Oil slumps 4% on China woes ahead of CPI, Fed
MG News | June 13, 2023 at 10:02 AM GMT+05:00
June 13, 2023 (MLN): Oil prices fell yesterday on rising global supplies and concerns about demand growth just ahead of key inflation data due later today (5:30pm PST) and a U.S. Federal Reserve meeting tomorrow.
China's ongoing problems remained a weight on the crude market as investors fret over the impact on demand, even after Saudi Arabia's surprise decision to slash output by a million barrels a day next month.
Brent crude fell $2.43, or 3.9%, to settle at $72.14 a barrel, it is down 15.63% year-to-date.

West Texas Intermediate (WTI) crude fell $3.1, or 4.23%, to settle at $67.41 a barrel, it is down 16.36% year-to-date.

Both contracts edged up Tuesday but made little headway into the 4% losses suffered the day before as Goldman Sachs slashed its price forecast for the third time in six months.
Market is expecting 4.1% YoY consumer price index (CPI) inflation as compared to 4.9% last month, and is in consensus (CME FedWatch Tool pricing in 83.8%) for a rate pause in tomorrow's meeting.
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| Symbol | Bid/Ask | High/Low |
|---|
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|---|---|---|---|
| BITCOIN FUTURES | 90,375.00 | 93,070.00 89,640.00 | -1635.00 -1.78% |
| BRENT CRUDE | 61.16 | 61.86 60.81 | -0.12 -0.20% |
| RICHARDS BAY COAL MONTHLY | 91.00 | 0.00 0.00 | 1.00 1.11% |
| ROTTERDAM COAL MONTHLY | 97.30 | 97.30 97.30 | 0.90 0.93% |
| USD RBD PALM OLEIN | 1,016.00 | 1,016.00 1,016.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 57.45 | 58.19 57.15 | -0.15 -0.26% |
| SUGAR #11 WORLD | 15.10 | 15.27 14.83 | 0.25 1.68% |
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