{"id":24971,"date":"2023-06-20T10:14:10","date_gmt":"2023-06-20T14:14:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-lower-china-rate-cut-fails-to-lift-sentiment\/"},"modified":"2023-06-20T10:14:11","modified_gmt":"2023-06-20T14:14:11","slug":"crude-oil-lower-china-rate-cut-fails-to-lift-sentiment","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24971","title":{"rendered":"Crude oil lower; China rate cut fails to lift sentiment"},"content":{"rendered":"<div>\n<p dir=\"ltr\">Investing.com &#8212; Oil prices edged lower Tuesday, trading in a choppy fashion as traders digested the latest interest rate cut in China as well as the deteriorating global economic outlook.<\/p>\n<p dir=\"ltr\">By 09:20 ET (13:20 GMT),  futures traded 1% lower than Friday\u2019s close at $71.22 a barrel after the U.S. was closed on Monday, while the  contract fell 0.2% to $75.94 a barrel.<\/p>\n<h2 dir=\"ltr\"><strong>China cuts interest rates again<\/strong><\/h2>\n<p dir=\"ltr\">Concerns over the strength of the Chinese economic recovery from the COVID hit have weighed heavily on oil prices this week, prompting a number of major investment banks to downgrade their estimates.<\/p>\n<p dir=\"ltr\">The People\u2019s Bank of China cut its benchmark  earlier Tuesday in an attempt to boost its struggling economy, but this has done little to boost sentiment as it was largely anticipated by markets, given that the country had trimmed short and medium-term lending rates last week.<\/p>\n<h2 dir=\"ltr\"><strong>Fears of a hawkish Powell <\/strong><\/h2>\n<p dir=\"ltr\">Away from China, traders are cautiously awaiting Fed Chair Jerome Powell\u2019s two-day congressional , starting on Wednesday, amid concerns that the head of the U.S. central bank will signal a July rate hike after it agreed to pause its year-long hiking cycle last week.<\/p>\n<p dir=\"ltr\">Higher interest rates can reduce economic activity, and fears are growing that the U.S. economy, the largest in the world, could enter a recession in the second half of the year.<\/p>\n<p dir=\"ltr\">The Eurozone economy did contract in the first quarter, and yet the  is expected to continue to hike interest rates next month, after doing so again last week, as it attempts to conquer elevated inflation.<\/p>\n<p dir=\"ltr\">\u201cWhile some believe the market will be in deficit later in the year, aided by the Saudi-driven OPEC+ cuts, which could support prices closer to what we saw late last year and early this, the economy remains one significant downside risk to this amid an adjustment in the markets toward higher rates for longer,\u201d said Craig Erlam, an analyst at MarketPulse.<\/p>\n<h2 dir=\"ltr\"><strong>Iran\u2019s crude supply grows <\/strong><\/h2>\n<p dir=\"ltr\">Turning to the supply side of the equation, Iran&#8217;s crude exports and oil output have hit new highs in 2023 despite U.S. sanctions, while Russian crude oil flows to international markets have drifted lower, according to data collated by Bloomberg, but remain well above levels seen in February, the baseline month for the country\u2019s pledged output cuts.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/commodities-news\/crude-oil-lower-china-rate-cut-fails-to-lift-sentiment-3109064\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing.com &#8212; Oil prices edged lower Tuesday, trading in a choppy fashion as traders digested the latest interest rate cut in China as well as the deteriorating global economic outlook. By 09:20 ET (13:20 GMT), futures traded 1% lower than Friday\u2019s close at $71.22 a barrel after the U.S. was closed on Monday, while the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-24971","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude oil lower; China rate cut fails to lift sentiment | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices edged lower Tuesday, trading in a choppy fashion as traders digested the latest interest rate cut in China as well as the\" \/>\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=24971\" \/>\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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