简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:WTI sees more upside as Germany surrendered its opposition to the embargo on Russian oil.
Finding a substitute for bulk exports of oil from Russia wont be easy for the EU.
The announcement of more stimulus from the PBOC has raised hopes of oil demand recovery.
West Texas Intermediate (WTI), futures on NYMEX, are trading near Thursdays last traded price at $104.16. The oil prices have witnessed a strong rebound this week as supply worries overpowered the demand concerns. Supply concerns due to the prohibition of Russian oil by the Western leaders and demand worries due to the Covid-19 resurgence in China were resulting in a tug of war. Although bulls got underpinned and are likely to advance further as European Union (EU) progressed on the embargo on Russian oil.
The EU is aiming to prohibit the imports of oil from Russia sooner after Germany dropped its opposition. In earlier discussions, Germany was leading the criticism against the embargo on Russian oil overnight amid its higher dependency on fossil fuels and energy from Russia. Now, the major automobile exporter has surrendered its opposition, so the EU will do the required paperwork at the earliest. This may fuel the supply worries as a substitution of bulk Russian oil exports will not be a cakewalk. So probation of Russian oil by the eurozone in an already tight market will weigh pressure on the bulls.
Meanwhile, the announcement of prudent monetary policy guidance by the Peoples Bank of China (PBOC) will reduce the demand worries in the dragon economy due to the Covid-19 resurgence. More liquidity infusion by the PBOC in its economy will ram-up the aggregate demand and henceforth the demand for oil. It is worth noting that China is the largest importer of oil and demand recovery in China will have a positive impact on oil prices principally.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Saxo Bank closes its Hong Kong and Shanghai offices, shifting focus to Singapore as geopolitical and business changes impact its strategy in the Asia-Pacific.
This article outlines he most recent list of unlicensed brokers flagged by the FCA from September 23 to 27.
The Cyprus Securities and Exchange Commission (CySEC) has introduced a new investor protection campaign aimed at addressing the growing impact of social media and financial influencers, or "finfluencers," on investment decisions.
In the fast-paced world of online trading, selecting a trustworthy broker is essential. AIFactor, an alleged scam broker, has recently raised red flags among investors due to its suspicious activities and lack of transparency.