{"id":16841,"date":"2023-05-09T10:54:31","date_gmt":"2023-05-09T10:54:31","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data"},"modified":"2023-05-09T11:08:58","modified_gmt":"2023-05-09T11:08:58","slug":"oil-falls-as-markets-await-us-inflation-data","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data","title":{"rendered":"Oil falls as markets await US inflation data"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices fell on Tuesday as traders awaited direction from US inflation data due later this week, as well as a strong dollar that discouraged buyers of dollar-indexed crude oil and the shutdown of more than 250,000 barrels per day (bpd) of oil in Canada’s Alberta province due to wildfires.<\/p>\n

International benchmark Brent crude traded at $76.56 per barrel at 10.09 a.m. local time (0709 GMT), a 0.58% decrease from the closing price of $77.01 a barrel in the previous trading session.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $72.78 per barrel, down 0.52% from the previous session’s close of $73.16 per barrel.<\/p>\n

Oil prices recorded their steepest declines over the last eight weeks, dropping over 7% last week, on fears of weak demand following the US Fed’s decision to raise interest rates for the tenth time in just over a year and on signs of another banking crisis in the US.<\/p>\n

Prices eased in early trading on Tuesday as investors await US consumer price inflation figures for April due on Wednesday.<\/p>\n

Although market sentiment was boosted by better-than-expected employment data in the US, the country’s upcoming inflation data forced investors to take a “wait and see” stance amid an already high dollar index.<\/p>\n

The US dollar index, which measures the value of the American dollar against a basket of currencies, including the Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, rose 0.07% to 100.21 early Tuesday.<\/p>\n

If the value of the US dollar increases, dollar-indexed crude oil becomes more expensive for buyers holding other currencies.<\/p>\n

The price decline, however, was limited by indicators of improved oil demand, with signs of a rebound in both domestic and international air traffic in China, the world’s largest oil importer and second-largest oil consumer, allaying concerns about weak demand.<\/p>\n

Further price increases were also hampered as Canada battled wildfires in Alberta, where a province-wide state of emergency was declared on Saturday, evacuating more than 24,000 residents and shutting down 280,000 bpd of oil production.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oil prices fell on Tuesday as traders awaited direction from US inflation data due later this week, as well as a strong dollar that discouraged buyers of dollar-indexed crude oil and the shutdown of more than 250,000 barrels per day (bpd) of oil in Canada’s Alberta province due to wildfires. International benchmark […]<\/p>\n","protected":false},"author":84,"featured_media":16840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,1215,233,1217,1216],"class_list":["post-16841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-brent","tag-eritrea","tag-oil-prices","tag-wti"],"yoast_head":"\nOil falls as markets await US inflation data - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices fell on Tuesday as traders awaited direction from US inflation data due later this week, as well as a strong ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil falls as markets await US inflation data\" \/>\n<meta property=\"og:description\" content=\"Oil prices fell on Tuesday as traders awaited direction from US inflation data due later this week, as well as a strong ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-09T10:54:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-09T11:08:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/05\/postQueueImg_1683613493.16.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil falls as markets await US inflation data\",\"datePublished\":\"2023-05-09T10:54:31+00:00\",\"dateModified\":\"2023-05-09T11:08:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data\"},\"wordCount\":352,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/05\/postQueueImg_1683613493.16.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Brent\",\"Eritrea\",\"oil prices\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-falls-as-markets-await-us-inflation-data\",\"name\":\"Oil falls as markets await US inflation data - 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