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  4. Oil Heads for Weekly Loss as Taper Signal Punishes Commodities
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Oil Heads for Weekly Loss as Taper Signal Punishes Commodities

(Bloomberg) -- Oil headed for a substantial weekly loss, hurt by the Federal Reserve’s move toward tapering asset purchases, a rally in the U.S. dollar and concerns about global...
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Oil Heads for Weekly Loss as Taper Signal Punishes Commodities © Reuters. Oil Heads for Weekly Loss as Taper Signal Punishes Commodities

(Bloomberg) -- Oil headed for a substantial weekly loss, hurt by the Federal Reserve’s move toward tapering asset purchases, a rally in the U.S. dollar and concerns about global energy demand.

West Texas Intermediate has shed more than 6% this week, and closed at the lowest since May on Thursday amid a broad retreat across commodities. Most-active prices for the U.S. benchmark climbed 0.5% to around $64 a barrel in early trading on Friday.

Oil has been buffeted this month by the prospect of the Fed cutting back on its extraordinary monetary stimulus despite the spread of the delta coronavirus variant. The pandemic remains a threat to energy demand, especially across Asia, with key importer China restricting mobility to combat an outbreak.

Crude’s sudden bout of weakness, which follows a powerful rally in the first half, may prompt OPEC+ to pause its next planned production increase, according to Citigroup Inc (NYSE:C). The 23-nation group led by Saudi Arabia and Russia is scheduled to meet to assess the state of the market on Sept. 1. At present, members are due to add another 400,000 barrels a day of supply next month. 

The dollar hit the highest level since November following the Fed’s move. That makes commodities including crude more expensive for overseas buyers. Oil’s drop was matched by retreats in copper and other raw materials.

©2021 Bloomberg L.P.

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

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Moving Avg:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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Gold Futures

2,295.80

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

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Brent Oil Futures

85.62

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S&P 500

5,035.69

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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