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Oil prices hold firm on hopes economic growth to support demand

By Koustav Samanta and Sonali Paul SINGAPORE (Reuters) - Oil prices steadied on Wednesday after rising in the previous session on expectations that fuel demand will continue to...
Oil prices hold firm on hopes economic growth to support demand © Reuters. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo

By Koustav Samanta and Sonali Paul

SINGAPORE (Reuters) - Oil prices steadied on Wednesday after rising in the previous session on expectations that fuel demand will continue to strengthen as the U.S. Federal Reserve is likely to raise interest rates more slowly than expected.

Brent and U.S. crude oil futures are trading at their highest since the highly contagious Omicron COVID-19 variant emerged in late November has not impacted fuel demand the way previous variants did.

U.S. West Texas Intermediate (WTI) crude futures rose 16 cents, or 0.2%, to $81.38 a barrel at 0731 GMT, adding to a 3.8% jump in the previous session.

Brent crude futures were up 2 cents at $83.74 a barrel, after jumping 3.5% in the previous session.

Federal Reserve Chairman Jerome Powell said on Tuesday the economy of the United States, the world's biggest oil consumer, should weather the current COVID-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy.

"While Powell reassured the Fed will bring down rising inflation, which strengthened the rate hike outlooks in March, he also said the Fed is capable of leaving strong economic growth intact. That may lift the demand of growth-sensitive crude oil," said Leona Liu, analyst at Singapore-based DailyFX.

Data from the American Petroleum Institute (API) industry group, however, painted a weaker picture on fuel demand, with a smaller decline in crude stockpiles than expected and bigger builds than expected in gasoline and distillate inventories.

Crude stocks fell by 1.1 million barrels for the week ended Jan. 7, according to market sources citing API figures. That was less than the 1.9 million barrel draw that 10 analysts polled by Reuters had expected.

However, supporting the market was the U.S. Energy Information Administration's upgraded oil demand outlook released on Tuesday, seeing total U.S. demand rising by 840,000 barrels per day (bpd) in 2022 from last year, up from a previous forecast for an increase of 700,000 bpd.

"The way (Omicron) cases are rising, it does not look the situation may get better soon. However, it fails to impact financial markets and oil much as countries are not likely to resort to severe lockdowns," said Madhavi Mehta, commodity research analyst at Kotak Securities

"We are better prepared with health infrastructure as well as vaccines, so it is seen as a minor hiccup but not a major challenge."

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27-01-2022 04:13:17 (UTC+7)

EUR/USD

1.1199

-0.0039 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (5)

EUR/USD

1.1199

-0.0039 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (5)

GBP/USD

1.3424

-0.0037 (-0.28%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (6)

USD/JPY

115.00

+0.37 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

AUD/USD

0.7087

-0.0027 (-0.38%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.2680

+0.0015 (+0.12%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

EUR/JPY

128.79

-0.03 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (2)

EUR/CHF

1.0381

-0.0001 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Gold Futures

1,813.85

-15.85 (-0.87%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

Silver Futures

23.293

-0.514 (-2.16%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (6)

Copper Futures

4.4682

-0.0468 (-1.04%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Crude Oil WTI Futures

87.03

-0.32 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

88.38

-0.36 (-0.41%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Natural Gas Futures

4.096

+0.060 (+1.49%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

238.13

+0.23 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

4,131.35

-33.25 (-0.80%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

S&P 500

4,349.93

-6.52 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (11)

Sell (0)

DAX

15,327.34

-132.05 (-0.85%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,478.04

+8.26 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

Hang Seng

23,807.00

-482.90 (-1.99%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

1,971.72

-32.32 (-1.61%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (4)

IBEX 35

8,631.28

+11.08 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (3)

BASF SE NA O.N.

68.070

+0.760 (+1.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Bayer AG NA

52.08

+0.53 (+1.03%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (4)

Allianz SE VNA O.N.

225.85

+1.05 (+0.47%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (3)

Adidas AG

241.68

-1.52 (-0.62%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

Deutsche Lufthansa AG

7.024

-0.043 (-0.61%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (4)

Siemens AG Class N

138.88

-2.36 (-1.67%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (9)

Deutsche Bank AG

11.920

+0.500 (+4.38%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

 EUR/USD1.1199↑ Sell
 GBP/USD1.3424Sell
 USD/JPY115.00↑ Buy
 AUD/USD0.7087Sell
 USD/CAD1.2680Buy
 EUR/JPY128.79↑ Buy
 EUR/CHF1.0381↑ Buy
 Gold1,813.85↑ Buy
 Silver23.293Neutral
 Copper4.4682↑ Sell
 Crude Oil WTI87.03↑ Sell
 Brent Oil88.38↑ Sell
 Natural Gas4.096↑ Buy
 US Coffee C238.13↑ Sell
 Euro Stoxx 504,131.35Sell
 S&P 5004,349.93↑ Buy
 DAX15,327.34↑ Buy
 FTSE 1007,478.04↑ Sell
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,971.72Neutral
 IBEX 358,631.28↑ Buy
 BASF68.070↑ Buy
 Bayer52.08Buy
 Allianz225.85Buy
 Adidas241.68↑ Sell
 Lufthansa7.024Neutral
 Siemens AG138.88↑ Sell
 Deutsche Bank AG11.920Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(5/ -5) # 1,255
SJC HCM6,190/ 6,250
(10/ 5) # 1,270
SJC Hanoi6,190/ 6,252
(10/ 5) # 1,272
SJC Danang6,190/ 6,252
(10/ 5) # 1,272
SJC Nhatrang6,190/ 6,252
(10/ 5) # 1,272
SJC Cantho6,190/ 6,252
(10/ 5) # 1,272
Cập nhật 27-01-2022 04:13:19
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ↀ Giá vàng thế giới
$1,814.89-7.26-0.40%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$86.47+0.410.47%
Brent$88.30+0.240.27%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
Cập nhật lúc 16:04:52 27/01/2022
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