2023-07-05 06:54:12
Oil prices fell under the weight of fears of a global economic slowdown
Fears of a slowdown in global economies prevailed in market transactions today, Wednesday, amid anticipation for the issuance of the minutes of the last meeting of the Federal Reserve (the US Central Bank) to draw indications about the course of monetary policy.
The world’s central banks tend to continue monetary tightening policies and increase interest rates, which casts a shadow over investors.
Business surveys also showed a slowdown in global factory activity due to slowing demand in China and Europe.
oil dip
In energy markets, oil prices fell today, Wednesday, to erase the gains of the previous session.
Brent crude fell 14 cents, or 0.2%, to $76.11 a barrel by 00:27 GMT, after rising $1.60 on Tuesday.
US West Texas Intermediate crude futures reached $71.14 a barrel, up $1.35, or 1.9%, from Monday’s close, as Tuesday was a holiday in the United States.
“The market will continue to move in both directions for some time, with focus on economic indicators in China and central bank monetary policy,” Tomomichi Akuta, chief economist at Mitsubishi UFJ Research and Consulting, said, expecting Brent crude to trade around $75 a barrel.
Dollar stability
In the currency markets, the dollar remained close to the middle of its range of movements during the past three weeks against the other major currencies, today, Wednesday.
There was little change in the dollar index, which measures the currency’s performance against a basket of six other major currencies, including the euro and the yen, to record 103.02 after moving between 103.75 and 102.75 since early June.
The euro rose 0.1% to $1.0886, and the Australian dollar settled at $0.6690, holding on to its advance of 0.32% in the previous session.
There was little change in the yuan, which recorded 7.231 per dollar in foreign trading, after rising 0.3% on Tuesday.
(Archyde.com, The New Arab)
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