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Gulf Press > Business > Forex > WTI remains below $78.00 due to decreased US consumer demand and Chinese data
Forex

WTI remains below $78.00 due to decreased US consumer demand and Chinese data

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Last updated: 2024/06/17 at 5:57 AM
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The price of West Texas Intermediate (WTI) crude oil has dipped to $77.75 on Monday due to weaker US consumer sentiment and Chinese economic data. The Michigan Consumer Sentiment Index fell to a seven-month low in June, indicating concerns about personal finances and inflation. Additionally, hawkish messages from the Federal Reserve have boosted the US Dollar and put pressure on WTI, as the Fed may delay interest rate cuts until December to gather more economic data.

Fed Chair Jerome Powell’s comments last week suggested that the central bank is not yet ready to lower rates, citing the need for more evidence that inflation is reaching the 2% target. The prospect of higher US interest rates is weighing on oil demand by increasing borrowing costs and potentially dampening economic activity. Meanwhile, Chinese Industrial Production in May fell below expectations, signaling a slowdown in the property sector and adding pressure on the world’s second-largest economy.

Despite a slight improvement in China’s Retail Sales, Industrial Production only increased by 5.6% year-on-year in May, below the forecast of 6.0%. The Chinese economy continues to face challenges, with the property sector showing no signs of improvement. This has contributed to the decline in WTI prices, as concerns about global economic growth dampen demand for oil.

Moving forward, market participants will be closely watching for any further developments in US consumer sentiment, Chinese economic data, and Federal Reserve policies that could impact WTI prices. Additionally, geopolitical tensions in oil-producing regions and any supply disruptions could also influence the direction of oil prices in the coming days. Investors will need to remain vigilant and stay informed about the latest news and indicators affecting the oil market to make informed decisions.

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News Room June 17, 2024
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