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Crude oil price forecast 2022: WTI in free fall amid global turmoil

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crude oil price forecast 2022

Crude oil prices are in free-fall at the beginning of the week, with a barrel of West Texas Intermediate currently trading at $86.63, not far from this month’s low of $86.40. What is the crude oil price forecast for 2022? 

Several factors are affecting oil prices, the main one being the worsening demand outlook. Data from China showed that in July, the country’s crude oil transshipment fell to its lowest level since March 2020, at 53.21 million tons of crude oil. This figure was also 8.8% lower than in the same period last year. Also, disappointing data on retail sales and industrial production in China revived fears of a global recession.

Crude oil price forecast chart – what affects the forecast? 

On the supply side, Saudi Aramco’s CEO said Sunday that they could increase production to a maximum capacity of 12 million barrels per day if the government demanded it. Looking ahead, Iran’s response to the EU’s proposal to reopen the 2015 nuclear deal, which is expected to be announced later in the day, could affect crude oil prices. Should Iran and the U.S. reach an agreement, it could lead to the lifting of sanctions on oil and gas exports from Iran.

The aforementioned August low is WTI’s lowest level since February, which means that a break below it could lead to a sharper drop. The initial bearish target and immediate support level is the $86.10 area, where the black gold has several intraday highs and lows since January of this year. A bearish breakout could lead to a test of the $85.00 level. The sour tone in stocks will likely keep crude oil prices in a downtrend for the rest of the day.

If Wall Street recovers, WTI could also find some demand. Intraday resistance is at the $88.50 and $90.00 levels. Nevertheless, technical indicators suggest that oil prices will be declining in the near term, adding to the negative fundamental picture.

Earlier we reported that the dollar is rising against the euro and the pound

Forex

ITB (International Trading Brachium) Broker Announced Its YouTube channel

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ITB (International Trading Brachium)

(Mahe, Seychelles-March 08, 2023) – ITB BROKER, LLC, an international forex broker, has announced that with our community growing, we believe that this will be the most effective medium to communicate with and so, we’re proud to announce the launch of ITB YouTube channel .

When a picture speaks a thousand words, How about a video?

  • Throughout our community building initiative, we strongly believe in video as our means of communication. Video has played a pivotal role in describing our futuristic services to our audience and in communicating our disruptive vision to potential traders or investors.
  • Over the next few weeks, we will be launching interesting videos on upcoming ITB features, bonuses, partnership or IB announcements and financial market expert interviews.
  • YouTube is a great place to pick up forex trading tips and learn how to use them in the real world.

There are a number of YouTubers that make great educational videos, perfect for beginners or those considering taking up forex trading. ITB group with over 10 years of financial experience provides you with useful tips and hints of forex trading via its  YouTube channel.

About ITB

ITB Broker or ITBFX is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.

Founded in 2017, the company’s mission is to provide enthusiastic traders with access to the world’s largest and most liquid market by offering innovative trading tools, applying excellent trading platform, meeting strict financial standards, and striving for the best online trading experience in the market.

In addition, ITB offers educational courses on FX trading and Cryptocurrencies on academy section of ITBFX website.

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U.S. budget deficit totaled $262 billion in February 

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U.S. budget deficit

According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.

Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.

According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.

Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.

The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.

Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.

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The EU has agreed to reduce energy consumption by 11.7% by 2030

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reduce energy consumption

The European Union has agreed to reduce the bloc’s energy consumption by 11.7 percent by 2030, Reuters reported.

“This will mean a real change in favor of the climate and to the detriment of Putin,” the Danish Niels Fulsang, the European Parliament’s lead negotiator, told the agency.

Initially, in 2021, the EU proposed to reduce consumption by 9%, but in May 2022, against the background of events in Ukraine, increased the target to 13% to quickly abandon Russian energy, writes Forbes. The European Parliament considered it necessary to reduce consumption by 14%. The DAX Index also had problems.

Some EU countries have continued to insist on a 9% cut. An all-night negotiation between the EU and the European Parliament resulted in a compromise: the energy consumption of EU end-users, such as households and businesses, must be 11.7 percent lower than expected in 2030.

The agreement must pass final approval by the European Parliament and EU countries before it can become legally binding.

Earlier, we reported that consumers expect lower inflation in the eurozone, higher wages.

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