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Crude Down Slightly As US Dollar Strengthens

OIL
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Oil prices are moderately lower again today with both Brent and WTI down 0.3% to $84.62/bbl and $81.63/bbl respectively, and close to the intraday lows. Trading volumes have been tended to be thin, due to summer holidays in the northern hemisphere. The US dollar has weighed on crude today with the index up 0.1% after rising 0.2% on Monday despite Fed Chair Powell saying that the FOMC has “greater confidence that inflation was moving sustainably” toward target.

  • This week’s Third Plenum of China’s Communist Party is likely to be watched for stimulus announcements to boost growth. It is the largest importer of crude in the world, and disappointing Q2 GDP data added to existing market concerns re the demand outlook on Monday.
  • Bloomberg is reporting that China’s imports from sanction-hit Iran continued to rise in June, a trend begun in 2022, according to Kpler. Shipments rose 148kbd last month boosted by discounting. Whereas overall crude-at-sea headed for China as of last Friday was its lowest since September last year.
  • Attacks on vessels off the coast of Yemen continued on the weekend. The situation has added to shipping times and costs, as the alternative route around southern Africa is utilised.
  • Later the Fed’s Kugler speaks. There are US June retail sales, trade prices and July NAHB housing, as well as June Canadian CPI and euro area July ZEW data.
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Oil prices are moderately lower again today with both Brent and WTI down 0.3% to $84.62/bbl and $81.63/bbl respectively, and close to the intraday lows. Trading volumes have been tended to be thin, due to summer holidays in the northern hemisphere. The US dollar has weighed on crude today with the index up 0.1% after rising 0.2% on Monday despite Fed Chair Powell saying that the FOMC has “greater confidence that inflation was moving sustainably” toward target.

  • This week’s Third Plenum of China’s Communist Party is likely to be watched for stimulus announcements to boost growth. It is the largest importer of crude in the world, and disappointing Q2 GDP data added to existing market concerns re the demand outlook on Monday.
  • Bloomberg is reporting that China’s imports from sanction-hit Iran continued to rise in June, a trend begun in 2022, according to Kpler. Shipments rose 148kbd last month boosted by discounting. Whereas overall crude-at-sea headed for China as of last Friday was its lowest since September last year.
  • Attacks on vessels off the coast of Yemen continued on the weekend. The situation has added to shipping times and costs, as the alternative route around southern Africa is utilised.
  • Later the Fed’s Kugler speaks. There are US June retail sales, trade prices and July NAHB housing, as well as June Canadian CPI and euro area July ZEW data.