil Edges Lower, But Underpinned Above $90 by Soft U.S. CPI By Investing.com | The Markets Café
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
Friday, March 31, 2023
No Result
View All Result
Subscribe
  • Login
The Markets Café
en English
zh-CN 简体中文en Englishfr Françaisde Deutschhi हिन्दीit Italianoja 日本語pt Portuguêsru Русскийes Españoltr Türkçe
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
No Result
View All Result
The Markets Café
No Result
View All Result
  • News
  • Politics
  • Markets
  • Crypto
  • Economy
  • Finance
  • Forex
  • Investing
  • Tech
  • Videos
  • Community
Home Markets Commodities

Oil Edges Lower, But Underpinned Above $90 by Soft U.S. CPI By Investing.com

by Press Room
August 15, 2022
in Commodities
97 6
A A
0
21
SHARES
687
VIEWS
FacebookTwitter

© Reuters.

By Ambar Warrick 

Investing.com– Oil prices fell slightly on Thursday, but retained most of their recent gains as softer-than-expected U.S. inflation data drove expectations of a smaller rate hike by the Federal Reserve.

As of 2011 ET (0011 GMT), U.S. benchmark fell 0.6% to $91.37 a barrel, while British-traded fell 0.1% to $96.91 a barrel. U.S. futures had rallied 1.1% on Wednesday, while the British benchmark added 0.5%. 

Prices rallied off weekly lows on Wednesday after the U.S. showed that inflationary pressures eased in July- a result of a series of interest rate hikes by the Federal Reserve to contain runaway prices.

The slumped after the reading, as investors began penciling in a by the Fed during its September meeting. Initial expectations were for a 75 basis point hike. 

A slower pace of monetary policy tightening, coupled with easing inflation is expected to take off some pressure on U.S. economic activity, which could spur a recovery in crude demand. 

Additionally, concerns over a supply crunch in Europe, stemming from Ukraine halting the Druzhba oil pipeline from Russia, had also supported prices. But exports to Europe are expected to resume soon. 

But in the near-term, oil likely faces a supply glut amid waning demand in major economies. U.S. government data on Wednesday confirmed that grew substantially more than expected in the past week, indicating that demand has remained subdued. 

Inventories rose by 5.458 million barrels in the week to August 5, well above analyst estimates for a build of 73,000 barrels. Crude stockpiles had also unexpectedly risen by nearly five million barrels in the prior week. 

Weak factory activity in China, as seen by sluggish s and a drop in , also indicates that crude demand in the second-largest economy will remain subdued. 

Data on , due at 0830 ET on Thursday, will show whether inflationary pressures on U.S. industries are easing. 

The reading is expected to mirror a drop seen in consumer prices. 

 

Read the full article here

Related Articles

Commodities

Exclusive-Refiner Valero seeks US approval to import Venezuelan oil -sources By Reuters

March 31, 2023
Commodities

Miners: Discount for Glencore/Anglo American; Premium for BHP/Freeport -Jefferies By Investing.com

March 30, 2023
Commodities

US wants to lease public lands for conservation, Interior Dept says By Reuters

March 30, 2023
Commodities

Crude oil higher; U.S. stockpiles draw and supply disruptions help By Investing.com

March 30, 2023
Commodities

Explainer-Japan’s carbon pricing scheme being launched in April By Reuters

March 30, 2023
Commodities

U.S. natural gas storage down by 47 bcf last week vs. forecast of 54 bcf – EIA By Investing.com

March 30, 2023

About Us

The Markets Café

The Markets Cafe is your one stope Finance, Politics and bussines news website, follow us to get the latest news and updates from around the world.

Sections

  • Commodities
  • Crypto Markets
  • Crypto News
  • DeFi
  • Economy
  • Explained
  • Finance
  • Forex
  • Futures
  • Investing
  • Markets
  • News
  • NFT
  • Politics
  • Real Estate
  • Stocks
  • Tech
  • Videos

Site Links

  • Contact
  • Advertise
  • DMCA
  • Submit Article
  • Forum
  • Site info
  • Newsletter

Newsletter

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

© 2022 The Markets Café - All rights reserved.

No Result
View All Result
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • Videos
  • Community
  • Charts

© 2022 The Markets Café - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.