Crude oil prices ease after build in US crude stockpiles
时间:2024-06-28 00:36:51 阅读(143)
Oil prices eased on Wednesday, sliding from three-month highs hit the previous day after industry data showed an expected rise in U.S. crude stockpiles, but losses were capped amid signs of tighter global supply and hopes for China’s economic stimulus. Brent crude futures slid 32 cents, or 0.4%, to $83.32 a barrel by 0036 GMT. U.S. West Texas Intermediate (WTI) crude was at $79.35 a barrel, down 28 cents, or 0.4%.
“An increase in U.S. crude inventories last week promoted some selling,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that investors also squared their positions ahead of a monetary policy decision by the U.S. Federal Reserve. U.S. crude stocks rose by about 1.32 million barrels in the week ended July 21, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts polled by Reuters expected a 2.3 million barrel drawdown.
“The market will continue to be in a tug-of-war between tightening global supply and fears of slowing demand due to global economic slowdown, though we expect oil prices to test their upside during the summer driving season when demand is higher,” he said, predicting WTI would test mid-$80 levels in the July-August period.
The Fed’s policy meeting started on Tuesday, with most market participants expecting the central bank to deliver a 25 basis-point rate hike when the meeting concludes on Wednesday. With crude supplies expected to tighten due to output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, oil prices have already clinched four weekly gains in a row.
Saudi oil exports fell almost 40% in May from the same period a year ago, latest government data released on Tuesday showed.Meanwhile, leaders in China, the world’s No.2 oil consumer, pledged to step up economic policy support. On Tuesday, the International Monetary Fund raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook.
猜你喜欢
- oilseeds crop to hit the market.
If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.
- All Reliance Industries F&O open contracts to expire on 19 July on Jio Financial demerger
- Need IT department nod for transfer of shares, says NDTV, Adani group terms it as misconceived
- GLOBAL MARKETS-Wall Street shares mixed; dollar strikes two-month peak
- All sectors will go up in rising tide of India but first get on a boat, Kotak’s Nilesh Shah says
- Alaska halts flights by 18 additional MAX 9 planes after FAA directive
- Goa- Sun, sand & all that spice
- Nifty close below 18560 to trigger fall, Bank Nifty may drop to 42600
- MSCI seeks feedback on Adani shares