Back

OPEC cuts reignite inflation fears as energy prices rise

The International Energy Agency (IEA) warned earlier this week that oil market deficits would worsen in the fourth quarter.

The summer-announced oil production cuts by Saudi Arabia and Russia exacerbated the situation. However, insufficient refineries are another reason why the world's inventories of intermediate distillates are so much lower than usual.

The situation is particularly significant in Europe and North America since a number of refineries were shut down and others converted to biofuel production facilities during the outbreak. The remaining capacity seems to be enough for producing petrol in response to demand but insufficient for producing diesel fuel and other middle distillates demand.

Market reaction

Crude oil prices continue to advance following this headline. As of writing, the barrel of West Texas Intermediate (WTI) is down by 0.35% trading at $90.02

Michele Bullock takes over at Australia's central bank with soft landing in sight

According to Reuters, when Michele Bullock takes over as the first woman to lead the Reserve Bank of Australia (RBA) on Monday, she will inherit an ec
Baca selengkapnya Previous

GBP/USD rebounds from multi-month low on softer USD, lacks follow-through beyond 1.2400

The GBP/USD pair attracts some buying on the first day of a new week and reverses a part of Friday's slide to the 1.2380-1.2375 area, or its lowest le
Baca selengkapnya Next