empty
 
 

05.07.202309:55:00UTC+00Oil Prices Dip Ahead Of Inventory Data

Oil prices traded lower on Wednesday, reversing some of the gains made the previous day after Russia and Saudi Arabia, the world's biggest oil exporters, announced they will extend their output cuts in order to support prices.

Benchmark Brent crude futures dropped half a percent to $75.89 a barrel, after having climbed over 2 percent on Tuesday.

WTI crude futures were up 1.8 percent at $71.03 given that there was no settlement on Tuesday because of the Independence Day holiday.

Fuel demand concerns returned to the fore after new data showed China's economy continued to struggle in June.

The dollar rose on weak risk sentiment after a private survey showed China's services activity expanded at the slowest pace in five months in June, adding to worries about a faltering post-pandemic recovery in the world's second-largest economy.

Eurozone Services PMI was finalized at a 5-month low and the U.K. services PMI showed renewed signs of fragility, suggesting that major economies will fall into recession later this year.

Looking ahead, investors await direction from U.S. crude and product inventories data from the American Petroleum Institute later in the data and government data on Thursday, both delayed by a day because of the U.S. Independence Day holiday.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    СТАТИ УЧАСНИКОМ
  • Щасливий депозит
    Поповни рахунок на $3,000 і отримай ще $5000!
    В листопаді ми проводимо розіграш $5000 у рамках акції "Щасливий депозит"!
    Поповнивши рахунок на суму не менше $3,000, ви автоматично стаєте учасником акції.
    СТАТИ УЧАСНИКОМ
  • Девайси в подарунок
    Стати учасником розіграшу мобільних девайсів при поповненні рахунку від $500
    СТАТИ УЧАСНИКОМ
  • Бонус ІнстаФорекс 100%
    Прекрасний шанс збільшити перший депозит на 100%
    ОТРИМАТИ БОНУС
  • Бонус на кожне поповнення ІнстаФорекс 55%
    Оформіть заявку та збільшуйте кожен депозит на 55%
    ОТРИМАТИ БОНУС
  • Бонус на кожне поповнення ІнстаФорекс 30%
    Реальна можливість збільшити кожен депозит на 30%
    ОТРИМАТИ БОНУС


Зараз не можете говорити по телефону?
Задайте Ваше питання у чаті.
Зворотній дзвінок