Anonymous crypto exchange crypto wallets and more no verification Anonymous crypto exchange
Commodities and Futures News

Crude Oil Higher; Dollar Weakness, Ukraine Surge Help

2022.09.12 15:23

Crude Oil Higher; Dollar Weakness, Ukraine Surge Help
Crude Oil Higher; Dollar Weakness, Ukraine Surge Help

Oil prices stabilized Monday, helped by dollar weakness, although concerns remain about the outlook for demand given China’s COVID-19 woes and the potential for further interest rate hikes in the United States and Europe.

By 05:10 ET (09:10 GMT), U.S. crude futures traded 0.9% higher at $87.53 a barrel, while the Brent contract rose 1% to $93.78.

U.S. Gasoline RBOB Futures were up 0.8% at $2.4529 a gallon.

The U.S. dollar traded sharply lower Monday, dropping to a three-week low against the euro, the currency which makes up the majority of the dollar index, as traders reassessed the likelihood of the European Central Bank raising interest rates substantially over the next few months.

This selloff has made crude, and other commodities denominated in dollars, much cheaper for foreign buyers.

The focus this week will be on Tuesday’s U.S. CPI inflation data, which could influence the Federal Reserve’s plans to hike interest rates, which will be priced into crude markets.

Also helping the tone have been the impressive gains on the battlefield for Ukraine, which have raised hopes for a quick end to the war and to the destructive mutual economic blockade between the West and Russia.

That said, Monday’s gains are tentative after the crude market posted the lowest weekly close in seven months on Friday as traders weighed up the potential demand destruction associated with aggressive monetary policy tightening and China’s COVID-19 curbs.

The European Central Bank lifted its interest rates by a whopping 75 basis points last week, the Federal Reserve is set to do something similar later this month and the Bank of England is also expected to keep on hiking, even after postponing its next rate-setting meeting as a mark of respect following the death of Queen Elizabeth II.

These central banks are set to hike rates to combat inflation even at the expense of economic growth.

The latest data from the U.K. showed that gross domestic product for the three months to July came in at 0.0% versus the prior three months, signaling the wider impact of soaring inflation on household and business spending.

Additionally, trade data, released last week, showed that Chinese oil imports slowed substantially in August due to COVID-related disruptions in the economy, raising fears of substantial demand destruction, as the year progresses, from the largest importer in the world.

This week, markets await the weekly U.S. inventory data as well as more details on Washington’s planned price caps on Russian oil exports, which are expected to be imposed in December.

Source

Crude Oil Higher; Dollar Weakness, Ukraine Surge Help

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 96,482.85 5.70%
ethereum
Ethereum (ETH) $ 3,384.50 8.24%
tether
Tether (USDT) $ 0.998723 0.28%
xrp
XRP (XRP) $ 2.27 6.37%
bnb
BNB (BNB) $ 694.68 6.22%
solana
Solana (SOL) $ 203.79 6.93%
dogecoin
Dogecoin (DOGE) $ 0.351678 9.70%
usd-coin
USDC (USDC) $ 0.999957 0.10%
cardano
Cardano (ADA) $ 1.00 9.37%
staked-ether
Lido Staked Ether (STETH) $ 3,384.23 8.29%
tron
TRON (TRX) $ 0.253447 5.91%
avalanche-2
Avalanche (AVAX) $ 39.75 10.21%
sui
Sui (SUI) $ 4.91 5.07%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,021.80 8.39%
the-open-network
Toncoin (TON) $ 5.36 6.65%
chainlink
Chainlink (LINK) $ 21.38 10.66%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 9.46%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,308.80 4.57%
stellar
Stellar (XLM) $ 0.417976 7.25%
hedera-hashgraph
Hedera (HBAR) $ 0.290585 7.64%
polkadot
Polkadot (DOT) $ 7.07 9.44%
weth
WETH (WETH) $ 3,381.27 8.39%
bitcoin-cash
Bitcoin Cash (BCH) $ 439.14 8.78%
leo-token
LEO Token (LEO) $ 9.04 0.83%
uniswap
Uniswap (UNI) $ 13.61 10.02%
pepe
Pepe (PEPE) $ 0.000019 10.72%
hyperliquid
Hyperliquid (HYPE) $ 23.66 7.92%
litecoin
Litecoin (LTC) $ 103.11 9.41%
bitget-token
Bitget Token (BGB) $ 6.47 4.23%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,579.68 8.06%
near
NEAR Protocol (NEAR) $ 5.40 10.38%
ethena-usde
Ethena USDe (USDE) $ 0.998282 0.20%
usds
USDS (USDS) $ 0.997855 0.37%
aptos
Aptos (APT) $ 9.66 4.65%
internet-computer
Internet Computer (ICP) $ 11.14 8.62%
aave
Aave (AAVE) $ 308.19 10.48%
mantle
Mantle (MNT) $ 1.26 6.82%
render-token
Render (RENDER) $ 8.15 8.24%
bittensor
Bittensor (TAO) $ 504.35 9.89%
crypto-com-chain
Cronos (CRO) $ 0.149813 8.33%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.472192 10.81%
ethereum-classic
Ethereum Classic (ETC) $ 26.09 9.11%
vechain
VeChain (VET) $ 0.047095 11.54%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.77 7.94%
whitebit
WhiteBIT Coin (WBT) $ 27.17 4.03%
tokenize-xchange
Tokenize Xchange (TKX) $ 46.61 0.40%
mantra-dao
MANTRA (OM) $ 3.86 3.22%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 11.27%
monero
Monero (XMR) $ 194.51 4.63%
arbitrum
Arbitrum (ARB) $ 0.826529 10.57%