WTI crude oil stays depressed around mid-$79.00s amid fresh recession fears – by anilpanchal7 Oil WTI Recession Commodities RiskAppetite
Fears of US recession supersede hopes of more energy demand from China.EIA inventories, risk catalysts will be crucial for fresh impulse.
Downbeat US data renewed fears of economic slowdown and weighed on the Oil prices the previous day. That said, US Retail Sales marked the biggest slump in a year while posting 1.1% MoM contraction for December, versus -0.8% market forecasts and -1.0% prior . On the same line,dropped to the lowest level in six months with -0.5% MoM figure compared to -0.1% expected and 0.2% prior .
Elsewhere, analysts at Goldman Sachs expected stronger China growth and favored hopes of more energy demand from the dragon nation. However, fears of the US-China tension outweigh the optimism of late. US Treasury Secretary Janet Yellen and Chinese China’s Vice Premier Liu He met in Germany on Wednesday and initially boosted the, together with the BOJ’s inaction. However, the diplomats’ mentioning of the areas of disagreement raised market fears of another round of US-China tension.
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