{"id":1951,"date":"2023-04-29T08:57:23","date_gmt":"2023-04-29T12:57:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-nears-5-week-low-amid-fears-of-rising-rates-worsening-growth\/"},"modified":"2023-04-29T08:57:23","modified_gmt":"2023-04-29T12:57:23","slug":"oil-nears-5-week-low-amid-fears-of-rising-rates-worsening-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1951","title":{"rendered":"Oil nears 5-week low amid fears of rising rates, worsening growth"},"content":{"rendered":"
\n

By Ambar Warrick <\/p>\n

Investing.com — Oil prices fell in early Asian trade on Monday and were moving close to a five-week low as concerns over rising interest rates and slowing economic growth largely dented expectations for a recovery in demand this year.<\/p>\n

Mixed signals on global manufacturing activity further unsettled markets, with readings from the and showing a sustained decline. While U.S. grew more than expected in April, analysts warned that this could likely feed into inflation.<\/p>\n

Concerns over more U.S. interest rate hikes also weighed heavily on oil markets, as the recovered some lost ground and uncertainty persisted over when the Federal Reserve will .<\/p>\n

Crude markets saw their first weekly loss in five weeks, with prices once again close to falling below the $80 a barrel level. <\/p>\n

futures fell 0.6% to $80.97 a barrel, while futures fell 0.6% to 77.39 a barrel by 21:46 ET (01:46 GMT). Both contracts lost about 5% last week. <\/p>\n

A price boost from an unexpected production cut by the Organization of Petroleum Exporting Countries and allies (OPEC+) now appears to have largely worn off, with oil prices having reversed a bulk of their gains in recent weeks. <\/p>\n

While supply is set to tighten as the OPEC+ cuts take hold in May, markets fear that worsening demand will result in less tighter than expected conditions. A swathe of weaker-than-expected U.S. corporate earnings also furthered this notion, reflecting the impact of high interest rates on business activity.<\/p>\n

Focus this week is on and GDP data for the first quarter of 2023, which is expected to show that growth slowed from the prior quarter. <\/p>\n

The first week of May will also see a string of central bank rate decisions, with the and both expected to hike rates further to combat inflation. <\/p>\n

This trend is expected to result in slowing economic growth this year, potentially denting crude demand despite a recovery in major importer China. Recent data showed that the country imported record amounts of crude in March, as it reopens after three years of COVID lockdowns. <\/p>\n<\/div>\n

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

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