Oil stocks impacted on weaker-than-expected Chinese import, export data

Yahoo Finance’s Ines Ferre joins the Live show to discuss how oil and energy are performing amid weaker-than-expected Asia demand.

Video transcript


JULIE HYMAN: After weeks of an expected trade data points to China re-opening, isn't quite as robust, as large, as expected. Joining us now, Yahoo Finance's Ines Ferré. Hi, Ines.

INES FERRÉ: Hi, guys, yeah, that's right. And despite those lockdowns being lifted, you had weaker-than-expected import-export data for China. So that is having an impact on crude oil. Also, the US dollar going up above 1.05 so that's also putting some pressure on oil prices.

We're looking at WTI. That's down more than 1%. WTI had been up for the last five sessions. But if you just take a look at a year-to-date chart, you can see kind of a trading range right here, around $10 trading range for Brent Crude for year-to-date as well. Today, Brent Crude is down about 1%.

I do want to point out also natural gas, which had been down yesterday, seeing a little bit of a rally up. And then just pointing to some of the metals. Copper futures at around $4.00 a pound, down 2%. China is one of the biggest importers of copper, as well. So when you have concerns about recessions in the US and Europe, about demand concerns in China despite the re-opening there, you're gonna see commodities lower, as well, guys.

JARED BLIKRE: Thank you for that, Yahoo Finance's Ines Ferré.