Still, the futures market continues to signal tight crude supplies, with nearby contracts trading at a significant premium to later contracts. Rising inventories for gasoline have weighed on crude, signaling that a previous jump to record prices had served to curtail demand. employment data are due out Friday.īoth events are going to give the market "more info about oil demand and sentiment," said Aslam. jobs report, Naeem Aslam, chief market analyst at AvaTrade, told MarketWatch. Oil prices are going to remain volatile this week with two major upcoming events: the Fed meeting and the U.S. A guide to where the economy might go from here Read:The Fed could get lucky or things might go wrong. Investors worry the Fed's aggressive tightening, an effort to rein in inflation running at its hottest in more than 40 years, could push the economy into recession. The Federal Reserve is expected to deliver another 75 basis point rise in the fed-funds rate when it completes a two-day meeting on Wednesday. Oil futures have retreated sharply in July, with pressure tied in part to fears that a sharp economic slowdown may be in the offing that would undercut demand. demand and reduced Russian gas flows through a key pipeline lifted European prices for the fuel. Natural-gas futures, meanwhile, rallied as hot weather fed U.S. benchmark remaining below the $100-a-barrel threshold ahead of this week's Federal Reserve decision on interest rates that'll likely provide clues to the energy demand outlook. Oil futures settled higher on Monday, with the U.S. natural-gas futures at 6-week high amid a 12% jump in European prices for the commodity
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