{"id":1868889,"date":"2023-03-06T06:11:14","date_gmt":"2023-03-06T11:11:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-down-on-china-outlook-spotlight-on-possible-rate-hikes\/"},"modified":"2023-03-06T06:16:35","modified_gmt":"2023-03-06T11:16:35","slug":"oil-down-on-china-outlook-spotlight-on-possible-rate-hikes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-down-on-china-outlook-spotlight-on-possible-rate-hikes\/","title":{"rendered":"Oil down on China outlook, spotlight on possible rate hikes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-down-on-china-outlook-spotlight-on-possible-rate-hikes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1868889&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> <br \/>\n<?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"entry-content\">\n<p>By Noah Browning<\/p>\n<p>LONDON (Reuters] &#8211; Oil prices dropped Monday following China&#8217;s lower-than-expected goal for economic growth of around 5% and investors eagerly awaited the testimony by Jerome Powell, Chair U.S. Federal Reserve. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<\/p>\n<p>Brent crude oil futures fell 0.8% to $85.12\/barrel at 1000 GMT. U.S. West Texas Intermediate Crude Futures (WTI), were down 0.7% or 59c at $79.09.<\/p>\n<p>&#8220;Crude remains in a tug-of-war between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the U.S. economy,&#8221; Vandana Hari was the founder of Vanda Insights oil market analysis service provider Vanda Insights.<\/p>\n<p>China&#8217;s highly watched growth outlook for this year was less than the 5.5% target. Last year&#8217;s GDP growth was only 3%. Reuters had been told by policy sources that a maximum of 6% was possible in 2023.<\/p>\n<p>Premier Li Keqiang declared on Sunday that China must consolidate its foundation for sustainable growth. Insufficient demand remains a major problem and private investors&#8217; expectations are unstable.<\/p>\n<p>Two sources informed Reuters Friday that crude oil benchmarks were more than $1 lower after a false report that United Arab Emirates is considering leaving OPEC had been denied by Reuters.<\/p>\n<p>Rate hikes around the globe will have an impact on oil prices as central banks in the global region tighten their policies to combat rising inflation. <\/p>\n<p>The traders are now factoring rate rises into their calculations, although they expect to see smaller increases in the future.<\/p>\n<p>On Tuesday and Wednesday the U.S. Federal Reserve Chair Jerome Powell testified before Congress. He will be asked if larger oil price hikes are necessary in the largest oil-consuming nation.<\/p>\n<p>Future U.S. rates hikes will depend also on Friday&#8217;s February payrolls reports, and the next week&#8217;s February inflation reports. <\/p>\n<p>Christine Lagarde (European Central Bank President) stated it over the weekend. &#8220;very likely&#8221; To keep inflation under control, the bank will raise its interest rate this month. <\/p>\n<p> (Additional reporting from Mohi Narayan, New Delhi, Sudarshan Vaadhan in Singapore; editing by Jan Harvey.<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-down-on-china\/attachment\/crude-oil-tanker-in-zhoushan-3\/\"><\/a><\/p>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.oann.com\/business\/oil-down-on-china\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=oil-down-on-china\">Oil down on China outlook, spotlight on possible rate hikes<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Noah Browning LONDON (Reuters] &#8211; Oil prices dropped Monday following China&#8217;s lower-than-expected goal for economic growth of around 5% and investors eagerly awaited the testimony by Jerome Powell, Chair U.S. Federal Reserve. Brent crude oil futures fell 0.8% to $85.12\/barrel at 1000 GMT. U.S. West Texas Intermediate Crude Futures (WTI), were down 0.7% or &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1889815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[4501,6367,7393,8932,6366,16758],"class_list":["post-1868889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-china","tag-hikes","tag-oil","tag-outlook","tag-rate","tag-spotlight"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1868889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1868889"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1868889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889815"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1868889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1868889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1868889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}