Abstract:On Monday crude oil prices were flat, pressured by concerns that more U.S. interest rate increases may dent demand.
On Monday crude oil prices were flat, pressured by concerns that more U.S. interest rate increases may dent demand.
U.S. West Texas Intermediate crude was 0.3% or 27 cents, higher at $80.10 per barrel, while Brent crude was at $84.42 per barrel, 6 cents lower after hitting a session high of more than $85 earlier in the session.
Crude posted a second straight week of losses after Fed Chair Jerome Powell on Friday said the central bank might have to hike rates more to ease stubborn inflation further.
BOK Financials senior vice president of trading, Dennis Kissler, said there were still concerns about demand declining especially if there is another hike in interest rates. He added that the market was very nervous.
On Thursday, the Fed's preferred inflation gauge, personal consumption expenditures price index will be released, and on Friday non-farm payrolls data is due.
Although China halved stamp duty on equity trading, Chinese stock markets wiped out most of their strong gains on the opening on persistent concerns about a spluttering economy.
Saxo Bank‘s head of commodity strategy, Ole Hansen, said the oil market was focusing on whether Brent can regain momentum on a break above $85, Tropical Storm Idalia heading for Florida, and China’s actions to support its economy.
The Philippine financial sector expanded by 10.5% in June, reaching P32.3 trillion. Bank resources surged, while positive earnings drove stock market gains.
Inflation shows signs of cooling in the U.S., but persistent economic pressures, particularly housing and utilities, continue to challenge growth.
Philippine PSEI ends flat as July inflation surge and rate hike concerns weigh on investor sentiment. Broader All Shares Index gains slightly.
Robinhood announced the suspension of its 24-hour overnight trading service due to the severe market downturn on Monday, August 5.