Oil continues to decline as stocks fall in Asia while the US dollar index rises

The price of oil continues to fall after falling to its lows in January,
Asian stock indexes fell during early trading on Monday,
while the US dollar continued to rise under the slump of the sterling.

topic’s

Oil prices fall due to concern over fuel demand raised by recession concern

The dollar is rising due to the financial concern in the UK and the sterling is slumping

Asian stocks slide in early trading

Oil prices fall due to concern over fuel demand raised by recession concern

Oil prices continued to fall on Monday morning
after falling to January lows last weekend.

By Monday morning, November futures for Brent on
the London Futures Exchange in London cost $85.60 per barrel,
$0.55, or 0.64 percent lower than the previous session’s closing price.

The trading price of these futures fell last Friday by $4.31,
declining by 4.8 percent to $86.15 per barrel.

The price of November WTI oil futures in electronic trading
on the New York Mercantile Exchange
(NYMEX) is $78.28 per barrel by this time,
$0.46 or 0.57 percent lower than the final value of the previous session.

Over the past week, Brent lost 5.7 percent of its cost,
WTI lost 7.1 percent of its value, and both brands ended trading
at their lowest levels since January.

In the analysts ‘ view, the main reason for the recent decline in
oil prices is concerns about a global recession that has affected all financial markets,
caused stocks to fall and caused bond yields to rise, as well as the dollar to rise.

Traders are also watching discussions on a new package of anti-Russian
sanctions that could affect the oil and gas sector.

artical name Oil continues to decline as stocks fall in Asia

The dollar is rising due to the financial concern in the UK and the sterling is slumping

Sterling fell to a record low on Monday as traders rushed out with speculation
that the new government’s economic plan would maximize Britain’s financial resources.

The sharp decline in sterling has helped the US dollar as a safe haven to reach
a new peak in two decades against a basket of major currencies.

Sterling fell by 4.9 percent to an all-time low of $1.0327,
before stabilizing around $1.05425 percent below the previous session’s close.

Sterling reached an all-time low against the sterling dollar
and reached an all-time low against dollar.

The euro is nearing a new 20-year dollar low,
concerned about an economic recession,
as the energy crisis spills into winter as the war against Ukraine escalates.

The dollar was boosted by its rebound against the yen after
the shock of Japanese authorities’ currency interference last week,
as investors refocused on the contrast between
the Fed’s hawkishness and the Bank of Japan’s insistence
on holding onto massive stimulus.

The dollar index against a basket of major currencies reached 114.58
for the first time since May 2002 before falling to 114.02,
up 0.78 percent from last weekend.

The common European currency fell to $0.9528,
declining by 0.71 percent at $0.9623 in its last trading.

The dollar rose by 0.54 percent to 144.175 yen,
continuing its rise to a 24-year high of 145.90 on Thursday,
and fell to 140.31 on the same day after Japan’s intervention in buying
the yen for the first time since 1998.

On Monday, Japanese Finance Minister Shun’ichi Suzuki reiterated
that the authorities are ready to respond to speculative currency movements.

Elsewhere, the risk-sensitive Australian dollar fell to $0.64865,
the lowest since May 2020,
and was last trading 0.6 percent weaker at $0.6491.

China’s overseas yuan fell to a new low of 7.1728
against the dollar, its lowest level since May 2020.

artical name Oil continues to decline as stocks fall in Asia

Asian stocks slide in early trading

Japan’s Nikkei 225 fell by 2.6 percent to 26462.48,
and Australia’s S & P/ASX 200 fell by 1.5 percent to 6479.30.

South Korea’s Kospi also fell by 3.1 percent to 2219.75,
Hong Kong’s Hang Seng fell by 0.5 percent to 17851.36,
while the Shanghai Composite Index lost 0.6 percent of its value to 3069.65.

Recent moves by the US Federal Reserve and
other central banks around the world to raise interest rates have been
designed to limit high inflation for decades, but they also threaten a recession,
if rates rise too much or too quickly.

Wall Street ended last week with a large-scale sale,
leaving major indexes with another loss in six weeks.

The S&P 500 fell by 1.7 percent on Friday, to 3693.23,
its fourth straight decline, and the Dow,
which at one point fell by more than 800 points,
lost 486.27 points, to close at 29590.41.
The Nasdaq fell by 1.8 percent to 10867.93 points.

More than 85 percent of stocks in the S&P 500 closed in the red zone,
with tech companies, retailers and banks among
the biggest weights on the benchmark.

Last week, the Fed raised its benchmark interest rate,
which affects many consumer and commercial loans,
to a range of 3 percent to 3.25 percent.

The Fed also issued forecasts that the benchmark interest
rate could reach 4.4 percent by the end of the year,
a full point higher than envisaged in June.

artical name Oil continues to decline as stocks fall in Asia

Oil continues to decline as stocks fall in Asia

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