Thank you for reading the news about the positive stability in oil prices near their lowest in four months, with the negative stability of the US dollar index, and now with details.
In light of concern about the outbreak of the second wave of the Corona pandemic in the West and in other parts of the world, especially with fears of resorting to a global closure again in the wake of the largest European economies, France and Germany, to close to limit the spread of the coronavirus, which may negatively affect the levels of demand. As a result of global crude oil prices, which did not recover from their bleeding in the first month of this year due to the first wave of the deadly virus.
At 06:30 GMT, the futures contract for Nimex crude oil prices for next December delivery rose 0.05% to trade at levels of $ 36.09 per barrel compared to the opening at $ 36.07 per barrel, knowing that the contracts started the session on a price gap. Bearishness, after closing yesterday’s trading at $ 36.17 a barrel.
The futures contract for Brent crude for December delivery rose 0.80% to trade at $ 37.80 a barrel, compared to the opening at $ 37.50 a barrel, knowing that the contracts started trading on a rising price gap after yesterday’s trading was concluded at $ 37.65 a barrel, with The US dollar index declined 0.02% to 93.87 compared to the opening at 93.89, knowing that the index ended yesterday’s trading at 93.96 levels.
Investors are currently awaiting the US economy to unveil data on personal spending and income, which may reflect the stability of personal spending growth at 1.0% during September, and an increase in personal income of 0.3% compared to a decline of 2.7% in August, while the reading of the consumption expenditures index may clarify. The material subjective is that growth slowed to 0.3%, from 0.2% in August.
This also comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.5% during the third quarter, and before we witness the disclosure of the industrial sector data for the largest industrialized country in the world with the release of the Chicago PMI reading, which may reflect the contraction of the expansion. To a value of 58.2 compared to 62.4 last September.
Up to the disclosure of the final reading of the University of Michigan Consumer Confidence Index, which may confirm an expansion of 81.2, unchanged from the previous initial reading for the current month, and an expansion of 80.4 in September, with the release of consumer expectations for inflation for the month of October. / October for one year and for the next five years.
Other than that, we followed last Wednesday, the US Energy Information Administration’s report on oil inventories for the past week on October 23 showed a surplus of 4.3 million barrels against a deficit of 1.0 million barrels in the previous weekly reading, in contrast to the expectations that indicated a surplus of 1.5 million barrels, to witness the rise in stocks To 492.4 million barrels, thus making inventories 9% higher than the average of the past five years for such time of year.
The US Energy Information Administration report showed at the time that motor fuel inventories declined in the United States, the largest global energy consumer, 0.9 million barrels, while stocks were still 3% higher than the average of the past five years for this time of year, and stocks of distillate derivatives, which include heating fuel, also decreased. 4.5 million barrels, while stocks are still 17% above the average of the past five years for this time of year.
In another context, the chances of American lawmakers approving the second stimulus package to support the US economy in facing the repercussions of the Corona pandemic have diminished before the upcoming US presidential elections on November 3, otherwise, we followed yesterday the announcement by the American company Moderna of its readiness for the global launch. For possible coronavirus vaccine.
This coincides with the increase in the number of cases infected with the Coronavirus in the United States and Europe, and in the wake of the announcement of the largest economies of the euro area, Germany and France, about new closures…