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US Economic News Aids Sentiment Amid On-going Supply Concerns.

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  • Overnight data from the US confirmed that the economy is not slipping into recession as some fear. The US economy grew faster than expected with 2Q GDP revised up to 3.0%, from advanced estimates of 2.8% with the US consumer spending a main driver.
  • Meanwhile the suspension of oil exports from Eastern ports in Libya has halved their daily output. The dispute between Eastern and Western Libyan governments over control of the Central Bank has reached stalemate with the Eastern government ordering a halt to loading operations at various ports.
  • This saw oil prices up with Brent rising +1.6% to $79.96 (having touched $80.70) before giving back some of those gains to settle at $79.94 for Asia’s morning open.
  • WTI also rose overnight up +1.3% to 75.82 at this morning’s open (having been up as high as $76.90).
  • Brent’s overnight move leaves prices up from last week but remain down month on month.
  • WTI’s move also puts prices ahead for the week but remain down for the month.
  • Oil has had a volatile month with Middle East tensions continuing to play a big part in the outlook as the Isreali / Hamas conflict continues to threaten to escalate.
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  • Overnight data from the US confirmed that the economy is not slipping into recession as some fear. The US economy grew faster than expected with 2Q GDP revised up to 3.0%, from advanced estimates of 2.8% with the US consumer spending a main driver.
  • Meanwhile the suspension of oil exports from Eastern ports in Libya has halved their daily output. The dispute between Eastern and Western Libyan governments over control of the Central Bank has reached stalemate with the Eastern government ordering a halt to loading operations at various ports.
  • This saw oil prices up with Brent rising +1.6% to $79.96 (having touched $80.70) before giving back some of those gains to settle at $79.94 for Asia’s morning open.
  • WTI also rose overnight up +1.3% to 75.82 at this morning’s open (having been up as high as $76.90).
  • Brent’s overnight move leaves prices up from last week but remain down month on month.
  • WTI’s move also puts prices ahead for the week but remain down for the month.
  • Oil has had a volatile month with Middle East tensions continuing to play a big part in the outlook as the Isreali / Hamas conflict continues to threaten to escalate.