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Oil prices hold firm amid hopes for economic growth

By Koustav Samanta and Sonali Paul SINGAPORE (Reuters) -Oil prices steadied on Wednesday, following steep gains in the previous session after the U.S. Federal Reserve chief...
Oil prices hold firm amid hopes for economic growth © Reuters. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann/File Photo

By Koustav Samanta and Sonali Paul

SINGAPORE (Reuters) -Oil prices steadied on Wednesday, following steep gains in the previous session after the U.S. Federal Reserve chief signalled the central bank may raise rates more slowly than expected, which should help support oil demand.

Brent and U.S. crude oil are trading at their highest levels since the highly contagious COVID-19 Omicron emerged in late November, as it has not hit fuel demand the way previous variants did.

U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.3%, to $81.42 a barrel at 0555 GMT, adding to a 3.8% jump in the previous session.

Brent crude futures were up 6 cents, or 0.07%, at $83.78 a barrel, after jumping 3.5% in the previous session.

Federal Reserve Chairman Jerome Powell said on Tuesday the economy should weather the current COVID-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy.

"While Powell reassured the Fed will bring down rising inflation, which strengthened the rate hike outlooks in March, he also said the Fed is capable of leaving strong economic growth intact. That may lift the demand of growth-sensitive crude oil," said Leona Liu, analyst at Singapore-based DailyFX.

Data from the American Petroleum Institute (API) industry group, however, painted a weaker picture on fuel demand, with a smaller decline in crude stockpiles than expected and bigger builds than expected in gasoline and distillate inventories.

Crude stocks fell by 1.1 million barrels for the week ended Jan. 7, according to market sources citing API figures. That was less than the 1.9 million barrel draw that 10 analysts polled by Reuters had expected.

"Although market participants appear to be quite optimistic on overall growth in the first quarter, the recent API stocks show subduing demand. So it may be too early to be positive on the price rally," analyst Liu said.

Gasoline stockpiles rose by 10.9 million barrels, compared with analysts' expectations for a 2.4 million barrel build. Distillate inventories, which include diesel and heating oil, rose by 3 million barrels compared with forecasts for a 1.8 million barrel increase.

However, supporting the market was the U.S. Energy Information Administration's upgraded oil demand outlook released on Tuesday, seeing total U.S. demand rising by 840,000 barrels per day (bpd) in 2022 from last year, up from a previous forecast for an increase of 700,000 bpd.

At the same time, the EIA pared its production outlook for 2022, expecting U.S. oil output to rise by 640,000 bpd, down from an earlier forecast for an increase of 670,000 bpd.

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28-01-2022 14:19:28 (UTC+7)

EUR/USD

1.1147

+0.0004 (+0.04%)

Summary

↑ Sell

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EUR/USD

1.1147

+0.0004 (+0.04%)

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GBP/USD

1.3378

-0.0007 (-0.05%)

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USD/JPY

115.24

-0.10 (-0.09%)

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AUD/USD

0.6979

-0.0052 (-0.74%)

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USD/CAD

1.2789

+0.0050 (+0.39%)

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EUR/JPY

128.45

-0.07 (-0.05%)

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EUR/CHF

1.0381

+0.0011 (+0.11%)

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Gold Futures

1,783.75

-9.35 (-0.52%)

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Silver Futures

22.258

-0.418 (-1.84%)

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Copper Futures

4.2992

-0.1243 (-2.81%)

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Crude Oil WTI Futures

86.88

+0.27 (+0.31%)

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↑ Sell

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Buy (3)

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Indicators:

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Brent Oil Futures

88.51

+0.34 (+0.39%)

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Natural Gas Futures

4.642

+0.359 (+8.38%)

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US Coffee C Futures

235.85

+3.80 (+1.64%)

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Euro Stoxx 50

4,136.91

-48.06 (-1.15%)

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↑ Buy

Moving Avg:

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Buy (9)

Sell (2)

S&P 500

4,349.48

+22.98 (+0.53%)

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DAX

15,318.95

-205.32 (-1.32%)

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FTSE 100

7,466.07

-88.24 (-1.17%)

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23,550.08

-256.92 (-1.08%)

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US Small Cap 2000

1,907.95

-24.28 (-1.26%)

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IBEX 35

8,609.80

-96.20 (-1.10%)

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BASF SE NA O.N.

68.510

+0.060 (+0.09%)

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↑ Buy

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Bayer AG NA

52.83

+0.25 (+0.48%)

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Allianz SE VNA O.N.

227.80

-0.90 (-0.39%)

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Adidas AG

236.15

-6.00 (-2.48%)

Summary

↑ Buy

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Buy (11)

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Buy (9)

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Deutsche Lufthansa AG

6.791

-0.254 (-3.61%)

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Buy (5)

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Siemens AG Class N

138.34

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Deutsche Bank AG

11.912

-0.008 (-0.07%)

Summary

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Sell (2)

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Buy (9)

Sell (0)

 EUR/USD1.1147↑ Sell
 GBP/USD1.3378↑ Sell
 USD/JPY115.24↑ Sell
 AUD/USD0.6979↑ Sell
 USD/CAD1.2789↑ Buy
 EUR/JPY128.45↑ Sell
 EUR/CHF1.0381Sell
 Gold1,783.75↑ Sell
 Silver22.258↑ Sell
 Copper4.2992↑ Sell
 Crude Oil WTI86.88↑ Sell
 Brent Oil88.51↑ Sell
 Natural Gas4.642↑ Sell
 US Coffee C235.85↑ Sell
 Euro Stoxx 504,136.91↑ Buy
 S&P 5004,349.48↑ Sell
 DAX15,318.95Buy
 FTSE 1007,466.07Neutral
 Hang Seng23,550.08↑ Buy
 Small Cap 20001,907.95↑ Sell
 IBEX 358,609.80↑ Buy
 BASF68.510↑ Buy
 Bayer52.83↑ Buy
 Allianz227.80↑ Buy
 Adidas236.15↑ Buy
 Lufthansa6.791↑ Buy
 Siemens AG138.34↑ Buy
 Deutsche Bank AG11.912↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,230
(0/ 0) # 1,327
SJC HCM6,180/ 6,250
(0/ 0) # 1,344
SJC Hanoi6,180/ 6,252
(0/ 0) # 1,346
SJC Danang6,180/ 6,252
(0/ 0) # 1,346
SJC Nhatrang6,180/ 6,252
(0/ 0) # 1,346
SJC Cantho6,180/ 6,252
(0/ 0) # 1,346
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Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.449,3926.003,22
GBP29.369,5930.841,11
JPY189,35201,87
KRW16,1119,77
Cập nhật lúc 18:50:56 28/01/2022
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