The US yield curve is still inverted, this has continued for 14 successive days. Fragile market sentiment prevailed on Friday, as equities are seesawing, due to US S&P Global PMI data, flashing a contraction in the services sector and its Composite index, while traders seek safety towards US Treasuries, with …
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US crude oil prices stabilized below $95 per barrel for the first time since April in choppy trading circumstances on Friday after the European Union announced it would allow Russian companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week. Under the …
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WTI pares the biggest daily loss in one week ahead of the key activity data for July. Restoration of Nord Stream 1 gas pipeline drowned oil prices despite positive risk appetite and the softer US dollar. Libya’s resumption of oil production, ECB rate hikes and fears of a recession in …
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The American Petroleum Institute said that crude oil inventories rose by 1.9 million barrels in the week ending on the fifteenth of July. The weekly report of the American Institute revealed that gasoline stocks rose by 1.3 million barrels last week, while distillate stocks decreased by 2.2 million barrels. The …
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Ahead of US official government data scheduled release on Wednesday, the privately surveyed oil stock data has been released:Crude +1.860M vs. +1.4M barrels expected. Gasoline +1.290M vs. +0.1M bbls expected.Distillate -2.153M vs +1.2M expected. Cushing +0.523M.WTI crude for August delivery closed up US$1.62 to US$104.22 per barrel a day prior …
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WTI crude oil is advancing during the week and is erasing last week’s losses, gaining almost 7%. Crude also benefits from the increased the appetite for more energy which remained below $100 for three successive days.WTI rallied sharply on Tuesday, almost 2% amidst an upbeat market mood, despite Monday’s Apple …
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The Chinese economy contracted sharply in the second quarter of this year 2022, while annual growth slowed significantly, highlighting the huge losses in economic activity due to the widespread closures to contain the Corona virus, which shook industrial production and consumer spending. Official data released Friday showed that China’s gross …
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WTI crude oil is under pressure although both OPEC and the IEA issued warnings that the global energy supply crisis could continue for some time during 2022. Oil is struggling to find direction and is running into some supply difficulties during midday trading session. Oil price is up by 0.5% …
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China’s exports grew at the fastest rate in 5 months in June, exceeding analysts’ expectations, confirming that China, the world’s second largest economy, is slowly recovering from the effects of the restrictions it imposed to contain the Corona virus pandemic. But imports grew at a slower rate that did not …
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Oil prices are expected to slip towards $90.00 due accelerating global recession-linked fears. Lockdown in China and interest rate hikes by Western central banks have also trimmed oil price forecasts.WTI futures have displayed a steep downside after surrendering the psychological support of 100.00 last week. Crude oil recorded three-month low …
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