Commodities Analysis and Opinion

Oil Pares Gains, Gold Steady

2022.12.29 06:36

[ad_1]

MarketPulse

China key to oil prices

Oil prices are paring recent gains in the middle of the week, slipping more than 2% after recovering strongly over the last few weeks. The outlook remains highly uncertain for the oil market, and recent sanctions by the G7 and countermeasures by the Kremlin do little to change that. Both will only be tested if crude prices rise to the point that Russian crude is trading uncomfortably close to the $60 cap or should be above, which is not the case right now. So as it is, it’s all theoretical.

China’s success in pivoting away from zero-Covid could be key to all of this, but with trustworthy data on the spread since restrictions were eased hard to come by, we may have to wait a little to understand the implications for the economy fully, and, therefore oil demand. ​

Holding gains for now

is trading around $1,800, the level it’s largely fluctuated around throughout December. Whether it’s a reflection of traders not buying the Fed’s hawkish determination or bulls being unwilling to give up on the recovery rally, it’s continuing to hang on in there, albeit on ever-weakening momentum. We could see a correction early in the new year in the absence of a dovish shift in the Fed commentary or some favorable economic data.

Original Post

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 80,728.63 2.47%
ethereum
Ethereum (ETH) $ 1,849.09 1.92%
tether
Tether (USDT) $ 0.999736 0.03%
xrp
XRP (XRP) $ 2.26 1.02%
bnb
BNB (BNB) $ 577.54 2.74%
solana
Solana (SOL) $ 122.62 1.96%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.703577 4.01%
dogecoin
Dogecoin (DOGE) $ 0.165017 2.02%
tron
TRON (TRX) $ 0.223537 0.05%
staked-ether
Lido Staked Ether (STETH) $ 1,848.89 1.82%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,872.20 0.10%
pi-network
Pi Network (PI) $ 1.64 1.51%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 80,552.58 2.55%
leo-token
LEO Token (LEO) $ 9.69 0.15%
stellar
Stellar (XLM) $ 0.271118 5.13%
usds
USDS (USDS) $ 1.00 0.03%
chainlink
Chainlink (LINK) $ 12.94 2.49%
hedera-hashgraph
Hedera (HBAR) $ 0.186742 5.90%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,201.17 2.05%
avalanche-2
Avalanche (AVAX) $ 18.29 0.93%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 2.56%
sui
Sui (SUI) $ 2.15 3.85%
the-open-network
Toncoin (TON) $ 2.74 0.74%
litecoin
Litecoin (LTC) $ 87.33 4.06%
bitcoin-cash
Bitcoin Cash (BCH) $ 328.11 7.21%
mantra-dao
MANTRA (OM) $ 6.35 2.48%
polkadot
Polkadot (DOT) $ 3.90 1.76%
ethena-usde
Ethena USDe (USDE) $ 0.99944 0.00%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.99972 0.08%
weth
WETH (WETH) $ 1,848.70 1.94%
bitget-token
Bitget Token (BGB) $ 4.15 0.96%
hyperliquid
Hyperliquid (HYPE) $ 12.78 3.41%
whitebit
WhiteBIT Coin (WBT) $ 28.11 2.34%
monero
Monero (XMR) $ 205.71 0.53%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,961.16 2.09%
susds
sUSDS (SUSDS) $ 1.04 0.02%
uniswap
Uniswap (UNI) $ 5.77 1.50%
dai
Dai (DAI) $ 0.999837 0.04%
aptos
Aptos (APT) $ 4.99 3.01%
near
NEAR Protocol (NEAR) $ 2.54 0.05%
pepe
Pepe (PEPE) $ 0.000007 0.40%
ethereum-classic
Ethereum Classic (ETC) $ 17.67 1.35%
ondo-finance
Ondo (ONDO) $ 0.821884 4.06%
internet-computer
Internet Computer (ICP) $ 5.38 1.32%
aave
Aave (AAVE) $ 166.05 2.59%
okb
OKB (OKB) $ 41.05 0.68%
gatechain-token
Gate (GT) $ 20.09 0.12%
mantle
Mantle (MNT) $ 0.731981 2.58%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 80,636.60 2.55%