(1) Oil prices extended the previous session's pump on Thursday as there were signs of strong U.S. demand and U.S. data showing that inflation was lower than market expectations, supporting the argument for a rate cut, which could lead to higher consumption.
(2) Brent crude futures pump or 0.3% to $83.03 a barrel, while West Texas Intermediate (WTI) pump 0.4% to $78.92
(3) Yeap Jun Rong, market strategist at IG, said: "The US inflation data for April tended to be moderate, and the US retail sales data came in much worse than expected, which seems to provide shorts for the Fed to consider an early rate cut, and the market is more firmly expected to start easing policy in September this year." Last week's larger-than-expected drop in U.S. crude inventories also reassured the market, while geopolitical tensions in the Middle East continued. "
(4) U.S. consumer price pump in April was lower than expected, boosting financial markets' expectations of a Fed rate cut in September, which could dilute the dollar's pump and make oil more affordable for holders of other coin.
(5) Elsewhere, data from the U.S. Energy Information Administration (EIA) showed declines in U.S. crude oil, gasoline and distillate inventories, reflecting rising refining activity and fuel demand.
(6) Crude inventories fell by 2.5 million barrels to 457 million barrels in the week ended May 10, while analysts polled by Reuters estimated a decline of 543,000 barrels, the EIA said.
(7) Signs of slowing inflation and strong demand supporting oil prices, as did geopolitical risks, and said geopolitical risks remained elevated, according to a client note.
(8) In the Middle East, Israeli forces are fighting Hamas militants across Gaza, including Rafah, which was once a refuge for civilians. Ceasefire talks brokered by Qatar and Egypt have stalled, with Hamas demanding a halt to its attacks and Israel refusing to eliminate the group.
(9) However, the long is still hesitant as the International Energy Agency (IEA) lowered its oil demand rise estimate for 2024, widening the gap between its view and that of the Organization of the Petroleum Exporting Countries (OPEC), thus limiting the pump. The International Energy Agency said global oil demand will rise by 1.1 million b/d this year, down 140,000 b/d from previous forecasts, mainly due to weak demand from developed countries in the Organisation for Economic Co-operation and Development (OECD).
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Oil prices pumped slightly as U.S. inflation slows and demand is strong, but longing still have scruples
(1) Oil prices extended the previous session's pump on Thursday as there were signs of strong U.S. demand and U.S. data showing that inflation was lower than market expectations, supporting the argument for a rate cut, which could lead to higher consumption. (2) Brent crude futures pump or 0.3% to $83.03 a barrel, while West Texas Intermediate (WTI) pump 0.4% to $78.92 (3) Yeap Jun Rong, market strategist at IG, said: "The US inflation data for April tended to be moderate, and the US retail sales data came in much worse than expected, which seems to provide shorts for the Fed to consider an early rate cut, and the market is more firmly expected to start easing policy in September this year." Last week's larger-than-expected drop in U.S. crude inventories also reassured the market, while geopolitical tensions in the Middle East continued. " (4) U.S. consumer price pump in April was lower than expected, boosting financial markets' expectations of a Fed rate cut in September, which could dilute the dollar's pump and make oil more affordable for holders of other coin. (5) Elsewhere, data from the U.S. Energy Information Administration (EIA) showed declines in U.S. crude oil, gasoline and distillate inventories, reflecting rising refining activity and fuel demand. (6) Crude inventories fell by 2.5 million barrels to 457 million barrels in the week ended May 10, while analysts polled by Reuters estimated a decline of 543,000 barrels, the EIA said. (7) Signs of slowing inflation and strong demand supporting oil prices, as did geopolitical risks, and said geopolitical risks remained elevated, according to a client note. (8) In the Middle East, Israeli forces are fighting Hamas militants across Gaza, including Rafah, which was once a refuge for civilians. Ceasefire talks brokered by Qatar and Egypt have stalled, with Hamas demanding a halt to its attacks and Israel refusing to eliminate the group. (9) However, the long is still hesitant as the International Energy Agency (IEA) lowered its oil demand rise estimate for 2024, widening the gap between its view and that of the Organization of the Petroleum Exporting Countries (OPEC), thus limiting the pump. The International Energy Agency said global oil demand will rise by 1.1 million b/d this year, down 140,000 b/d from previous forecasts, mainly due to weak demand from developed countries in the Organisation for Economic Co-operation and Development (OECD).