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  4. Oil Up on Supply Concerns after Declining During Previous Two Sessions
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Oil Up on Supply Concerns after Declining During Previous Two Sessions

By Zhang Mengying AiVIF.com – Oil was up on Thursday morning in Asia on supply concerns, after falling during the previous two sessions. Brent oil futures rose 0.51% to $101.20...
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Oil Up on Supply Concerns after Declining During Previous Two Sessions © Reuters.

By Zhang Mengying

AiVIF.com – Oil was up on Thursday morning in Asia on supply concerns, after falling during the previous two sessions.

Brent oil futures rose 0.51% to $101.20 by 01:05 AM ET (0505 GMT) and crude oil WTI futures jumped 0.56% to $99.11. Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on Tuesday despite tight global supplies.

“Oil is getting decimated with little new information about production or consumption,” said Stephen Innes, managing partner of SPI Asset Management.

“Still, with commodity traders turning very risk-averse due to growing demand and still hawkish (U.S.) Fed policy concerns, the recessionary headline risk is like an anvil around the market’s neck.”

Oil prices have slid alongside other commodities such as metals and palm oil as global central banks hiked interest rates, which spurred fears of a recession that could dampen demand for commodities.

“It seems as though the market is starting to price in that scenario,” ING’s head of commodity research Warren Patterson told Reuters, referring to recession.

For the supply side, investors are assessing possible oil supply disruption at the Caspian Pipeline Consortium (CPC), which has been told by a Russian court to suspend activity for 30 days. Exports at CPC, which handles about 1% of global oil supplies, were still flowing as of Wednesday morning.

Crude supply data from the American Petroleum Institute, released on Wednesday, showed a draw of 3.825 million barrels.

Investors now await U.S. crude supply data from the U.S. Energy Information Administration, which will be released later in the day.

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

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Summary

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Moving Avg:

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Sell (12)

Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

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EUR/CHF

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Gold Futures

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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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