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Oil: The 'R'-Word Rules as U.S. Crude Below $80 for Worst Week in 7

By Barani Krishnan  AiVIF.com - It's back, the buzzword most hated by oil longs. Recession, or the 'R'-word as it has come to be known, was omnipotent across commodity markets...
Oil: The 'R'-Word Rules as U.S. Crude Below $80 for Worst Week in 7 © Reuters.
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By Barani Krishnan 

AiVIF.com - It's back, the buzzword most hated by oil longs.

Recession, or the 'R'-word as it has come to be known, was omnipotent across commodity markets on Friday, sending gold to 2½-year lows while setting up 'black gold', or oil, for its worst weekly loss in seven as U.S. crude broke below $80 per barrel the first time since January.

Global equities at a two-year low, the dollar at 20-year highs, weak European purchasing managers indexes, and growth concerns from this week's rate hikes by the Federal Reserve to the Bank of England made it a perfect storm for oil bulls.

"The market is clearly thinking economic slowdown," said Scott Shelton, energy futures broker at ICAP in Durham, North Carolina.

"Whether or not physical [oil] grades are strong or weak matters not currently," Shelton added, referring to warnings from long-leaning analysts that risk of war escalation in Ukraine by Russia and China's opening up from COVID lockdowns could mean plenty of upside for oil in the coming weeks.

New York-traded West Texas Intermediate, which serves as the U.S. crude benchmark, was down $5.07, or 6.1%, to $78.42 per barrel by 10:55 ET (14:55 GMT). WTI earlier sank to a session low of $78.22.

For the week, WTI was down almost 8%, heading for its worst week since the end of July.

Brent, the London-traded global benchmark for oil, was down $4.72, or 5.1%, to $85.85, versus its intraday low of $85.51.

For the week, Brent was also down about 5%, heading for its worst week since the end of August.

"Central banks now appear to accept that a recession is the price to pay for getting a grip on inflation, which could weigh on demand next year," said Craig Erlam, analyst at online trading platform OANDA.

"At the same time, the market still remains tight and OPEC+ is perfectly willing to restrict supply further even as it fails to deliver on quotas it has set itself so far. What's more, a nuclear deal between the US and Iran looks no closer and Russia's mobilization could pose a risk to its supply."

Considering all these, "very little is probably priced in at this point," Erlam added.

The European Union ratcheted up, on Thursday, its plans to put a cap on the price of Russian oil -- a measure aimed at weakening Moscow's ability to fund the war in Ukraine.

Nigeria's Oil Minister Timipre Marlin Sylva, speaking on behalf of producer alliance OPEC+, meanwhile, threatened a cut in global crude output if prices continued to fall.

Neither announcement made much of an impact on the market.

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29-09-2022 04:45:36 (UTC+7)

EUR/USD

0.9738

+0.0003 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

EUR/USD

0.9738

+0.0003 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

GBP/USD

1.0886

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

144.12

-0.04 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (1)

AUD/USD

0.6521

-0.0001 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

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USD/CAD

1.3607

+0.0003 (+0.02%)

Summary

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EUR/JPY

140.34

+0.01 (+0.01%)

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EUR/CHF

0.9501

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81.88

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130.24

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    EUR/USD 0.9738 ↑ Sell  
    GBP/USD 1.0886 ↑ Sell  
    USD/JPY 144.12 ↑ Buy  
    AUD/USD 0.6521 ↑ Buy  
    USD/CAD 1.3607 ↑ Sell  
    EUR/JPY 140.34 ↑ Buy  
    EUR/CHF 0.9501 ↑ Sell  
    Gold 1,668.50 ↑ Buy  
    Silver 18.890 ↑ Buy  
    Copper 3.3805 ↑ Sell  
    Crude Oil WTI 81.88 ↑ Sell  
    Brent Oil 87.98 ↑ Buy  
    Natural Gas 7.022 Neutral  
    US Coffee C 227.80 ↑ Sell  
    Euro Stoxx 50 3,335.30 Neutral  
    S&P 500 3,719.04 ↑ Sell  
    DAX 12,183.28 Neutral  
    FTSE 100 7,005.39 Neutral  
    Hang Seng 17,250.88 Buy  
    Small Cap 2000 1,725.13 ↑ Buy  
    IBEX 35 7,442.20 Neutral  
    BASF 39.415 ↑ Buy  
    Bayer 48.19 Neutral  
    Allianz 160.72 ↑ Buy  
    Adidas 130.24 ↑ Buy  
    Lufthansa 5.772 ↑ Buy  
    Siemens AG 99.46 ↑ Buy  
    Deutsche Bank AG 7.854 ↑ Sell  
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SJC Eximbank6,410/ 6,510
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Ngoại tệMua vàoBán ra
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