Oil continues to rise in price on Chinese and U.S. data
Trading on Tuesday began with a slight rise in prices for crude oil. The perspective of the whole global economy and the recovery of demand in China, as the largest importer of oil, is under attention, for the moment.
China has removed pandemic restrictions, which has caused increased demand, so crude oil prices continue to rise. The supply may be reduced due to sanctions on Russian oil and oil products, which is the main concern for traders.
However, OANDA analyst Edward Moyi said that the dollar is stabilizing, so the rise in oil prices is also stabilizing, adding that headlines about China removing restrictions has already bored traders.
According to Moya, there is still recession risk for the U.S. economy, and some traders are skeptical of a rapid recovery in crude oil demand in China this quarter.
Concerns about a global economic downturn are fewer, so investing in oil futures and options has been the fastest in 2 years.
At the present time, the cost of gold is firmly entrenched at $1,900 dollars per ounce. That mark is already very close to a possible maximum predicted by analysts. That kind of dynamics is driven by noticeable dollar weakening and decrease in the yields of the U.S. government bonds.
27 JanuaryAccording to expectations of strategists of the Internationale Nederlanden Groep, gold will grow in 2023.
27 JanuaryThe U.S. economy unfolded more actively in the fourth quarter than analysts might have expected. However, domestic demand grew at the slowest pace in 2.5 years, reflecting the impact of higher credit costs.
27 JanuaryThe U.S. strategic petroleum reserve (SPR) decreased by more than 40% in two years. The reserves were 371.57 million barrels on January 20, compared to 638.08 million barrels a year ago.
27 JanuaryThe European Union plans to implement a $100-per-barrel limit on Russian diesel fuel.
27 January