Is Now The Time To ‘Buy The Dip’ In Oil? [Video]
Oil prices slipped to $57.84 on Wednesday before retracing back to $58.34 on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase. Read more...
OPEC raises 2020 oil demand growth outlook by 0.14 million bpd to 1.22 million bpd
The Organization of the Petroleum Exporting Countries (OPEC) has raised its forecast for global oil demand growth in 2020 by 0.14 million barrels per day (bpd) to 1.22 million bpd, the organization's latest oil market report showed.
OPEC also noted that it has raised the 2020 non-OPEC supply growth forecast by 0.18 million bpd to 2.35 million bpd.
The barrel of West Texas Intermediate (WTI) was last seen trading at $58.25, adding 0.28% on a daily basis. Below are some additional takeaways, per Reuters.
"OPEC+ collaboration remains essential in maintaining stability in the oil market." Read more...
WTI battles $58 amid trade deal concerns, focus on EIA data
WTI (oil futures on NYMEX) ran through fresh offers over the last hour and almost tested six-week lows reached on Wednesday at $57.74 before recovering slightly to now trade around the 58 level.
Despite the recent recovery attempts, the black gold continues to remain pressured by concerns over rising US crude inventories while doubts whether the US-China phase one trade deal signing would help revive the oil demand from the world’s top two oil consumers. Late Tuesday, the American Petroleum Institute (API) data showed that the US crude inventories rose by 1.1 million barrels against a draw expected.
Further, the renewed strength seen in the US dollar across its main competitors amid a flight to safety ahead of the release of the details of the phase one trade agreement also collaborates with the oil-price weakness. A stronger greenback makes the USD-sensitive oil more expensive for foreign buyers. Read more...
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