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On Tuesday, crude was flat to weaker in Asia trade, with industry estimates of crude as well as refined product stocks from the American Petroleum Institute in America ahead.
Market experts polled on Monday by S&P Global Platts actually expect American crude stocks to add 10.1 million barrels. Additionally, inventories of gasoline and distillate were supposed to dip respectively 4 million barrels and 300,000 barrels.
On Wednesday, official figures will be released by the Energy Information Administration.
In New York, October delivery crude futures sagged 0.04% reaching $48.05 a barrel. In London, Brent futures stood still at 53.84 a barrel.
Overnight, crude settled higher amid a leap in market sentiment after Saudi Arabia told its oil minister held negotiations with rivals as for the possibility of further extending the supply-cut pact beyond March 2018.
By the way, for recent months OPEC has faced criticism because market participants are skeptical as for the crude cartel’s commitment to restrict output after its compliance rate with output cuts declined to its lowest value this year in July.
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Sudden spikes? Yes, please! Gold is above $1,800, finally!
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
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