Oil slides 2%, dollar off seven-week high

Economies.com
2018-10-10 18:06PM UTC

Oil futures fell nearly two percent in American trade away from from August 20 highs, following earlier data from the US, the world's largest energy consumer. 

 

As of 05:45 GMT, US crude futures due in November fell 1.99% to $73.47 a barrel, while Brent December futures fell 1.73% to $83.53 a barrel, as the dollar index shed 0.24% to 95.44. 

 

US Inflation Data 

 

Earlier US data showed producer prices rose 0.2% as expected in September, compared to a 0.1% dip in August, while core prices rose 0.2% as well, matching estimates. . 

 

The final reading for wholesale inventories showed a 1% increase, compared to the preliminary reading's 0.8%, and adding to July's 0.6% increase. 

 

Otherwise, the Energy Information Administration cut its forecasts for global oil demand growth by 60 thousand bpd to 1.52 million bpd in 2018, while expecting growth to speed up to 20 thousand bpd in 2019. 

 

Oil prices are up 20% so far this year as OPEC and Russia carry on their agreement to cut global output to easy a previous supply glut, while the US withdrew from the Iran deal and sanctioned their oil exports.

 

US Oil Rig Count 

 

Baker Hughes, a US oil services company, reported a drop of two rigs in the oil rig count to a total of 863 rigs, the third weekly increase in a row. .

 

US output has recently risen to the second highest in the globe, taking the place of Saudi Arabia while Russia continues at the top with 11.21 million bpd. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price returns to the bullish correction – Forecast today - 29-03-2024
2024-03-29 01:50AM UTC
Wheat Price Analysis Expected Scenario: Continuing Bullish Momentum Wheat price rallied ...
Technical Analysis

Commodities

Sugar price completes the positive pattern – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Sugar Price Analysis Expected Scenario: Continuing Bullish Trend Sugar price managed to breach ...
Technical Analysis

Commodities

Soybean price keeps the positive stability – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Soybean Price Analysis Expected Scenario: Continuing Bullish Trend Soybean price attempted to ...