WTI crude oil bears ignore Russia-linked fears around $88.50 amid firmer USD By anilpanchal7 Oil Commodities RiskAppetite Fed OPEC
while paying little heed to the geopolitical issues surrounding Russia. keeps the previous day’s gains, backed by the jump in the headline inflation data that propelled Fed rate hike concerns, around 95.80 by the press time.
On the other hand, the US 10-year Treasury yields remain firmer around the highest levels since July 2019, up one basis point at 2.035% by the press time. However, the S&P 500 Future dropped 0.50% at the latest and portrays the market’s risk-off mood, which seems to weigh on the oil prices.data for January, to 7.5% YoY figure versus 7.3% expected and 7.0% prior, seems to propel the yields on concerns over the 50 basis points of a Fed rate-hike in March.
Alternatively, the Organization of the Petroleum Exporting Countries announced in its latest monthly report that it left the 2022 world demand growth forecast unchanged at 4.15 million barrels per day , as reported by Reuters. The OPEC report also stated, “OPEC's oil output rose by 64,000 bpd in January to 27.98 million bpd, lagging pledged increase under OPEC+ deal."
It should be noted that the recently increasing US-China trade tussle also challenges the oil prices and hence should also be watched for near-term directions. For intraday, the preliminary readings of the US Michigan Consumer Sentiment Index for February, expected 67.5 versus 67.2 prior, will be important data. Though, major attention will be given to Fedspeak and yields.
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