13.10. Oil decreases due to concerns about lowering demand, dollar at annual high

News for today, October 13th:

Oil prices declined on Wednesday amid fears that oil demand growth will fall as major economies are facing inflation and supply problems, although high coal and natural gas prices are limiting losses. The US dollar, trading near an annual high, is also weighing on oil prices as it makes oil more expensive for holders of other currencies. A cloudy sentiment in the market is exacerbated as investors are waiting for the publication of a collection of data due on Wednesday, including Chinese trade figures, U.S. consumer price inflation data, and minutes of the U.S. Federal Reserve's September policy meeting.

Despite growing fears about inflation, optimism about the economic recovery is growing. On Tuesday, officials from the US Federal Reserve said the US economy had recovered enough for the central bank to start pulling back on the support it put in during the crisis. In addition, on Tuesday the Democratic-controlled US House of Representatives finally approved legislation to temporarily raise the government debt limit to $ 28.9 trillion, pushing the default deadline to December.

The price of Brent crude is $ 83,36 per barrel, WTI — $ 80,56. EUR/USD is at 1.1552, GBP/USD —1.3617, gold is at $ 1,763.84 per ounce.