{"id":35183,"date":"2023-07-13T13:07:57","date_gmt":"2023-07-13T17:07:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-stabilizes-after-soft-u-s-ppi-data\/"},"modified":"2023-07-13T13:07:58","modified_gmt":"2023-07-13T17:07:58","slug":"crude-oil-stabilizes-after-soft-u-s-ppi-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35183","title":{"rendered":"Crude oil stabilizes after soft U.S. PPI data"},"content":{"rendered":"
\n

Investing.com — Crude oil prices stabilized Thursday, after healthy gains this week after soft U.S. inflation data raised expectations interest rate increases in the world\u2019s largest economy were close to an end.<\/p>\n

By 09:40 ET (13:40 GMT), the futures traded 0.1% lower at $75.67 a barrel, while the contract climbed 0.1% to $80.16.<\/p>\n

Both benchmarks are nearly 5% higher this week to date, and are trading near their highest levels in three months.<\/p>\n

U.S. PPI eases more than expected<\/strong><\/h2>\n

Data published earlier Thursday showed that growth in U.S. eased by more than expected in June, easing to 0.1% annually, decelerating from a downwardly revised mark of 0.9% in May.\u00a0<\/p>\n

This followed U.S. registering their smallest annual increase in more than two years on Wednesday, and pointed to inflationary pressures fading in the world’s largest consumer of crude, bolstering the case for the to step back from its aggressive policy tightening campaign after an expected interest rate hike later this month.<\/p>\n

\u201cWhile the data is unlikely to change expectations for the Fed to hike at its next meeting, it does call into question the need for further tightening after the July meeting,\u201d said analysts at ING, in a note.<\/p>\n

Fears that aggressive interest rate hikes to combat inflation would push the U.S. economy into recession have dogged the crude markets this year.<\/p>\n

Oil prices were also boosted last week by the news that top producers Saudi Arabia and Russia were going to cut output further in August.<\/p>\n

“Some profit-taking at these levels wouldn’t be hugely surprising and may have come sooner if not for the U.S. consumer price inflation data,” said Craig Erlam, senior market analyst at OANDA.<\/p>\n

Chinese crude import data helps<\/strong><\/h2>\n

The crude market had received a boost earlier Thursday with the release of monthly oil imports in China, which touched the second-highest figure on record, and a silver lining in the otherwise disappointing trade data.<\/p>\n

Chinese \u201ccrude oil imports averaged 12.67MMbbls\/d over June, up 4% month-on-month and 45% higher year-on-year. Obviously imports were under pressure last year due to Covid related lockdowns. Meanwhile year-to-date crude imports are up 11.7% YoY,\u201d ING said.<\/p>\n

U.S. oil stockpiles rise unexpectedly<\/strong><\/h2>\n

Thursday’s gains were limited by an unexpected build in U.S. oil inventories, with the indicating that stocks grew 5.95 million barrels in the week to July 7, much more than forecast.<\/p>\n

\u201cOverall, the report was on the bearish side, given the large builds and weaker implied demand,\u201d ING added.<\/p>\n<\/div>\n

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

Investing.com — Crude oil prices stabilized Thursday, after healthy gains this week after soft U.S. inflation data raised expectations interest rate increases in the world\u2019s largest economy were close to an end. By 09:40 ET (13:40 GMT), the futures traded 0.1% lower at $75.67 a barrel, while the contract climbed 0.1% to $80.16. Both benchmarks […]<\/p>\n","protected":false},"author":1,"featured_media":7024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-35183","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil stabilizes after soft U.S. PPI data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Crude oil prices stabilized Thursday, after healthy gains this week after soft U.S. inflation data raised expectations interest rate\" \/>\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=35183\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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