Oil remained stable due to mixed economic data from the United States, the dollar rose – #Oil #remained #stable #due #mixed #economic #data #United #States #dollar #rose
NEW YORK, Feb 16 (Reuters) – Oil on Thursday prices changed in a narrow range because the market USAmixed economic signals of and USA China assessed the prospects for a recovery in demand with rising crude oil inventories and a strengthening dollar.
Brent crude futures were up 7 cents at $85.45 a barrel at 11:33 a.m. EST (1633 GMT). USAWest Texas Intermediate (WTI) rose 9 cents to 78.68 dollars has been
“The complex is falling apart today after yesterday’s weekly EIA (Energy Information Administration) and monthly IEA (International Energy Agency) reports were torn between conflicting views on future interest rate trends and their potential impact on recession,” said consultant Jim Ritterbusch Ritterbusch and Associates.
While US data showed that the US job market remained strong, manufacturing in the mid-Atlantic region unexpectedly fell.
Loretta Mester, President of the Federal Reserve Bank of Cleveland, inflation after the latest reading on , showed that prices remained stubbornly high inflation He said the central bank could be more aggressive with interest rate hikes in the future if there is a surprise for the upside. But Mester does not expect the US to fall into recession.
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After strong US data dollars rose to a six-week high against a basket of currencies, strong dollars weighting to oil makes the dollar commodity more expensive for other currency holders. .
UBS analyst Giovanni Staunovo said, “Brent this week 10It failed to rise above the 0-day moving average,” he said.
Benchmark Brent has been hovering in the $80-$90 per barrel range for the past six weeks, while WTI has hovered between $72-$83 since December.
On Wednesday, the Energy Information Administration (EIA) reported that US crude oil inventories rose to their highest level since June 2021 last week after a bigger-than-expected increase.
OANDA analyst Craig Erlam pointed out that in March Russia cut oil production by 500,000 barrels per day, pointing to the strong recovery of the Chinese economy, “Oil prices very volatile right now, traders have a lot to take in,” and an uncertain global economic landscape.
The prospect of a recovery in Chinese demand helped boost sentiment.
The International Energy Agency (IEA) said on Wednesday that China will account for about half of the growth in global oil demand this year after easing COVID-19 restrictions.
The Paris-based watchdog echoed similar sentiments of the Organization of the Petroleum Exporting Countries, which this week raised its global oil demand growth forecast for 2023 due to Chinese demand growth.
On the supply side, the market is closely monitoring Russian oil production.
According to the IEA, in January Russia export of oil Ukraine It is only 160,000 barrels less than the pre-conflict level, but about 1 million barrels of production will be cut by the end of the first quarter.
Additional by Rowena Edwards in London, Mohi Narayan in New Delhi report; Edited by Marguerita Choy and Bernadette Baum
Our standards: Thomson Reuters Trust Principles.
2023-02-16 21:16:35
Source – reuters
Translation“24 HOURS”