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Oil edges lower on profit-taking, rate hike worries

By Arathy Somasekhar (Reuters) -Oil prices edged lower on Thursday as investors took profits after two days of gains amid fears of aggressive U.S. interest rate hikes, but the...
Oil edges lower on profit-taking, rate hike worries © Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

By Arathy Somasekhar

(Reuters) -Oil prices edged lower on Thursday as investors took profits after two days of gains amid fears of aggressive U.S. interest rate hikes, but the losses were cushioned by expectations of a strong economic recovery that will boost demand in a tightly supplied market.

U.S. West Texas Intermediate (WTI) crude futures settled down 52 cents, or 0.6%, at $82.12 a barrel, after rising 5.6% over the last two days.

Brent crude futures fell 20 cents, or 0.2%, to $84.47 a barrel. It had gained 4.7% over Tuesday and Wednesday.

The Federal Reserve may need to raise rates four times in 2022 if inflation doesn't improve quickly enough, Chicago Federal Reserve president Charles Evans said on Thursday, adding that because inflation has stayed high longer, the Fed has to take action quicker than expected.

"The U.S producer price inflation data came in easily as hot as the last month and could put pressure on the Fed to rein in the economy, potentially being a drag on crude prices and supporting the dollar," said John Kilduff, a partner at Again Capital Management in New York, calling these "modestly worrisome factors."

Oil prices typically move inversely to the U.S. dollar, with a stronger greenback making commodities more expensive for those holding other currencies.

Kilduff said an uptick in initial jobless claims could further undercut gasoline demand.

Some investors were taking a deeper look at data from the U.S. Energy Information Administration (EIA) on Wednesday. While crude oil inventories fell more than expected, the report also showed fuel demand has taken a hit from Omicron. Gasoline stockpiles increased by 8 million barrels in the week to Jan. 7, compared with analyst expectations for a 2.4 million-barrel rise.[EIA/S]

"In reality, the weekly EIA report was less bullish than the headline number, as total crude oil inventories fell 4.8 million barrels but were more than offset by a stock build across refined products," Citi said in a note.

The drop in crude inventories "might have been related to end-of-year tax issues on oil stocks onshore in Texas and Louisiana," the bank added.

However, losses were limited by speculation that Omicron was not severe enough to derail a global demand recovery and cold weather in North America.

The Fed's Evans said he expects the economy to continue to "power through" the pandemic.

Oil prices soared more than 50% in 2021, and some analysts expect the rally to continue, forecasting that scant production capacity and limited investment could lift crude to $90 or even above $100 a barrel. JP Morgan forecast oil prices to rise as high as $125 a barrel this year.

U.S. crude futures for delivery in February 2023 traded at a discount of more than $9 to crude futures for delivery in February, moving into overbought territory for the first time since November.

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18-01-2022 10:45:44 (UTC+7)

EUR/USD

1.1351

-0.0056 (-0.49%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

EUR/USD

1.1351

-0.0056 (-0.49%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

GBP/USD

1.3584

-0.0061 (-0.45%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

USD/JPY

114.58

-0.01 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7193

-0.0017 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (9)

Sell (1)

USD/CAD

1.2517

-0.0002 (-0.02%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

EUR/JPY

130.07

-0.65 (-0.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/CHF

1.0405

-0.0019 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (9)

Gold Futures

1,818.85

+2.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Silver Futures

23.547

+0.629 (+2.74%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

4.4270

+0.0065 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

84.97

+1.67 (+2.00%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (7)

Brent Oil Futures

87.64

+1.16 (+1.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Natural Gas Futures

4.316

+0.054 (+1.27%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

US Coffee C Futures

238.78

-0.87 (-0.36%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

4,268.05

-34.09 (-0.79%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

S&P 500

4,601.84

-61.01 (-1.31%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (2)

DAX

15,810.15

-123.57 (-0.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,574.43

-36.80 (-0.48%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (5)

Hang Seng

24,112.78

-105.25 (-0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,120.55

-41.00 (-1.90%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

IBEX 35

8,785.68

-53.02 (-0.60%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

68.130

-0.010 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

51.84

-0.98 (-1.86%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Allianz SE VNA O.N.

226.05

-1.00 (-0.44%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Adidas AG

255.91

+3.26 (+1.29%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

7.146

-0.095 (-1.31%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

Siemens AG Class N

143.18

-2.82 (-1.93%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

Deutsche Bank AG

11.968

-0.050 (-0.42%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (3)

 EUR/USD1.1351↑ Sell
 GBP/USD1.3584↑ Sell
 USD/JPY114.58↑ Sell
 AUD/USD0.7193↑ Buy
 USD/CAD1.2517Buy
 EUR/JPY130.07↑ Sell
 EUR/CHF1.0405↑ Sell
 Gold1,818.85↑ Buy
 Silver23.547↑ Buy
 Copper4.4270↑ Buy
 Crude Oil WTI84.97Neutral
 Brent Oil87.64↑ Buy
 Natural Gas4.316↑ Buy
 US Coffee C238.78↑ Sell
 Euro Stoxx 504,268.05Buy
 S&P 5004,601.84Buy
 DAX15,810.15↑ Buy
 FTSE 1007,574.43Neutral
 Hang Seng24,112.78↑ Buy
 Small Cap 20002,120.55Sell
 IBEX 358,785.68↑ Sell
 BASF68.130↑ Buy
 Bayer51.84↑ Sell
 Allianz226.05↑ Sell
 Adidas255.91↑ Sell
 Lufthansa7.146↑ Sell
 Siemens AG143.18Sell
 Deutsche Bank AG11.968Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
Cập nhật 18-01-2022 10:45:46
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ↀ Giá vàng thế giới
$1,817.71-1.62-0.09%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2400024480
RON 95-II,III2390024370
E5 RON 92-II2291023360
DO 0.05S1838018740
DO 0,001S-V1873019100
Dầu hỏa1719017530
ↂ Giá dầu thô thế giới
WTI$85.45-0.06-0.07%
Brent$87.56+0.10.12%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.560,0022.870,00
EUR25.241,6226.656,50
GBP30.202,2531.491,85
JPY191,95203,20
KRW16,5120,11
Cập nhật lúc 18:54:36 18/01/2022
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