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…
Crude slides in Asia as EIA data drags on market sentiment
On Thursday, crude sank in Asia because data on American inventories affected market sentiment and market participants shrugged off mildly upbeat China’s figures on refinery runs.
In New York, October delivery crude futures tumbled 0.16% being worth $49.22 a barrel. At the same time in London Brent futures sank 0.24% trading at $55.03 a barrel.
In August, Chinese refineries managed to process 6.5% more crude than in 2016 at 47.12 million metric tons because domestic crude output went down 3.1% hitting 5.96 million metric tons.
Overnight, crude prices settled higher because bearish data telling that American supplies of crude grew more than expected was supplanted by a report from the International Energy Agency claiming that global crude demand this year will inch up by the most since 2015.
Inventories of American crude tacked on by approximately 5.9m barrels by September 8, thus ruining expectations for a leap of 3.2m barrels.
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!