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Crude Range Trading As Supply Disruptions Offset Demand Worries

OIL

Oil prices have been range trading today with other commodity prices lower and equities mixed. The impact of further disruptions to Libyan output has been offset by continued concerns re China demand. WTI is up 0.5% to $73.91/bbl after a high of $74.16 and low of $73.55. In contrast, Brent is down 0.3% to $77.26/bbl and has traded between $77.06 and $77.48. The USD index is 0.2% higher.

  • The US is putting together further sanctions on Venezuela following its disputed election results and arrest warrant for an opposition leader. The US had eased oil and gas sanctions last year on the condition of free and fair elections, but had reinstated them after popular figures were not allowed to run as candidates.
  • Libya declared force majeure, to protect it contractually from an unforeseen event, at another important oilfield. The political dispute between the country’s two governments over the control of the central bank which manages oil revenues has resulted in the almost 1mbd reduction in Libyan output.
  • US manufacturing PMI/ISM for August and July construction spending are released and BoE’s Breeden and ECB’s Buch & Jochnick appear.
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EM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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