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  4. Oil Down, After 6% Slump on Economic Concerns
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Oil Down, After 6% Slump on Economic Concerns

By Zhang Mengying AiVIF.com – Oil was down on Monday morning in Asia over tight supplies and concerns about slowing economic growth and fuel demand. It slid 6% during the...
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Oil Down, After 6% Slump on Economic Concerns © Reuters.

By Zhang Mengying

AiVIF.com – Oil was down on Monday morning in Asia over tight supplies and concerns about slowing economic growth and fuel demand. It slid 6% during the previous session.

Brent oil futures fell 0.24% to $112.85 by 12:11 AM ET (4:11 AM GMT) and crude oil WTI futures edged down 0.19% to $107.78.

“For the moment, disruptions to oil supply are taking a back seat to concerns of weaker demand,” ANZ analysts said in a note.

“The fundamental picture remains one of tightness amid the ongoing slowdown in Russian output.”

The tight supply remained a concern as the West imposed sanctions on Russian oil. But the impact has been mitigated by the move led by the U.S. to release strategic petroleum reserves and a ramp-up of production from the Organization of the Petroleum Exporting Countries and allies (OPEC+).

“If Washington sticks to its current pace, the U.S. strategic reserve will hit a 40-year low of 358 million barrels by October,” ANZ analysts added in the note.

In Libya, oil production remained volatile over the blockades by groups in the country’s east. The Libyan oil minister Mohamed Oun told Reuters on Monday that the country’s total production is at about 700,000 barrels per day (bpd). Last week, Libya’s oil output was at 100,000-150,000 bpd.

Adding to concerns about the tight supply, oil product exports from China continued to decline.

Chinese customs data showed on Saturday that the country’s gasoline exports dipped 45.5% year on year and diesel exports plunged 92.7% despite stalling domestic demand.

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

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Neutral

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Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

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Sell (12)

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

Summary

↑ Sell

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Brent Oil Futures

85.62

-0.71 (-0.82%)

Summary

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Natural Gas Futures

1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Hang Seng

17,763.03

+16.12 (+0.09%)

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↑ Sell

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

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15.010

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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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KRW15,9219,31
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