Oil sinks despite rumours of OPEC cut into 2025
انتشار: خرداد 11، 1403
بروزرسانی: 26 خرداد 1404

Oil sinks despite rumours of OPEC cut into 2025

The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.

Meanwhile, the US Dollar Index (DXY) has had a volatile week and is trading just below 105.00. The Greenback roared on Wednesday, when bond traders pushed yields higher across the board during some chunky US sovereign debt bond auctions by demanding a higher yield for the offered debt issuances. However, the move got erased on Thursday with both softer US housing data and the Gross Domestic Product data release. On Friday, the US Personal Consumption Expenditure (PCE) Price Index report might be the judge that decides if the DXY closes above or below 105.00 this week.\xa0

Oil prices are hovering below $78 on Friday, failing to recover from the near 3% decline in just two trading days. For the week, Crude’s performance is broadly flat and could still eke out a gain ahead of the OPEC+ meeting, which will take place on Sunday. The biggest headline ahead of the meeting is that possibly the current production cuts in place might be prolonged even into 2025, as a measure to keep Oil prices near $80.

نویسنده: تیم تحریریه رضا خانتاراج