{"id":25491,"date":"2023-06-21T11:08:39","date_gmt":"2023-06-21T15:08:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-edges-higher-powell-testimony-inventories-data-due\/"},"modified":"2023-06-21T11:08:39","modified_gmt":"2023-06-21T15:08:39","slug":"crude-oil-edges-higher-powell-testimony-inventories-data-due","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25491","title":{"rendered":"Crude oil edges higher; Powell testimony, inventories data due"},"content":{"rendered":"
\n

Investing.com — Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand growth this year.<\/p>\n

By 09:05 ET (13:05 GMT), futures traded 0.2% higher at $71.34\u00a0 barrel, while the contract rose 0.1% to $75.97 a barrel.<\/p>\n

Both benchmarks are trading around 10% lower so far this year, largely on concerns that the Chinese economic recovery from the COVID hit is faltering while Western economies, and the U.S. in particular, are struggling as central banks tighten monetary policy aggressively to attempt to tame soaring inflation.<\/p>\n

Chinese demand crucial for crude market<\/strong><\/h2>\n

The People\u2019s Bank of China cut its benchmark earlier in the week in an attempt to boost its struggling economy, but this has done little to boost sentiment as the cut was modest and largely anticipated by markets.<\/p>\n

\u201cChina\u2019s demand outlook is crucial for the global market, given that the bulk of global demand growth this year is expected to be driven by China,\u201d said analysts at ING, in a note. \u201cSignificantly weaker Chinese demand would also mean that the global oil balance would not be as tight as currently expected over the second half of 2023.\u201d<\/p>\n

China\u2019s National Petroleum Corporation now expects domestic oil demand to grow by 3.5% on the year in 2023, which is lower than the 5.1% growth that was forecast back in March.\u00a0<\/p>\n

Powell\u2019s testimony in focus<\/strong> \u00a0<\/h2>\n

Away from China, the day\u2019s highlight will be the start of Fed Chair Jerome Powell\u2019s two-day congressional , occurring just a week after the U.S. central bank its year-long hiking cycle but signaled more hikes were likely this year.<\/p>\n

Should Powell offer up a hawkish tone, the crude market would likely sell off amid worries of falling economic activity, while the would see some support, making commodities, like oil which are denominated in dollars, more expensive for holders of other currencies.<\/p>\n

U.K. struggling to contain inflation<\/strong><\/h2>\n

Data released earlier Wednesday showed the struggle that the U.K., the fifth largest economy in the world, is having with inflation, as British held steady at 8.7% growth in May.<\/p>\n

This largely cemented another rate hike by the on Thursday, increasing the chance that the U.K. economy enters recession later this year.<\/p>\n

Weekly U.S. crude stockpiles due<\/strong>\u00a0<\/h2>\n

U.S. oil inventory data from the industry group will be released later on Wednesday, a day later than usual due to Monday\u2019s public holiday, to be followed by the official data from the on Thursday.<\/p>\n

A Reuters poll among five analysts estimated that crude stockpiles fell by about 400,000 barrels on average in the week to June 16.<\/p>\n<\/div>\n

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

Investing.com — Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand growth this year. By 09:05 ET (13:05 GMT), futures traded 0.2% higher at $71.34\u00a0 barrel, while the contract rose 0.1% to $75.97 a barrel. Both benchmarks are trading around 10% lower so […]<\/p>\n","protected":false},"author":1,"featured_media":17778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-25491","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil edges higher; Powell testimony, inventories data due | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand\" \/>\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=25491\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil edges higher; Powell testimony, inventories data due | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=25491\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T15:08:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/LYNXNPEAAO0V4_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=25491#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=25491\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Crude oil edges higher; Powell testimony, inventories data due\",\"datePublished\":\"2023-06-21T15:08:39+00:00\",\"dateModified\":\"2023-06-21T15:08:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=25491\"},\"wordCount\":449,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=25491#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=25491\",\"url\":\"https:\/\/ifintechworld.com\/?p=25491\",\"name\":\"Crude oil edges higher; Powell testimony, inventories data due | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-21T15:08:39+00:00\",\"dateModified\":\"2023-06-21T15:08:39+00:00\",\"description\":\"Investing.com -- Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=25491#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=25491\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=25491#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crude oil edges higher; Powell testimony, inventories data due\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crude oil edges higher; Powell testimony, inventories data due | iFintechWorld","description":"Investing.com -- Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=25491","og_locale":"en_US","og_type":"article","og_title":"Crude oil edges higher; Powell testimony, inventories data due | iFintechWorld","og_description":"Investing.com -- Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand","og_url":"https:\/\/ifintechworld.com\/?p=25491","og_site_name":"iFintechWorld","article_published_time":"2023-06-21T15:08:39+00:00","og_image":[{"width":800,"height":530,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/LYNXNPEAAO0V4_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=25491#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=25491"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Crude oil edges higher; Powell testimony, inventories data due","datePublished":"2023-06-21T15:08:39+00:00","dateModified":"2023-06-21T15:08:39+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=25491"},"wordCount":449,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=25491#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=25491","url":"https:\/\/ifintechworld.com\/?p=25491","name":"Crude oil edges higher; Powell testimony, inventories data due | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-21T15:08:39+00:00","dateModified":"2023-06-21T15:08:39+00:00","description":"Investing.com -- Oil prices edged higher Wednesday, but concerns about the global economy, particularly China and the U.S., weigh heavily on likely demand","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=25491#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=25491"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=25491#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Crude oil edges higher; Powell testimony, inventories data due"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/25491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25491"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/25491\/revisions"}],"predecessor-version":[{"id":25492,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/25491\/revisions\/25492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/17778"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}