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9 Aug 2018

WTI oil: off 7-month lows, trades around $67.00

  • US oil prices have recovered to $67.00, possibly due to oversold conditions reported by intraday technical charts.
  • The corrective rally could be short-lived on concerns of a slowdown in Chinese energy demand and bearish US oil inventory report.

Currently, the US oil prices are trading at $67.00, having hit a seven-week high of $66.36 yesterday.

The escalating US-China trade tensions and signs of a slowdown in the Chinese energy demand triggered a rising wedge breakdown, sending prices down to $66.36.

The bearish sentiment was also boosted by data from the US Energy Information Administration showing stockpiles had fallen less than expected.

However, the drop to multi-week lows also pushed the relative strength index (RSI) on the hourly chart and 4-hour chart below 30.00 (in oversold territory). As a result, oil is reporting moderate gains in Asia.

The corrective rally could be short-lived as there is evidence that the US oil industry is serving as an alternative source of light, sweet crude, meaning the oil market could stay finely-balanced despite Iran sanctions.

Aug 9, 2018

Netherlands, The Manufacturing Output (MoM) down to -0.1% in June from previous 0.4%

Netherlands, The Manufacturing Output (MoM) down to -0.1% in June from previous 0.4%
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Aug 9, 2018

China: Moderate CPI rise will not affect the easing/stimulus agenda - Nomura

Analysts at Nomura note that the China’s consumer price index (CPI) inflation ticked up to 2.1% y-o-y in July from 1.9% in June and the small rise in
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