NextGen Day

In anticipation of the release of encouraging Chinese economic statistics, oil prices modestly increased on Monday, but unfavorable remarks from US Federal Reserve (Fed) officials held back gains.

At 10:01 a.m. local time (07:01 GMT), the price of international benchmark Brent crude was $86.35, up 0.04 percent from the previous trading session’s closing price of $86.31 per barrel.

American benchmark West Texas Intermediate (WTI), which closed the previous session at $82.43 per barrel, was trading at $82.47 per barrel at the same time.

After Fed Governor Chris Waller said on Friday that the Fed had made little headway in lowering inflation based on current statistics, but stressed that the central bank’s job was not finished, prices started early trade on a negative note.

Waller stated in a speech at the Graybar National Training Conference in San Antonio, Texas, “Whether you measure inflation using the CPI (consumer price index) or the Fed’s preferred measure of personal consumption expenditures, it is still much too high and so my job is not done.”

“Monetary policy needs to be tightened further,” Waller continued. “Financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is far above target.”
The US dollar’s strength was also spurred by worries about rising interest rates, which deterred oil-importing nations from acquiring dollar-indexed petroleum.

The US dollar index, which gauges the strength of the dollar against a range of other currencies such as the British pound, Canadian dollar, Swedish krona, and Swiss franc, increased 0.08 percent to 101.32 in the early hours of Monday.

After a small decline in early trade, prices started to recover, perhaps in anticipation of China’s first-quarter economic statistics, which is predicted to perform better than expected due to a pickup in spending.

The first-quarter GDP growth and other information will be made public by the National Bureau of Statistics early on Tuesday.

This data release, which represents China’s first quarterly economic performance following the coronavirus illness of 2019 (Covid-19), will provide us with an idea of whether China can achieve its economic objectives for the year.

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