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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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02-03-2024 06:29:29 (UTC+7)

EUR/USD

1.0837

+0.0034 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

EUR/USD

1.0837

+0.0034 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

GBP/USD

1.2655

+0.0032 (+0.25%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

USD/JPY

150.10

+0.12 (+0.08%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

AUD/USD

0.6525

+0.0031 (+0.47%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/CAD

1.3562

-0.0014 (-0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

162.73

+0.67 (+0.41%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

EUR/CHF

0.9577

+0.0020 (+0.21%)

Summary

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Gold Futures

2,091.60

+36.90 (+1.80%)

Summary

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Sell (12)

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Sell (8)

Silver Futures

23.345

+0.460 (+2.01%)

Summary

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Moving Avg:

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Sell (12)

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Buy (0)

Sell (7)

Copper Futures

3.8590

+0.0120 (+0.31%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (6)

Crude Oil WTI Futures

79.81

+1.55 (+1.98%)

Summary

Buy

Moving Avg:

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Indicators:

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Brent Oil Futures

83.46

+1.55 (+1.89%)

Summary

↑ Buy

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Natural Gas Futures

1.836

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US Coffee C Futures

184.13

-0.22 (-0.12%)

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Neutral

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Euro Stoxx 50

4,894.05

+16.28 (+0.33%)

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Buy

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S&P 500

5,137.08

+40.81 (+0.80%)

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DAX

17,735.00

-0.07 (0.00%)

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FTSE 100

7,682.50

+52.48 (+0.69%)

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Sell (8)

Indicators:

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Sell (7)

Hang Seng

16,589.44

+78.00 (+0.47%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (7)

Sell (1)

US Small Cap 2000

2,075.05

+20.21 (+0.98%)

Summary

↑ Buy

Moving Avg:

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IBEX 35

10,064.70

+63.40 (+0.63%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

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Buy (7)

Sell (1)

BASF SE NA O.N.

47.985

+0.910 (+1.93%)

Summary

↑ Sell

Moving Avg:

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Sell (7)

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Buy (0)

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Bayer AG NA

28.33

+0.24 (+0.85%)

Summary

↑ Sell

Moving Avg:

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Allianz SE VNA O.N.

251.80

-2.05 (-0.81%)

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Buy

Moving Avg:

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Adidas AG

187.00

-0.12 (-0.06%)

Summary

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Deutsche Lufthansa AG

7.191

+0.003 (+0.04%)

Summary

Sell

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Siemens AG Class N

181.28

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Summary

Sell

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Deutsche Bank AG

12.566

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Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (0)

Sell (6)

    EUR/USD 1.0837 ↑ Sell  
    GBP/USD 1.2655 Sell  
    USD/JPY 150.10 Buy  
    AUD/USD 0.6525 ↑ Sell  
    USD/CAD 1.3562 ↑ Buy  
    EUR/JPY 162.73 ↑ Buy  
    EUR/CHF 0.9577 ↑ Buy  
    Gold 2,091.60 ↑ Sell  
    Silver 23.345 ↑ Sell  
    Copper 3.8590 ↑ Sell  
    Crude Oil WTI 79.81 Buy  
    Brent Oil 83.46 ↑ Buy  
    Natural Gas 1.836 ↑ Buy  
    US Coffee C 184.13 Neutral  
    Euro Stoxx 50 4,894.05 Buy  
    S&P 500 5,137.08 ↑ Buy  
    DAX 17,735.00 ↑ Sell  
    FTSE 100 7,682.50 ↑ Sell  
    Hang Seng 16,589.44 ↑ Buy  
    Small Cap 2000 2,075.05 ↑ Buy  
    IBEX 35 10,064.70 ↑ Buy  
    BASF 47.985 ↑ Sell  
    Bayer 28.33 ↑ Sell  
    Allianz 251.80 Buy  
    Adidas 187.00 ↑ Buy  
    Lufthansa 7.191 Sell  
    Siemens AG 181.28 Sell  
    Deutsche Bank AG 12.566 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,800/ 7,950
(0/ 0) # 1,808
SJC HCM7,780/ 7,980
(0/ 0) # 1,838
SJC Hanoi7,780/ 7,982
(0/ 0) # 1,840
SJC Danang7,780/ 7,982
(0/ 0) # 1,840
SJC Nhatrang7,780/ 7,982
(0/ 0) # 1,840
SJC Cantho7,780/ 7,982
(0/ 0) # 1,840
Cập nhật 02-03-2024 06:29:31
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ↀ Giá vàng thế giới
$2,082.55 +38.29 1.87%
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$ Tỷ giá Vietcombank
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EUR25.964,8627.389,87
GBP30.324,7531.615,27
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KRW15,9719,35
Cập nhật lúc 06:24:53 02/03/2024
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