Oil prices decline 1%, dollar slips, ahead of US inventory data

Economies.com
2022-08-10 07:26AM UTC

Oil futures declined nearly 1% in Asian trade off August 3 highs, while the dollar index slipped from July 28 highs, following earlier Chinese data, and ahead of important US data that might show a surplus of 0.1 million barrels in crude stocks, compared to a surplus of 4.5 million barrels last week. 

 

Markets are also pricing ongoing talks between the US and Iran on the nuclear deal, which might open up Iranian crude exports.

 

As of 07:59 GMT, US crude futures due in August fell 1.02% to $89.59 a barrel, while Brent September futures fell 0.90% to $95.60 a barrel, as the dollar index fell 0.02% to 106.32. 

 

Earlier Chinese data showed consumer prices rose 2.7% last month, up from 2.5% in June, while producer prices rose 4.2%. 

 

From the US, consumer prices are expected up 8.7% last month, slowing down from 9.1% in the previous month.

 

US wholesale inventories are expected up 1.9% in June, while consumer credit is expected down to $172.5 billion.

 

As oil prices decline, gasoline prices in the US decline as well, something that US President Joe Biden welcomed as this administration battles inflation.

 

Latest Chinese data showed oil imports rose to 8.79 million bpd away from four-year lows as air travel activities improved after lifting off Covid restrictions.

 

Latest World Health Organization data showed Covid 19 infections at 579.09 million worldwide, with the death toll at 6.407 million.

 

Baker Hughes data showed US oil rigs fell 7 rigs last week to 598 rig off March 2020 highs, the first decline in ten weeks, while US production steadied at 12.1 million bpd, the highest since April 2020.

 

US output is down 1 million bpd, or 8% from record highs at 13.1 million bpd scaled in March 2020.

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