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Crude Little Changed, Key Events Later In The Week

OIL

Oil prices are little changed today and have been trading in a narrow range as the market waits for the outcomes of further meetings in the Middle East. Continued lacklustre data from China have added to existing worries regarding crude demand from the world’s largest importer. The USD index is down 0.3% today but has only managed to lift crude off its intraday low.

  • WTI is down 0.2% to $75.40/bbl off today’s low of $75.10, while Brent is 0.1% lower at $79.58/bbl after falling to $79.26 earlier. The tightness implied by the spread between Brent’s two nearest contracts has eased.
  • Gaza ceasefire talks continue with conflicting reports on progress towards an agreement. Uncertainty over Iran’s response to the attack on Hamas’ political leader in Tehran also persists. There had been a lot of diplomatic pressure for it to hold until peace talks had concluded.
  • Later the Fed’s Waller speaks and US July leading index prints. The focus of the week for oil markets will be Wednesday’s EIA inventory data & FOMC minutes, Thursday’s preliminary August US PMIs & the start of the Jackson Hole symposium followed by Fed Chair Powell’s speech on Friday.
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Oil prices are little changed today and have been trading in a narrow range as the market waits for the outcomes of further meetings in the Middle East. Continued lacklustre data from China have added to existing worries regarding crude demand from the world’s largest importer. The USD index is down 0.3% today but has only managed to lift crude off its intraday low.

  • WTI is down 0.2% to $75.40/bbl off today’s low of $75.10, while Brent is 0.1% lower at $79.58/bbl after falling to $79.26 earlier. The tightness implied by the spread between Brent’s two nearest contracts has eased.
  • Gaza ceasefire talks continue with conflicting reports on progress towards an agreement. Uncertainty over Iran’s response to the attack on Hamas’ political leader in Tehran also persists. There had been a lot of diplomatic pressure for it to hold until peace talks had concluded.
  • Later the Fed’s Waller speaks and US July leading index prints. The focus of the week for oil markets will be Wednesday’s EIA inventory data & FOMC minutes, Thursday’s preliminary August US PMIs & the start of the Jackson Hole symposium followed by Fed Chair Powell’s speech on Friday.