Overnight Market Review (2022.9.8) Friday (September 9) Asian afternoon session, oil prices rose slightly. However, due to concerns about slowing global economic growth, oil prices still fell sharply for the week, and an unexpected surge in U.S. crude oil inventories also suppressed oil prices. upside.
Oil prices hit a more than seven-month low earlier after data showed that crude imports from China, the world’s biggest oil importer, fell, sparking fears of slowing demand. Meanwhile, sharp interest rate hikes in Canada and Europe, coupled with hawkish Fed comments that pushed the dollar to a more than 20-year high, also weighed on sentiment in the crude oil market.
In addition, the market generally believes that the production cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are only nominal and do little to help prices.
However, oil prices recovered slightly on Thursday (8th) as some traders bought on dips. The U.S. Energy Information Administration also forecasts a slight increase in demand through 2023, while supply will tighten.
Russia’s threat to cut supplies to unfriendly countries, on the other hand, could also lead to tighter supplies, while Europe’s ongoing energy crisis is also expected to boost winter crude demand.
Trading strategy deployment: it is recommended to do more at low levels
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.
