Business News Asia
Crude oil futures closed lower yesterday (Oct. 13) after OPEC lowered its forecast for global oil demand in 2021. Investors are watching the U.S. crude oil inventory report and outlook for 2022, which is scheduled for release today.
- WTI crude futures fell 20 cents, or 0.3%, to $80.44 a barrel.
- Brent crude futures fell 24 cents, or 0.3%, to $83.18 a barrel.
Crude oil futures fell after OPEC lowered its forecasts for global oil demand this year. Demand is expected to increase by only 5.8 million barrels per day. Previously, an increase of 5.96 million barrels per day was forecast.
However, OPEC still expects oil demand to remain strong in the fourth quarter.
Oil demand is forecast to increase by 4.2 million barrels per day in the coming year. Global oil demand is expected to average 100.8 million barrels per day. This is driven by the strong economic recovery in the main energy-consuming countries and by better management of the COVID-19 epidemic situation.
The oil market is also under pressure from the IMF. The forecast for global economic growth this year has been downgraded from the previous estimate of 6% to 5.9% due to supply chain issues affecting the recovery of the global economy, including the spread of COVID-19.
The gold price jumped yesterday after inflation figures came in above expectations. Now even the last citizens should have noticed when going to the supermarket that prices are rising significantly.
- Gold futures were up $35.4, or 2.01%, at $1,794.70 per ounce.
- Silver futures were up 65.6 cents, or 2.91%, at $23.17 an ounce.
- Platinum was up $12.5, or 1.24%, at $1,024.20 per ounce.
- Palladium rose $58.30, or 2.9%, at $2,106.10 an ounce.
The U.S. Department of Labor has released the consumer price index (CPI) data. Inflation, a measure of consumer price growth, rose 0.4% MoM in September. Core CPI excluding food and energy rose 0.2% MoM in September.
The increase was driven by the sharp rise in the cost of energy products. Gasoline prices rose by 1.2% and fuel prices by 3.9% in September.
The dollar index, which measures the U.S. dollar’s performance against the six other major currencies, fell 0.46% to 94.0877.
- The dollar was lower against the yen to 113.36 yen from 113.66 yen.
- The dollar weakened against the Swiss franc to 0.9241 francs from 0.9308 francs.
- The dollar was lower against the Canadian dollar at 1.2436 Canadian dollars from 1.2462 Canadian dollars.
- The dollar was lower against the euro to $1.1588 from $1.1529.
- The pound rose to $1.3641 from $1.3593.
- The Australian dollar rose to $0.7374 from $0.7353.
The Thai baht was at 33.20 baht per dollar, an appreciation of 33.46 baht per dollar.
The Spot Market is Open
Thursday, October 14, 2021