WTI struggles around mid-$87.00s as recession woes probe OPEC forecast, supply crunch fears – by anilpanchal7 Oil WTI OPEC Recession Commodities
Oil demand will increase by 3.1 million barrels per day in 2022 and by 2.7 million bpd in 2023, unchanged from last month, the Organization of the Petroleum Exporting Countries said in a monthly report, per Reuters. The news also mentioned the signs that major economies were faring better than expected despite headwinds such as surging inflation.
Also positive for the energy prices could be the headlines suggesting the US plans to rebuild its emergency oil, as well as the German and the European move to cap Russian oil gas prices. Furthermore, chatters that the Western oil deal with Iran is far also adding strength to the supply crunch fears and should have favored the energy bulls.
On the contrary, US inflation data renewed fears of the Federal Reserve’s aggressive rate hike, as well as propelled the recession woes, on Tuesday. Also acting as the downside catalysts for the WTI crude oil are the fears of economic slowdown due to the concerns surrounding China and Russia. for August rose past 8.1% market forecasts to 8.3% YoY, versus 8.8% prior regains. The monthly figures, however, increased to 0.1%, more than -0.1% expected and 0.0% in previous readings.
It should be noted that the weekly prints of the industry inventory report from the American Petroleum Institute also contributed to the commodity’s weakness. The API Weekly Crude Oil Stock increased to 6.035M during the week ended on September 09 versus 3.645M prior.may remain pressured amid a firmer US dollar and the recession woes. However, the supply crunch woes can test the bears ahead of today’s official weekly inventory data from the US Energy Information Administration .
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