Oil Prices Climb, US Interest Rate Hike, Hit Semiconductors-cover tape|carrier tapes|NEXTECK

Oil Prices Climb, US Interest Rate Hike, Hit Semiconductors

June 15, oil prices rose, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big hike in interest rates by the U.S. Federal Reserve.
In a volatile session, Brent crude futures for August were up 46 cents, at $121.63 a barrel. U.S. West Texas Intermediate crude for July rose to $119.34 a barrel.

Surging inflation has led investors and oil traders to brace for a big move by the Fed this week a 75 basis-point increase, which would be the largest U.S. interest rate hike in 28 years.

Anticipated that, if the Fed announces a 75 basis-points hike, oil prices may be notably weak against the dollar in the short term as a hawkish Fed may push investors flow into safe-haven dollar and hit risk-sensitive assets like oil.
On the demand side, China's latest COVID outbreak, showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly.

In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast that world oil demand will exceed pre-pandemic levels in 2022.

Overall, the supply/demand situation remains supply-constrained, which has heavily affected the overall production cost of semiconductors and supply chain like packing materials of WLCSP carrier tapes, precession cover tapes and dicing tapes, Nexteck Singapore Pte Ltd is doing our utmost to ensure our packing material supply and stand along with ender users side by side as their supplier in need.

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Oil Prices Climb, US Interest Rate Hike, Hit Semiconductors

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