Crude oil is trading in a tight range around the highest in almost four months ahead of key data this week and before the U.S. corporate earnings season that starts today and which may show if recovery in the U.S. is sustained or not.
China will release its trade data for December on Thursday, including the exports and imports numbers, and markets will look for confirmation on whether demand for oil from the world’s second largest energy consumer will be sustained.
Meanwhile, the European central bank will meet this week to decide on the monetary policy, but markets don’t expect the bank to cut rates further this month although the regional economy shrunk for three straight quarters last year.
Markets also await the inventory report from the U.S. Energy Department Wednesday, as crude oil stockpiles may have advanced by 2.6 million barrels last week, while the previous week's data triggered worries of weak demand pushing prices lower.
As markets await more signs on the outlook for oil demand, crude moved in a tight range on Tuesday trading around $93.05 as of this writing, with the highest at $93.30 and the lowest at $93.05. Brent is trading at $111.27 a barrel after falling 0.12%.
Natural gas is trading around $3.257 per 1,000 cubic feet after falling 0.28%, while heating oil is trading around $3.035 after rising 0.10% and gasoline is trading around $2.7856 a barrel after rising 0.30%.
Markets will be watching today the inventories report from the American Petroleum Institute, the German trade balance and factory orders, eurozone’s unemployment rate, retail sales and economic confidence as well as the U.S.’s consumer credit.
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Crude Oil In A Tight Range Ahead Of Key Data
Published 01/08/2013, 04:25 AM
Updated 07/09/2023, 06:31 AM
Crude Oil In A Tight Range Ahead Of Key Data
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