Commodities and Futures News

Oil Bounces Back Slightly Ahead of Economic Figures

2022.05.11 05:51

Oil Bounces Back Slightly Ahead of Economic Figures

By David Ho

Investing.com – Oil was up on Wednesday morning in Asia, as investors await US and China economic data.

Brent oil futures rose 1.38% to $103.87 by 10:24 PM ET (2:24 AM GMT) and crude oil WTI futures jumped 1.27% to $101.03.

Investors will be keeping an eye on China’s April factory gate prices and the US consumer-price index. A stronger dollar in particular, affects commodities like oil that are priced in the currency.

In addition, the oil market has been shaken in recent times by Russia’s invasion of Ukraine and COVID-19 lockdowns across China. The war has fanned inflation, driving up the cost of everything from food to fuel. Retail gasoline in the US hit a record ahead of the summer driving season.

After a robust start, oil is still up more than 30% for the year underpinned by economies rebounding from the pandemic. Officials in Saudi Arabia and the United Arab Emirates cautioned that spare capacity is decreasing in all energy sectors as producers slash investment, driving up prices.

The American Petroleum Institute reported US crude stockpiles rose by 1.62 million barrels last week, according to sources familiar with the data. Fuel inventories have also expanded.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,048.27 0.55%
ethereum
Ethereum (ETH) $ 3,406.23 1.20%
tether
Tether (USDT) $ 1.00 0.03%
solana
Solana (SOL) $ 254.39 1.69%
bnb
BNB (BNB) $ 676.22 1.57%
xrp
XRP (XRP) $ 1.45 5.30%
dogecoin
Dogecoin (DOGE) $ 0.432275 7.53%
usd-coin
USDC (USDC) $ 0.999843 0.06%
cardano
Cardano (ADA) $ 1.05 2.32%
staked-ether
Lido Staked Ether (STETH) $ 3,406.07 1.28%
tron
TRON (TRX) $ 0.214392 0.31%
stellar
Stellar (XLM) $ 0.574864 32.86%
avalanche-2
Avalanche (AVAX) $ 41.76 1.27%
the-open-network
Toncoin (TON) $ 6.28 10.84%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 2.55%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,037.25 1.40%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,886.23 0.42%
polkadot
Polkadot (DOT) $ 8.84 15.83%
chainlink
Chainlink (LINK) $ 17.39 3.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 508.53 4.56%
weth
WETH (WETH) $ 3,407.09 1.40%
sui
Sui (SUI) $ 3.44 4.31%
pepe
Pepe (PEPE) $ 0.00002 6.80%
leo-token
LEO Token (LEO) $ 8.70 1.06%
near
NEAR Protocol (NEAR) $ 6.55 4.92%
litecoin
Litecoin (LTC) $ 99.78 2.35%
aptos
Aptos (APT) $ 12.61 0.04%
uniswap
Uniswap (UNI) $ 11.07 5.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,586.71 1.36%
hedera-hashgraph
Hedera (HBAR) $ 0.15056 1.72%
internet-computer
Internet Computer (ICP) $ 11.54 4.75%
crypto-com-chain
Cronos (CRO) $ 0.194655 1.88%
usds
USDS (USDS) $ 1.00 0.15%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.569319 4.11%
ethereum-classic
Ethereum Classic (ETC) $ 29.47 0.21%
render-token
Render (RENDER) $ 7.98 1.54%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 13.13%
bittensor
Bittensor (TAO) $ 538.29 1.78%
kaspa
Kaspa (KAS) $ 0.152295 3.88%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
arbitrum
Arbitrum (ARB) $ 0.870716 4.90%
whitebit
WhiteBIT Coin (WBT) $ 24.74 0.45%
cosmos
Cosmos Hub (ATOM) $ 9.02 13.44%
vechain
VeChain (VET) $ 0.043295 1.10%
dai
Dai (DAI) $ 0.999909 0.05%
bonk
Bonk (BONK) $ 0.000046 8.88%
filecoin
Filecoin (FIL) $ 5.75 11.42%
mantra-dao
MANTRA (OM) $ 3.77 0.71%
okb
OKB (OKB) $ 55.59 9.10%
dogwifcoin
dogwifhat (WIF) $ 3.21 6.35%