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Will Oil Prices Rise on Continuous Positives?
Abstract：WTI crude oil has seen its second consecutive week of gains, while oil prices may get a tailwind from the continuous upbeat news of vaccine and the situation in the Middle East.
WikiFX News (17 Aug)- WTI crude oil has seen its second consecutive week of gains, while oil prices may get a tailwind from the continuous upbeat news of vaccine and the situation in the Middle East.
According to the three reports on crude oil released last week, the outlook of market demand has improved largely compared to early days of the outbreaks. Among them, the Short-Term Energy Outlook of the U.S. Energy Information Administration (EIA) even raised estimates on global demand of crude oil for 2020 by 40,000 b/d.
All eyes turn to OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting this Wednesday (August 19). OPEC+ is expected to keep the overall production unchanged but fuel oil prices if member countries' compliance with the agreed reduction is proposed again.
Meanwhile, the speculative net long position held in Brent crude oil rose 17,104 to 205,108 lots, according to the data of Intercontinental Exchange (ICE).
Furthermore, as the balanced situation in the Middle East is possible to be upset by the establishment of diplomatic relation between Israel and the UAE, oil prices may soar amid worries about supply once the relation between the U.S. and Iraq deteriorates even further.
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Read more
Oil Prices Drop as OPEC+ Considers Raising Production
Oil prices fell sharply this week as traders worried that OPEC+ might decide to pump more oil into the market at its upcoming meeting.
Original 09-04
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Oil inches higher as OPEC meetings continue
A stronger than expected payroll report last Friday pushed equity markets to another all-time high. The U.S. economy added 850,000 new jobs during June when the consensus expected 700,000. Whilst the headline number looks good, there’s plenty to be worried about under the hood, as the new jobs are mostly in those sectors of the economy that have reopened. For instance, the leisure and hospitality sectors added 343,000 new jobs, education around 269,000, and the retail sector 67,000. These add up to around 80% of the total; this is great at first glance but not in the long run since these sectors do not drive the productivity or wage growth required for sustainable expansion. In particular, the U.S. economy is 70% consumer driven, which emphasizes the importance of a healthy and wealthy labor market. With the country still 7 million jobs short of pre-pandemic levels and most of the recovery happening in low-paying and low-productivity sectors, there is still a long way to go before the
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