Oil takes advantage of the absence of disappointing data and advance for the third day in a row - London Business News | Londonlovesbusiness.com
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from London Business News | Londonlovesbusiness.com1 month ago
Crude oil prices are advancing for the third consecutive day, with Brent and West Texas Intermediate increasing by 0.35% and 0.56% respectively, reaching their highest levels in a week.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/oil-takes-advantage-of-the-absence-of-disappointing-data-and-advance-for-the-third-day-in-a-row/
Positive economic data from the US is pressuring oil prices as it raises concerns about higher interest rates, leading to decreased possibilities of rate cuts as per the CME FedWatch Tool.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/oil-takes-advantage-of-the-absence-of-disappointing-data-and-advance-for-the-third-day-in-a-row/
The upcoming week includes critical data such as US GDP revision, unemployment claims, pending home sales, and Chinese manufacturing growth, while US crude inventories are expected to decrease.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/oil-takes-advantage-of-the-absence-of-disappointing-data-and-advance-for-the-third-day-in-a-row/
The decision by OPEC+ regarding future oil production levels awaits next week; no change is forecasted, potentially impacting the market inadequately amidst the current economic dynamics.
London Business News | Londonlovesbusiness.comhttps://londonlovesbusiness.com/oil-takes-advantage-of-the-absence-of-disappointing-data-and-advance-for-the-third-day-in-a-row/
Read at London Business News | Londonlovesbusiness.com
#crude-oil-prices #economic-indicators #interest-rates #opec #us-economic-data
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