{"id":31797,"date":"2022-07-12T22:11:00","date_gmt":"2022-07-12T21:11:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=31797"},"modified":"2022-07-14T09:51:17","modified_gmt":"2022-07-14T08:51:17","slug":"market-wrap-oil-slump-continues","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-oil-slump-continues\/","title":{"rendered":"Market Wrap &#8211; Oil Slump Continues"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31797\" class=\"elementor elementor-31797\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4bdae9f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bdae9f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-373aac6\" data-id=\"373aac6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-86832df elementor-widget elementor-widget-text-editor\" data-id=\"86832df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3xXeisy\" target=\"_blank\" rel=\"noopener\">Oil price<\/a> are under heavy pressure during the US session after OPEC came out with a statement that global oil demand is expected to be down from 3.36 million bpd of growth this year to a growth of 2.7 million bpd in 2023.<\/p><p>OPEC released in its first demand estimates for next year, which showed a reduced forecast based on the optimistic assumption that the war in Ukraine will not impact economic growth and China will overcome Covid restrictions.<\/p><p>Additionally, the rising COVID-19 cases in Shanghai today is causing energy prices to fall. The threat that global demand is going weakening, especially from China, is a major threat to oil.<\/p><p>In terms of the market moves we are seeing Crude Oil down near 7 percent and <a href=\"https:\/\/bit.ly\/3xF1d5K\" target=\"_blank\" rel=\"noopener\">Brent oil<\/a> down nearly the same. The moves are of a similar size for both <a href=\"https:\/\/bit.ly\/3RkqYRY\" target=\"_blank\" rel=\"noopener\">Natural Gas<\/a> and <a href=\"https:\/\/bit.ly\/3yauXYD\" target=\"_blank\" rel=\"noopener\">Gasoline<\/a>.<\/p><p>Equity markets are mixed on the back of the major decline in energy prices. We saw a similar move last week, where equity markets actually liked the fall in oil due to the hope inflation may lower.<\/p><p><a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">Gold <\/a>also continued its sharp multi-week decline although the majority losses for precious metals came from <a href=\"https:\/\/bit.ly\/3yhqraH\" target=\"_blank\" rel=\"noopener\">copper<\/a> and <a href=\"http:\/\/bit.ly\/319C7df\" target=\"_blank\" rel=\"noopener\">silver<\/a> who are more exposed to the real economy in terms of demand for goods.<\/p><p>The market indices in Europe we are seeing mixed closes as stocks weigh up the weaker euro and also the energy crisis. The French <a href=\"https:\/\/bit.ly\/3c87cc0\" target=\"_blank\" rel=\"noopener\">CAC<\/a> was actually the strongest on the day.<\/p><p>Germany\u2019s <a href=\"https:\/\/bit.ly\/3QxTSgP\" target=\"_blank\" rel=\"noopener\">DAX 40<\/a> ended the day +73.05 points or 0.57%, while the UK&#8217;s <a href=\"https:\/\/bit.ly\/3aXPCqN\" target=\"_blank\" rel=\"noopener\">FTSE 100<\/a> eeked out a +13.25 points or 0.18% gain. In the red, we saw the <a href=\"https:\/\/bit.ly\/3O2ESFj\" target=\"_blank\" rel=\"noopener\">Spain&#8217;s Ibex<\/a> 50.38 points or finish down-0.62%, while Italy\u2019s FTSE MIB -84 points or 0.45% lower.<\/p><p>In the European debt market, the benchmark 10-year yields are sharply lower as markets reacted to the sharp fall in the German ZEW economic sentiment indicator which earlier fell to -51.1 vs. expectations of -39.0. Last month the index came in at -28.0.<\/p><p>FX markets largely stabilized this afternoon after suffering heavy losses in the European session. The most notable recovery came from the <a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">EURUSD<\/a>, which failed to hold below parity.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Oil price are under heavy pressure during the US session after OPEC came out with a statement that global oil demand is expected to be down from 3.36 million bpd of growth this year to a growth of 2.7 million bpd in 2023. OPEC released in its first demand estimates for next year, which showed [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":31799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[99,45,64,95,172],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Wrap - Oil Slump Continues - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-oil-slump-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - Oil Slump Continues Market Wrap - Oil Slump Continues\" \/>\n<meta property=\"og:description\" content=\"Oil price are under heavy pressure during the US session after OPEC came out with a statement that global oil demand is expected to be down from 3.36 million bpd of growth this year to a growth of 2.7 million bpd in 2023.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-oil-slump-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-12T21:11:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-14T08:51:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/07\/GettyImages-1084143352.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"643\" \/>\n\t<meta property=\"og:image:height\" content=\"463\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - Oil Slump Continues Market Wrap - Oil Slump Continues\" \/>\n<meta name=\"twitter:description\" content=\"Oil price are under heavy pressure during the US session after OPEC came out with a statement that global oil demand is expected to be down from 3.36 million bpd of growth this year to a growth of 2.7 million bpd in 2023.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated 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:\/\/youtrading.com\/en\/market-wrap-oil-slump-continues\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/market-wrap-oil-slump-continues\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Market Wrap &#8211; 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