WTI Price Analysis: WTI drops amid Chinese real-state sector fears Oil WTI Energy
County Garden Holdings, a Chinese real-state giant, announced that it would suspend part of its bond trading.Intermediate barrel lost traction, fell to a daily low of $81.30, and settled near $82.00. A stronger USD on the back of higher US yields and Chinese real-state sector concerns are mainly responsible for the Oil’s downward trajectory.
China's major real estate firm, Country Garden Holdings, revealed a projected loss of $7.6 billion for H1 2023 and announced that it would halt trading 11 onshore bonds starting Monday. This caused a nearly 20% drop in their shares, bringing down the Shangai Composite Index. In addition, Moody’s warned of a potential crisis spillover to the country's property and financial markets, possibly delaying the sector's recovery.
On the other hand, the USD, measured by the DXY index, rose above 103.00, and the Greenback gained interest in higher US yields. In that sense, the bond markets are flashing signals that investors are confident that the Federal Reserve won’t hike in September but that the odds of a 25 basis point increase in November have risen to nearly 40%, according to the CME FedWatch tool. In that sense, higher rates which tend to cool down economic activity, present another challenge to Oil prices.
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