WTI crude oil prices fell to $68/bbl after API posted a smaller-than-expected draw in crude inventories. China reported 111 new Covid-19 cases on Tuesday as the Delta variant put the country on hig.
Crude Oil Prices Eyeing $70 Amid Viral Concerns, Small Stockpiles Draw
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of clients are net short. Long
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of clients are net short. Long
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CRUDE OIL PRICE OUTLOOK:
US crude inventories fell less than expected last week, exerting downward pressure on prices
Heightened Covid-related travel restrictions in China may cast a shadow over the demand outlook
Crude oil prices held steady during Wednesday’s APAC session after falling 4.7% over the last two days. A rapid Covid-19 flareup in China cast a shadow over its growth outlook amid an already slowing economy. Authorities have reported 353 locally transmitted cases since July 20, with the highly contagious Delta variant found in more half of China’s 3
Crude Oil Prices Risk Forming a âLower Highâ on Viral Concerns, Stockpiles Fall
CRUDE OIL PRICE OUTLOOK:
US crude inventories fell more than expected last week, underscoring strong demand in North America
Lingering viral concerns may cast a shadow over the demand outlook for the rest of the world
Crude oil prices edged slightly higher during Thursday’s APAC session after falling 0.43% a day ago. Investors are holding their breath for Wednesday’s FOMC meeting and Jerome Powell’s press conference for clues about the Fed’s tapering timeline. Any surprise from the meeting may result in heightened market volatility. A more dovish-biased statement may soften the US Dollar and buoy commodity prices, whereas a hawkish one may lead to the reverse.
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