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	102,725.13 871.92M	0.54% 553.85
KSE30	51,670.42 144.06M	0.97% 495.07
KMI30	244,230.82 127.19M	0.88% 2126.86
KMIALLSHR	67,141.83 400.81M	0.66% 438.06
BKTi	45,511.25 34.21M	0.74% 335.27
OGTi	33,787.05 15.45M	0.86% 288.90

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
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%