ECB's Nagel: Wage growth and decreasing labor supply will keep up pressure on inflation
Pakistani rupee slides against dollar and euro; Dirham and Riyal gain ground By Investing.com

The price of crude oil futures are settling at $77.37. That’s down $3.45 or -4.27%. The decline is the largest sense October 4 when the price fell -5.57%.

The price fell below its 200-day moving average is $78.14 and traded to the lowest level since July 24.

The price closed at $80.42 at the end of 2022. The high price for the year reached $94.99 on September 28 while the low price on May 5 reached $63.61.

  • Initially, weak Chinese activity data negatively influenced market sentiment.
  • The stronger US Dollar added to the downward pressure on oil prices.
  • In Europe, soft German industrial production data hurt the demand side.
  • The U.S. Energy Information Administration (EIA) revised its 2023 world oil demand growth forecast, reducing it by 300,000 barrels per day (BPD) to a year-on-year increase of 1.46 million BPD. However, the EIA did increase its 2024 forecast by 80,000 BPD to a year-on-year increase of 1.40 million BPD.

Despite the declines,

  • Saudi Aramco’s CFO remained optimistic about global oil demand recovery, especially in China and India.

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