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	101,117.40 308.32M	-0.15% -155.10
KSE30	49,841.71 50.59M	-0.28% -142.15
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	82,905.00	82,905.00 82,645.00	435.00 0.53%
BRENT CRUDE	104.54	105.09 102.33	0.26 0.25%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.75 0.59%
ROTTERDAM COAL MONTHLY	143.40	143.40 143.40	-1.15 -0.80%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.66	92.17 90.01	0.17 0.19%
SUGAR #11 WORLD	20.27	20.44 20.09	0.12 0.60%