Your current location is:{Current column} >>Text
Oil prices edge lower as demand concerns persist, more economic cues awaited By
{Current column}369People have watched
Introduction-- Oil prices fell in Asian trade on Monday, reversing some of last week’s gains amid persiste ...
-- Oil prices fell in Asian trade on Famous Forex Dealers in the WorldMonday, reversing some of last week’s gains amid persistent concerns that crude demand will slow in the coming months, while anticipation of several key economic events also kept markets on edge.
Severe cold weather across the U.S. caused more disruptions and also limited travel in large parts of the country, pointing to weaker demand in the world’s largest fuel consumer. This notion was also exacerbated by a string of weekly builds in U.S. oil product inventories.
Concerns over a near-term slowdown in demand have stymied any major gains in oil prices this year, with signs of a sluggish economic recovery in China being a major point of contention. The world’s largest oil importer saw underwhelming growth in the fourth quarter.
Demand fears saw traders largely look past potential disruptions in Russian fuel exports. Energy firm Novatek said it had suspended some operations at a major Baltic Sea fuel export terminal after an alleged Ukrainian drone attack, Reuters reported.
expiring in March fell 0.5% to $78.21 a barrel, while fell 0.3% to $73.04 a barrel by 20:10 ET (01:10 GMT).
While both contracts clocked mild gains last week, they were largely muted so far in 2024 after falling over 10% each in 2023.
Crude prices had taken little support from fears of supply disruptions in the Middle East, even as the Israel-Hamas war escalated and appeared to be spilling over into other parts of the region. But the conflict had so far had no tangible impact on oil supplies from the region.
Oil markets are expected to remain well-supplied in the first half of 2024, amid record-high U.S. output and limited production cuts from the Organization of Petroleum Exporting Countries.
Central banks, key economic readings awaited
Traders were now waiting on several major central bank meetings and economic readings over the coming weeks for more cues.
The is set to meet on Tuesday and is widely expected to maintain its ultra-dovish policy. But analysts warned of any potential hawkish surprises from the BOJ, especially any changes to its yield curve control policies.
The is set to meet later this week and is likely to reiterate its higher-for-longer outlook for interest rates, which bodes poorly for economic activity in the bloc. The euro zone is already grappling with a recession in its biggest economies, amid dwindling economic growth.
Fourth-quarter U.S. data is also on tap later this week, and will be closely watched for cues on the world’s largest fuel consumer.
Strength in the U.S. economy gives the Federal Reserve more headroom to keep interest rates higher for longer- a scenario that is expected to weigh on economic activity and oil demand in 2024.
The is set to meet next week, and is expected to keep interest rates on hold.
Upgrade your forextrustindex with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out!
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!Tags:
Related articles
Crypto Analyst Says Bitcoin is in an Undeniably Bullish Trend By CoinEdition
{Current column}Chartered Market Technician confirms to be in a bullish trend.Adrian Zdunczyk noted the financial m ...
Read moreOWTE—since when do clients front $2,910 for a “client due
{Current column}Compliance costs belong to the firm, not the user, and certainly not payable only in stablecoins. I ...
Read moreHantec's client
{Current column}FTIreminds investment enthusiasts that choosing a platform that is regulated by reliable regulatory ...
Read more
Popular Articles
- Ukraine cleric accused of glorifying Russia invasion given house arrest
- Fu Chuang United CP Markets of deceiving and exploiting civilians' finances!
- Asia FX, dollar subdued as investors weigh Fed cut bets, geopolitical risks By Investing.com
- BT Global, a blacklisted platform, refuses to pay out profits
- Jobless claims, Constellation earnings, Lamb Weston: 3 things to watch By
- FP Markets trading abnormality
Latest articles
-
Japan PM Kishida evacuated unhurt after explosion at speech
-
BT Global, a blacklisted platform, refuses to pay out profits
-
My withdrawal request was blocked by Admiralholdings until I send them $3,750
-
My withdrawal request was blocked by Admiralholdings until I send them $3,750
-
1 Stock to Buy, 1 Stock to Sell This Week: DICK’S Sporting Goods, Nvidia
-
If I don’t pay Htpftrading the $4,200 they now insist on as a “portfolio insurance fee”