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Crude Oil Lower; Recession Fears Weigh on Demand Growth

By Peter Nurse AiVIF.com -- Oil prices weakened Thursday on fears recession, prolonged Covid-19 lockdowns in China and war in eastern Europe will severely hit global...
Crude Oil Lower; Recession Fears Weigh on Demand Growth © Reuters.

By Peter Nurse

AiVIF.com -- Oil prices weakened Thursday on fears recession, prolonged Covid-19 lockdowns in China and war in eastern Europe will severely hit global demand.

By 9:10 AM ET (1310 GMT), U.S. crude futures traded 0.6% lower at $105.11 a barrel, while the Brent contract fell 1% to $106.44 a barrel. 

Oil prices are under pressure this week amid worries that rising interest rates to combat inflation will severely curtail global economic growth, potentially plunging some regions into recession.

Gross domestic product data, released earlier Thursday, showed the British economy grew less than expected in the first quarter, by 0.8%, with preliminary data suggesting that it actually declined in March by 0.1%. 

The U.K. is the first of the G7 countries to release its first quarter GDP data, and offers a worrying guide for the numbers from other countries in the days ahead.

Prolonged COVID-19 lockdowns in the world's top crude importer, China, as well as the strongest U.S. dollar in two decades have also impacted the market.

With this in mind, the Organization of Petroleum Exporting Countries cut its forecast for world oil demand this year in its monthly report for May.

The group of top producers now expects global demand to grow by an average of only 3.4 million barrels a day this year, down from a prior estimate of 3.7 million b/d. That masks a dramatic slowdown in growth between the first and the second quarters of this year - while first-quarter demand was up 5.2 million b/d, demand growth is expected to fall to 2.8 million b/d in the current quarter.

The International Energy Agency also released its monthly report earlier Thursday, and while the Paris-based group rowed back on its previous claim that lower output from sanctions-hit Russia could result in a possible "global supply shock", it still warned about a hit to demand.

"Soaring pump prices and slowing economic growth are expected to significantly curb the demand recovery through the remainder of the year and into 2023," the IEA said.

"Extended lockdowns across China ... are driving a significant slowdown in the world’s second largest oil consumer," the agency added.

Turning to supply, the European Union has yet to agree on the details of the proposed embargo on Russian oil, with Hungary opposing the ban, and preventing unanimous agreement, because of its dependence on supply from Moscow.

“The Hungarians have said that they would only support the ban if there is an exemption for Russian pipeline oil flows,” analysts at ING wrote in a note. “If we were to see this, it would significantly water down the impact of the ban, given that the Druzhba pipeline flows amount to somewhere in the region of 1MMbbls/d, which is a significant portion of the roughly 2.3MMbbls/d of crude oil that the EU imported from Russia in 2021.”

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25-05-2022 05:27:35 (UTC+7)

EUR/USD

1.0735

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0735

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2543

+0.0014 (+0.12%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

USD/JPY

126.86

+0.07 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (0)

Sell (5)

AUD/USD

0.7116

+0.0013 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

USD/CAD

1.2816

-0.0001 (-0.00%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

EUR/JPY

136.18

+0.07 (+0.05%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (3)

EUR/CHF

1.0313

+0.0006 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (2)

Gold Futures

1,864.61

-0.47 (-0.03%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

Silver Futures

22.089

-0.010 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (3)

Copper Futures

4.3193

+0.0060 (+0.14%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

110.51

+0.23 (+0.21%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (6)

Brent Oil Futures

111.00

+0.22 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (4)

Natural Gas Futures

8.931

+0.039 (+0.44%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

US Coffee C Futures

213.83

-1.92 (-0.89%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,647.56

-60.83 (-1.64%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (3)

S&P 500

3,941.48

-32.27 (-0.81%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (6)

DAX

13,919.75

-255.65 (-1.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

FTSE 100

7,484.35

-29.09 (-0.39%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

Hang Seng

20,112.10

-357.96 (-1.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,768.22

-24.55 (-1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

IBEX 35

8,631.20

+5.40 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

48.755

-0.980 (-1.97%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (2)

Bayer AG NA

63.29

-1.18 (-1.83%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Allianz SE VNA O.N.

197.86

-1.52 (-0.76%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Adidas AG

171.20

-4.28 (-2.44%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Deutsche Lufthansa AG

6.496

-0.407 (-5.90%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

114.20

-2.50 (-2.14%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Deutsche Bank AG

10.084

+0.066 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.0735Neutral
 GBP/USD1.2543↑ Buy
 USD/JPY126.86Neutral
 AUD/USD0.7116↑ Buy
 USD/CAD1.2816Neutral
 EUR/JPY136.18Sell
 EUR/CHF1.0313Neutral
 Gold1,864.61Neutral
 Silver22.089↑ Buy
 Copper4.3193↑ Buy
 Crude Oil WTI110.51Neutral
 Brent Oil111.00Neutral
 Natural Gas8.931↑ Buy
 US Coffee C213.83↑ Buy
 Euro Stoxx 503,647.56Neutral
 S&P 5003,941.48Neutral
 DAX13,919.75↑ Sell
 FTSE 1007,484.35Sell
 Hang Seng20,112.10↑ Buy
 Small Cap 20001,768.22↑ Buy
 IBEX 358,631.20↑ Buy
 BASF48.755↑ Buy
 Bayer63.29Neutral
 Allianz197.86Sell
 Adidas171.20Neutral
 Lufthansa6.496↑ Buy
 Siemens AG114.20↑ Buy
 Deutsche Bank AG10.084↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,900/ 6,990
(0/ 0) # 1,765
SJC HCM6,900/ 6,990
(0/ 0) # 1,764
SJC Hanoi6,900/ 6,992
(0/ 0) # 1,766
SJC Danang6,900/ 6,992
(0/ 0) # 1,766
SJC Nhatrang6,900/ 6,992
(0/ 0) # 1,766
SJC Cantho6,900/ 6,992
(0/ 0) # 1,766
Cập nhật 25-05-2022 05:27:37
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ↀ Giá vàng thế giới
$1,866.11+12.350.67%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.70-0.66-0.60%
Brent$111.28-0.02-0.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.040,0023.350,00
EUR24.230,6125.587,89
GBP28.221,9329.425,91
JPY177,16187,56
KRW15,8619,33
Cập nhật lúc 18:54:49 24/05/2022
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