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OIL: Crude Continues To Weaken, Key Industry Reports Out This Week

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After falling sharply on Friday, oil prices are lower again today after China’s October PPI/CPI data printed lower than expected. The latest stimulus decision also disappointed markets, who have worried about the strength of China’s energy demand for some time. Brent is down 0.4% to $73.60/bbl after a low of around $73.50, while WTI is 0.5% lower to $70.06 after falling briefly below $70 several times. The USD index is 0.1% higher.

  • China October CPI rose only 0.3% y/y down from 0.4% the previous month, while the PPI deteriorated to -2.9% y/y from -2.8%. Persistent weak price pressures added to oil market concerns regarding demand from China, the world’s largest crude importer.
  • Monthly reports are released this week from OPEC on Tuesday, the US EIA on Wednesday and the IEA on Thursday. Demand forecasts will be in the spotlight. IEA has been less optimistic than OPEC about the 2025 outlook projecting a market surplus for some time.
  • The Brent prompt spread, difference between two nearest contracts, remains bullish but is narrowing signalling that physical strength is moderating, according to Bloomberg.
  • There are no data in the US or Europe with Veterans/Remembrance Day observed in a number of countries. ECB’s McCaul speaks later.
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After falling sharply on Friday, oil prices are lower again today after China’s October PPI/CPI data printed lower than expected. The latest stimulus decision also disappointed markets, who have worried about the strength of China’s energy demand for some time. Brent is down 0.4% to $73.60/bbl after a low of around $73.50, while WTI is 0.5% lower to $70.06 after falling briefly below $70 several times. The USD index is 0.1% higher.

  • China October CPI rose only 0.3% y/y down from 0.4% the previous month, while the PPI deteriorated to -2.9% y/y from -2.8%. Persistent weak price pressures added to oil market concerns regarding demand from China, the world’s largest crude importer.
  • Monthly reports are released this week from OPEC on Tuesday, the US EIA on Wednesday and the IEA on Thursday. Demand forecasts will be in the spotlight. IEA has been less optimistic than OPEC about the 2025 outlook projecting a market surplus for some time.
  • The Brent prompt spread, difference between two nearest contracts, remains bullish but is narrowing signalling that physical strength is moderating, according to Bloomberg.
  • There are no data in the US or Europe with Veterans/Remembrance Day observed in a number of countries. ECB’s McCaul speaks later.