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Artemis Investment Limited – Oil Steadies as Traders Weigh Outlook for Demand, Fed's Path
Oil steadied in Asia -- after plunging almost 7% on Friday -- as traders weighed prospects for higher near-term demand against concerns that aggressive US monetary tightening will lead to a recession.
Oil has soared in 2022 as the war in Ukraine disrupted supplies just as consumption increased following the pandemic. Despite the recent pullback, the US benchmark remains set for a record-setting ninth quarterly gain, contributing to rampant inflation. Last week, the Federal Reserve increased interest rates by 75 basis points to tame price gains, and leading policy makers have vowed to keep going until inflation starts to ebb.
While the US projected in its June short-term outlook that local pump prices will average about $4.27 a gallon in the third quarter, the forecast could be "completely upended" by world events, for instance if the European Union were to fully cut off Russian oil, Granholm told CNN's "State of the Union."
Investors will hear more about the Fed's assessment of the economy and the bank's likely next steps when Chair Jerome Powell testifies before lawmakers later this week. On Sunday, Treasury Secretary Janet Yellen warned that high prices are likely to stick through 2022 while growth slows.
About Artemis Investment Limited:
Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.
Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.
We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.
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