{"id":1952710,"date":"2023-06-21T08:25:04","date_gmt":"2023-06-21T12:25:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-holds-steady-ahead-of-powells-congressional-testimony\/"},"modified":"2023-06-21T08:27:26","modified_gmt":"2023-06-21T12:27:26","slug":"oil-holds-steady-ahead-of-powells-congressional-testimony","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-holds-steady-ahead-of-powells-congressional-testimony\/","title":{"rendered":"Oil remains stable ahead of Powell&#8217;s congressional testimony."},"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\">16<\/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-holds-steady-ahead-of-powells-congressional-testimony%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=1952710&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--><div class=\"entry-content\">\n<p><strong>Oil Prices Stabilize Ahead of Powell&#8217;s Testimony and Hawkish Bank of England Decision<\/strong><\/p>\n<p>By Rowena Edwards<\/p>\n<p>LONDON (Reuters) &#8211; Oil prices are showing signs of stability on Wednesday as investors eagerly await Federal Reserve Chair Jerome Powell&#8217;s congressional testimony later in the day. Additionally, data revealing that British inflation remains high has raised the possibility of a hawkish policy decision by the Bank of England this week.<\/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<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Brent futures remain steady at $75.90 a barrel as of 0929 GMT, while U.S. West Texas Intermediate (WTI) crude futures have seen a slight increase of 6 cents, or 0.08%, reaching $71.25.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenflation-26-of-americans-say-economy-is-top-concern-highest-since-pandemic-struck\/\" title=\"Bidenflation: 26% of Americans Say Economy Is Top Concern, Highest Since Pandemic Struck\">latest data shows<\/a> that British inflation has defied expectations of a slowdown, holding at 8.7% in May. This puts additional pressure on the Bank of England, which is forecasted to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morgan-stanley-threat-of-high-inflation-is-real\/\" title=\"Morgan Stanley: Threat of high inflation is real\">raise interest rates<\/a> for the 13th consecutive time.<\/p>\n<p>\u201cCountries are struggling to rein in inflation\u2026 and that\u2019s going to dampen growth and threaten recessions across the globe,\u201d said Craig Erlam, senior markets analyst at OANDA.<\/p>\n<p>The focus of the market is currently on the upcoming speeches by Federal Reserve officials, with Chair Powell&#8217;s congressional testimony on the economy being the highlight on Wednesday and Thursday.<\/p>\n<p>Two Fed policymakers, along with an economist nominated to join them on the central bank&#8217;s board, have expressed their focus on reducing high inflation levels to ensure sustainable growth in the U.S. economy. This could <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-holds-steady-ahead-of-powells-congressional-testimony\/\" title=\"Oil remains stable ahead of Powell's congressional testimony.\">potentially boost oil demand<\/a>.<\/p>\n<p>However, ING strategist Francesco Pesole notes that if Powell&#8217;s remarks lead to expectations of rate cuts, the U.S. dollar may receive support.<\/p>\n<p>A stronger U.S. dollar is generally bearish for oil prices as it makes commodities more expensive for holders of other currencies.<\/p>\n<p>Oil prices have also received some support from the possibility of a drawdown in U.S. crude stocks. A Reuters poll of five analysts estimates that crude stockpiles fell by an average of 400,000 barrels in the week ending June 16.<\/p>\n<p>Official U.S. oil inventory data from the American Petroleum Institute will be released later on Wednesday, followed by the Energy Information Administration&#8217;s report on Thursday. Both reports have been delayed by a day due to the Juneteenth public holiday on Monday. [EIA\/S] [API\/S]\n<p> (Reporting by Rowena Edwards, additional reporting by Katya Golubkova in Tokyo and Trixie Yap in Singapore; Editing by Emelia Sithole-Matarise)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/oil-holds-steady-ahead\/attachment\/illustration-shows-oil-barrels-in-front-of-rising-stock-graph\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Eric Scheiner<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with John Leake<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Dr. Dave Brat<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Shawn Fleetwood<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Hyunjoo Jin and Shivangi Acharya SAN FRANCISCO\/NEW DELHI (Reuters) -Tesla chief executive Elon Musk said India\u2019s Prime Minister Narendra Modi was\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By David Shepardson and Richard Cowan WASHINGTON (Reuters) \u2013 U.S. Senate Majority Chuck Schumer on Wednesday will call for \u201ccomprehensive legislation\u201d to\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>STOCKHOLM (Reuters) \u2013 Estonian ride-hailing and food delivery startup Bolt on Wednesday said it has signed a partnership with robotics firm Starship\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SEOUL (Reuters) -YouTube will launch its first official shopping channel for live commerce in South Korea on June 30, Yonhap news agency\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices steadied on Wednesday as investors awaited Federal Reserve Chair Jerome Powell&#8217;s congressional testimony and anticipated a potentially hawkish Bank of England policy decision due to persistent British inflation. Brent futures remained unchanged at $75.90 per barrel by 0929.<\/p>\n","protected":false},"author":66,"featured_media":1952711,"comment_status":"open","ping_status":"closed","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":[4490,7393,20702,8689,20248,8676],"class_list":["post-1952710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-congressional","tag-oil","tag-powells","tag-remains","tag-stable","tag-testimony"],"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\/1952710","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\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1952710"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1952710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1952711"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1952710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1952710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1952710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}