Thank you for reading the news about the positive stability in oil prices near their lowest in four months, with the negative stability of the US dollar index, and now with details.
In light of concern about the outbreak of the second wave of the Corona pandemic in the West and in other parts of the world, especially with fears of resorting to a global closure again in the wake of the largest European economies, France and Germany, to close to limit the spread of the coronavirus, which may negatively affect the levels of demand. As a result of global crude oil prices, which did not recover from their bleeding in the first month of this year due to the first wave of the deadly virus.
At 06:30 GMT, the futures contract for Nimex crude oil prices for next December delivery rose 0.05% to trade at levels of $ 36.09 per barrel compared to the opening at $ 36.07 per barrel, knowing that the contracts started the session on a price gap. Bearishness, after closing yesterday’s trading at $ 36.17 a barrel.
The futures contract for Brent crude for December delivery rose 0.80% to trade at $ 37.80 a barrel, compared to the opening at $ 37.50 a barrel, knowing that the contracts started trading on a rising price gap after yesterday’s trading was concluded at $ 37.65 a barrel, with The US dollar index declined 0.02% to 93.87 compared to the opening at 93.89, knowing that the index ended yesterday’s trading at 93.96 levels.
Investors are currently awaiting the US economy to unveil data on personal spending and income, which may reflect the stability of personal spending growth at 1.0% during September, and an increase in personal income of 0.3% compared to a decline of 2.7% in August, while the reading of the consumption expenditures index may clarify. The material subjective is that growth slowed to 0.3%, from 0.2% in August.
This also comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.5% during the third quarter, and before we witness the disclosure of the industrial sector data for the largest industrialized country in the world with the release of the Chicago PMI reading, which may reflect the contraction of the expansion. To a value of 58.2 compared to 62.4 last September.
Up to the disclosure of the final reading of the University of Michigan Consumer Confidence Index, which may confirm an expansion of 81.2, unchanged from the previous initial reading for the current month, and an expansion of 80.4 in September, with the release of consumer expectations for inflation for the month of October. / October for one year and for the next five years.
Other than that, we followed last Wednesday, the US Energy Information Administration’s report on oil inventories for the past week on October 23 showed a surplus of 4.3 million barrels against a deficit of 1.0 million barrels in the previous weekly reading, in contrast to the expectations that indicated a surplus of 1.5 million barrels, to witness the rise in stocks To 492.4 million barrels, thus making inventories 9% higher than the average of the past five years for such time of year.
The US Energy Information Administration report showed at the time that motor fuel inventories declined in the United States, the largest global energy consumer, 0.9 million barrels, while stocks were still 3% higher than the average of the past five years for this time of year, and stocks of distillate derivatives, which include heating fuel, also decreased. 4.5 million barrels, while stocks are still 17% above the average of the past five years for this time of year.
In another context, the chances of American lawmakers approving the second stimulus package to support the US economy in facing the repercussions of the Corona pandemic have diminished before the upcoming US presidential elections on November 3, otherwise, we followed yesterday the announcement by the American company Moderna of its readiness for the global launch. For possible coronavirus vaccine.
This coincides with the increase in the number of cases infected with the Coronavirus in the United States and Europe, and in the wake of the announcement of the largest economies of the euro area, Germany and France, about new closures nationwide, and according to the latest figures issued by the World Health Organization, the number of cases infected with Coronavirus has increased to more than 44.35. 1,171,255 people were killed in 219 countries.
According to the Baker Hughes weekly report released last Friday, the oil drilling and drilling rigs operating in the United States increased by 6 to a total of 211 platforms, reflecting their fourth consecutive weekly rise, and we would like to point out that the drilling and exploration platforms for oil operating in America Down by 495 platforms since March 13th, reversing their stability near their lowest in more than a decade.
It is noteworthy that the US production decreased in the previous week in the middle of this month by 600 thousand barrels per day to 9.9 million barrels per day, to reflect a decline by 3.2 million barrels per day, or about 32% from the all-time high of 13.1 in March 2020, as a result of the closure Drilling and drilling rigs operating in America recently due to hurricanes and in light of the widening gap between the cost of extraction and the selling price, especially after the Corona pandemic.
These were the details of news of positive stability in oil prices near their lowest in four months with the negative stability of the US dollar index for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new .
It is also worth noting that the original news has been published and is available on Forex News Today The editorial team has done Gulf 365 By making sure of it, and it may have been modified, and it may have been completely transferred or quoted from it, and you can read and follow this news from its main source.
These were the details of the news Positive stability in oil prices near the lowest in four months,... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.