Commodities and Futures News

Oil prices steady on U.S. dollar weakness; recession fears weigh

2022.10.17 22:29



© Reuters. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo

By Laila Kearney

(Reuters) – Oil prices steadied in early Asian trade on Tuesday as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains.

futures rose 9 cents or 0.1% to $91.71 per barrel by 1:20 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents or 0.1% to $85.52 per barrel.

The dollar fell against a basket of major currencies after Britain’s new finance minister Jeremy Hunt axed much of the government’s so-called “mini-budget”, lifting risk appetite.

The against a basket of currencies dropped 0.82% to 112.11. A weaker dollar makes oil cheaper for non-U.S. buyers.

Rising shale output has helped to ease an oil supply crunch and capped price gains.

Oil output in the Permian Basin of Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd this month, the Energy Information Administration said.

Expectations that China will keep with loose monetary policy to help its economy hobbled by COVID-19 restrictions has also lent support to oil prices. The country’s central bank rolled over maturing medium-term policy loans on Monday while keeping its key interest rate unchanged for a second month.

Meanwhile, OPEC+ member states have been lining up to endorse the steep cut to its output target agreed this month after the White House accused Riyadh of coercing some other nations into supporting the move.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,753.19 0.07%
ethereum
Ethereum (ETH) $ 3,360.71 1.01%
tether
Tether (USDT) $ 1.00 0.03%
solana
Solana (SOL) $ 253.17 0.60%
bnb
BNB (BNB) $ 660.07 1.16%
xrp
XRP (XRP) $ 1.43 2.72%
dogecoin
Dogecoin (DOGE) $ 0.428443 0.52%
usd-coin
USDC (USDC) $ 0.999708 0.01%
cardano
Cardano (ADA) $ 1.02 4.13%
staked-ether
Lido Staked Ether (STETH) $ 3,362.87 0.80%
tron
TRON (TRX) $ 0.208957 1.40%
avalanche-2
Avalanche (AVAX) $ 41.99 1.13%
stellar
Stellar (XLM) $ 0.529766 3.08%
the-open-network
Toncoin (TON) $ 6.14 3.13%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 1.03%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,955.70 1.89%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,432.10 0.04%
polkadot
Polkadot (DOT) $ 8.81 3.83%
chainlink
Chainlink (LINK) $ 18.00 3.53%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.62 0.91%
weth
WETH (WETH) $ 3,357.79 1.23%
sui
Sui (SUI) $ 3.40 1.52%
pepe
Pepe (PEPE) $ 0.00002 1.70%
near
NEAR Protocol (NEAR) $ 6.90 11.38%
leo-token
LEO Token (LEO) $ 8.55 0.82%
litecoin
Litecoin (LTC) $ 96.91 2.50%
aptos
Aptos (APT) $ 12.43 2.56%
uniswap
Uniswap (UNI) $ 10.89 1.51%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,537.11 1.24%
hedera-hashgraph
Hedera (HBAR) $ 0.146875 4.91%
internet-computer
Internet Computer (ICP) $ 11.65 2.38%
usds
USDS (USDS) $ 0.998207 0.13%
crypto-com-chain
Cronos (CRO) $ 0.191518 6.49%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.571448 0.60%
ethereum-classic
Ethereum Classic (ETC) $ 28.76 2.77%
render-token
Render (RENDER) $ 8.00 4.38%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 6.91%
bittensor
Bittensor (TAO) $ 524.97 0.77%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
kaspa
Kaspa (KAS) $ 0.152821 0.23%
bonk
Bonk (BONK) $ 0.000048 0.08%
vechain
VeChain (VET) $ 0.044112 4.54%
arbitrum
Arbitrum (ARB) $ 0.861306 0.53%
whitebit
WhiteBIT Coin (WBT) $ 24.32 1.70%
dai
Dai (DAI) $ 0.999877 0.03%
filecoin
Filecoin (FIL) $ 5.71 5.64%
cosmos
Cosmos Hub (ATOM) $ 8.74 6.16%
celestia
Celestia (TIA) $ 7.91 10.38%
mantra-dao
MANTRA (OM) $ 3.63 0.95%
okb
OKB (OKB) $ 53.86 5.27%