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Oil slips more than 1% on fears recession may hit demand

By Florence Tan (Reuters) -Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing...
Oil slips more than 1% on fears recession may hit demand © Reuters. FILE PHOTO: Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China June 11, 2019. REUTERS/Stringer

By Florence Tan

(Reuters) -Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude futures slipped $1.32, or 1.2%, to $106.19 a barrel by 0646 GMT. WTI crude futures fell $1.52, or 1.4%, to $104.19 a barrel.

Oil prices are under pressure this week, along with global financial markets, on jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession. Prolonged COVID-19 lockdowns in world's top crude importer China have also impacted the market.

"Those recession concerns are drumming louder and taking oil lower this morning," said Howie Lee, an economist at Singapore's Oversea Chinese Banking Corp, pointing to strong U.S. consumer price index (CPI) data on Wednesday.

U.S. headline CPI for the 12 months to April jumped 8.3%, reaffirming concerns that interest rates will need to rise quickly to tame it.

However, supply concerns stemming from Russia's invasion of Ukraine have bolstered the market, with prices rising over 35% so far this year. A pending European Union ban on oil from Russia, a key EU supplier of crude and fuels, that could further tighten global supplies is underpinning prices.

The EU is still haggling over the details of the Russian embargo. The vote needs unanimous support, but it has been delayed as Hungary opposes the ban because it would be too disruptive to its economy.

On Wednesday, oil prices jumped 5% after Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after the Ukraine invasion.

That created unease in the market at the same time that Russian natural gas flows to Europe via Ukraine fell by a quarter. It was the first time exports via Ukraine have been disrupted since the invasion.

Price gains have been limited by worries about demand destruction in China, as it attempts to curb the spread of the coronavirus.

"Until we see some significant policy support coming through in China or policymakers adopt an alternative strategy to COVID (which seems very unlikely), oil prices could remain capped near term," said Stephen Innes, managing partner at SPI Asset Management.

In the United States, commercial crude inventories rose last week because of a record release of oil from the U.S. strategic reserves, but gasoline stockpiles declined ahead of the peak summer driving demand season, the Energy Information Administration said on Wednesday. [EIA/S]

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28-05-2022 01:33:19 (UTC+7)

EUR/USD

1.0723

-0.0001 (-0.01%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (2)

EUR/USD

1.0723

-0.0001 (-0.01%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (2)

GBP/USD

1.2617

+0.0024 (+0.19%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (5)

USD/JPY

127.11

-0.04 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (2)

AUD/USD

0.7151

+0.0053 (+0.75%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

USD/CAD

1.2730

-0.0042 (-0.32%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/JPY

136.29

-0.04 (-0.03%)

Summary

Buy

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Sell (5)

Indicators:

Buy (4)

Sell (3)

EUR/CHF

1.0273

-0.0014 (-0.14%)

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↑ Sell

Moving Avg:

Buy (4)

Sell (8)

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Buy (1)

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Gold Futures

1,851.65

+4.05 (+0.22%)

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↑ Buy

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Silver Futures

22.105

+0.140 (+0.64%)

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↑ Buy

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Copper Futures

4.3137

+0.0547 (+1.28%)

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↑ Buy

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Buy (10)

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Crude Oil WTI Futures

114.62

+0.53 (+0.46%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Brent Oil Futures

115.06

+0.89 (+0.78%)

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↑ Sell

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Sell (8)

Natural Gas Futures

8.721

-0.174 (-1.96%)

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↑ Buy

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US Coffee C Futures

228.65

+2.05 (+0.90%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

3,808.86

+68.55 (+1.83%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (9)

Sell (0)

S&P 500

4,130.87

+73.03 (+1.80%)

Summary

Neutral

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Indicators:

Buy (3)

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DAX

14,462.19

+230.90 (+1.62%)

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FTSE 100

7,585.46

+20.54 (+0.27%)

Summary

Sell

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Buy (4)

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Hang Seng

20,697.36

+581.16 (+2.89%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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US Small Cap 2000

1,881.65

+38.80 (+2.11%)

Summary

Neutral

Moving Avg:

Buy (8)

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IBEX 35

8,933.60

+44.80 (+0.50%)

Summary

↑ Buy

Moving Avg:

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Buy (9)

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BASF SE NA O.N.

51.110

+0.320 (+0.63%)

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Neutral

Moving Avg:

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Bayer AG NA

66.58

+0.68 (+1.03%)

Summary

↑ Buy

Moving Avg:

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Buy (7)

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Allianz SE VNA O.N.

200.20

+1.40 (+0.70%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Adidas AG

179.96

+3.20 (+1.81%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.881

+0.031 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

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Buy (7)

Sell (2)

Siemens AG Class N

121.86

+3.34 (+2.82%)

Summary

Buy

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Sell (4)

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Buy (5)

Sell (1)

Deutsche Bank AG

10.392

-0.022 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.0723Buy
 GBP/USD1.2617Neutral
 USD/JPY127.11↑ Buy
 AUD/USD0.7151↑ Buy
 USD/CAD1.2730↑ Sell
 EUR/JPY136.29Buy
 EUR/CHF1.0273↑ Sell
 Gold1,851.65↑ Buy
 Silver22.105↑ Buy
 Copper4.3137↑ Buy
 Crude Oil WTI114.62↑ Sell
 Brent Oil115.06↑ Sell
 Natural Gas8.721↑ Buy
 US Coffee C228.65↑ Sell
 Euro Stoxx 503,808.86↑ Buy
 S&P 5004,130.87Neutral
 DAX14,462.19↑ Buy
 FTSE 1007,585.46Sell
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,881.65Neutral
 IBEX 358,933.60↑ Buy
 BASF51.110Neutral
 Bayer66.58↑ Buy
 Allianz200.20↑ Buy
 Adidas179.96↑ Buy
 Lufthansa6.881↑ Buy
 Siemens AG121.86Buy
 Deutsche Bank AG10.392↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(0/ 0) # 1,716
SJC HCM6,855/ 6,955
(0/ 0) # 1,731
SJC Hanoi6,855/ 6,957
(0/ 0) # 1,733
SJC Danang6,855/ 6,957
(0/ 0) # 1,733
SJC Nhatrang6,855/ 6,957
(0/ 0) # 1,733
SJC Cantho6,855/ 6,957
(0/ 0) # 1,733
Cập nhật 28-05-2022 01:33:22
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