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Oil Loss Deepens as U.S. Recession Fears Grow; Weekly Data Delayed

By Barani Krishnan AiVIF.com -- Fed Chair Jerome Powell reiterates the central bank has no intent to crash the U.S. economy but the rate hikes it’s threatening investors with...
Oil Loss Deepens as U.S. Recession Fears Grow; Weekly Data Delayed © Reuters.

By Barani Krishnan

AiVIF.com -- Fed Chair Jerome Powell reiterates the central bank has no intent to crash the U.S. economy but the rate hikes it’s threatening investors with aren’t giving any comfort to the oil market, which deepened its losses on Friday to settle below $105 a barrel on recession fears.

Adding to the cautious mood of investors was the surprise delay in the weekly U.S. oil inventory report, which Bloomberg said was held up by “power issues” and unlikely to see publication until next week.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled Thursday’s trade down $1.92, or 1.8%, at $104.27 per barrel.

London-traded Brent crude, the global benchmark for oil, settled down $1.69, or 1.5%, at $110.05.

“Crude prices may remain heavy until Wall Street is done fully pricing in an economic slowdown that will bring this economy on the verge of a recession,” said Ed Moya, analyst at online trading platform OANDA.

Powell reiterated on the second day of his biannual testimony to the U.S. Senate that the Fed had no intention of deliberately slowing the economy to bring down inflation raging at over 8% a year — more than four times its target.

Yet, the central bank would be reluctant to shift from raising rates to cutting them until it saw clear evidence that inflation was coming down in a convincing fashion, Powell said.

“We can’t fail on this. We really have to get inflation down,” Powell said. “We’re going to want to see evidence that it really is coming down before we declare ‘mission accomplished.'”

The Fed announced last week its stiffest US rate hike in 28 years to fight inflation, adding a three-quarter point that brought key lending rates to as high as 1.75% from May’s peak of 1%. 

That hike came after US inflation, as indicated by the Consumer Price Index, grew at an annualized rate of 8.6% in May — more than four times the Fed’s target. 

The Fed’s preferred rate of inflation is a mere 2% a year and it has vowed to raise rates as high and long as necessary to bring price growth back to its annual target.

Economists, however, fear that the central bank will push the US economy into a recession with its rate hikes.

The economy experienced a negative growth of 1.4% for the first quarter. If it does not return to positive growth by the second quarter, it will technically be in a recession, given that it takes just two straight quarters of negative growth to make a recession.

As for the weekly oil inventory data, as of Wednesday analysts tracked by AiVIF.com expect the EIA to report a crude stockpile drop of 569,000 barrels, versus the 1.96-million barrel rise reported during the week to June 10.

On the gasoline inventory front, the consensus is for a draw of 452,000 barrels over the 710,000-barrel decline in the previous week.

With distillate stockpiles, the expectation is for a climb of 328,000 barrels versus the prior week’s gain of 725,000.

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27-06-2022 21:45:43 (UTC+7)

EUR/USD

1.0584

+0.0030 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

EUR/USD

1.0584

+0.0030 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

GBP/USD

1.2295

+0.0033 (+0.27%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/JPY

135.15

-0.01 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (6)

AUD/USD

0.6938

-0.0010 (-0.14%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2893

-0.0001 (-0.00%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

EUR/JPY

143.04

+0.38 (+0.26%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

EUR/CHF

1.0122

+0.0013 (+0.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Gold Futures

1,826.95

-3.35 (-0.18%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Silver Futures

21.348

+0.189 (+0.89%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (0)

Copper Futures

3.7772

+0.0327 (+0.87%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Crude Oil WTI Futures

108.80

+1.18 (+1.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Brent Oil Futures

110.24

+1.14 (+1.04%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Natural Gas Futures

6.295

+0.014 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

US Coffee C Futures

220.65

-2.60 (-1.16%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (2)

Euro Stoxx 50

3,533.75

+0.58 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (7)

Sell (1)

S&P 500

3,906.73

-5.01 (-0.13%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (3)

DAX

13,166.26

+48.13 (+0.37%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (2)

FTSE 100

7,251.90

+43.09 (+0.60%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (1)

Hang Seng

22,229.52

+510.46 (+2.35%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

US Small Cap 2000

1,769.20

+6.74 (+0.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,221.09

-23.01 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

BASF SE NA O.N.

42.750

+0.535 (+1.27%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Bayer AG NA

59.30

+1.51 (+2.61%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

Allianz SE VNA O.N.

180.95

-0.25 (-0.14%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (2)

Adidas AG

171.49

+1.13 (+0.66%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (5)

Deutsche Lufthansa AG

5.970

+0.004 (+0.07%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Siemens AG Class N

103.72

+1.10 (+1.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

8.825

-0.094 (-1.05%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0584↑ Buy
 GBP/USD1.2295↑ Buy
 USD/JPY135.15↑ Sell
 AUD/USD0.6938↑ Buy
 USD/CAD1.2893↑ Sell
 EUR/JPY143.04Neutral
 EUR/CHF1.0122↑ Sell
 Gold1,826.95Buy
 Silver21.348↑ Buy
 Copper3.7772↑ Buy
 Crude Oil WTI108.80↑ Buy
 Brent Oil110.24↑ Buy
 Natural Gas6.295↑ Buy
 US Coffee C220.65↑ Buy
 Euro Stoxx 503,533.75Neutral
 S&P 5003,906.73Buy
 DAX13,166.26Neutral
 FTSE 1007,251.90↑ Buy
 Hang Seng22,229.52↑ Sell
 Small Cap 20001,769.20↑ Buy
 IBEX 358,221.09↑ Buy
 BASF42.750↑ Buy
 Bayer59.30↑ Buy
 Allianz180.95Neutral
 Adidas171.49Sell
 Lufthansa5.970Neutral
 Siemens AG103.72↑ Sell
 Deutsche Bank AG8.825↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,775/ 6,845
(15/ 5) # 1,667
SJC HCM6,790/ 6,860
(5/ -5) # 1,683
SJC Hanoi6,790/ 6,862
(5/ -5) # 1,685
SJC Danang6,790/ 6,862
(5/ -5) # 1,685
SJC Nhatrang6,790/ 6,862
(5/ -5) # 1,685
SJC Cantho6,790/ 6,862
(5/ -5) # 1,685
Cập nhật 27-06-2022 21:45:45
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ↀ Giá vàng thế giới
$1,825.35-5.6-0.31%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$108.84-2.16-1.98%
Brent$114.26-1.9-1.66%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.080,0023.390,00
EUR23.932,6125.273,13
GBP27.815,2929.001,83
JPY167,64177,48
KRW15,5718,97
Cập nhật lúc 18:53:21 27/06/2022
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