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Oil treads water but set for strong weekly gains as inflation fears ease

By Ambar Warrick  AiVIF.com-- Oil prices moved little in early Asian trade on Friday, but were set for sharp gains this week on signs of slowing inflation in the U.S., while...
Oil treads water but set for strong weekly gains as inflation fears ease © Reuters.
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By Ambar Warrick 

AiVIF.com-- Oil prices moved little in early Asian trade on Friday, but were set for sharp gains this week on signs of slowing inflation in the U.S., while optimism over a Chinese economic reopening also spurred bets on improving demand in 2023. 

Crude prices jumped on Thursday after data showed U.S. consumer price index inflation eased further in December from the prior month, pointing to a less hawkish outlook for the Federal Reserve in raising interest rates. 

This weighed heavily on the dollar, and points to an eventual easing in pressure on economic activity from high borrowing costs, which is positive for crude prices.

Brent oil futures steadied around $83.91 a barrel, while West Texas Intermediate crude futures inched down 0.1% to $78.34 a barrel by 20:22 ET (01:22 GMT). Both contracts were up more than 6% this week, with Brent also eyeing its best weekly performance since early-October.

The strong weekly gains mark a sharp reversal for oil prices after a weak start to the year. 

Gains this week were also driven by increased optimism over an economic recovery in China, after the world’s largest crude importer reopened its international borders for the first time in three years. 

Media reports show that Chinese urban hubs are seeing record-high degrees of road congestion levels, while domestic airlines are also seeing a spike in passengers since December. This trend bodes positively for fuel demand in the country, with Beijing also recently publishing higher crude import quotas for 2023. 

The soft U.S. inflation reading and optimism over China helped markets largely brush off data showing a massive build in U.S. oil inventories in the first week of January. The reading brewed some concerns over sluggish near-term demand in the country, as several states also grapple with adverse winter weather conditions.

Concerns over rising COVID-19 cases in China have also weighed on oil prices in recent sessions, especially as the country faces its worst yet outbreak after it relaxed most of its anti-COVID restrictions. Analysts warned this could delay a broader economic recovery.

But the biggest headwind to oil prices is the fear of a potential recession this year, as the effects of sharp monetary policy tightening through 2022 are felt, and as business activity slows. 

While U.S. inflation is slowing, it is also accompanied by a corresponding slowdown in business activity, which could dent fuel demand this year. 

 

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27-01-2023 21:16:08 (UTC+7)

EUR/USD

1.0853

-0.0037 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (8)

EUR/USD

1.0853

-0.0037 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

GBP/USD

1.2358

-0.0048 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/JPY

129.90

-0.31 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

AUD/USD

0.7103

-0.0011 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.3331

+0.0011 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (11)

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EUR/JPY

141.00

-0.79 (-0.56%)

Summary

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EUR/CHF

1.0016

-0.0003 (-0.03%)

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Gold Futures

1,927.45

-2.55 (-0.13%)

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Silver Futures

23.610

-0.410 (-1.71%)

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Sell (9)

Copper Futures

4.2492

-0.0183 (-0.43%)

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82.38

+1.37 (+1.69%)

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88.86

+1.39 (+1.59%)

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2.845

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US Coffee C Futures

167.00

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Euro Stoxx 50

4,160.95

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4,060.43

+44.21 (+1.10%)

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22,688.90

+122.12 (+0.54%)

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1,903.06

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9,033.66

-1.94 (-0.02%)

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52.595

-0.025 (-0.05%)

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56.31

+0.27 (+0.48%)

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221.62

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Adidas AG

147.03

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9.735

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143.53

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12.323

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    EUR/USD 1.0853 ↑ Sell  
    GBP/USD 1.2358 ↑ Sell  
    USD/JPY 129.90 ↑ Buy  
    AUD/USD 0.7103 ↑ Sell  
    USD/CAD 1.3331 ↑ Buy  
    EUR/JPY 141.00 ↑ Sell  
    EUR/CHF 1.0016 ↑ Sell  
    Gold 1,927.45 ↑ Sell  
    Silver 23.610 ↑ Sell  
    Copper 4.2492 ↑ Sell  
    Crude Oil WTI 82.38 ↑ Buy  
    Brent Oil 88.86 ↑ Buy  
    Natural Gas 2.845 ↑ Buy  
    US Coffee C 167.00 ↑ Sell  
    Euro Stoxx 50 4,160.95 Buy  
    S&P 500 4,060.43 ↑ Buy  
    DAX 15,097.45 Buy  
    FTSE 100 7,762.80 ↑ Buy  
    Hang Seng 22,688.90 Buy  
    Small Cap 2000 1,903.06 ↑ Buy  
    IBEX 35 9,033.66 ↑ Buy  
    BASF 52.595 ↑ Buy  
    Bayer 56.31 ↑ Sell  
    Allianz 221.62 Buy  
    Adidas 147.03 ↑ Sell  
    Lufthansa 9.735 ↑ Sell  
    Siemens AG 143.53 Buy  
    Deutsche Bank AG 12.323 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,720/ 6,820
(30/ 30) # 1,331
SJC HCM6,750/ 6,850
(60/ 60) # 1,361
SJC Hanoi6,750/ 6,852
(60/ 60) # 1,363
SJC Danang6,750/ 6,852
(60/ 60) # 1,363
SJC Nhatrang6,750/ 6,852
(60/ 60) # 1,363
SJC Cantho6,750/ 6,852
(60/ 60) # 1,363
Cập nhật 27-01-2023 21:16:11
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ↀ Giá vàng thế giới
$1,927.30 -3.28 -0.17%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V23.01023.470
RON 95-III22.15022.590
E5 RON 92-II21.35021.770
DO 0.05S21.63022.060
DO 0,001S-V23.39023.850
Dầu hỏa 2-K21.80022.230
ↂ Giá dầu thô thế giới
WTI $82.38 -1.14 -1.40%
Brent $88.49 -1.11 -1.27%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.260,0023.630,00
EUR24.857,5526.249,47
GBP28.270,1829.475,66
JPY175,71186,02
KRW16,4320,02
Cập nhật lúc 18:54:25 27/01/2023
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