Oil prices fall with Asian stocks mixed as the US dollar rises

Oil prices fell as disappointing Chinese data increased concern about global fuel demand,
while Asian stock indices fell in early trading,
and the US dollar rose against a basket of six currencies.

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Oil prices fall and Brent crude is at $97.2 per barrel

Asian stocks swing and China cuts interest rates

Dollar rises against yuan decline after China rate cut

Oil prices fall and Brent crude is at $97.2 per barrel

Oil prices fell on Monday morning as global demand fell and
supply increased should negotiations on a nuclear deal with Iran succeed.

By Monday morning, Brent crude futures for October fell by $0.98,
or 1 percent on the London Futures Exchange, to $97.17 per barrel,
and on Friday Brent crude fell by $1.45 to $98.15 per barrel.

The September futures price for West Texas Intermediate crude at the time
was lower in electronic trading on the New York Mercantile Exchange
(NYMEX) by $0.9 (0.98%), to $91.19 per barrel.

During the previous session, the futures contract fell by $2.25 to $92.09 per barrel.

The EU is involved in talks on restoring the proposed JCPOA to ease sanctions against Iran’s Revolutionary Guards.

The head of the world’s largest exporter, Saudi Aramco,
said the company is ready to increase production while resuming production
at several US offshore platforms in the Gulf of Mexico after a short break last week.

Last week, OPEC cut its oil demand growth forecast in 2022 by 0.3 million barrels per day to 3.1 million barrels per day,
due to some regional changes,
and 2023 growth forecasts were kept at 2.7 million barrels per day,
according to the organization’s monthly report.

Thus, according to OPEC, oil consumption in 2022 will be 100.03 million barrels per day,
not 100.3 million barrels per day, as previously projected.

Oil Field Services said that the number of active platforms in the United States rose by 3 units last week to 601.

artical name Oil prices fall with Asian stocks mixed

Asian stocks swing and China cuts interest rates

Asian stocks mixed on Monday after China’s central bank cut key lending rates
as a wide range of economic data fell short of expectations
and stressed the need for more stimulus to support the world’s second-largest economy.

Both retail sales and industrial production rose less than expected in July,
as well as a disappointing reading on new bank lending.

The rate cut helped ease the slightly negative impact and left Chinese blue chips flat,
while yuan yields and bonds fell.

In the analysts’ view, these are other signs that growth recovery is weakening rapidly after the Shanghai lockdown.

MSCI’s broadest index of Asia-Pacific stocks outside Japan was flat,
having rebounded by 0.9 percent last week.

Japan’s Nikkei index rose 1.1 percent as data showed
that the economy grew 2.2 percent annually in the second quarter,
which fell slightly short of contrary to estimates. short

Investors remain concerned about whether Wall Street can sustain its rally,
as hopes that US inflation will have peaked will be tested by possible tough comments from the Federal Reserve this week.

Markets still indicate a 50 percent probability that the Fed will raise 75 basis points in September
and interest rates will rise to around 3.50-3.75 percent by the end of the year.

Hopes for a weak economic downturn will also get a health check from US retail sales data
that is expected to show a sharp slowdown in spending in July.

Geopolitical stakes remain high with a delegation of US lawmakers on a two-day trip to Taiwan.

EUROSTOXX 50 futures rose by 0.4 percent, FTSE futures rose by 0.5 percent,
while S&P 500 and Nasdaq futures fell by about 0.2 percent after last week’s gains.

However, the S&P is close to 17 percent above mid-June lows and only 11 percent
off all-time highs under bets that the worst inflation rates have been surpassed,
at least in the United States.

Some analysts said that the key indicators we note provide support for moderation while easing supply pressures,
weakening demand, slumping money supply,
falling prices and falling expectations.

The main components of general inflation, including food and energy,
are also at an inflection point,
and Wall Street and Main Street now predict that inflation will decline.

The bond market still appears to doubt the Fed’s ability to make a soft decline,
with the yield curve still deeply inverted, yields for the two years at 3.26 percent,
42 basis points higher than 10-year bond yields.

These yields boosted the US dollar, although it fell by 0.8 percent
against a basket of currencies last week as risk sentiment improved.

artical name Oil prices fall with Asian stocks mixed

Dollar rises against yuan decline after China rate cut

The US dollar rose in early European trading on Monday, benefiting from its safe haven status,
while the Chinese yuan fell after a host of disappointing data released
by China prompted the country’s central bank to cut interest rates.

The People’s Bank of China cut its interest rate making
it easier to lend a one-year average term by 10 basis points to 2.75 percent,
in a surprise move, leading the USD pair to rise against the Chinese yuan by 0.3 percent to 6.7600.

At 07:10 GMT, the United States dollar index,
which measures the greenback against a basket of six other currencies,
rose by 0.2 percent to 105.750, near the middle of its recent trading range.

artical name Oil prices fall with Asian stocks mixed

Oil prices fall with Asian stocks mixed

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