Thursday , July 18 2019
Home / Commodity Blog / Crude Oil Mixed amid Middle East Tensions, Demand Forecast Downgrade

Crude Oil Mixed amid Middle East Tensions, Demand Forecast Downgrade

Summary:
Yesterday, crude oil demonstrated huge gains thanks to concerns about oil supply from Middle East caused by the attack on two oil tankers in the Gulf of Oman. But while the event continued to affect markets today as well, crude struggled to maintain the rally. Earlier, both West Texas Intermediate and Brent grades declined, though currently Brent attempts to rebound. One of the possible reasons for the commodity’s poor performance was the Oil Market Report from the International Energy Agency. The agency downgraded the forecast for demand growth in 2019, though it also stated that “global oil demand growth will have scope to recover” in 2020. As for other events for traders to watch for, the US Census Bureau will release a retail sales report at 12:30 GMT today. It is a rather important

Topics:
Vladimir Vyun considers the following as important:

This could be interesting, too:

Andrew Critchlow writes Oil pipelines not Royal Navy warships will solve Hormuz Iran threat

S&P Global Platts writes Commodity tracker: 6 charts to watch this week

Marc Chandler writes Near-Term Dollar Outlook: What the Charts may Say

Vladimir Vyun writes Crude Oil Gets Support from Falling Oil Rigs Count, Gulf of Mexico Production

Yesterday, crude oil demonstrated huge gains thanks to concerns about oil supply from Middle East caused by the attack on two oil tankers in the Gulf of Oman. But while the event continued to affect markets today as well, crude struggled to maintain the rally. Earlier, both West Texas Intermediate and Brent grades declined, though currently Brent attempts to rebound.

One of the possible reasons for the commodity’s poor performance was the Oil Market Report from the International Energy Agency. The agency downgraded the forecast for demand growth in 2019, though it also stated that “global oil demand growth will have scope to recover” in 2020.

As for other events for traders to watch for, the US Census Bureau will release a retail sales report at 12:30 GMT today. It is a rather important report that can affect the US dollar strongly, and consequently have a strong impact on commodities priced in the US currency.

Futures for delivery of WTI crude oil in July slid 0.10% to $52.23 per barrel as of 11:35 GMT on NYMEX today. At the same time, Brent crude for delivery in August gained 0.21% to $61.44 per barrel on ICE.


Commodity Blog, 2019. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *