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Prior to the release of official weekly crude stock data
NEW YORK (Reuters) – Crude oil futures advanced strongly in US trade on Tuesday, ahead of weekly data on US crude inventories.
Rising oil prices today, despite lingering worries about weak global crude oil demand growth, amid fears of a global economic slowdown, some should announce to US Energy Information Administration a significant reduction in crude inventories during the week ended March 22.
The price of WTI, the benchmark US crude, rose $ 1.12, or 1.12%, to $ 59.94 a barrel in May.
Oil finished trading on Monday, down $ 0.22 or 0.4% to $ 58.82 a barrel.
This comes as some expect the lack of supply in the market, with the continued commitment of countries grouping what is called "OPEC Plus", which includes oil. of the Organization of Petroleum Exporting Countries, "the OPEC" and outside, such as Russia, to reduce production of 1.2 million barrels per day until the end of the first half of the year. This year.
US sanctions against Iran and Venezuela are also fueling fears of a drop in supply in the market.
US oil inventories declined 9.6 million barrels in the week ending March 15, the largest weekly decline since July, driven by strong exports and increased refinery crude oil demand .
In the bond market, the yield on 10-year US Treasury bonds rebounded after falling to its lowest level since 2017, helping to dispel concerns over the entry into recession of the US Treasury. 39, American economy.
Chicago Evangelical Reserve President Charles Evans said Monday that "the chances of the US economy going into recession are only 25%."
Former US Federal Reserve Chairman Janet Yellen told Credit Suisse's Asian Forum that she "does not see the possibility of a recession in light of recent developments in the bond market."
Oil prices in US trade are rising sharply
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2019-03-27
NEW YORK (Reuters) – Crude oil futures advanced strongly in US trade on Tuesday, ahead of weekly data on US crude inventories.
Rising oil prices today, despite lingering worries about weak global crude oil demand growth, amid fears of a global economic slowdown, some should announce to US Energy Information Administration a significant reduction in crude inventories during the week ended March 22.
The price of WTI, the benchmark US crude, rose $ 1.12, or 1.12%, to $ 59.94 a barrel in May.
Oil finished trading on Monday, down $ 0.22 or 0.4% to $ 58.82 a barrel.
This comes as some expect the lack of supply in the market, with the continued commitment of countries grouping what is called "OPEC Plus", which includes oil. of the Organization of Petroleum Exporting Countries, "the OPEC" and outside, such as Russia, to reduce production of 1.2 million barrels per day until the end of the first half this year.
US sanctions against Iran and Venezuela are also fueling fears of a drop in supply in the market.
US oil inventories declined 9.6 million barrels in the week ending March 15, the largest weekly decline since July, driven by strong exports and increased refinery crude oil demand .
In the bond market, the yield on 10-year US Treasury bonds rebounded after falling to its lowest level since 2017, helping to dispel concerns over the entry into recession of the US Treasury. 39, American economy.
Charles Evans, president of the Chicago Evangelical Reserve, said Monday that "the chances of the US economy going into recession are only 25%."
Former US Federal Reserve Chairman Janet Yellen told Credit Suisse's Asian Forum that she "does not see the possibility of a recession in light of recent developments in the bond market."
March 27, 2019 – 20 Rajab 1440
The time now is 08:37 AM
Prior to the release of official weekly crude stock data
NEW YORK (Reuters) – Crude oil futures advanced strongly in US trade on Tuesday, ahead of weekly data on US crude inventories.
Rising oil prices today, despite lingering worries about weak global crude oil demand growth, amid fears of a global economic slowdown, some should announce to US Energy Information Administration a significant reduction in crude inventories during the week ended March 22.
The price of WTI, the benchmark US crude, rose $ 1.12, or 1.12%, to $ 59.94 a barrel in May.
Oil finished trading on Monday, down $ 0.22 or 0.4% to $ 58.82 a barrel.
This comes as some expect the lack of supply in the market, with the continued commitment of countries grouping what is called "OPEC Plus", which includes oil. of the Organization of Petroleum Exporting Countries, "the OPEC" and outside, such as Russia, to reduce production of 1.2 million barrels per day until the end of the first half this year.
US sanctions against Iran and Venezuela are also fueling fears of a drop in supply in the market.
US oil inventories declined 9.6 million barrels in the week ending March 15, the largest weekly decline since July, driven by strong exports and increased refinery crude oil demand .
In the bond market, the yield on 10-year US Treasury bonds rebounded after falling to its lowest level since 2017, helping to dispel concerns over the entry into recession of the US Treasury. 39, American economy.
Chicago Evangelical Reserve President Charles Evans said Monday that "the chances of the US economy going into recession are only 25%."
Former US Federal Reserve Chairman Janet Yellen told Credit Suisse's Asian Forum that she "does not see the possibility of a recession in light of recent developments in the bond market."
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