WTI price breaks below the $72 mark, while checking global growth expectation – by Dippusen Oil WTI OPEC CPI
a cumulative global growth story is denting the oil demand. Despite tighter oil supply from the Organization of the Petroleum Exporting Countries , WTI price struggles to remain elevated.
wants to keep oil prices above the $80 mark, therefore many voluntary cuts have been imposed, but the oil prices are keener to play the global growth weakening story instead of the law of supply and demand.prices, is falling on the back of rising borrowing costs across the globe. The aforementioned effect has been seen in many commodities like Copper and Iron-ore.
The recent fallout of Silicon Valley Bank and Signature Bank has dented investors' sentiment around underlying financial conditions. If we add recent layoffs across many developed nations, it portrays a blurred picture of the global growthThe recent data showed that the Chinese reopening story is not as optimistic as previously assumed. Given the fact that after the 2008 Great Financial Crisis , China was one of the countries that helped to rewrite the global growth story.
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