Chart of the week
NYMEX – Crude inches up as US reserve release plan faces opposition
FUNDAMENTALS
U.S. crude inched up in early Asian trading on Monday after the White House’s plan to release emergency oil reserves to dampen rising gasoline prices in the country was opposed by its Asian allies as well as the head of the International Energy Agency.
U.S. crude oil demand fell to its lowest in nearly four years in July, dropping 2.7 percent from a year earlier to 18.062 million barrels per day, the lowest since September 2008, the American petroleum Institute said on Friday.
Trade volumes for the euro zone rose in the first half of the year, the EU statistics office said on Friday, underlining the area’s dependence on external sources of growth as economic activity within the zone stagnates.
