It’s expected to be a choppy week for crude oil prices, analysts said.
Jerome Powell, chairman of the Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington on Nov. 2, 2022. With a rate decision coming from the Fed, it’s expected to be a choppy week for crude oil prices, analysts said.With a rate decision coming from the Fed, economic assessments from the likes of OPEC and uncertainty over what happens next in China, it’s expected to be a choppy week for crude oil prices, analysts said.
Ed Longanecker, president of the Texas Independent Producers and Royalty Owners Association, said his focus is overseas. He thinks oil prices should recover this week given signs that Chinese oil demand could rise in response to looser social restrictions meant to contain the spread of the novel coronavirus that causes COVID-19.
For Ole Hanson, the head of commodities strategy at Saxo Bank in Denmark, it’s Tuesday’s reading of U.S. inflation and the market reaction to Wednesday’s rate decision from the U.S. Federal Reserve that matters. Either one, he said, could determine if last week was a floor-setter for crude oil or if there’s more room for the bears.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC chief says OPEC+ plays instrumental role in supporting market stabilityThe OPEC+ alliance plays an instrumental role in supporting market stability, OPEC Secretary General Haitham Al Ghais said on the sixth anniversary of the group's formation.
Read more »
Most Gulf markets retreat on Fed rate woes, oil price slumpMost major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections.
Read more »
USD/INR Price News: Rupee slides to 82.70 ahead of India/US inflation, Fed meetingUSD/INR Price News: Rupee slides to 82.70 ahead of India/US inflation, Fed meeting – by anilpanchal7 USDINR RiskAppetite Inflation Fed Currencies
Read more »
Gold Price Forecast: XAU/USD extends losses below $1,790.00, manifests pre-Fed policy anxietyGold Price Forecast: XAU/USD extends losses below $1,790.00, manifests pre-Fed policy anxiety – by Sagar_Dua24 Gold XAUUSD Fed Inflation DollarIndex
Read more »
OPEC+ Oil Export Cut Blunted by Surge in Russian Shipments - AutoblogRussia is undercutting OPEC's attempts to curb oil supply even as demand softens in some large global markets.
Read more »
A stock market decline could be good for AmericaA buoyant stock market is constraining the Fed and, ultimately, hurting the country.
Read more »