Oil slumps 4% on China woes ahead of CPI, Fed

MG News | June 13, 2023 at 10:02 AM GMT+05:00

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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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ALLSHR	93,385.83 437.37M	-0.25% -237.26
KSE30	47,851.52 125.11M	-0.40% -191.53
KMI30	223,719.09 107.59M	-0.60% -1350.50
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	70,870.00	71,560.00 69,080.00	675.00 0.96%
BRENT CRUDE	92.31	93.15 86.24	4.51 5.14%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-10.20 -9.31%
ROTTERDAM COAL MONTHLY	121.50	121.50 120.50	-0.35 -0.29%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	87.87	88.99 81.79	4.42 5.30%
SUGAR #11 WORLD	14.22	14.53 14.18	-0.16 -1.11%