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Crude Firmer On Debt-Deal & China Demand Optimism

OIL

Oil prices are higher during APAC trading driven by the passage of the US debt deal through the House of Reps and the Caixin PMI rising above 50. The USD index is flat.

  • WTI is up 0.5% and has broken through $68 and is currently around $68.43/bbl, close to the intraday high of $68.64. Brent is 0.6% higher and is holding around $73.
  • The dive in oil prices this week will not make for a happy OPEC meeting on the weekend. They will be looking at disappointing demand from China, while the group’s exports are declining and Russian output remains robust. The Saudi energy minister warned short-sellers earlier this month. It is possible that OPEC+ makes a small symbolic quota reduction to send a signal to the market. Most analysts expect no change.
  • Bloomberg reported a 5.2mn crude stock build in the US according to API data. The official EIA numbers are released today.
  • Later the Fed’s Harker speaks on the economic outlook. There are also US manufacturing PMI/ISM, Challenger job cuts, jobless claims and final Q1 productivity/ULC. In Europe, ECB President Lagarde speaks and PMIs, preliminary May CPI and unemployment rate are released.
Energy BulletsCommodities
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