Crude Prices Edge Up on Balanced Market

2024-07-12
Summary:

Oil prices rose early Friday in Asia due to strong summer demand and easing US inflation, boosting investor confidence.

Oil Prices Rise on Strong Demands and Eased Inflation

Oil prices rose in early Asian trading hours on Friday as signs of strong summer demand and easing inflationary pressures in the US bolstered investor confidence.

Refineries and offshore production facilities saw limited storm damage and have largely returned to normal operations, easing concerns of a supply disruption.


Crude inventories fell by 3.4 million barrels in the week ended 5 July, according to the EIA, compared with analysts' expectations in a Reuters poll for a drop of 1.3 million barrels.


The agency warned global oil demand growth will slow to just under a million bpd this year and next as Chinese consumption contracted in the second quarter.


But OPEC stuck to its forecast in the latest report for relatively strong growth in global oil demand in 2024 and 2025, citing resilient economic growth and a rebound in air travel in the summer months.


In the Middle East, Hezbollah chief Sayyed Hassan Nasrallah said that if Hamas reached a Gaza ceasefire deal with Israel, Hezbollah would stop its operations with no need for separate talks.

XBRUSD

Brent crude still look sluggish with the head and shoulders pattern indicating the correction may not be over. A break above $86 is needed to negate the bearish bias.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

NFP - AugRisk assets fall sharply

NFP - AugRisk assets fall sharply

US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.

2024-09-06
​OPEC+ helps oil prices steady at 14-month low

​OPEC+ helps oil prices steady at 14-month low

Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.

2024-09-06
​Wall St recommend long gold unanimously

​Wall St recommend long gold unanimously

Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.

2024-09-05
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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