Market updates and forecasts

从ForexMart获得最新经济新闻,包括金融市场,中央银行政策宣告,财务指标,和影响这个银行的其他相关新闻的更新.

免责声明:   ForexMart不提供投资建议,所提供的分析不应被解释为对未来结果的承诺。

Oil drops low for seven months due trade tensions affecting global demand


八月, 07 2019
watermark Economic news

Oil prices slid down on Wednesday from recent big losses with Sino-US trade war that affects the outlook for the global demand and energy. 


Brent crude futures LCOc1 dropped to 11 cents or close to 2%, reaching 7-month low. Prices decrease more than 20% since reaching the last highest rate in April 2019. U.S. West Texas Intermediate (WTI) crude futures CLc1 came in flat at $53.63. 


A week ago, Brent rates dropped by 9% after US Donald Trump announcement of 10% additional tariff worth of $300 billion imports to China that somehow shakes the global equity market. An analyst from ING said that the market continues to be more unsure of the future given the worsening trade talks between China and the US. 


For this year, the bank has adjusted lower their outlook, which was influenced by demand. A forecast for global oil supply will exceed the demand in the first six months of the year. 


On another note, Trump’s recent comments actually prevented the decline of shares in Asia for an 8th time consecutively on Wednesday. 


Fitch solutions commented that “increased economic and trade uncertainties” influenced higher which in turn affects in a negative aspect the demand for physical oil and gas, as well as market sentiment. 


Moreover, geopolitical tension is still apparent in the Middle East after a reduction in tankers operating in Iran in the past few weeks, which impacts the oil shipments. A large decrease in US crude stocks will likely support the oil prices after a large drop in inventories. 


On Tuesday, the U.S. Energy Information Administration reduced oil growth forecasts for the year because of the bad weather, particularly in Hurricane Barry disrupted Gulf of Mexico output in July. The production is likely to increase by 1.28 million barrels per day (bpd) to 12.27 million bpd this year. The official data from the Energy Information Administration (EIA) is scheduled to be released on Wednesday. 


反馈

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
风险提示:
外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。
外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。