WTI consolidates gains above $75.50 amid the hope of a China stimulus plan – by lilyfinancial WTI Oil Commodities
ces off Monday’s low near $73.80 on the possibility of the end of its policy tightening cycle by the Federal Reserve and the hope for stimulus plans in China.
Market players anticipate that the Federal Reserve is nearing the end of its policy tightening cycle."The US Federal Reserve will raise its benchmark overnight interest rate by 25 basis points to the 5.25%–5.50% range on July 26," according to all 106 economists polled by Reuters between July 13 and July 18. It’s worth noting that higher interest rates raise borrowing costs, which can slow the economy and diminish oil demand.
Talking about data, the American Petroleum Institute said on Tuesday that crude oil stockpiles in the United States fell by 797,000 barrelsOn the Chinese docket, the Gross Domestic Product came in at 6.3% annually, worse than expected at 7.3% and 4.5% prior. The data raised concern about an economic slowdown in the world's second-largest oil consumer.
Later in a week, the US Housing Starts and Unemployment Claims will be released. Also, oil traders will watch inventories data from the Energy Information Administration and closely monitor the headlines surrounding the US-China relationship. The renewed tension between the world’s largest economies would significantly impact the WTI price.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Microsoft and Activision Blizzard Still Committed to $75 Billion Merger, Sources SayMicrosoft and Activision Blizzard plan to continue to work toward completing their $75 billion deal by sorting out lingering regulatory issues
Leer más »
WTI Price Analysis: Oil bounces off 10-DMA to snap two-day losing streak above $74.00WTI Price Analysis: Oil bounces off 10-DMA to snap two-day losing streak above $74.00 – by anilpanchal7 Oil WTI Technical Analysis Commodities ChartPatterns
Leer más »
WTI crude oil loses traction near the $74.20 mark as markets turn cautiousWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $74.20 mark so far this Tuesday. WTI retreats from around $77 afte
Leer más »
Posts mislead on breadth of updated Western Australia law protecting Aboriginal heritageA misleading claim that any activity on plots of land in Western Australia over 1,100 square metres first needs approval from a local Aboriginal council has been shared hundreds of times in Australian social media posts. Although some farmers were concerned the law protecting Aboriginal cultural heritage would affect their livelihood, the updated legislation does not prohibit all activity on private land in the state. A state government spokesperson told AFP that work on land without cultural heritage is exempted, as is activity that happened on the land before the law was reformed.
Leer más »
Covid cases force closure of Western Isles hospital wardTemporary visiting restrictions have been introduced for Medical Ward 1 at Western Isles Hospital.
Leer más »
The Marx Brothers 'Go West' in One of the First Western ComediesThe Marx Brothers were well known for their comedic endeavors, so it's no surprise they starred in one of the first Western comedies, Go West.
Leer más »