Oil steady as investors weigh tighter supply vs. growth outlook
"Those who were bearish are questioning the demand outlook in light of the cuts, whilst clearly those who were bullish are now seeing even a tighter market over the second half," ING's head of commodities research Warren Patterson said.Separately, investors are watching the progress of talks between Iraq and Kurdistan to restartFurther supporting prices, the number of U.S.
Despite expectations that the Federal Reserve could slow down rate hikes because of the recent banking crisis, borrowing costs could still climb if inflation remains strong, analysts said. "This week's U.S. data could be a drag on sentiment if strong numbers reinforce expectations of the Fed continuing on its tightening path, while weak numbers point to economic pain, which means either way, risk-aversion grows," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.Our Standards:Reports on everything from how Asia’s fuel use recovers from the fallout of COVID-19 to tracking how the global energy transition impacts refinery expansion plans and fuel supplies in the coming decades.
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