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Crude Oil Edges Lower; Demand Weakening Fears Continue to Mount

By Peter Nurse AiVIF.com -- Oil prices edged lower Thursday, continuing to drop after falling to near six-month lows during the previous session on renewed demand fears,...
Crude Oil Edges Lower; Demand Weakening Fears Continue to Mount © Reuters

By Peter Nurse

AiVIF.com -- Oil prices edged lower Thursday, continuing to drop after falling to near six-month lows during the previous session on renewed demand fears, although global supplies remained tight.

By 9:10 AM ET (1310 GMT), U.S. crude futures traded 0.1% lower at $90.61 a barrel, while the Brent contract fell 0.5% to $96.33.

U.S. Gasoline RBOB Futures were down 1.8% at $2.8594 a gallon.

Both benchmarks fell by around 4% on Wednesday, to their weakest levels since February, after data from the Energy Information Administration showed a surprisingly large build in crude inventories of 4.5 million barrels last week.

The rise in stocks, particularly during the summer driving season, raised fears that the elevated oil prices are weighing on demand from the world’s largest consumer.

Adding to the concerns over global demand was the decision of the Bank of England to increase its benchmark interest rate by 50 basis points in an attempt to curb inflation that the central bank saw peaking at over 13% later this year.

The BOE also predicted the U.K. economy will enter recession in the fourth quarter of 2022, something that most economies in mainland Europe are likely to also suffer as the year progresses.

Countering this view was the news that Saudi Arabia, the world's top oil exporter, has raised its September crude oil prices for Asian buyers to record-high levels, suggesting continued demand from that part of the world.

Turning to the supply side of the equation, the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to a 100,000 barrel-a-day increase at its meeting on Wednesday.

“However, it is unlikely that the market will see this amount of oil, because many producers cannot increase production. This increase is so negligible when compared with the total global oil supply of around 100 million bpd, that it is essentially nothing,” said Ellen Wald, President at Transversal Consulting.

“OPEC+ is essentially treading water, waiting to see whether a global recession bites into demand and sends oil prices tumbling, or whether western nations will implement their own sanctions on Russian oil,” she added.

“It is unlikely that OPEC+ will try to put together a new longer-term production deal until they have a better idea of how these factors will impact the market.”

Reuters reported that Saudi Arabia and the United Arab Emirates, the de facto leaders of OPEC, stand ready to deliver a "significant increase" in oil output should the world face a severe supply crisis this winter, but there must be doubts about the extent of the spare capacity even these two major producers have.

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10-08-2022 20:21:44 (UTC+7)

EUR/USD

1.0320

+0.0109 (+1.07%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0320

+0.0109 (+1.07%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2220

+0.0140 (+1.16%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (3)

USD/JPY

133.07

-2.06 (-1.52%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

Sell (3)

AUD/USD

0.7060

+0.0095 (+1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

USD/CAD

1.2828

-0.0060 (-0.47%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

EUR/JPY

137.33

-0.65 (-0.47%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

EUR/CHF

0.9722

-0.0014 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

Gold Futures

1,815.40

+3.10 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Silver Futures

20.655

+0.173 (+0.84%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Copper Futures

3.6415

+0.0560 (+1.56%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (9)

Crude Oil WTI Futures

90.05

-0.45 (-0.50%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (1)

Sell (6)

Brent Oil Futures

95.87

-0.44 (-0.46%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

7.805

-0.028 (-0.36%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

US Coffee C Futures

219.63

+6.88 (+3.23%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (3)

Euro Stoxx 50

3,746.95

+31.58 (+0.85%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

S&P 500

4,122.47

-17.59 (-0.42%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

DAX

13,669.12

+134.15 (+0.99%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (1)

FTSE 100

7,511.80

+23.65 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

19,610.84

-392.60 (-1.96%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,909.01

-32.20 (-1.66%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

8,351.39

+39.49 (+0.48%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

BASF SE NA O.N.

44.405

+0.410 (+0.93%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

52.08

-0.08 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (0)

Allianz SE VNA O.N.

179.38

+0.82 (+0.46%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (1)

Adidas AG

171.32

+2.32 (+1.37%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (2)

Deutsche Lufthansa AG

6.601

+0.028 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

108.41

+1.89 (+1.77%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Deutsche Bank AG

8.748

+0.021 (+0.24%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

 EUR/USD1.0320Neutral
 GBP/USD1.2220Neutral
 USD/JPY133.07Neutral
 AUD/USD0.7060↑ Buy
 USD/CAD1.2828Buy
 EUR/JPY137.33↑ Sell
 EUR/CHF0.9722↑ Sell
 Gold1,815.40↑ Buy
 Silver20.655↑ Buy
 Copper3.6415Sell
 Crude Oil WTI90.05Neutral
 Brent Oil95.87↑ Sell
 Natural Gas7.805↑ Buy
 US Coffee C219.63Neutral
 Euro Stoxx 503,746.95↑ Buy
 S&P 5004,122.47↑ Buy
 DAX13,669.12Buy
 FTSE 1007,511.80↑ Buy
 Hang Seng19,610.84↑ Buy
 Small Cap 20001,909.01↑ Buy
 IBEX 358,351.39↑ Buy
 BASF44.405↑ Buy
 Bayer52.08↑ Buy
 Allianz179.38↑ Buy
 Adidas171.32↑ Buy
 Lufthansa6.601↑ Buy
 Siemens AG108.41Neutral
 Deutsche Bank AG8.748Sell
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# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(-20/ -20) # 1,624
SJC HCM6,600/ 6,700
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Cập nhật 10-08-2022 20:21:46
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ↀ Giá vàng thế giới
$1,799.63+5.460.30%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V26.28026.800
RON 95-III25.60026.110
E5 RON 92-II24.62025.110
DO 0.05S23.90024.370
DO 0,001S-V25.88026.390
Dầu hỏa 2-K24.53025.020
ↂ Giá dầu thô thế giới
WTI$90.27+1.631.80%
Brent$96.05+1.751.82%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.220,0023.530,00
EUR23.251,8824.554,01
GBP27.508,9128.682,08
JPY168,20178,07
KRW15,4618,84
Cập nhật lúc 18:51:10 10/08/2022
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