Oil futures soar 3% ahead of the weekend

Economies.com
2017-08-18 18:07PM UTC

Oil futures surged in American trade, recouping most of the losses sustained throughout the week , while still heading for the third weekly loss in a row, as the dollar index gave up ground following a spate of data from the US, the world's largest energy consumer. 

 

As of 06:06 GMT, US crude futures due on September 15 rose 2.89% to $48.45 a barrel from the opening of $47.09, while Brent crude futures due on October 16 surged 3.14% to $52.63 a barrel from the opening of $51.03, as the dollar index shed 0.12% to 93.51 from the opening of 93.62. 

 

Earlier from the US, University of Michigan released its preliminary reading for the consumer sentiment survey, which came at 97.6 in August, compared to July's 93.4, and comfortably beating expectations of 94.0. 

 

The current economic conditions index in the same survey fell to 111.0 from 113.4, while the economic outlook index rose to 89.0 from 80.5 last month. 

 

Inflation outlook for one year steadied at 2.6%, the same as July, while five-year inflation outlook fell to 2.5% from 2.6%, and finally, Federal Reserve Bank of Dallas President Robert Kaplan spoke at the Dallas County Community College, where he expressed his belief GDP growth will be above 2% this year. 

 

Now traders await the Opec and non-Opec technical committee's meeting next week in Vienna to discuss the measures to improve the compliance with the global deal to cut output by 1.8 million bpd until next March, with OPEC responsible for 1.2 million bpd of these cuts, and other independent producers, mainly Russia, took charge of 0.6 million bpd. 

 

Earlier this week, the Energy Information Administration released its report on US crude stocks, showing a big drawdown of 8.9 million barrels in the week ending August 11, compared to 6.5 million in the previous reading, while analysts expected a fall of 3.0M, with total stocks now falling to 466.5 million barrels, remaining within the uppermost range on average in this time of year.

 

Otherwise, gasoline stocks remained pretty much the same last week, while distillate inventories rose 0.7 million barrels, both remaining within the uppermost range on average in this time of year.

Commodities News

Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...
Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...

Commodities Technical Analysis

Oil Analysis

Commodities

End of day crude oil price forecast update - 28-03-2024
2024-03-28 17:43PM UTC
Crude oil price breached 82.40$ strongly to rally upwards and approach our waited target at 83.56$, ...
Gold Analysis

Commodities

End of day gold price forecast update - 28-03-2024
2024-03-28 17:43PM UTC
Gold price rallied upwards strongly to succeed touching our waited target at 2222.86$ and attempts ...
Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...