WTI holds above $82.00, China’s woes, US Retail Sales eyed – by lilyfinancial Oil WTI Commodities
On Monday, the bonds and shares of Country Garden Holdings Co. plummeted after bondholders failed to receive coupon payments on two-dollar notes by the initial deadline, raising concerns that the company will be the next major defaulter. Country Garden's financial difficulties validate the worst concerns of investors regarding the nation's extensive real estate market.
Furthermore, the Chinese inflation data released last week fuels concern about the pace of China's post-pandemic recovery. The Consumer Price Index YoY fell 0.3% in July from 0% prior. This figure indicates the deflation in China. This, in turn, exerts pressure on WTI prices as China is the major oil consumer in the world.Saudi Arabia
announced it would extend its voluntary oil output cut of one million barrels per day through September. In the meantime, Russia's oil exports will also decrease by 300,000 bps in September. Additionally, the Organisation of Petroleum Exporting Countries and the Energy Information Administration showed optimism regarding the global energy market in the second half of the year. Summer air travel, increased oil consumption for power generation, and rising Chinese petrochemical activity are the primary drivers of the IEA's anticipated 2.2 million bpd demand increase in 2023. OPEC anticipates a 2.44 million bpd increase in production.
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