{"id":1888,"date":"2023-04-29T06:50:11","date_gmt":"2023-04-29T10:50:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-lower-central-bank-meetings-prompt-demand-worries\/"},"modified":"2023-04-29T06:50:11","modified_gmt":"2023-04-29T10:50:11","slug":"crude-oil-lower-central-bank-meetings-prompt-demand-worries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1888","title":{"rendered":"Crude oil lower; central bank meetings prompt demand worries"},"content":{"rendered":"
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Investing.com — Oil prices retreated Monday, extending last week\u2019s steep drop on concerns that rising interest rates in the western economies will hit economic activity and thus the outlook for fuel demand.<\/p>\n

By 09:10 ET (13:10 GMT), futures traded 0.8% lower at $77.28 a barrel, while the contract fell 0.8% to $80.81 a barrel.<\/p>\n

Both benchmarks fell more than 5% last week for their first weekly declines in five. They have now wiped out nearly all of the gains seen after the Organization of Petroleum Exporting Countries and its allies announced a surprise reduction in output at the start of the month.<\/p>\n

The major western central banks \u2013 be it the , the or the \u2013 are all expected to raise interest rates when they meet next week, seeking to tackle stubbornly high inflation.<\/p>\n

The focus is mainly on the U.S., the largest consumer of crude in the world, amid fears of a recession in the latter half of the year.<\/p>\n

The latest figures on jobs, growth, and inflation will be released later this week, and will provide the Federal Reserve with clues of the current strength of the U.S. economy before its May policy meeting.<\/p>\n

However, it\u2019s not all bad news.<\/p>\n

Data released in China on Friday showed that the world’s top crude importer brought in record volumes in March, while the latest government data from India showed that domestic refiners processed a record amount of crude oil in March.<\/p>\n

\u201cAs a result, it is not surprising that stronger crude oil imports were also observed,\u201d said analysts at ING, in a note.<\/p>\n

Additionally, the ICE Brent contract saw speculators increase their net long positions by almost 8,000 lots to 241,987 lots last week, despite the contract settling lower.<\/p>\n

\u201cThis move was predominantly driven by fresh longs, suggesting that some market participants feel that oil is underpriced at the moment,\u201d added ING.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil prices retreated Monday, extending last week\u2019s steep drop on concerns that rising interest rates in the western economies will hit economic activity and thus the outlook for fuel demand. By 09:10 ET (13:10 GMT), futures traded 0.8% lower at $77.28 a barrel, while the contract fell 0.8% to $80.81 a barrel. Both […]<\/p>\n","protected":false},"author":1,"featured_media":1889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-1888","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil lower; central bank meetings prompt demand worries | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices retreated Monday, extending last week\u2019s steep drop on concerns that rising interest rates in the western economies will hit\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=1888\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil lower; 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